Bargain Home Price in Rancho Santa Margarita, CA.

by Vincent Bindi on October 19, 2007

There are some great bargain home prices now available for sale in Rancho Santa Margarita.   There are currently 260 detached homes for sale ranging in price from a low of  $399,900 for a 2 bedroom, 2.5 bath, 913 square foot home on Calle Del Los Ninos street in the Los Abanicos tract, on up to $2,995,999 for a 9 bedroom, 5.5 bath, 7,179 square foot estate on Hamilton trail in the Hamilton Oak subdivision.  The Median price of these 260 homes is $725,000.

Compared to the third quarter of 2005′, the average price per square foot of detached homes that sold and closed 1.5 years ago was $372/SqFt.  Today, the average price per square foot of these 260 homes active for sale is $350/SqFt, which represents a 6% drop in prices based upon the asking price.  And today, detached homes are selling for about 4% below their asking prices.  So the expected drop in prices at this time will be about 10%. 

There are 230 attached condos currently for sale in Rancho Santa Margarita.  These range in price from $159,900 up to $789,900.  Median $398,900   Price per Square Foot is $363/SF.  1.5 years ago the price per square foot for condominiums sold and closed was $397/SqFt.  This represents a drop of 8.5% based upon asking prices, and most likely many of these homes will sell for less.  Currently on average, condos are selling at about 3% less then their asking prices.  So the expected current drop in sales prices from 1.5 years ago for Condos in Rancho Santa margarita is 11.5%.

If you have been sitting on the fence waiting for prices to drop, they have, and now would be a good time to begin searching for a bargain priced home.  There are several little known zero down loan programs (CalHFA, Acorn) with below market FIXED interest rates, that allow you to purchase a home up to a maximum of $500K.  If you would like more information on these great loan opportunities, or if you want to view the inside of some of the bargain priced homes, please give us a call at:  949-388-3396 or Text Message at:  949-283-4679, or email us at:  Info@SearchOCHomes.com