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Buying and Selling Newport Beach Condos
Newport Beach Real Estate Cycles
What makes most sense is the "buy and hold" strategy. Buy a home you expect to remain in for at least seven years or more. Newport Beach is no different than most, although the Newport Beach market does have it's own special circumstances.
Want to get a clear and up-to-date picture of the Newport Beach real estate market? Call me at any time. I am happy to share my knowledge of the real estate market with homeowners and prospective homeowners who want to take advantage of market trends to buy and/or sell wisely.
Newport Beach. How Much Should You Offer?
Comparable sales figures is a good guide for homeowners who are pricing their Newport Beach and a good guide for prospective buyers. Make sure you compare homes that are similar to the one your are considering...the same neighborhood, the same size, the same condition. Also, make sure you compare sales within the past six months.
Ask your REALTOR for a comparison of the list price and sales price of comparable Newport Beach sales. This information may give you a trend and a guideline for your offer. For example, maybe homes in the area have consistently listed for more than they actually sold for. If that is the case, find out what percentage of reduction occurred. Use this information as a basis for your offer.
Newport Beach: Art and Science
Buying a piece of Newport Beach real estate is a science but buying your Newport Beach home is an art. The science part involves getting the legal and financial parts down while the art is finding the Newport Beach property that you’ll be happy with.
The total universe of possibilities within the universe of Newport Beach real estate is quite diverse but narrowing your search ahead of time will help keep things in perspective.
In general there are two phases to any Newport Beach real estate search. In the first phase, you get a feel for the different areas and an idea of what is being offered at what price. In the second phase, you search for the Newport Beach real estate that meets all or most of your specifications.
Buying Newport Beach Real Estate...Will it Pay?
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Newport Beach faster by choosing a 15-year loan instead of a 30-year loan.
As a Newport Beach real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Newport Beach can be a very good idea.
Green Remodeling Your Newport Beach
If you are planning to remodel your Newport Beach, keep home resale in mind and consider going green. Green remodeling is becoming more popular as homeowners consider health issues, skyrocketing energy costs and Earth’s natural resources. And, when it comes time to sell your home, your energy efficient and Earth saving remodeling may help you sell your Newport Beach quickly and for top dollar.
When Newport Beach Does Not Sell
Here is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Newport Beach have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.
A homeowner who must sell and sell quickly needs to price their Newport Beach at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation.
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