Tag Archives: House

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

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

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.

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Source = Trulia Real Estate

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