Tag Archives: Anaheim

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

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

California Home Values Up 19.7% in 2013

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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

Foreclosure – What You Need To Know

After just closing another short sale transaction in Anaheim a few things came to mind. There are things that we often don’t say enough as real estate experts that are well versed in foreclosure prevention.

Did you know that many lenders are giving sellers thousands of dollars $$$ in relocation assistance at the close of escrow in a short sale transaction?

We have helped many clients successfully navigate away from foreclosure and have provided many options including loan modification, deed in lieu of foreclosure and short sale. Don’t face foreclosure alone! We are here to help and there is NO obligation.

Even if you’re not in foreclosure and are just having trouble making ends meat, reach us today to ask any of your real estate, lending or foreclosure questions.

Dustin and Leah Wise
The Wise Team at Keller Williams Realty
714-875-3667 call/text
Dustin@TheWiseTeamOC.com
BRE # 01520106

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Beautiful 4 Bedroom Anaheim Home – Just Listed

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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

Choosing a Short Sale Realtor

Choosing a Realtor to work with when contemplating a short sale can be a daunting task. There is so much information (and mis-information) out there it’s hard to know who to trust and what to think. Here are a few key points and questions to ask when interviewing Realtors for help.

 

What is a short sale and do I have other options?

  • This is a big one! If someone is pushing a short sale on you without knowing all the facts and what your needs are he/she may not be the best choice.
  • The options really depend on many factors. Your current situation will typically dictate which path to take. MakingHomeAffordable.gov is a good place to start looking. For more information Click Here
  • A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.Any unpaid balance owed to the creditors is known as a deficiency.

 

Are there tax consequences when short selling a property?

  • When a lender approves a short sale they are forgiving debt. The IRS sees forgiven debt as income. HR 3648 is one exemption but it’s not a blank check. It has helped many people avoid tax liability after a short sale. For more information Click Here
  • It’s imperative you know this upfront so you can prepare in advance and consult with a tax advisor that understands the current tax code pertaining to short sales and debt forgiveness. We can refer you to an excellent tax advisor who specializes in minimizing tax liability for homeowners contemplating a short sale.

 

Can the lender legally pursue a homeowner if the proceeds from the short sale do not pay off the mortgage in full (deficiency judgment)?

  • No, not in California. In July of 2011 Senate Bill 458 was approved by our Governor. It prohibits a deficiency judgment under a note secured by a first deed of trust for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the deed of trust or mortgage. For more information Click Here

What is the deal with all these banks paying owners $2,500-$35,000 in relocation assistance at the close of the short sale?

  • Not every bank participates in these programs but it is imperative you have a Realtor that at least knows this money is available. Through HAFA (Home Affordable Foreclosure Alternative) and some of the proprietary short sale programs some banks are offering qualified homeowners thousands of dollars in relocation assistance when a short sale successfully closes. For more information Click Here

 

Does it matter if the current loan(s) were used to purchase the property or if I refinanced and cashed-out?

  • Every situation is unique. It’s imperative that you speak with a tax advisor and possibly even a real estate attorney in detail about your specific situation. If your current loan(s) was used to purchase the property it’s considered non-recourse debt by the IRS. Meaning you may not be personally liable. However, if the loan(s) was refinanced the loan becomes recourse and you may be personally liable. For more information on recourse and non-recourse debt Click Here.
  • As mentioned above it is IMPERATIVE that you consult with a tax advisor and real estate attorney on your options.

 

We would be happy to meet in person or speak on the phone in more detail about all of your options…not just short sale. We understand it’s hard to know who to trust. We want to earn that trust one conversation at a time.

 

Dustin Wise – Realtor

“The Wise Team”

Keller Williams Realty

(714)698-9473 cell/text

Dustin@TheWiseTeamOC.com

 

*We are not tax specialists or attorneys. This information is not meant to be used as legal or tax advice. Please consult with a licensed tax specialist and/or attorney.