April OC Real Estate Market For Homes Over 1 Million
June 3, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County on homes over $1,000,000 was strong for the month of April. As you can see by the graph below, for sale, and pended are all up month over month, however sold is down 2.6% but that’s only 5 houses. Days on market is at 100 which is the lowest it has been dating back 15 months. The average price per Sq. Ft is $492,000 which is the average going back 15 month. Pended ( property that actually sold in that month) is the highest it has been in the last 15 months 57 more then last month. The average active list price is $2,918,000. Sellers are getting about 88% of their original list price.
Historically low interest rates have definitely played a huge part in boosting this market. Take advantage of it!
| 1 month | 1 year | 15 months | |||||||
| Mar 10 | Apr 10 | % Change | Apr 09 | Apr 10 | % Change | Feb 09 | Apr 10 | % Change | |
| For Sale | 2093 | 2197 | 5%  |
2732 | 2197 | -19.6%  |
2569 | 2197 | -14.5% |
| Sold | 195 | 190 | -2.6% |
133 | 190 | 42.9% |
81 | 190 | 134.6% |
| Pended | 247 | 304 | 23.1% |
196 | 304 | 55.1% |
122 | 304 | 149.2% |
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April OC Real Estate Market On Homes From 600k To 1 Million
May 27, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County on homes from $600,000 to $1,000,000 was very strong for the month of April. As you can see by the graph below, for sale, and pended are all up month over month, however sold is down10.7%. Days on market is at 69 which is the lowest it has been dating back 15 months. The average price per Sq. Ft is $303, there is only one month when that was higher going back 15 months and that was last month, which was only $1 higher. Pended ( property that actually sold in that month) is also the highest it has been in the last 15 months. The average active price is $769,000. Sellers are getting about 95% of their original list price!
Historically low interest rates have definitely played a huge part in boosting this market. Take advantage of it!
Stay tuned for tomorrow when I will look at the over 1 million market.
| 1 month | 1 year | 15 months | |||||||
| Mar 10 | Apr 10 | % Change | Apr 09 | Apr 10 | % Change | Feb 09 | Apr 10 | % Change | |
| For Sale | 2046 | 2141 | 4.6% |
2185 | 2141 | -2% |
2454 | 2141 | -12.8% |
| Sold | 478 | 427 | -10.7% |
335 | 427 | 27.5% |
283 | 427 | 50.9% |
| Pended | 641 | 792 | 23.6% |
544 | 792 | 45.6% |
363 | 792 | 118.2% |
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Orange County Housing Market For Homes Up To 600k
May 14, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County for homes up to $600,000 was very strong for the month of march. As you can see by the graph below, for sale, sold and pended are all up month over month. Days on market is at 74 which is average dating back 15 months. The average price per Sq. Ft is $257. There is only 1 month out of the last 15 where that was higher. Pended (property that actually sold in that month) is the highest it has been in the last 15 months. The average active price is $362,000 and that is also the highest it has been in the last 15 months.
| 1 month | 1 year | 15 months | |||||||
| Feb 10 | Mar 10 | % Change | Mar 09 | Mar 10 | % Change | Jan 09 | Mar 10 | % Change | |
| For Sale | 4508 | 4824 | 7% |
6795 | 4824 | -29% |
8293 | 4824 | -41.8% |
| Sold | 1361 | 1752 | 28.7% |
1784 | 1752 | -1.8% |
1363 | 1752 | 28.5% |
| Pended | 2107 | 3005 | 42.6% |
2247 | 3005 | 33.7% |
1687 | 3005 | 78.1% |
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Real Estate Market In Orange County
April 29, 2010 by Ryan Davison · Leave a Comment
The real estate market in Orange County was looking very strong for the month of March. From February to March, for sale, sold and pended are all up! (Pended is property that actually sold in that month) As you can see by the graph at the bottom of the page, across the board both sold and pended are up. Days on market is sitting right at 77 which is the average going back 15 months. Homeowners are getting about 93% of the homes original list price and the average price per Sq.Ft is $307. The average sold price is $544,000. As you can see this is still a strong market.
Below I have listed some things to keep an eye on if your thinking about buying or selling in the near future.
The Fed has been out of the mortgage market for about 2 weeks now and rates have already gone up 1/4 of a percent.
It’s very important to keep an eye on what the rates do, both for buying and selling purposes. A 1% increase in rates can reduce buying power by 10%!
Sellers: You may have to come down 10% in your pricing to bring buyers back.
Buyers: If interest rates do go up, and your buying power is cut by 10% you will have to look at a lesser property in a lesser neighborhood. With dozens of loan types and down payments as low as 3.5% this could the best time for you to buy a home.
| 1 month | 1 year | 15 months | |||||||
| Feb 10 | Mar 10 | % Change | Mar 09 | Mar 10 | % Change | Jan 09 | Mar 10 | % Change | |
| For Sale | 8310 | 8963 | 7.9% |
11910 | 8963 | -24.7% |
13175 | 8963 | -32% |
| Sold | 1812 | 2398 | 32.3% |
2226 | 2398 | 7.7% |
1678 | 2398 | 42.9% |
| Pended | 2834 | 4016 | 41.7% |
2795 | 4016 | 43.7% |
2132 | 4016 | 88.4% |
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Home Affordable Foreclosure Alternatives Program: HAFA
April 22, 2010 by Ryan Davison · Leave a Comment
HAFA is a program that took affect April 5, 2010. This program provides additional options to avoid foreclosure by offering incentives to homeowners, lenders and investors who utilize a Short Sale or Deed in Lieu (Deed in Lieu is where the homeowner willfully gives the home to the bank instead of the bank taking it) The HAFA program is offered to all HAMP eligible borrowers who do not qualify for a
Trial Period Plan,
Do not successfully complete a Trial Period Plan,
Miss at least 2 consecutive payments during a HAMP modification,
Or request a short sale or deed in lieu.
In a Short Sale the lender agrees to sell the home for less then the property is worth.
When the homeowner makes a strong effort to sell the home but is unsuccessful the lender will also consider a deed in lieu, provided title is free and clear of any mortgages, liens and encumbrances. Before HAFA was put into affect the lender could go after you for the difference between what you owe and what the home sold for. Now you are safe if your home is HAMP eligible.
HAFA simplifies and streamlines the Short Sale and Deed in Lieu process by providing a standard flow, minimum performance time frames and standard documentation.
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Whats With Over Pricing?
February 3, 2010 by Ryan Davison · Leave a Comment
It’s been several years since the market switched from a sellers paradise to a buyers bizarre. Yet today, still, homes continue to enter market priced much higher than they should be.
Every indicator available points to this strategy as being the worst thing you can do in a market like the one we are currently still in.
In the past and during hotter markets, overpricing was an excepted practice. Buyers understood and would not hesitate to negotiate. Today, that’s not always the case. Buyers are, for the most part, far more responsible and for good reason. Purchasing a home outside their affordability, could prevent them from getting qualified for the loan they need to get the house. It is in this case, that buyers search for property within the close proximity of affordable price ranges. With this in mind, pricing your home higher than it’s worth simply prevents it from being seen by the largest and often times, most important audience.
Given the access buyers have to the entire listing inventory, they have become fairly good judges of what a good deal is these days. Sometimes all it takes is one glance of the image of your house on a Website and the price point your offering that’s all they need to say thanks but no thanks and move on.
So what are you left with when you overprice a home? How about a piece of property that you no longer want that sits on the market much longer then it needs to be. And that leaves you frustrated as well as your agent who most likely has already tried, albeit unsuccessfully, to represent your best interest.
After a certain point, when your home has sat and not sold, your agent will tell you it’s time for a price reduction, you end up having to “catch the market” (depending on where you live) which literally means if you have been listed for 6 months and for example prices fall 3% a month you will have to come down at least 18% from your current asking price and probably even further once you adjust for the fact that you were overpriced to being with. Which, as we have seen time and time again, render you less that you could have gotten if you priced right to being with.
Solution: Be realistic. take into account all if any foreclosures that are selling around you that could easily affect the market value of your home. As hard as it is, remove your emotional tie to your home. The thing is, you may love your home and all the things you did to it to make it yours but now you are selling it. Soon it and all you did won’t be yours. Let it all go so you can accomplish what you are setting out to do and get into your home and build new emotions.
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FHA Loan
January 27, 2010 by Ryan Davison · Leave a Comment
Everybody is talking about FHA loans and if you thought you couldn’t buy a home then using this loan may be an option for you.
The FHA loan program was created to help increase home ownership by making it easier and less expensive than other types of real estate mortgage home loan programs. This loan offers low down payments of 3.5% or less, FHA regulated closing costs and this is really cool, you can gift or be gifted money for the down payment and closing costs. This loan is much easier to qualify for as well with a minimum FICO score of 620. Also FHA will allow you to purchase 2 years after a bankruptcy and 3 years after a foreclosure. This loan is great if you have a high Debt to income ratio and if you are self employed.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
Please keep in mind that regulations change often.
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Single Women Homebuyers
January 3, 2010 by Ryan Davison · Leave a Comment
Image via Wikipedia
Single women account for the fastest growing segment of the home-buying population in the U.S. This trend has been on the rise for many years. From 1994 to 2002, the number of unmarried women owning homes climbed from 13.9 million to 17.5 million. By 2004, 18% of all homebuyers were single women. According to the latest NAR profile of homebuyers and sellers, that number has risen to 22%.
Factors leading to this increase include the following demographic trends: better education, more women working and seeking financial independence, and young women delaying marriage. Also, women have significantly increased their purchasing power. They own and operate 38% of all businesses in America and make up nearly 40% of all business school graduates. More immediately, historically low interest rates, affordable home prices, ample housing supply and the first-time homebuyer tax credit are fueling the increase of single women homebuyers.
Statistically, women do more research and spend a longer period of time searching for a home. They’re also more inclined to make home repairs. Studies show that nearly half of all purchases made in Home Depot and Lowes are made by women. And 94% of women homeowners claimed to have completed a home improvement project by themselves in the last five years.
Some home characteristics that experts say appeal to women: a safe community (single women account for a large number of condominium purchases where they find a sense of security), a home office (home-based businesses are very popular among women), maintenance friendly yards, lots of storage, and natural light, particularly in the master suite and bathroom. Statistically, women are also more likely to work with female mortgage brokers, attorneys and real estate professionals.
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