Tag Archives: Home

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

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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

First Time Sellers – What You Need To Know Before Selling

Everyone talks about first time buyers but what about first time sellers. Generally speaking we expect since you’ve bought a home in the past you naturally know what it takes to sell a home. Nothing could be further from the truth.

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Things can change over time. The real estate market is a perfect example of this as it ebbs and flows constantly. Then there is the fact that your home purchase took place years, if not decades ago. How could you possibly retain all the details about a transaction that happened years ago?

Your biggest question is probably about the value of your home. “What is my home worth in the current market?” The answer to that question will dictate your next steps. So lets start there…..

To see what houses around yours are selling for Click Here. This will give you a general idea of what similar homes in your community are selling for.

For an in depth, detailed evaluation please reach us by phone or text at (714) 875-3667 or email Dustin@TheWiseTeamOC.com.

Our goal is to be your source for all real estate info and earn your business along the way. There is never any obligation and our advice is free! We understand trust is earned and we welcome the opportunity to do just that. In the meantime, please reach us for any questions you may have.

Dustin and Leah Wise

The Wise Team

Keller Williams Realty

(714)875-3667 call/text

Dustin@TheWiseTeamOC.com

BRE # 01520106 / 01762984

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.”

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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

Buena Park – Home Improvement Program

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Replace that leaky roof, remodel your outdated kitchen and bathroom or install energy efficient windows – you decide!

The City of Buena Park provides loans up to $60,000 and rebates up to $10,000 to qualified home owners to improve their homes, at 0% – 3% interest.The level of assistance that the City may provide is determined by household income eligibility.  If your household income are within the income limits, a Home Improvement Program pre-application is required for consideration.  For more information, click here for the Home Improvement Program Guide or call Ecomonic Development at (714) 562-3586.

 

   DEFERRED LOAN     

    Income Eligibility:                  

    80% or Below of County Median Income            
    Maximum Loan  
    Amount:                                      
    $60,000
     Interest Rate:                

    0% for Seniors 62 and over; 3% Simple for 61 and under
    for a Maximum of 30 years; Payments Deferred Until Sale 
    or Transfer of Ownership

    Term:     30 Years or Upon Sale, Transfer of Ownership or Equity
    is Taken Out of Property
     AMORTIZED LOAN 
     Income Eligibility:     80% or Below of County Median Income
     Maximum Loan Amount:      $60,000
     Interest Rate:         3%
 
    Term: 

    30 Years or Upon Sale or Transfer of Ownership or Equity
    is Taken Out of Property

     REBATE
     Income Eligibility:      80% or Below of County Median Income
    Maximum Rebate Amount:     50% Rebate but Not Exceeding $10,000 
    

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

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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

Can Your Neighbor Effect Your Appraisal?

Can Your Neighbor Effect Your Appraisal?

You may be able to ignore the knee-high grass in your neighbor’s yard, but a home appraiser won’t.
 
When calculating the value of a property, an appraiser also factors in surrounding conditions. Neighborhood nuisances like an overgrown yard or a persistent odor could in some cases bring down the value of adjacent homes by 5 to 10 percent, said Richard L. Borges II, the president of the Appraisal Institute.

What a homeowner might refer to as a bad neighbor, the appraisal industry calls “external obsolescence” — depreciation caused by factors off the property and beyond the homeowner’s control.

“There are a number of different things that can be going on, from a nasty, cranky neighbor to a sloppy neighbor to lots of barking dogs,” said Diane Saatchi, a real estate broker at Saunders & Associates in Bridgehampton, N.Y.

Some issues are not always apparent, “and you can kind of get away with them,” she said. But an obvious eyesore like a yard cluttered with old boats may be enough to prevent a neighboring property from selling.

Of course, the perception of what’s unsightly varies by neighborhood. The old boats are more likely to be problematic in the Hamptons than in less luxurious coastal communities. It’s possible that even a roof covered with large solar panels might be considered obtrusive in some areas, though the impact on nearby homes would be far less negative than if the property was run-down, Mr. Borges said.

“It’s very much case by case,” he added. “This is why the appraiser should be geographically competent, with a knowledge of how significant the external factors are in that particular market segment and on that particular property.”

Not all nuisances noticed by an appraiser are quantifiable, either. “I’ve never seen a location adjustment because of barking dogs or loud teenagers,” said Richard J. Ward, a certified residential appraiser who works in central and northern New Jersey. “The appraiser has to be able to provide some sort of evidence for that adjustment. The lender requires that we provide them with a comparable property with a similar external obsolescence.”

The external factors that Mr. Ward deals with most frequently have to do with proximity to infrastructure — power lines, commuter rails, highways. But over the last five years, he said, “the ‘bad neighbors’ have tended to be lenders or government agencies that have foreclosed on a property but haven’t maintained it that well.”

Some next-door annoyances may potentially be mitigated with help from the local municipality. Unregistered vehicles in a yard, for instance, or a chicken coop and thumping late-night music, may violate local ordinances.

Then again, what a neighbor finds objectionable may be perfectly legal under local zoning. Mr. Borges, who lives in Indiana, gave the example of a homeowner in a subdivision there who caused a commotion by building a long but officially permitted garage to house a recreational vehicle.

In a co-op or a condominium, noted Neil Garfinkel, a real estate lawyer in Manhattan, house rules are likely to prohibit habits that interfere with neighbors’ quiet enjoyment of their property. In his experience, the habits that most frequently cause disputes in such close surroundings have to do with noise, smoking and other odors.

He advises approaching a neighbor directly before making a complaint to a board. An official complaint can backfire if the complainer later puts his unit on the market. A potential buyer might very well review the board’s meeting minutes — Mr. Garfinkel does this routinely when representing buyers — then learn of the offending neighbor and reconsider.

Home Buying Seminar

Home Buying Seminar

Thinking about buying a home but don’t know where to start? We feel that education is power and you will definitely walk away from this seminar feeling empowered. 

What will you learn? 

  •  How To Buy Government Owned Homes
  •  Purchasing Foreclosures/Bank Owned and Short Sale Homes
  •  What Is A “Regular Sale”
  •  Understand The Escrow Process
  •  Buying With $0 Down
  •  How To Get Qualified For A Mortgage
  •  First Time Home Buyer Programs
  •  Veteran “VA” Loan Programs
  •  Tax Benefits of Owning Vs Renting

Contact us today to reserve your seat. Come for the FREE soda and pizza, stay for the education. 

 

The Wise Team

(714)698-9473 call or text

Dustin@TheWiseTeamOC.com

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.