If It's a Seller's Market, Why Is This House Still Available?

Everybody know's it's a sellers' market in Mission Viejo real estate these days.  So why has this house been on the market for 108 days as of March 29th? Looks like a great home, doesn't it? Nice, grassy front yard, spanish clay tile roof, well-maincured trees and hedges. What could possibly be holding up some qualifed buyer to bring the moving truck? It's really not so mysterious—it comes down to three things - price, condition, and representation of size.

1. The house was priced too high 108 days ago. As an REO, the bank has the final say on the list price. And this time they picked the wrong price. When buyers see the house, the price doesn't make any sense. Which leads us to condition.

2. The house is in the middle of a re-model. The kitchen, stairs, hallway, living room, master bedroom, master bathroom, exterior balcony, exterior trim, and family room need moderate-to-significant work to make the house livable. What's the price tag for all that work? Depending on your choice of materials and appliances, could be more that $100,000. What's your guess?

3. The third strike against this particular house is that according to public records, it's 2,061 square feet. According to the listing report, it's closer to 2,800 square feet. Makes the price per square foot skewed and may be keeping buyers away.

Okay, there's a fourth reason—it back to Marguerite and it is a little noisey.

The bottom line is that this could be a great deal for one of you with cash lying around to fix it and flip it. Or bring your tool belt and credit card and turn it into the home of your dreams. Lots of houses back to Marguerite.

This Mission Viejo Market Spotlight brought to you by Leslie Eskildsen, Realtor.