Buyers Need More Homes for Sale at Orange County CA Housing Markets

Orange County Great Park Balloon

Orange County CA Housing Market Update – June 18, 2017

Orange County CA housing inventory has been low for years, and that is more pronounced this year.

The active listing inventory has been down all year and is currently off by 14% compared to 2016.  

 

Buyers simply do not have enough choices of homes these days.

Nearly 1,200 fewer homes have come on the market so far this year compared to last year. The active inventory currently is 5,905 homes, which is 14% fewer than the 6,868 that were available last year.

The trend of fewer homes on the market dates back to the beginning of the Great Recession, 2008.   Since then, fewer homeowners have placed their homes on the market. Something happened to everybody’s collective psyche during that recession, and a larger number of homeowners are now staying put and not selling.

This year has been off from last year, averaging 222 fewer homes placed on the market each month. As the half way point for the 2017 housing market rapidly approaches, the slower pace has added up.

Buyers who have been working hard to find homes to buy and need more choices.

There are 35% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 21%. Fewer and fewer homes and condominiums are now priced below $500,000, and this price range is slowly disappearing.

The average Orange County home selling pending price is now at $845,004.

The average list price for all of Orange County remained at $1.6 million, which is high and because of mix of homes in the luxury ranges that stay on the market longer as compared with the lower end.

For homes priced below $750,000, the market is hot with an expected market time of just 39 days. (This range represents 39% of the active inventory and 61% of demand).

For homes priced between $750,000 and $1 million, the expected market time is 53 days, a hot seller’s market (less than 60 days). This range represents 18% of the active inventory and 20% of demand.

For homes priced between $1 million to $1.25 million, the expected market time is at 84 days, a tepid seller’s market.

For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased to 96 days.

For homes priced between $1.5 million to $2 million, the expected market time increased to 148 days.

For luxury homes priced above $2 million, the expected market time decreased from 256 to 253 days.

The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 13% of demand.

The expected market time for all homes in Orange County increased from 59 days to 60 in the past couple of weeks, changing from a hot seller’s market to a tepid seller’s market (60 to 90 days). From here, we can expect the market time to slowly rise throughout the Summer Market.

Connect with us for free information about Orange County property values and your home selling strategy.  Contact by cell or text at 949-701-2515.

By Harrison K. Long – Professional real estate representative and REALTOR® and Real estate broker – CALBRE #01410855 – associated with HomeSmart Evergreen Realty.   Attorney member of CA State Bar Association #69137.   Source of information for this article is Steven Thomas and his ReportsOnHousing.com and CRMLS multiple listing service.

“Buyers need more homes for sale at Orange County CA housing markets – June 19, 2017”

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Orange County CA Property Tax Information Update

Orange County CA Treasurer updated information about property taxes.

California property taxes

When you as property owner want to print or view your current or prior year’s property tax bill, just go to ocgov.com/octaxbill.

Did you know?

Remodeled or purchased a new home and received a supplemental property tax bill? These are usually not paid by your mortgage company even if they currently impound your annual property taxes. Pay the supplement tax bill online at our 24/7 online payment option at ocgov.com/octaxbill before the due date on the bill to avoid late penalties.

Think your house is valued too high?  April 30 is the last day to request an informal review of your property tax assessment value for your next property tax bill.

Moving, but still own your property?  Make sure that you complete a change of mailing address so that you will get the property tax bills at your new address. Not receiving a tax bill is not an exception under State law to have late penalties cancelled.

Need to get information on a County program? The County website makes it easy to find County information.  Go to ocgov.com to check it out.

Next property tax auction will be scheduled in March 2017.  Check out the properties that may be auctioned off at ocgov.com/taxauction.

Source of information for this article at Orange County Assessor and Tax Collector.

By Harrison K. Long – Professional real estate representative and REALTORs®.  Real estate broker – CALBRE #01410855.  Broker associate, HomeSmart Evergreen Realty.  Honored as “REALTOR® of the Year 2016” by the Orange County REALTORs®.  Attorney member of CA State Bar Association #69137.

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Orange County CA Housing Market Update

Orange County CA Housing Market Update – March 12, 2017

Great Park Balloon and Carousel

The active Orange County homes for sale listing inventory increased by 111 homes in the past couple of weeks (a 2% rise) and now totals 4,571.

There are 11% fewer homes that have come on the market for sale so far this year compared to 2016.

The inventory of homes for sale is expected to start to go up as the market transitions into the spring – and will most likely peak in mid-August.

Market demand (the number of pending sales at Orange County over the prior month), decreased by 3% in the past couple of weeks, dropping by 75 and now totals 2,576. Today’s demand is 4% lower than last year when it totaled 2,671. The average pending price is $823,575.

  • The average list price for all of Orange County is $1.7 million, and this high number is due to large number of homes for sale in the luxury ranges that sit on the market – and also recent influx of luxury listings.
  • For homes priced below $750,000, the market is hot with an expected market time of just 31 days – and this range represents 37% of the active inventory and 64% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 55 days, a seller’s market (less than 60 days). This range represents 19% of the active inventory and 19% of demand.
  • For luxury homes priced between $1 million to $1.5 million, the expected market time is at 87 days.
  • For homes priced between $1.5 million to $2 million, the expected market time increased is 133 days.
  • For luxury homes priced above $2 million, the expected market time increased and is now at 252 days.
  • The luxury end, all homes above $1 million, accounts for 44% of the inventory of homes for sale and only 17% of market demand.

The expected market time for all homes in Orange County increased slightly in the past couple of weeks from 50 to 53, and is still a solid seller’s market (less than 60 days).

Housing Market Update

There were 1,879 closed sales of homes sold in February this year, which was a 1% drop from January – but that was more than the 1,847 closed sales posted in February 2016.

Foreclosures at Orange County in February accounted for just 1.2% of all closed sales and short sales accounted for 1.9% – so 96.9% of all home sales were equity sellers.

CONTACT US

Contact us for more information about ORANGE COUNTY CA homes and information for the selling and buying process. 

By Harrison K. Long – Professional real estate representative and REALTORs®.  Real estate broker – CALBRE #01410855.  Broker associate, HomeSmart Evergreen Realty.  Honored as “REALTOR® of the Year 2016” by the Orange County REALTORs®.  Attorney member of CA State Bar Association #69137.

We like to provide the best and up-to-date Orange County real estate market information for friends and clients.  Source of information is ReportsOnHousing.com and is for homes sold by all brokers and Realtor agents.  Contact us for more information by cell or text at 949-701-2515.

“Orange County CA Housing Market Update – March 12, 2017”

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Will the Orange County CA real estate market continue its 2016 heat wave?

Orange County CA real estate market heat wave continued this summer 2016 – after a sizzling springtime.
OC housing demand, 8-14-2016

Orange County home selling and buying strayed from normal patterns and stayed hot during the summer.

Orange County home buying surprised prognosticators and didn’t slow down much during time of summer distractions – such as school graduations, fun in the sun, kids out of school, family vacations, trips to the beach, surf and sand, dips in the pool, picnics in the park, playtime and otherwise.

OC Property News

Summer 2016 housing market has been the hottest summer since the heydays prior to 2007. 

Orange County experienced a different buyer demand, which increased by 5% during July 2016 – not like a typical summer downturn.

Market demand, the number of new pending sales over the prior month, increased from 2,783 to 2,935 during July 2016.  Compare that to last year 2015 when demand decreased by 2% from 2,810 to 2,762 (6% less than today’s level).

Why did the Orange County housing market stay warm this summer 2016?

  • Orange County housing has healed.
  • Foreclosures and short sales are things of the past and now make up less than 3% of all closed sales (During 2012 foreclosures and short sales represented 31% of the market).
  • Now that Orange County housing has been restored and number of distressed properties is low, the Orange County market is expanding.
  • Rock bottom interest rates and those for mortgage home loans, even lower than last year, inspires a recipe for strong demand.
  • This year, like every year since 2008, fewer homeowners are opting to sell.  There are 30% fewer homes on the market compared to 2000 through 2007. People are staying in their homes longer and not moving.  On average, the current turnover rate for homeowners is 23 years (which is much longer that prior to 2007).
  • With low supply of homes and strong buyer demand, Orange County housing stayed warm.
  • There are now 19% fewer homes on the market below $500,000 compared to last year at this time.  As home values go up, this low price range is vanishing.

Orange County housing market price ranges:

  • For homes priced below $750,000, the market is hot with an expected market time of just 50 days. (This range represents 45% of active inventory and 67% of demand).
  • For homes priced between $750,000 and $1 million, the expected market time is more balanced, about 84 days (a slight seller’s market),
  • For luxury homes priced between $1 million to $1.5 million expected market time of 114 days (buyer’s market).
  • For homes priced between $1.5 million to $2 million, expected market time is at 159 days (a buyer’s market).
  • For luxury homes priced above $2 million expected market time is now at 304 days (a buyer’s market).
  • For all Orange County homes, expected market time is now at 75 days (a slight seller’s market).

From now through October, pace of Orange County home selling is expected to slow down, and buyers will get some better opportunity – when housing moves towards a balanced market.

Best approach for sellers when market moderates this fall:  Don’t overprice your listing.  When buyer traffic is down and market time is rising, you need to be careful with list pricing, which is fundamental to achieve your seller success.

Best approach for buyers when market moderates this fall:  Focus on buying at Fair Market Value price.

CONTACT US

Contact us for more information about ORANGE COUNTY CA home buying and selling.

By Harrison K. Long, Professional real estate representative and REALTOR®.  Real estate broker – CALBRE #01410855.  Broker associate, HomeSmart Evergreen Realty.  Honored as “REALTOR® of the Year 2016” by the Orange County REALTORs®.  Attorney member of CA State Bar Association #69137.

One of our goals is to provide the best and up-to-date real estate market information for buyers, sellers and investors.  Source of some information is CRMLS multiple listing service and ReportsOnHousing.com (including graphic) and is for homes sold by all brokers and Realtor agents.

“Will the Orange County CA real estate market 2016 heat wave continue?”

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Best Buyer Value Opportunity at Tustin CA – 13621 Fairmont Way

13621 Fairmont Way, North Tustin, CA – Best Buyer Value Opportunity

13621 Fairmont Way, North Tustin CA

13621 Fairmont Way, North Tustin CA

Amazing home for sale and value buyer opportunity at 13621 Fairmont Way, Tustin, CA

Large Kitchen area

Large Kitchen area

 

Large detached SFR home with 4 bedrooms and 2.5 baths – more than 2,800 SF of interior living space.

Expansive kitchen with windows toward back yard

Kitchen and great room

Kitchen and great room

Back yard area at 13621 Fairmont Way – for fun family activities, gatherings and entertaining.

Master bedroom ensuite

Master bedroom ensuite

Private and landscaped back yard

Private and landscaped back yard

Open house house for visitors on Saturday afternoon, June 4, 2016 – MLS #OC16091373

Huge Great Room with fireplace

Huge Great Room with fireplace

Click here to see virtual tour video at 13621 Fairmont Way.

Contact us by cell or text at 949-701-2515 to request a showing and for more information about this home.

Harrison K. Long, professional real estate representative and listing agent for seller – CALBRE #01410855 – Realtor and broker associate at HomeSmart Evergreen Realty, Orange County, CA.

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East Costa Mesa CA Homes Leased and for Lease

295 e. 19th, leased,2-8-2016

East Costa Mesa CA Homes for lease and rental values are showing quick renter and buyer competition.East Costa Mesa homes and real estate-c-

Property and leasing values are solid at East Costa Mesa, which is one of the most sought-after areas for residential living and investment at Orange County CA.

East Costa Mesa attracts investors because of solid demand for rental housing, that many people want to live at ECM, which is adjacent to Newport Beach.

People want to live at East Costa Mesa because of the attractive community feeling, flat and bicycle friendly streets, good neighbors, safe parks, quiet cul-de-sacs, and location a short distance from the Upper Newport Back Bay.

Homes for Lease

See East Costa Mesa homes now listed for lease and rent – click here for link to CRMLS information.

Also see East Costa Mesa homes that have leased during the past four months – click here for link to CRMLS information.

CONTACT US

Contact us to find out more information about East Costa Mesa homes for lease and values for 2016.

By Harrison K. Long – Realtor, professional real estate representative, and CA real estate broker – CALBRE #01410855.

Source of information is CRMLS multiple listing service and is for homes leased and for lease as presented by all brokers and agents.

“East Costa Mesa CA Homes Lease and for Lease”

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1011 N. Westwood, Washington Square home at Santa Ana, CA

1011 N. Westwood Avenue – Washington Square area home at Santa Ana, CA

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1011 N. Westwood Avenue

Classic and beautifully restored Washington square bungalow home located on lovely, tree-lined street in sought-after Washington Square!02 copy

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Renovated to retain its original charm, this home boasts modern conveniences with new expansive custom kitchen, granite countertops, stainless steel appliances, lots of cabinet and counter space, built-in shelving and large pantry.

 

Great room with kitchen open to dining/family room – perfect for the family together and entertaining friends!

 

06 copyTwo bedrooms and two full bathrooms.  Large bedrooms, original hardwood floors, French doors and unique architectural elements like the arched entryway, rounded window sills and original retro doorbell ringer.

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Front porch and doorway – 1011 N. Westwood

 

 

Added new 2nd bath has tub/shower, vanity, custom tile flooring. Huge living room with fireplace, brick hearth and mantle.

Bright and cheerful with large windows welcoming sunshine and natural light. Home boasts all new electrical wiring, new central air conditioner, new tankless water heater, scraped ceilings and fresh interior/exterior paint.

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Dining room with French doors towards back yard and opens to kitchen

Extra large private yard, detached 2-car garage with new roll-up door & remote control.

Home centrally located close to Santa Ana College, Civic Center, artist village, downtown marketplace, restaurants, and entertainment.  Wonderful community with friendly neighbors!

$484,900  –   MLS no. OC15228917    

Presented by Harrison K. Long (CALBRE 01410855) and Christi Long, Realtors and professional real estate representatives, Evergreen Realty HomeSmart.  949-701-2515 (cell or text).

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7 Top Reasons to Buy a Home Now

“7 Top Reasons to Buy a Home Now” – Orange County CA people who are renting or leasing homes are very often considering to buy.

7 Top Reasons to buy now

Here are “7 top reasons to buy a home now”.

 

house in hand

First:  High Rents.  Rents are high and will go higher each year.  Unlike rent, your fixed rate mortgage payments won’t go up over time.  Your property taxes and insurance payments will increase.  However, in California we have Proposition 13, which limits the rates at which property taxes can be increased.  If you are careful to find a good home insurance policy, that might help you with good rates.

Second:  Low interest rates.  Mortgage interest rates are at historic lows now.  But the Federal Reserve is expected to increase these rates before the end of the year.  As rates go up from 4.125 percent (where they are today) to 4.3 percent and beyond, monthly payments on new mortgages will go up and purchasing power will decline.  Buying now, while you can lock in today’s low rates, can save you lots of money over the lifetime of the loan.

Third:  Equity ownership.  Rent payments are money spent and gone, but mortgage payments are investments.  With each house payment you build equity in your home.  As the interest portion of the payment declines, the principal part of the payment increases and your equity ownership goes up with that.

Fourth:  Favorable return on investment.  During temporary housing market ups and downs, real estate has experienced long-term, stable growth in value.  The average appreciation rate for median-priced homes in the Golden State has been around four percent each year for the past 15 years.  So you can invest and pay 4 percent annually and puts a roof over your head at the same time.

Fifth:  Flexibility.  The home you buy is yours.  You can decorate it to suit your tastes and remodel it for your When you decide to upsize or downsize, you can sell your home and use the proceeds as a down payment on a new replacement home.

Sixth:  Wealth accumulation.  An article in the New York Times stated that home ownership is the best way for people who have not inherited wealth to build it and that building equity in a home can be a ready-made savings plan.  And when you sell your home in California, up to $250,000 (and up to $500k if married and filing jointly) in capital gains may be excluded from federal income tax liability.

Seventh:  Long-term stability.  Home ownership has a significant positive impact on net worth, educational attainment, civic participation, and quality of life.  Buying, owning, and staying put allows you and your family make things solid for your lives, establish lasting friendships, and help realize the American Dream of home ownership.

By Harrison K. Long.  Source of information is an article by Sherri Butterfield at the   Orange County CA Association of REALTORs®. 

“7 Top Reasons to Buy a Home Now”

Posted in Buy Home or Rent, Buying a Home, Home buying, Home buying guide, Home Buying Tips, Orange County CA, Orange County home selling, Orange County home values, Orange County housing markets, Orange County living, Positive Real Estate News | Tagged , , , , , , , , , , , , , | Comments Off on 7 Top Reasons to Buy a Home Now

Smart Orange County CA Home Sellers Will Focus on Pricing at Fair Market Values

Orange County Property News

Smart and Successful Orange County CA home sellers need to focus on pricing to “fair market values” during the last four months of 2015.

Orange County Great Park balloon

Home selling has been hot at Orange County for the first eight months this year.

But the market is now cooling, and seller strategy to “stretch the price” in anticipation of getting more than the last sale has ended.

Home selling markets were hot earlier this year at the OC – with expected market time (amount of time it would take to place a home into escrow relative to then current market conditions) dropped to below two months.  Time to sell detached homes below $500,000 dropped to less than a month.

That very low expected market time allowed sellers to adopt high pricing strategy.

Such seller “anticipation pricing” was when sellers looked at most recent sales and speculated how much more they could get.  Such stretching of price at closing allowed some sellers to take advantage during that hot market.

“Anticipation pricing by sellers resulted from “economic dynamics” of real estate – when supply drops and demand skyrockets, market forces prevail and prices go up.

Orange County is still a home selling market that favors sellers, but expected time to sell has cooled down to about three months.

Buyers are more cautious these days and don’t want to pay more than “Fair Market Value” for a home.

Smarts sellers won’t overprice their homes during the last 4 months of this year 2015 and will look to “fair market values”.  Overpriced homes won’t sell and will stay on the market for months if they sell at all.

The Orange County housing market has climbed back to a healthy place after the recession, and values are up with homeowners sitting on more equity.

“Successful Orange County Home Sellers Will Focus on Pricing according to Fair Market Values during last 4 months of 2015.”

By Harrison K. Long.  Source of some information is ReportsOnHousing.com.  We provide the best professional REALTOR® and broker representation with focus on customer service experience for property owners, buyers and investors.  Contact us to find out more about Orange County homes and real estate buying and selling.

Posted in Home selling, Irvine home selling, Live at Orange County, Orange County CA, Orange County home selling, Orange County home values, Orange County housing markets, Orange County living, Orange County real estate | Tagged , , , , , , , , , , , , , , , , , , , , , , | Comments Off on Smart Orange County CA Home Sellers Will Focus on Pricing at Fair Market Values

Orange County Home Selling Prices At Top Since 2007

IMAG0223 (Large)_optOrange County CA median selling prices were up to $629,500 for June 2015, which is the post-recession high.

Buyer confidence, rising employment, rising rents, tight supply of homes, low mortgage rates, improved economy and low unemployment, helped jack up sales and prices to highest point since 2007.

Orange county home selling prices

OC home prices, 7-17-2015
3,831 houses and condos were sold during June 2015 – the most for any month since June 2006.

Median selling price – the price at the midpoint of all sales – hit $629,500 during June 2015, which is just 2.4 percent below the record price of $645,000 during June 2007.

Buyers seemed to jump at the chance to lock in especially low rates during April and May, and those sales closed during June.

The OC economy has seriously improved with construction, wholesale, manufacturing, technology, education and government sectors having job growth and high wages.

However, it’s still very challenging for buyers.  Inventory of homes for sale averaged 11 percent below 2014 levels, nearly 800 homes, from April through early June 2015.

Sales of existing houses and condos were up 18.7 percent in Orange County during June 2015.  But it was continued declining of new home sales, with homebuilder transactions down 5.1 percent year over year.

Prices were up in 63 of 83 Orange County ZIP codes, the biggest gains occurring in Newport Coast. Sales were up in 58 ZIP codes.

By Harrison K. Long, CA real estate broker, professional real estate representative, Realtor at Orange County CA – CAL BRE 01410855.  Source of some information is CRMLS multiple listing service and OCRegister.com.  Contact us for more information or call us at 949-701-2515.  Thanks.

“Orange County Home Selling Prices At Top Since 2007”

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