San Clemente Condos / Buyer – Seller Tips
Qualifying the Buyer for your San Clemente Property
Either you or your agent will want to weed out potential buyers who cannot afford to purchase your San Clemente home. Items to investigate include the buyer’s debt and credit history, current income and employment, the availability of cash for a down payment, the time the buyer needs before closing on the home and the buyer’s level of interest in your home as compared to other properties.
San Clemente FAIR MARKET VALUE
When you buy San Clemente real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
San Clemente Real Estate Cycles
One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the San Clemente market does not necessarily move in tandem with the stock market or the economy as a whole. San Clemente is a unique situation.
When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and San Clemente is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The San Clemente market will take the lead.
What Makes San Clemente Sell?
Books have been written about this topic but to be concise, successful sale depends on six factors: Price; Terms; Location; The Home’s Condition; The Home’s Accessibility and the Marketing exposure the San Clemente receives.
Price is what a willing seller and a willing buyer agree on. Price is determined by the current market, which fluctuates causing home values and prices to fluctuate. Often San Clemente that does not sell is over-priced for the current market. Terms can vary as well. Some owners want payment in full, some are willing to carry a second.
Location is a major consideration in pricing and desirability for San Clemente. Has the neighborhood gone to pot or does it look like a street at Disneyland? Are there open spaces nearby or is the home located in the middle of commercial district?
San Clemente DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy San Clemente when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
San Clemente GUIDE
One of the major benefits that experienced San Clemente agents and brokers provide for prospective buyers is a thorough knowledge of the area and the real estate market. Whether buying in a specific school district is important to you or making sure the home you buy is close to shopping and transportation, a knowledgeable agent is your bust San Clemente Guide.
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