Orange County Market Updates 
There are currently 30 blog entries related to this category.
Orange County Housing Report: This Market is Taxing
Sunday, April 18th, 2010 at 8:05pm. 101 Views, 0 Comments.
Here's the latest Orange County Housing Report from Steven Thomas of Altera Real Estate!
(Note: Market Activity Charts appear below the text.)
April 15, 2010
Talk to an Orange County buyer, especially a first time home buyer, and you will quickly find that the real estate market is simply crazy.
Let’s first establish that there are two different markets, below $1 million, HOT, and above $1 million, COLD. The below $1 million market accounts for 77% of the total active inventory and 94% of demand. The lower the range, the hotter the market. Most buyers new to the market have already formed an incorrect idea of the real estate market. They think that the market is plagued with desperate sellers waiting for a buyer to finally write an offer to…
Orange County Housing Report: Demand Continues to Surge
Tuesday, April 6th, 2010 at 7:21pm. 129 Views, 1 Comments.
Here's the latest Orange County Housing Report from Steven Thomas, President of Altera Real Estate.
April 1, 2010
No fooling, Orange County housing demand is picking up steam.
Call it a coincidence, but with the wet weather turning to sunshine, demand has dramatically increased. We have not seen demand this high since the beginning of July, 2009. Demand, the number of new pending sales over the prior month, increased by 352 homes over the prior two weeks and now totals 3,622, an 11% increase and the height thus far in 2010. Demand is 375 pending sales stronger than last year at this time and 1,337 stronger than two years ago.
Developing Trends: More short sales are being approved and are finally closing.
A short sale is when a seller…
California 2010 Home Buyer Tax Credit Extended
Tuesday, March 30th, 2010 at 5:49pm. 110 Views, 1 Comments.
Great news for Orange County CA home buyers! On March 26, 2010 Govenor Schwarzennegger signed a bill to allocate another $200M to extend the California Home Buyer Tax Credit program that ends on April 30, 2010. Half of the money will be allocated to first-time buyers of existing homes, and the other half to anyone who buys a new home from the builder.
Extended Through Year End
This program goes in to effect on May 1 at 12:11 AM and (if the money doesn't run out before then) will be in effect until December 31, 2010. Just for comparison - last year the state set aside $100M for credits to new home buyers but the money was gone 8 months before the program ended. Hello! Can you say "History repeats it's self?" I wouldn't wait til September…
Buy a Fixer Orange County Home with FHA Financing
Thursday, January 7th, 2010 at 12:49pm. 134 Views, 1 Comments.
Buyers who find the perfect Orange County home for sale, but are using FHA financing are sometimes at a disadvantage to other buyers because FHA has certain requirements about the "livability" of the home. The FHA 203k Rehab Loan program is designed to help people buy a home that needs some work.
FHA 203k Program
Basics of the Program
Essentially, this program allows you to buy a home that is listed for sale below the market price because it needs repairs, and build the cost of those repairs into your financing.
There are obviously a few requirements to qualify for the program. Here's a quick rundown:
- The program is for "owner occupied" purchases only - no investors/income properties
- Single Family homes, Condos (with some restrictions)…
Great News for Orange County Home Buyers - New Home Buyer Tax Credit
Wednesday, November 11th, 2009 at 7:47pm. 292 Views, 0 Comments.
This is the news that all Orange County home buyers have been waiting for! If you have been waiting for the extened and expaned Home Buyer Tax Credit - here it is. And it is not limited to First Time Buyers anymore! Watch this short video for the high points:
This overview is provided by the National Association of Realtors and goes over the main benefits to Orange County home buyers (click the image to see a large version):
There are great deals on homes to buy in Coto de Caza today - everything from a 2 bedroom condos in Fairway Oaks to custom equestrian estates in Los Ranchos - for a total of 116 Coto homes you can choose to buy and take advantage of the new benefits of the Tax Credit.
Of course, you can always call me for a free…
Attention ALL Orange County Home Buyers - Tax Credit Expanded
Friday, November 6th, 2009 at 1:18pm. 171 Views, 2 Comments.
Great news came from Washington D.C. today for all Orange County Home Buyers. The House approved a bill that would not only extend the current tax credit for first time home buyers, but also expand the benefit to additional home buyers too. You can read the Washington Post article which also discusses other items included as part of the bill expected to be signed into law by the President shortly. The main points for home buyers to note are:
New Home Buyer Program
- $8,000 Tax Credit
- Applies to buyers purchasing a home for the first time in three years
- Sign a contract by April 30
- Close by June 30
Additional Home Buyer Program
- $6,500 Tax Credit
- Applies to buyers who are buying a primary residence AND
- Have owned their home for five…
Orange County Real Estate Update: The Fed and Home Affordability
Friday, October 16th, 2009 at 5:27pm. 115 Views, 0 Comments.
Orange County real estate is on the move, and it is important to know there are several factors that are included when mortgage companies set their rates. Most recently, mortgage rates are higher after the Federal Reserve released the internal notes of its September 22-23, 2009 meeting.
Known as the "Fed Minutes", the report details the conversation and cross-currents that led to the Federal Reserve's decision to vote "unchanged" on the Fed Funds Rate after its last meeting.
The Fed Minutes are the lengthy companion to the more famous, succinct post-meeting press release.
As a comparison:
- Press Release: 383 words
- Minutes: 6934 words
The extra level of details is a big deal because Wall Street is perpetually in search of clues about what…
57 New REO Homes for Sale in South Orange County
Saturday, September 26th, 2009 at 12:21pm. 106 Views, 0 Comments.
NEW REO HOMES HIT THE SOUTH ORANGE COUNTY REAL ESTATE MARKET
In the past week, 57 new Bank Owned, or REO, homes hit the market for sale in South Orange County, CA. They come in all shapes and sizes, from a 1 bedroom 1 bath offered for sale at $134K in Lake Forest to a 5 bedroom 6 bath custom home in the Summit of Turtle Ridge with two kitchens in Irvine offered at $3.4M. Quite a spread in size, price, location, and condition. Just what the REO market is all about!
But here's the scoop - 31 of these are ALREADY SOLD. There is such huge demand for homes that people can acutally buy in today's market, that these REO's are flying off the shelf - in multiple offer situations- many selling for more than the original asking price.
So if you are a buyer in…
Existing Home Supply Falls By Nearly A Year
Friday, September 25th, 2009 at 6:26pm. 141 Views, 0 Comments.
Recently reported by the National Association of REALTORS®, the number of Existing Home Sales dipped last month, ending the metric's 5-month winning streak. Which is exactly what we are seeing here in Orange County.
Newspaper headlines today are overwhelmingly negative on housing. You'd almost believe this year's housing recovery had ended.
That's hardly the case.
See, the other side of the Existing Home Sales story is that -- while the number of units sold did fall by 3 percent -- the existing supply fell by nearly an entire month.
To home buyers and home sellers, this is huge. Home prices are based on supply and demand and with supplies plummeting, it means that home prices are poised to rise.
Indeed, dwindling inventory isn't "news" to…
Home Prices Rise Again In July
Wednesday, September 23rd, 2009 at 12:10pm. 67 Views, 0 Comments.
As reported by the government, home prices are rising nationwide, up 0.3 percent in July.
Furthermore, versus November 2008, the Home Price Index has clawed back to unchanged.
The housing market appears to be holding its own.
However, we have to be careful about putting our full faith in the Federal Housing Finance Agency's data. It's somewhat flawed.
As an obvious example, HPI only accounts for homes with Fannie Mae- or Freddie Mac-backed mortgage. Lately, the percentage of homes meeting that description is shrinking.
As FHA financing rises in popularity, Fannie and Freddie back…
