Orange County Home Buyers Getting Into Action

The Orange County CA housing market has shifted with sudden jump in buyer demand.

IMAG0223 (Large)_optDuring the past month from January 15 to February 15, 2015, buyer demand has increased by 64%.

After the first month of 2015, it looked like this year would be similar to 2014.  However, the market shifted with greater buyer demand during the past month.

Orange County Property NewsHome buyer demand increased by 566 pending sales in the past two weeks and now totals 2,619.   This two week surge was the largest increase since February 2012.  Last year at this time demand was at 2,381 pending sales, 9% fewer than today.  As a result of the rapid increase in demand, the expected market time dropped to 62 days from 78 just two weeks ago, pushing housing deeper into a seller’s market.

Something changed, and the big difference is cheaper money in the form of low interest rates.  Low interest rates are fueling housing demand and, as a direct result, the Orange County housing market has blasted off.

Today’s rates are a half a point cheaper than a year ago.  For a jumbo conforming loan, loans between $417,001 and 625,500, rates are at 4% versus 4.5% a year ago. For the median priced home in December 2014, $591,000, and a 20% down payment, a buyer is looking at a monthly mortgage of $2,257 at today’s rate, versus $2,396 at 4.5%.  That’s a savings of $139 per month, nearly $1,700 per year, or $50,000 over the 30-year term.

Buyers are making wise choices to pull the trigger now – to buy now because rates are cheap and are down to historical lows.

Current home loan interest rates are low, because they have been artificially pushed down by the Federal Reserve for years.  The Federal Fund rate has been kept at nearly zero since December 2008.  They have hinted at raising these rates.  When short term rate increases, long term rates, home mortgages, will soon follow.

Prior to the recession of 2007 to 2009, mortgage rates were about 6.5%.  For the December median sales price home, that’s an extra $731 per month every single month.  In 2000, rates were at 8%, or an extra $1,212 per month.  In 1990, rates were at 10%, and in 1981 they reached 18%.

Today’s rates are unbelievably low – and smart buyers will take advantage of this gift compliments of the U.S. government.

It’s likely that the FED will keep rates in the low to mid-five-percent range within the next couple of years.  That difference in monthly payments will put a dent in buyers’ pocketbooks and their monthly budgets.  Cashing in on low rates today means more disposable income.

Many Orange County CA buyers will continue to look to pay the Fair Market Value for a home this year.   From the official start of spring at the end of March, through the start of summer at the end of June, more homes will come on the market than any other season.  Home selling success will be determined by value and correct seller pricing.

 

By Harrison K. Long, professional real estate representative, Realtor, real estate broker, and professional real estate representative at Orange County CA.  Source of some information is ReportsOnHousing.com and CRMLS multiple listing service. 

Coldwell Banker residential brokerage

Professional real estate agent and broker representation – with 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.

“Orange County CA Housing Demand blasts off.”

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Newport Beach CA Home Selling Market Update

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.

48 Newport Beach homes sold during January 2015 – with average sold price of $1,797,333 – and average time on market of 101 days for those sold homes.

42 Newport Beach homes sold during same time last year January 2014 – with average sold price of $1,621,010.

So Newport Beach average home selling numbers and prices are up so far this year 2015.

859 Newport Beach homes sold during 2014 calendar year – with average sold price of $1,801,412.

Newport Beach has 294 homes now listed for sale – with average list price of $2,566,053.

Average time on market (that time it would theoretically take to sell all homes now on the market at current pace of sale) at Newport Beach is now about 6 months.

This number of for sale listings Newport Beach is good for buyers who have excellent selection and nice opportunities.

Balboa Island homes now for sale

Lido Island homes now for sale

Newport Heights homes for sale

Newport Beach homes for sale

Bluffs at Newport Beach homes for sale

By Harrison K. Long.  Professional REALTOR® agent and broker representation – with 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 listing and selling prices at Newport Beach and other Orange County CA cities.

“Newport Beach CA home selling market update”

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Newport Beach CA Fall Season Start Real Estate Recap

Newport Beach CA Fall Season Start Real Estate 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.

 

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East Costa Mesa CA Home Selling Market Trends – August 30, 2014

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.

406 16th place, sold, 2014East 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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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.

Home-Buying-Tips-Template-252Home price appreciation has halted for now. 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? They seem to be nervous and on the sidelines for what they believe will be a real buyers market where they will get the best deals.

Buyers shouldn’t 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 and 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 Orange County CA home buying, prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Orange County CA Home Selling Price Appreciation Slows

Good news for home buyers is that Orange County price appreciation is no longer in white hot territory.

Home sellers this year 2014 need to seriously consider the comps and what buyers are paying for homes.

Our Orange County real estate market has changed during 2014, and buyers are looking to pay fair market value.

More Orange County homes listed for sale are sitting on the market without buyers.

Average market time for OC home selling has gone up, and active inventory of listings has been up all year. 8,057 Orange County homes are now listed for sale, which is 2,535 more than were on the market same time last year (a 45 percent increase in listings this year).

Orange County price and values skyrocketed from 2012 to the end of 2013. Sellers priced their homes above recent sale prices and received multiple offers – sometimes selling for more than list prices.

That’s stopped! Buyers at the OC now want to pay at value relative to recent sales – and expect to pay “fair market value”.

Orange County home selling usually cools after the kids return to school, and we expect this to moderate further from Thanksgiving through start of the New Year 2015.

Buyers have better options this years and are looking for nice upgraded homes and real value. Sellers are no longer in complete control and need to price their homes correctly while considering recent comp sales, location, upgrades, and condition of the home.

Sellers should price their homes realistically and correctly according to value from the start of marketing time and then expect positive results.

We here to help you evaluate the market in your area and price your home to sell.

Coldwell Banker residential brokerage

By Harrison K. Long. Source of some information is ReportsOnHousing.com and is for homes 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, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Surf’s Up with Newport Beach CA Home Selling Prices

Surf’s Up with Newport Beach CA Home Selling Prices

People love Newport Beach CA where homes near the Harbor, the Back Bay, and beaches are some of the most popular for buyers in this city famous for residential living and investment.

 

Newport Beach CA homeowners like recent selling prices and solid values.

81 Newport Beach homes have sold during first 29 days of July 2014.

Average sold price for those July 2014 was $1,662,385 – and average time on market for those sold homes was 87 days.

84 Newport Beach homes sold during same time last year – first 29 days of July 2013. Average sold price was $1,525,065 – and average time on market for those sold homes was 74 days.

So Newport Beach average home selling prices are up almost 9 percent during this time in July 2014 as compared with the same time last year in July 2013.

Newport Beach now has 366 homes listed for sale on the multiple listing service – with average list price of $2,869,000.
See Newport Beach homes for sale listings

See Balboa Island listings

See Balboa Peninsula listings

See Baycrest listings

See Big Canyon listings

See Eastbluff listings

See Harbor View Homes listings

See Lido Island listings

See Newport Heights listings

 

We here to help you evaluate the market in your area and price your home to sell.

Coldwell Banker residential brokerage

By Harrison K. Long. This is information from CRMLS multiple listing service and is for homes 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, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Bluffs Home Remodeled at Newport Beach CA – 325 Vista Suerte

Bluffs Home Remodeled at Newport Beach CA – 325 Vista Suerte

Live beautifully in this stunning, extensively remodeled and renovated home in the “The Bluffs” at Newport Beach!

 

 

 

 

Single family attached home with 3 bedrooms and 2 and one-half bathrooms.

Open-concept kitchen, dining and living area.

Gorgeous custom kitchen rebuilt to the studs – white maple shaker cabinets to ceiling, granite counters, designer backsplash, stainless steel appliances including five burner cooktop and Fisher & Paykel dishwasher drawers, and over-the-stove pot filler.

Soaring ceilings and distressed maple hardwood floors.

Expansive views through French sliding doors to rear patio and lush greenbelt.

Romantic master bedroom with vaulted ceiling overlooking greenbelt.

Spectacular completely renovated ensuite master bath including Carrera marble dual vanity, spacious shower with designer tile & hardware, glass surround and dramatic volume ceiling.

Master bath suite …

Impressive secondary baths rebuilt with new vanities, granite counters, custom tile and raised volume ceilings.

New elements include dual pane windows throughout …

New raised panel wood wardrobe doors, leaded glass entry doorway sidelight, fireplace hearth, crown molding, tall baseboards, light and faucet fixtures, fresh paint, garage door & more.

Location on private community greenbelt near the swimming pool area.

325 Vista Suerte – Bluffs Park Homes at Newport Beach

325 Vista Suerte is the home you have been waiting for!

Offered at $977,500 – CRMLS #OC14121035

Home and listing presented by Harrison and Christi Long, Realtors and professional real estate representatives, Coldwell Banker Residential Brokerage, Newport Beach and Orange County CA – CAL BRE 01410855 – Contact listing agents at 949-701-2515.

Coldwell Banker residential brokerage

By Harrison K. Long – We provide 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 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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5 Things You Should Do Now For Selling Your House This Spring

5 Things You Should Do Now For Selling Your House This Spring

If you are considering to sell your house this spring, time is now to prepare and execute!
Spring home selling season is in now in full-swing, and you must act now to take advantage of positive time for sellers.  You will later be faced with stiff competition from other sellers – as we approach April and May when the housing market gets more  new listings.  You’ll want your property to stand apart from the competition, and that will take planning and effort. 
Here are five seller strategy tips for springtime home selling: 

1.  Clean the house – exterior and interior.

Have the exterior of your house cleaned and de-cluttered, including hardscape, gutters and windows.  Get rid of your “stuff” that’s not essential and prepare for buyers to see the real value of your house. 

Get the interior and exterior of the windows cleaned, and you will like what you see.   Remove dust and debris from ceiling fans, and clean out your fireplace.   Clean our your cabinets.   Clean or touch up with interior paint on marked walls.   Paint or clean your baseboards, clean the curtains, dust your blinds, and organize your closets.

2.  Find and work with a good and experienced professional real estate agent who is a Realtor.

Having an experienced Realtor agent represent you is critically important – especially with the shift to online marketing in the industry.  Marketing plans for sale of a home require a skilled, professional strategy.  Your Realtor agent will help you with professional photography and identify and focus on features of your home that will help you maximize the way those features are showcased.  Find someone you can trust to serve as your Realtor agent, and he or she should be familiar with your neighborhood. 

3.  Inspect Interior and Exterior Systems of the house.

Check the roof of your home for possible leaks, and get those fixed.  Check your home’s heating, ventilation, air conditioning (HVAC) system by a certified or licensed professional.  Change air filters and check your air conditioner, and have that serviced if needed.  Test your security system, smoke detectors, fire alarm, and carbon monoxide detector devices, to make sure each is working properly.  Inspect your water pipes and plumbing for possible leaks.  Make sure your windows don’t have cracks or broken seals.  Re-caulk the showers/sinks.  Check the garage and attic for possible signs of insects or rodents and get that remediated.   

4.  Home Improvement Projects.

It’s now time to complete any unfinished improvement projects.  Consult with your Realtor agent on interior paint colors.  If the house has not been painted during the past five years, find a neutral color and get that painting completed.  If your carpets are new, get those cleaned.  If they are old or warn, get those replaced.  If you have any other “fix up” projects as you prepare to sell your home, work quickly and get those finished.  You’ll find a buyer for your home faster, and the process will be smooth if projects are fully completed before you list.

5.  Do your homework when pricing the house for sale.

Some  home sellers start the process with a number in mind, and you might think about the bottom price to get to at least break even with the lenders or recover some equity.  However, smart sellers will focus on what the market will pay for your house – not necessarily on what you want buyers to pay.  It’s imperative that you and your Realtor agent do extensive market research to determine true market value of your home.  Truth is that  your home is worth what the buyers and market says it’s worth – not necessarily what you want the price to be.  If you disregard what the market says, you will probably have a difficult time selling.  Do your homework and talk with your Realtor agent to carefully arrive at the listing asking price.

 

By Harrison K. Long.  This is information and advice about things you should do not for planning to sell your home this spring 2014.  

Coldwell Banker residential brokerage

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

What's my home worth

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Orange County CA Home Selling Moderating Towards Value and Price

Orange County CA Home Selling Moderating Towards Value and Price

BY –  Professional Real Estate Sales Representative and Realtor with Coldwell Banker Residential Brokerage, Irvine and Orange County, CA.

Orange County Great ParkOrange County CA home selling reached its zenith last year during March 2013 – when the number of homes for sale listings was close to an all-time low – at the same time when mortgage rates on 30-year fixed loans were near an an all-time low.

Qualified buyers wanted to avoid missed opportunity during that time and were especially aggressive to get homes under contract.

So during March and April 2013, many Orange County home sellers listed their homes for sale, received multiple offers, and got them in escrow with highest imaginable price in less than thirty days.

Orange County home selling market conditions have changed significantly since 2013 – with buyer demand moderating and taking more time on the market to get buyers and finish sales.

Orange County still has motivated home buyers who are more careful about value and pricing than last year.

Here are examples of Orange County cities with number of homes for sale, those now in  “pending” and under purchase contract, number of solds and average selling prices this year.

Irvine – is the top home selling market area at Orange County

  • 438 homes now listed for sale
  • average list price over $1.3 million
  • Irvine has 292 homes now pending under purchase contract.
  • Sold 255 homes so far this year first two months of 2014.
  • Average sold price at Irvine so far this year is $805,786.

Huntington Beach

  • 301 homes now listed for sale
  • average list price of $976,549
  • Huntington beach has 223 homes now pending under purchase contract.
  • Sold 205 homes so far this year first two months of 2014.
  • Average sold price so far this year of $912,147.

Newport Beach

  • 273 homes now listed for sale
  • average list price more than $3 million
  • Newport Beach has 93 homes now pending under purchase contract.
  • Sold 94 homes so far during first two months of 2014
  • average sold price so far this year of $1,648,000.

Costa Mesa

  • 120 homes listed for sale
  • average list price of $744,000
  • Costa Mesa has 107 homes now pending under purchase contract.
  • Sold 86 homes so far this year during first two months of 2014
  • average sold price so far this year of $647,284.

Orange County home buyers are looking for good prices and value more during these times.

With such great difference between average listing price in some cities and areas of Orange County, home sellers need to use comparative market value sold information more now as top criteria for pricing when listing homes for sale.

_______________________________________________

By Harrison K. Long.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

Coldwell Banker residential brokerage

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

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