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
