5 Top Reasons Orange County CA Homebuyers are Buying Now December 2014

5 Top Reasons Orange County CA Homebuyers are Buying Now in December 2014.

Orange County home buying-b-

1.  Astonishingly low mortgage interest rates give buyers more buying power – the ability to buy more home for the money!  Today’s average 30-year fixed rates are under 4%, which is historically low.  These low rates give buyers a window of opportunity.  The Federal Reserve said it is planning to increase the federal funds rate next year, and that is when interest rates will increase.  

2.  Average time to sell a home at Orange County has increased, which allows buyers the opportunity to be patient and negotiate.

3.  Buyers have a bigger selection of homes now to choose from.  Inventory of homes for sale in Orange County is higher than same time last year.  

4.  Buyers have less competition from other buyers during December and winter months.  Homeowners who place their homes on the market during the holidays and winter months tend to be more serious about selling.    

5.   Increased buyer incentives for Chinese business travelers and tourists – The U.S./ China visa agreement took effect last month and will allow multiple entry visas spanning 10 years for business travelers and tourists and five years for students.  This new visa policy is expected to encourage overseas buyers to invest in real estate at Orange County.

It’s not surprising that buyer demand for Orange County homes has increased 16%  as of December 1, 2014, as compared to same time last year during 2013.

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By Harrison K. Long.  Source of some information is CRMLS multiple listing service ReportsOnHousing.com. 

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  Contact us at 949-854-7747 with your questions about home prices and values at Orange County CA cities and areas with Home Selling and Real Estate market updates.

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Irvine CA Real Estate Market Update

Irvine Home Selling and Real Estate Market Update – November 22, 1014

Irvine CA homes and real estate market update

IMAG0187-c-Irvine CA is the economy driver at Orange County – has a population of about 230,000 people and is still growing.

Irvine homeowners and sellers have high expectations and confidence of the buyers.

530 Irvine homes are now listed for sale – with average list price of $1,131,333.

That’s a 9.2 percent drop in number of Irvine listings since November 1 (three weeks ago) when 584 Irvine homes were listed for sale.

It’s also a 28.3 percent drop in number of homes listed for sale since September 1 – when 740 Irvine homes were listed for sale.

121 Irvine sellers got buyers for homes under contract and went into escrow during the first 21 days of November – and average list price for those homes was $827,472.

The average list price of an Irvine home going into escrow is about 25 percent lower than average for sale listing price of all Irvine homes.

210 Irvine homes sold with closed deals during October 2014 – with average sold price at $902,560 – and average time on market for those homes was 72 days.

Irvine CA average home selling market time is now about 2.5 months – that time it would theoretically take to sell all homes on the market at current pace of sales.

Irvine home sellers who are serious are looking carefully at “fair market value” – the amount that other homes in the neighborhoods have actually sold for.

Irvine home selling markets are more balanced now as compared with last year November 2013 – with little or no advantage to either buyers or sellers. Buyers have improved negotiating power and choices.

More homes are sold and money spent to buy Irvine real estate as compared with any other city in the OC.

People are especially attracted to Irvine, because of its positive economy and jobs, famous and award-winning schools, that it is one of the safest cities in America, and some of the best weather anywhere.

See Irvine CA homes now listed for sale – click here

See Irvine single level homes now listed for sale – click here

See Woodbridge Irvine homes now listed for sale – click here.

See Quail Hill Irvine homes now listed for sale – click here.

See Northwood Irvine homes now listed for sale – click here.

See Turtle Rock Irvine homes now listed for sale – click here.

See Turtle Ridge homes now listed for sale – click here.

Coldwell Banker residential brokerageby Harrison K. Long. Source of some information is CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine and other Orange County CA cities and areas and about Irvine Home Selling and Real Estate market update.

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6 Great Reasons to Buy a Home Now

Top Reasons to Buy a Home Now

cheaper to buy than rent, truliaTo take advantage of near-record low mortgage interest rates and home prices undervalued by as much as three percent nationwide, now is a great time to buy a home.

There are still some great home buyer opportunities.

Why now is a best time for buyersThe economy is growing. From information gathered on or before August 22, 2014, the Federal Reserve’s “Beige Book” report found economic activity is up in all eight national districts, including consumer spending, freight loads for deliveries of goods, and more. But there are even better reasons to buy a home right now, and here are just a few:

More jobs are available

The Labor Department announced that the jobless rate is now below six percent. Consider how far the job market has come since January 2010 when unemployment was 9.7 percent.

Houses hedge against inflation

The Consumer Price for All Urban Consumers is up 1.7% from August 2013 to August 2014, excluding volatile food and gas prices. The food index has risen 2.7 percent over the span, while the energy index has increased 0.4 percent. This is the first month that the index hasn’t risen since 2010.

Why is that good for homeowners? Even in a tepid inflationary environment, when prices rise, a major asset such as a home, purchased at a fixed cost, becomes more valuable. Typically, in an inflationary environment, housing prices rise.

Housing price gains are slowing

The median existing-home price in August was $219,800, which is 4.8 percent higher than home prices in August 2013. This marks the 30th consecutive month of year-over-year price gains. In 2013, home prices rose in the double digits.

Mortgage interest rates are still low

According to Freddie Mac’s archives, the lowest that mortgage interest rates have been in modern history (since 1971) was in November and December 2012 at 3.35 percent with 0.7 points for a benchmark 30-year, fixed-rate loan, and that was back in 2012 before the housing recovery began in earnest. The most recent Freddie Mac survey found national averages at 4.16 percent with .05 percent points in September 2014.

Pent-up demand ready to release

Household formation has been muted since the Great Recession, preventing as many as 2.5 million people from forming households who otherwise would have. Economists with Harvard’s Center for Joint Housing Studies predict that annual U.S. housing starts should average 1.4 to 1.5 million over the coming decade. Considering that the largest generation ever –81 million Echo Boomers — are well into renting and homebuying age, the numbers should be closer to the 2.3% annual growth of the 1970’s, when 78 million Baby Boomers reached adulthood.

Buy VS rent ratios favor homeownership

Trulia, a real estate marketplace and research group announced that nationally, rents rose 6.5% year-over-year in September 2014. Apartment rents were up 6.9%, while single-family home rents gained 5.2%. At the same time, housing prices have leveled off.

The takeaway

A housing market never remains even. There are always surges and dips. Buyers could wait for better market conditions, but the present alignment of low mortgage interest rates, slowing home prices, rising rents and pent-up demand add up to great reasons to buy a home right now.

Coldwell Banker residential brokerage

By Harrison K. Long. Source of information is Property ID.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine and other Orange County CA cities and areas.

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3 Top Reasons Why Now is Best Time of Year for Orange County Homebuyers

Top 3 reasons Top 3 reasons why now from November through the end of December is a best time for Orange County CA homebuyers.

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1.  Some of the best mortgage interest rates in years (at under 4 percent for a 30-year fixed loan) are still available for Orange County home buyers who qualify.

Mortgage credit has become increasingly available over the past two years , and regulators are trying to ease credit for less than perfect borrowers.

2.  Sellers who have their homes listed on the market this time of year have outlasted others and will be more motivated and willing to negotiate toward “fair market value”.  Some sellers weren’t realistic on price and pulled their homes from the market during the past 30 days.  Sellers listed this time of year will be more motivated and realistic.

3.  Fewer buyers are on the market making offers this time of year – before start of new year.  This will result in less competition for those buyers who are prepared and qualified.

Live at Orange County

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all brokers and agents.

search Irvine CA homes – now listed for sale

search Newport Beach homes – now listed for sale

search East Costa Mesa homes – now listed for sale

search Laguna Beach homes – now listed for sale

search Lake Forest CA homes – now listed for sale

search Laguna Beach homes – now listed for sale

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Contact us with questions about Orange County CA homes – opportunities for buying and selling at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of homes and properties at Orange County CA.

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Best Time is Now for Buyers to Take Advantage of Unbelievably Low Mortgage Rates

Purchase money lendingWith interest rates dropping to their lowest levels since June 2013, now is a great time to buy a home at Orange County CA.  Now is a great time for home buying-b-

Current rate drop to about 4.03% for 30-year fixed rate mortgage (for those who qualify) is a big  savings for buyers on a monthly basis.

Home loan rates are fantasticRates are a lot lower today than they were at the beginning of this year 2014 – and are now at their lowest level since June 2013.

The FED has been printing money by funding the secondary market and purchasing mortgage back securities.  It has held the Federal Fund Rate at almost ZERO for over five years.  Lenders are essentially charged next to nothing to borrow money and are able to pass along this savings in the form of unbelievably low interest rates.

But that won’t last forever.  The FED is ready to eliminate the economic stimulus (end QE3).  The FED is looking to keep a lid on inflation and increase the Federal Fund Rate in about six months.  That’s where we will see a change in interest and mortgage loan rates.  As the Federal Fund Rate increases, banks’ profitability is squeezed, and lenders will raise their rates to home buyers and those who refinance.

In about six months – or about April 2015 – pressure is expected to rise on interest rates.

Message to home buyers and those who want to refinance:  DON’T WAIT.  Lock in your great mortgage loan rate now.  There is no better time than now to buy your Orange County home and lock in the low rate.

Orange County CA how has 7,174 homes listed for sale, which is 841 more than same time last year.  The expected average market time for all of Orange County CA is at 3.24 months now – or 97 days – now a balanced market that does not favor buyers or sellers.

Sellers at Orange County CA should make sure they are pricing their homes correctly from the start, so they can get real buyer attention during this balanced market.

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

search Irvine CA homes – now listed for sale

search Newport Beach homes – now listed for sale

search East Costa Mesa homes – now listed for sale

search Lake Forest CA homes – now listed for sale

search Laguna Beach homes – now listed for sale

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Contact us with questions about Orange County CA homes, home buying and selling opportunities at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of homes and properties at Orange County CA.

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Orange County CA Home Selling Markets Are Now Balanced

IMAG0223 (Large)_optOrange County CA now sees balance in its home selling markets – with no advantage for either sellers or buyers.

While comparing the supply (the active inventory) and demand (the number of pending sales over the prior month) smart analysts can determine the EXPECTED MARKET TIME – or how long it would take to sell the current supply of homes actively listed on the market with current level of demand.

When the expected market time is below three months, it’s sellers’ market.  In March 2013, the expected market time dropped to 1.1 months and Orange County housing strongly favored the seller – when there were only 3,183 homes for sale and demand was at 2,880 pending sales.

Cash was king during that time, and most homes got multiple offers and were selling in less a month.

Orange County CA home selling and EXPECTED MARKET TIME is now balanced at about 4 months.  This will continue to be balanced through the end of the year – and will not shift towards a buyers’ market – since some listings are being pulled off the market by sellers.

Sellers at Orange County CA need to make sure they are pricing their homes correctly from the start, so they can get real buyer attention during this balanced market.

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

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Contact us with questions about East Costa Mesa, Irvine, and Newport Beach homes and about listing and sale of your home at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of homes and properties at Orange County CA.

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Moving to New Normal at Orange County CA Home Selling

Is this the New Normal at Orange County CA home selling?

IMAG0223 (Large)_optHome sellers at Orange County CA are no longer getting huge price appreciation, multiple offers, and highest selling prices.Orange County Property News

2014 has been different from both 2012 and 2013 when Orange County homes for sale flew off the market and prices were soaring.

Some buyers are now trying to time the market and expecting to see lower prices. However, these buyers are sitting on the fence without looking at the facts.

Orange County is still in a home seller’s market – and a sign is current expected market time at 3.3 months. Home selling is moving toward a new normal – which would be a balanced market of between four to five months average time from listing to sale.

Interest rate are still at historical lows. However, quantitive easing by the FED will end in October, and mortgage rates will fluctuate more then, and rates will go up. When mortgage rates go up, monthly payments will also go up, and buyer affordability will go down.

Buyers need to cash in on these amazingly low rates, which we might never see again. Home buyers who take advantage of today’s rates will look the smartest people ever in a few years.

Number of homes for sale at Orange County will continue to drop for the rest of this year – as fewer homeowners choose to sell now that we have entered the Autumn, when familes are focused on schools, and the holidays are coming soon.

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By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

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Contact us with questions about East Costa Mesa homes and about listing and sale of your home at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of homes and properties at Orange County CA.

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Newport Beach CA Real Estate Recap Starts Fall Season

Newport Beach CA home selling starts fall season with recap

Newport Beach CA has some amazing home seller and buyer opportunities as we start this year’s fall season 2014.

With luxury and expensive homes near Newport Harbor, Balboa Island, the canal, the Back Bay, and beaches – Newport Beach is a most popular location for residential living and investment.

Summer has ended with fall season started on September 22, 2014.

70 Newport Beach homes have sold during past 30 days – from August 22 to September 21 – at end of summer 2014.

$2,011,000 was average Newport Beach home sold price during this past 30 days – and average time on market for those sold homes was 108 days.

67 Newport Beach homes sold during same time last year – August 22 to September 21, 2013.

$1,793,000 was average sold price las year – and average time on market for those sold homes was 70 days.

So Newport Beach average home selling prices are up more than 12 percent during this time – end of summer 2014 as compared with end of summer 2013.

Newport Beach now has 344 homes listed for sale – with average list price of $2,753,000.

See Newport Beach homes for sale

By Harrison K. Long. Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. This is information from CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

Contact us at 949-854-7747 with your questions about home prices and values at Newport Beach and other Orange County CA cities and areas.

Newport Beach CA home selling starts fall season with recap

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Orange County CA Home Buyers Find Now is a Great Time

Now is a Great Time for Orange County CA Home Buying

Orange County CA now has more than 8,000 homes listed for sale, which is up about 35 percent from one year ago.  Buyers have lots of choices these days and room for positive negotiation in many situations.

So why are some Orange County CA home buyers waiting?  Perhaps it’s because they are nervous and on the sidelines for what they believe will be a real buyers market where they will get the best deals.

But buyers should not wait.  Purchase money mortgage loan rates are still low and hover around 4.1% for a 30-year fixed rate for those who qualify.

Number of homes for sale listings is way up from last year and first part of this year, and buyers have much better choices now.

However, with an expected market time to sell all homes now on the market is just over 3 months, the current Orange County home selling market still favors the sellers is not yet close to a buyer’s favored market.

Buyers are wishfully thinking and not using facts and real housing data while they wait to buy.

2014 is very different from last year 2013 when Orange County CA was a sizzling seller’s favored market – with homes flying off the market at almost any price.

Just because prices have gone way up does not mean that the market has shifted to a buyer’s market.

Orange County home selling markets are moving more towards a normal, balanced market where neither buyers nor sellers will be able to call the shots.

Today, it’s still a seller’s favored market with very little price appreciation. That means that homes will sell close to the most recent comparable closed sales and sellers will be able to control the terms.

Buyers need to look at the facts about the market and not wait!

Coldwell Banker residential brokerage

By Harrison K. Long.  Source of some information is Steven Thomas and his ReportsOnHousing.com.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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East Costa Mesa CA Home Selling Market Trends

East Costa MesaEast Costa Mesa is a most-popular area for home buyers at Orange County – and is located just inland from Newport Beach and about two miles from Newport Harbor.

Ideally situated on the highly coveted Magnolia Street in EastsiEast Costa Mesa homeowners and residents cherish their neighborhoods, with flat and wide streets, friendly neighbors, single level homes, good access to public parks and recreational areas, and located close to good public schools.

 

  • 16 East Costa Mesa homes were sold so far from August 1 to August 28, 2014 – with average sold price of $825,593 – and average time on market of 76 days for those sold homes.
  • 17 East Costa Mesa homes were sold during same time last year 2013 from August 1 to August 28, 2013 – with average sold price of $798,115 – and average time on market of 53 days for those sold homes.
  • So East Costa Mesa home selling is a little slower this year in August, and selling numbers are otherwise about the same as last year 2013.

290 Magnolia, sold, 5-1-2014Investors and buyers have also liked East Costa Mesa real estate.

149 East Costa Mesa homes have sold so far this year – from January 1 to August 28, 2014.

Average sold price of 870,366, and average time on market of 65 days for those sold homes.

  • East Costa Mesa has now has 68 homes listed for sale – with average list price of $922,726.
  • 18.6 East Costa Mesa homes are being sold on average each month this year.
  • So it will take 3.65 months to theoretically sell all homes now on the market at current pace of selling.
  • This market still favors sellers, but it has been moderating in favor of buyers who now have more choices.

See East Costa Mesa homes for sale here.

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By Harrison K. Long – Source of some information is CRMLS and is for listings and sales by all agents and brokers.

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Contact us with questions about East Costa Mesa homes and about listing and sale of your home at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at East Costa Mesa and Orange County CA.

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