143 California Court, Sold for Top Dollar in Shifting Market
We are excited to note, our listing at 143 California Court, has Sold! Our Seller is happily in his new home in Tennessee and a lovely new buyer has new home to make her own.
We always like to share the story behind our transactions because buying and selling real estate is more than putting a sign out and hoping a buyer comes through the home and likes it. In fact, on this transaction my sign was actually stolen.. :(. Well at least they stole it after we went into escrow, but seriously why would anyone steal a real estate sign...
I helped my client purchase this condo back in 2015, as a first time buyer. We looked at several homes, his goal was to purchase two bedroom condo with garage. But at the time, affordability was a concern and two bedrooms with garages was over the budget or just not a great investment. When this home came on the market, I knew instantly it was the right home for him. Super spacious, single level with a direct access and garage in a lovely community. This one bedroom was larger than most of the two bedrooms in the same price point and it included a direct access garage and yard. Two very important aspects when looking at resale value.
With just an 5% investment, my client purchased his first home! Now seven years later, he is a first time seller. Where a whole new journey begins. First getting the home ready, doing repairs and then getting it on the market before the slowest time of year happens in real estate, was our goal. The OC market was still hot, but we could feel the shift in the wind.
Boy did a shift happen.. the day we went live, interest rates shot up to over 6%. We have not see that in the market in years and the craziness of overbids, multiple offers, came to a complete stop. Potential buyers came through and we had nothing but great feedback on the home, but for the buyers, their payment just went up from nearly $3000 to $4000 a month. For a first time buyer or a single home buyer, that is a huge chunk of money. So our listing sat a bit longer then we had anticipated but really it just took us back to a normal market. Because what was happening in the last two years was not normal.
Now what is interesting here is the buyer was not our client, she had a lovely agent, but when she came through our open house, I knew she loved the home. So I called her agent and communicated to him her excitement. He shut it down, it's not what she is looking for, she wants.... Happily, we kept in contact with a buyer (and agent) who fell in love with the home when the rates shot up and as the rates came down we reminded her what it was that made this home so special for her and guess what she is now a happy homeowners with a 4.25% interest rate.
We understand being a first time buyer, first time seller is a whole new world. That is why our team takes very cautious steps and time with our clients to ensure their interest are looked after every step of the way. Nothing makes me happier to get a call back from a previous client, "we are ready to take our next step and we would like your assistance Kelly". Did you know 76% of agents never follow up with past clients past the first year of helping them purchase a home, craziness.
My goal is to be your Realtor for life and to help you build wealth through real estate. We don't always recommend first time homeowners sell their home, we look at the numbers against their goals and determine if keeping that property makes sense as a rental. Often times, it does! Especially with the high rents we have in the OC. But as with above, our client was able to take a hefty chunk of equity to purchase a lovely move up property in Tennessee and I am so excited for him.
If you are thinking of a move and have questions about timing, give me a call. Our goal is to understand both your short and long term goals and ensure they are met.