Category Archives: Buying

Highly Upgraded Anaheim Condo

This Beautiful Single Story End Unit Is Looking For A New Owner! Completely Renovated 2 Bedroom 1 Bath Townhome. New Interior Paint With Very Attractive Designer Paint Theme, Recessed Lighting, Laminate Wood Floors Throughout Living Areas And Bedrooms. Bathroom Was Beautifully Updated With Ceramic Tile, New Vanity, New Sink, New Modern Light Fixture And Beautiful Framed Mirror. New Window Coverings Throughout The Home And Ceiling Fan In The Dining Room.

The 2 Car Garage Has Laundry Hookups And Direct Access To The Private Back Patio. Boisseranc Park Is Only Steps Away And All The Shopping, Dining And Entertainment Of Buena Park Downtown Is Within Walking Distance. This Location Is Perfect For Anyone That Commutes As The 5 And 91 Freeways Are Very Accessible. If You’ve Been Looking For A Condo You Can’t Miss This One!

For more info Click Here

 

Dustin and Leah Wise

“The Wise Team”

Keller Williams Realty

(714)698-WISE Call/Text

DustinandLeah@TheWiseTeamOC.com

BRE # 01520106 01762984

Advertisements

Is Orange County’s Housing Market Turning A Corner?

ImagePerhaps it’s a nervous tic left from the ugly housing collapse, but considering the remarkable Orange County rebound – a surge in homebuying and pricing that literally nobody forecast – I’m perplexed as to why a mild midwinter cooling has heightened anxiety among numerous real estate pros.

Some of the supposed worry spots in the latest Orange County Housing Report by market watcher Steve Thomas don’t concern me at all. For instance, you’ll see that his estimate of the time to sell a home – new listings divided by new escrows – has doubled in a year. But the current “market time” pace of two months is still a sign of a hot market.

As for a 15 percent drop in new escrows, that just shows how last year’s ultra-tight inventory forced many shoppers to act quickly – perhaps foolishly, in hindsight – as they feared missing out on a quickly warming market.

A 67 percent increase in Orange County inventory for sale also isn’t a huge concern to me. It’s actually to be expected when home supply a year ago was essentially nil. Homes to buy were so rare that they were selling as soon, if not before, they hit brokers’ listing services. And a growing supply can actually lure shoppers back to the game. Many frustrated home seekers stopped looking after numerous failures in multiple-bidding wars.

What does worry me some about our move toward more “normal” homebuying conditions is this:

• Orange County homes on the market, as of Feb. 27, were 5,403 – up 2,166 in a year.

• Vacant homes on the Orange County market, typically a marker for sales by a third-party owner or a motivated seller, were 29 percent of all listings this month versus 14 percent a year ago. What could explain the year’s roughly 1,000-residence jump in vacant homes for sale?

• Don’t blame the lenders. Troubled Orange County properties for sale – foreclosures from banks or short sales requiring bank approval – were just 255 at the end of last month. That’s 19 less than a year ago.

• About half of the surge in the supply of Orange County homes for sale is linked to vacant homes not tied to lending issues.

Add that up, and it’s a clear sign that investors, many of whom bought Orange County homes at a deeply discounted prices in recent years, are ready to cash in.

The Orange County real estate agents that analyst Thomas talks to say higher asking prices have put off many local house shoppers. That helps explain the recent slowdown in deal-making.

Sellers were getting away with pricing homes above recent comparable sales, Thomas says. “But buyers no longer want to pay more than what’s fair.”

Thomas adds that this surge in investor listings is more evidence that last year’s jump in prices was a bit overdone, “and says that there’s not a lot of appreciation left.”

To be fair, investor actions should not be seen instantly as a market problem. For example, their buying fever help propel the Orange County recovery to an unforeseen velocity last year.

But an investor rush to cash out might pose a significant hurdle for the market’s progress. If demand remains sluggish, will these owners discount their asking prices to prune their holdings, thus quickening an expected cooling of the appreciation pace?

Even if these absentee owners do sell, what do they do with their profits?

If those dollars leave real estate, or the region, the market doesn’t get the “move up” benefit of a typical homeowner sale – that is, a seller then turns into a new buyer.

Forget eyeballing the Federal Reserve or mortgage rates; any increase in borrowing costs will be offset by lenders’ increased willingness to lend. Don’t worry about the local job market, another creator of new house seekers. It will do swell in 2014.

Keep an eye on what the savvy investors who got in low will do next. If they exert great selling pressure, it could be a losing scenario for Orange County housing.

Contact the writer: 949-777-6727 or

Contact the writer: jlansner@ocregister.com

Home Sellers – Is Now The Time To Sell?!

Rising Prices Chip Away at Housing Affordability

Strong year-over-year price gains are starting to take a bite into housing affordability, particularly in the West, according to the National Association of REALTORS®’ latest quarterly report.

The median single-family home price rose in 73 percent of the markets, or 119 out of 164 metro areas, in the fourth quarter of 2013, with 26 percent, or 42 of those metros, posting double-digit gains.

“The vast majority of home owners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” says Lawrence Yun, NAR’s chief economist. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”

Image

The national median existing single-family home price in the fourth quarter was $196,900, up 10.1 percent from $178,900 one year earlier.

NAR’s Housing Affordability Index, calculated on the relationship between median home prices, median family incomes, and the average effective mortgage interest rate, dropped to 175.8 in 2013 from a record high of 196.5 in 2012. The higher the index, the stronger household purchasing power is, according to NAR.

Yun says tight inventories have accounted for most of the double-digit price growth. The average supply of homes for sale in the fourth quarter was 4.9 months – an improvement over the 4.8 months a year ago, but still not what most economists consider healthy of a 6 to 6.5 month supply. Yun says that new home activity needs to increase in fast appreciating markets to help relieve the upward pressure on home prices.

“Added housing supply will help moderate price growth this year, and should help to stem erosion in affordability, but mortgage interest rates are projected to rise above 5 percent by the end of the year,” Yun says.

The five priciest housing markets in the fourth quarter were:

  • San Jose, Calif.: $775,000
  • San Francisco: $682,400
  • Honolulu: $670,800
  • Anaheim-Santa Ana, Calif.: $666,300
  • San Diego: $476,800

On the other hand, according to NAR’s report, the following metro areas had the best housing affordability conditions in 2013:

1.    Toledo, Ohio
2.    Rockford, Ill.
3.    Decatur, Ill.
4.    Lansing-East Lansing, Mich.
5.    Springfield, Ill.

Source = Realtor Magazine

California Home Values Up 19.7% in 2013

Image

Home prices made double-digit gains in 2013, posting the highest annual rate of increase since 2005, according to CoreLogic’s latest housing report, released Tuesday. Ten states and the District of Columbia reached new all-time price peaks last year.

“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” says Mark Fleming, chief economist for CoreLogic.

CoreLogic’s latest report echoed an earlier report from the National Association of REALTORS® that showed a strong gain in home prices in 2013. The median sales price for all of 2013 was $197,100 in December, 11.5 percent above the 2012 median price, according to the National Association of REALTORS®’ December existing-home sales report.

But CoreLogic’s report showed that home prices have eased slightly the last three months. Home prices dropped by 0.1 percent from November to December, and the year-over-year price increase has slowed, the report says. CoreLogic’s report does not adjust for seasonal patterns.

Nevertheless, “the healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” says Anand Nallathambi, president and CEO of CoreLogic. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the U.S.”

The following states had the highest home-price appreciation, including distressed sales, according to CoreLogic:

  • Nevada: 23.9%
  • California: 19.7%
  • Michigan: 14%
  • Oregon: 13.7%
  • Georgia: 12.8%

For more information on home values in your specific neighborhood or to get your home’s value click here

Source = Realtor Magazine

11 Reasons to List Your Home During the Holidays

1. People who look for a home during the Holidays are more serious buyers!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
4. Houses show better when decorated for the Holidays!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
6. Buyers have more time to look for a home during the Holidays than they do during a working week!
7. Some people must buy before the end of the year for tax reasons!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!
9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market. This may allow you to sell high and buy low!

Sold Home For Sale

Dustin Wise “The Wise Team”

Keller Williams Realty

http://www.ILoveSoCalHomes.com

Dustin@TheWiseTeamOC.com

(714)875-3667 call/text

Lic # 01520106

 

Contributed by:

Lance Indes – Prominent Escrow Services

3 Pointed Drive

Brea, CA 92821

(714) 494-2700

Median Price for Buena Park Homes up 14%

The median sales price for homes in Buena Park CA for Aug 13 to Nov 13 was $433,750. This represents an increase of 1.1%, or $4,750, compared to the prior quarter and an increase of 14.1% compared to the prior year. Sales prices have appreciated 19% over the last 5 years in Buena Park.

The average listing price for Buena Park homes for sale on Trulia was $515,924 for the week ending Nov 06, which represents an increase of 0.4%, or $2,221, compared to the prior week and an increase of 3.3%, or $16,480, compared to the week ending Oct 16. Average price per square foot for Buena Park CA was $326, an increase of 19% compared to the same period last year.

Image

Image

Image

Source = Trulia Real Estate

Buena Park First-Time Homebuyer Program

The City of Buena Park First-Time Homebuyer Program provides assistance to first-time homebuyers through a deferred 30-year second mortgage loan of up to a maximum of $58,500 at 3% simple interest.  The funds may be used toward the purchase of a single-family home or condominium/townhome in Buena Park.  The borrower must provide a minimum 3% down payment to participate in the program.  This program utilizes CalHome funding and is limited to those at or below 80% of the Area Median Income of Orange County as determined by HUD.  Please review our program guidelines for additional requirements and restrictions.  For more information regarding the program, please see the attached First-Time Homebuyer Program Brochure  

First-Time Homebuyers must submit an application with all required documentation in person.  Program pre-approvals will be given to those who meet the minimum requirements.  This program is administered on a first-come, first serve basis.

Reach us today if you have any additional questions or want to learn more about the home buying process! 

The Wise Team 

(714)698-WISE

Dustin@TheWiseTeamOC.com

Image

Beautiful 4 Bedroom Anaheim Home – Just Listed

Image

Look No Further, Your Home Is Now On The Market! This Light and Bright Home Has Many Features Including 4 Spacious Bedrooms and A Yard Perfect For Entertaining. The Driveway Has Possible RV Parking. The Two Car Garage Has Plenty Of Shelving and Has An Upgraded Electrical Panel and Laundry With Washer and Electric Dryer Included. Newer AC and Furnace Unit With Transferable Warranty! New Exterior Paint and Newer Interior Paint and Carpet. The Rear Yard Was Just Seeded and Has Sprinklers. Also Included Are The Gas Range, Refrigerator and Microwave. You Will Not Find A Cleaner, Brighter, Better Taken Care Of House On The Market!

Click Here For More Info

Rising Prices Urge Move Up Buyers To Consider Selling Now

Real estate is always a game of knowing when to make your move.

Image

With that in mind, industry experts suggest move-up buyers remain mindful of how quickly home prices appreciate while riding the current market recovery.

For move-up buyers wanting to wait out rising home prices to ensure they can sell their current home at a maximum price, analysts say the value of such a move depends on when the homeowner purchased their current residence.

Daren Blomquist, vice president of RealtyTrac, says homeowners who purchased during the down market of the last two or three years would be wise to move up in 2013.

“Because they bought near the bottom, these homeowners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace,” said Blomquist.

He added, “In addition, the low interest rates of 2013 are certainly not guaranteed to last forever.”

According to data from the Mortgage Bankers Association, mortgage rates are expected to reach 4.4% in the next 12 months and the 20-year average could possibly hit as high as 6.5%.

Real estate broker Redfin says this is precisely the reason why some homeowners wanting to sell their current home in lieu of finding a nicer one should not wait.

While waiting a few years will most likely mean the selling price of the current home will be higher, it also means the price of the new home will rise as well.

“If you’re selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you’re leaving behind,” said Redfin CEO Glenn Kelman.

With that being said, Blomquist warns potential homebuyers against rushing to buy a home once they have sold their current home.

According to RealtyTrac data, more foreclosure inventory will become available in the next six to 12 months in markets with rebounding foreclosure activity in 2012. Markets such as Florida, Illinois, Ohio, Pennsylvania, New York and New Jersy will see the strongest growth in foreclosure inventory, according to RealtyTrac.

“Particularly in these markets it might be good for the move-up buyers to sell in the spring when inventories are still tight, rent or stay with family for a few months, and then buy in the fall when that additional foreclosure inventory is listed for sale,” said Blomquist.

However, for homeowners who purchased near the peak of the housing market — in the past five to seven years — it’s probably better to wait for home prices to rise further before they sell and move up, Blomquist advises.

“If these folks need to move because of a job or other reason, it is worth considering renting out the property in the short term to take advantage of the strong rental market,” said Blomquist.

Source = Housing Wire

Inventory of Homes For Sale Lowest Since 1999

The National Association of Realtors reported inventory of homes for sale decreased to 1.74 million units in January 2013, down from 1.83 million in December. This is down 25.3% from January 2012, and down 19% from the inventory level in January 2005(mid-2005 was when inventory started increasing sharply). This is the lowest level of inventory since December 1999.
 
Image

What does this mean for buyers and sellers?

Many buyers have entered the market due to historically low interest rates and low down payment requirements. Often times this means that buying a home is less expensive than renting in many cities. The sheer demand combined with the lack of inventory has driven prices up and caused multiple offers on just about every house on the market. 

Sellers are once again in the drivers seat due to low inventory levels and are often able to dictate their terms, price and choose the offer they feel is the best out of the multiple they receive.
 
Whether you are a buyer or seller feel free to call us today to discuss your real estate options and we can put a personalized plan together for your specific needs. No obligation, just information! 
 
The Wise Team
(714)698-9473 call/text
Dustin@TheWiseTeamOC.com