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Showing posts with label Southern California Market Update. Show all posts
Showing posts with label Southern California Market Update. Show all posts

Housing Market FAQ: Your Most Pressing Questions Answered



Answering the most common questions people are asking about this market.


 

Since the real estate market is so volatile, most people have a lot of questions. Are you one of those people? I have been getting a lot of questions lately, so I’m here to address the top three: 


1. Is the housing market going to crash? People have been wondering this for a while now, but I do not believe the market is going to crash anytime soon. Inventory is down, which is making it harder for people to find homes. However, demand is high, which keeps prices up as well. Therefore, the housing market won’t crash this year.


2. When will the market crash? Again, many people are wondering when this will happen, but I do not believe it will this year. The number of investors in the market has gone up by 18%, so there are experts that believe the market will go up in value. There may be a problem with supply and demand, but the biggest thing is that many people are looking for ways to invest their money that are better than the stock market or a savings account.

"There aren’t enough homes for the demand, which is why the market is a little out of control."

3. Why is the housing market so out of control? Homeowners have gained a lot of equity in the last few years as home prices have skyrocketed. Plus, they either bought or refinanced when interest rates were low, so they’re holding onto their low payments. Plus, there has been a building shortage, as there hasn’t been a surge of new construction since 2010. There aren’t enough homes for the demand, which is why the market is a little out of control. 


Those are the three most common questions I have been getting. If you have any other questions, feel free to reach out to me by phone call, text, or email. I look forward to speaking with you soon!





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How Changes to Our Southern California Market Might Impact Your Goals


What is going on in our market right now? Let’s find out.

Now that we’ve entered the fourth quarter of the 2018 real estate market, it’s time to reflect on the changes we’ve seen recently and over the course of the year.

First off, contrary to past trends, we’ve seen an 11% increase in the number of new listings in the last 30 days. This kind of market activity is much more common in the busier months of July and August.  
 
That said, the market is still much slower than in the recent past. Sellers will need to be patient in waiting for their listings to find the right buyer, as homes are currently spending an average of 111 days on the market before they sell.

Sellers today will need to be patient in waiting for their listings to find the right buyer.

Working with a quality Realtor who can help you price your listing correctly from the start will be key to your success. Price plays a huge role in how any listing performs on our current market. Luxury homes, for example, have seen an even greater increase in inventory than what we previously mentioned—rising an impressive 38%.

Sellers and buyers alike must keep these conditions in mind while pursuing their real estate goals.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
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Location: Orange County, CA, USA

A Snapshot of Our Summer Southern California Market


There are indications that our market is starting to favor buyers more as we head into summer, and we have the numbers to prove it.

According to Frank Blakeley of Bay Equity Home Loans, we’ve been in a seller’s market for the past couple years, but we’re seeing indications that conditions are starting to favor buyers.

The latest numbers reflect this shift. 12% of all active listings have recently undergone price reductions. Compared to this time last year, there’s been a 3% increase in available homes on the market, but buyer demand has decreased by 8%.

If you’re a buyer, now might be a great opportunity to take advantage of current conditions.

This means if you’re a buyer and you’ve been frustrated by the lack of inventory and the high level of competition in our market, now might be a great opportunity to find a home you like and negotiate more of your terms with the seller.

That’s all for right now. If you have any financing needs, you can call Frank at (949) 433-0539. If you have any other questions about our market or you’re thinking of buying or selling a home, feel free to give me a call or send me an email anytime. I’d love to help you. 

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Location: Orange County, CA, USA

Why 2018 Will Be the Year to Buy


There are some changes coming to the mortgage world. Here’s what you need to know.

Selling a home? Click here for a FREE Home Price Evaluation

I’m delighted to be joined once again today by Barry Krevoy from Loan Depot, my preferred lender, to discuss some new changes in the mortgage world. But first, we want to say thanks. This has been a great year for us and we’re so grateful for our businesses, our family, and our friends. We’re looking forward to 2018 and whatever it has to bring. Barry has a bit of insight into what we’re going to see.

The big news is that conventional, FHA, and VA loan limits are being raised. In most areas, the limits are going from $424,100 to $453,100. In high-cost areas, the limits are going from $636,150 to $679,500.

This is going to make homes more affordable for everyone, but it’s going to make them especially affordable for those seeking to purchase a home with a jumbo loan. Instead of having to take out a jumbo loan, which is more expensive and harder to qualify for, they might be able to buy their home with a conventional or FHA loan. This is going to be a tremendous boost for the economy throughout the country. This is probably the most dramatic increase we’ve seen in the market in a long time.
All signs point to 2018 as the year to buy.
When it comes down to it, the signs point to 2018 being a great year to buy. When you take these higher loan limits and combine them with the low interest rates we are continuing to see, there haven’t been many better times to purchase a home. 

If you have any questions in the meantime, you can reach Barry at 949-735-4009 or email bkrevoy@loandepot.com. As always, please don't hesitate to reach out to me with any real estate questions. We look forward to hearing from you soon.
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Location: Orange County, CA, USA

A National and Local Market Update



What has been going on in our market? Today, I’m going to bring you the latest numbers from both a national and a local perspective.

Selling a home? Click here for a FREE Home Price Evaluation

 What does our current market look like? Today, I wanted to take a look at some of the numbers from both a national and a local perspective.

After 2009, people nationwide are much more apt to believe that real estate is a good investment. In fact, 34% of people believe this is the case, whereas only 26% of people think the same about the stock market.

Following the recession and recovery in our market, there is more consumer confidence in today’s market. Interest rates have reached historic lows, confidence in retirement savings is higher, and unemployment is down.

Here in Southern California, we’ve seen a 6% increase in prices since last year. This means that areas like Riverside, San Diego, Los Angeles, and Orange County have an anemic amount of homes available for sale.

Not only has this driven up prices, it has also caused a rise in demand. This is especially true for homes that are under $700,000.

Recently, a client I’ve been working with has made four offers on four different homes that were all listed under $550,000, and has lost out on each one because of cash buyers and hot competition.

In San Clemente and Mission Viejo, we have about 200 to 250 homes currently on the market. In Mission Viejo, the average price is $789,000. In San Clemente, however, the average price is about $1.8 million.  

Escrow is taking about 39 days to close for homes under $1 million. For homes over $1 million, the average days it has been taking to close escrow has been around at least 77 days.

Right now is a great time to sell.

Ultimately, now is a great time to sell. If you price your home correctly, you’re more likely to expedite the entire process.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA

What’s Happening with Real Estate in Southern California?



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Overall, real estate market conditions are very good in Southern California. In San Diego, we have 4,334 active listings, and in Orange County, we have 3,526 homes for sale. In OC, there are also 64 days on market, and 94 days on market in San Diego.

In San Diego, the price per square foot is $337, and $384 in Orange County. Last year at the same time, the median price in OC was $597k and now the average is at $618k.



What does this all mean? It means that now is a great time to sell in Southern California! Inventory is very low, and you can capitalize on this right now. Don’t wait until spring, either, because then everyone else will be trying to sell at the same time as you.

If you need help selling your home, please don’t hesitate to contact me!
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Location: Orange County, CA, USA

Real Estate Market Update for Southern California



What can you expect from the real estate market here in Southern California? Well, heading into 2016 you can expect a seller's market because of a low volume of inventory. Your home will sell if you price it correctly and have it in good condition. It's a great time to be a home seller in Orange County - and it's not even spring yet!
There are almost 4,400 homes available in Orange County, which may sound like a lot but that number will increase to 8,000 in the summer. In San Clemente, there are 198 homes for sale, but in the last 30 days 72 of them have sold. The average price in that area is $1 million. This goes to show that homes are selling quickly in all price ranges.
How is inventory affecting the current value of your home? It's raising the value, because when fewer homes are available, buyers are usually willing to pay more for them. However, the increase in interest rates will drive prices down as we head into the summer. Buyers will not be able to afford as much home, and that will hurt your sale price.

As a whole, right now is the time to buy a home in Southern California. Interest rates are going to rise, and the market is only going to get more crowded. You can buy an affordable home without too much competition.
Sellers will have an opportunity to sell for maximum value right now. Rising interest rates will push more buyers on the market, and this could create bidding wars that will bring you top dollar.
If you're looking to buy or sell in 2016, please don't hesitate to contact me. The spring selling season will be here before you know it!
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Location: Southern California, CA, USA
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