Orange County CA Real Estate Market Heat Wave Continued this Summer 2016

Orange County CA real estate market heat wave continued this summer 2016 – after a sizzling springtime.
OC housing demand, 8-14-2016

Orange County home selling and buying strayed from normal patterns and stayed hot during the summer.

Orange County home buying surprised prognosticators and didn’t slow down much during time of summer distractions – such as school graduations, fun in the sun, kids out of school, family vacations, trips to the beach, surf and sand, dips in the pool, picnics in the park, playtime and otherwise.

OC Property News

Summer 2016 housing market has been the hottest summer since the heydays prior to 2007. 

Orange County experienced a different buyer demand, which increased by 5% during July 2016 – not like a typical summer downturn.

Market demand, the number of new pending sales over the prior month, increased from 2,783 to 2,935 during July 2016.  Compare that to last year 2015 when demand decreased by 2% from 2,810 to 2,762 (6% less than today’s level).

Why did the Orange County housing market stay warm this summer 2016?

  • Orange County housing has healed.
  • Foreclosures and short sales are things of the past and now make up less than 3% of all closed sales (During 2012 foreclosures and short sales represented 31% of the market).
  • Now that Orange County housing has been restored and number of distressed properties is low, the Orange County market is expanding.
  • Rock bottom interest rates and those for mortgage home loans, even lower than last year, inspires a recipe for strong demand.
  • This year, like every year since 2008, fewer homeowners are opting to sell.  There are 30% fewer homes on the market compared to 2000 through 2007. People are staying in their homes longer and not moving.  On average, the current turnover rate for homeowners is 23 years (which is much longer that prior to 2007).
  • With low supply of homes and strong buyer demand, Orange County housing stayed warm.
  • There are now 19% fewer homes on the market below $500,000 compared to last year at this time.  As home values go up, this low price range is vanishing.

Orange County housing market price ranges:

  • For homes priced below $750,000, the market is hot with an expected market time of just 50 days. (This range represents 45% of active inventory and 67% of demand).
  • For homes priced between $750,000 and $1 million, the expected market time is more balanced, about 84 days (a slight seller’s market),
  • For luxury homes priced between $1 million to $1.5 million expected market time of 114 days (buyer’s market).
  • For homes priced between $1.5 million to $2 million, expected market time is at 159 days (a buyer’s market).
  • For luxury homes priced above $2 million expected market time is now at 304 days (a buyer’s market).
  • For all Orange County homes, expected market time is now at 75 days (a slight seller’s market).

From now through October, pace of Orange County home selling is expected to slow down, and buyers will get some better opportunity – when housing moves towards a balanced market.

Best approach for sellers when market moderates this fall:  Don’t overprice your listing.  When buyer traffic is down and market time is rising, you need to be careful with list pricing, which is fundamental to achieve your seller success.

Best approach for buyers when market moderates this fall:  Focus on buying at Fair Market Value price.

CONTACT US

Contact us for more information about ORANGE COUNTY CA home buying and selling.

By Harrison K. Long – Realtor, professional real estate representative, and real estate broker – CALBRE #01410855.  Contact us by cell or text at 949-701-2515.  Thank you.

One of our goals is to provide the best and up-to-date real estate market information for buyers, sellers and investors.  Source of some information is CRMLS multiple listing service and ReportsOnHousing.com (including graphic) and is for homes sold by all brokers and Realtor agents.

“Orange County CA real estate market heat wave continued this summer 2016”

Posted in Coast Living Homes, Home buying Strategy, Home selling, Home selling guide, Home selling tips, OC home value guide, OC Property news, Orange County home buying, Orange County home selling, Orange County home values, Orange County Property News, Orange County real estate | Tagged , , , , , , , , , , , , , , , | Leave a comment

East Costa Mesa CA Single Level Ranch Style Homes

East Costa Mesa single level homes

138 Walnut

East Costa Mesa single level homes

235 Broadway

East Costa Mesa single level ranch style homes have been amazingly popular for buyers over many years.

 

 

ECM single level homes are mostly detached SFR properties. 

 

 

 

East Costa Mesa homes

 

29 single level ranch style homes at East Costa Mesa are now listed for sale.  Click here to see multiple listing service information for these homes.

East Costa Mesa CA single level homes

174 Costa Mesa Street

 

 

 

 

 

 

CONTACT US

Contact us for more information about East Costa Mesa homes for sale and selling prices and values.

What is your home worth?  Click here and find out for free!

By Harrison K. Long – Realtor, professional real estate representative, and real estate broker – CALBRE #01410855.  Contact me by cell or text at 949-701-2515.  Thank you.

Source of information for this article is the Association of REALTORS®/Multiple Listing Service and is for homes for sale or sold by all brokers and Realtor agents.

“East Costa Mesa CA Single Level Ranch Style Homes”

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Best Price and Value for SFR Home on the Market at Tustin CA

Best Low Price and Value for a single family home now on the market at Tustin CA – 13621 Fairmont Way

13621 Fairmont Way, North Tustin, CA

13621 Fairmont Way, North Tustin, CA

13621 Fairmont Way offers true homebuyer value opportunity!

13621 Fairmont Way - marketing Flyer, 6-14-2016

Large detached SFR home with 4 bedrooms and 2.5 baths – 2,848 SF of interior living space.

Large kitchen & windows toward back yard

Large kitchen & windows toward back yard

$799,000 list price – which is $280 price per SF interior size.

Back yard at 13621 Fairmont Way

Back yard at 13621 Fairmont Way

Expansive kitchen opens toward back yard.

Master bedroom ensuite

Master bedroom ensuite

Enormous lot at 7,200 SF size – Private back yard for family fun activities, gatherings and entertaining.

Dining room with doorway toward private back yard

Dining room with doorway toward private back yard

Open house house for visitors on Sunday afternoon, June 19, 2016

Contact us by cell or text at 949-701-2515 for home showings and more information.

Harrison K. Long, Realtor and agent for seller – professional real estate representative and real estate broker CALBRE #01410855 – Broker associate at HomeSmart Evergreen Realty, Orange County, CA.

MLS #OC16091373 – $799,000

“Best Price and Value for SFR Home on the Market at Tustin CA”

Posted in Home selling, Home selling guide, Home selling tips, OC home value guide, OC Property news, Orange County Association of REALTORs, Orange County home selling, Orange County home values, Orange County Property News, Orange County real estate, Tustin homes | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Orange County CA Home Selling Prices Continue Upward Swing

Orange County CA homes for sale numbers are up with more than 6,200 homes listed for sale as of May 20, 2016.  

Increasing homes for sale numbers being up is consistent with this time during prior years.

Orange county home selling prices

Home selling prices continue to move up with $645k median sold price as of May 20, 2016 (according to Orange County Register article).

Orange County Register article, June 12, 2016

Orange County Register article, June 12, 2016

 

Contact us for further information about Orange County homes and the selling and buying process.

Harrison K. Long, Realtor and agent for seller – Professional real estate representative and real estate broker – CALBRE #01410855 – Broker associate at HomeSmart Evergreen Realty, Orange County, CA.  Contact me by cell or text at 949-701-2515.

“Orange County CA Home Selling Prices Continue Upward Swing”

Posted in Home selling, Home selling guide, Home selling tips, Live at Orange County, OC Property news, Orange County home selling, Orange County home values, Orange County Property News, Orange County real estate | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

13621 Fairmont Way, Tustin, CA – Featured Home

13621 Fairmont Way, North Tustin, CA

13621 Fairmont Way, North Tustin, CA

Amazing home for sale and value buyer opportunity at 13621 Fairmont Way, Tustin, CA

Large detached SFR home with 4 bedrooms and 2.5 baths – more than 2,800 SF of interior living space.

Large kitchen & windows toward back yard

Large kitchen & windows toward back yard

 

Expansive kitchen opens toward back yard.

Back yard at 13621 Fairmont Way

Back yard at 13621 Fairmont Way

Enormous back yard for fun family activities, gatherings and entertaining.

Master bedroom ensuite

Master bedroom ensuite

Open house house for visitors on Saturday afternoon, May 28, 2016 – MLS #OC16091373

Home description and value opportunity

Home description and value opportunity

Contact us for more details about this home by cell or text at 949-701-2515.  Harrison K. Long, Realtor and agent for seller – CALBRE01410855 – Realtor and broker associate at HomeSmart Evergreen Realty, Orange County, CA.

MLS #OC16091373

 

Posted in Featured home, Home selling, OC home value guide, OC Property news, Orange County real estate, REALTOR® | Tagged , , , , , , , , , , , , , , , , | 1 Comment

Irvine CA Home Sold Numbers Solid First 38 Days of 2016

Irvine CA continues with solid home selling numbers during first 38 days of 2016.

Great Park Homes

Great Park Homes

Irvine CA continues as the top home selling city at Orange County and experienced big home selling numbers for the first 38 days of 2016 (ending February 9, 2016).

See Irvine home selling numbers for those first 38 days – click here for link to CRMLS information

203 Irvine homes sold during the first 38 days of this year 2016 – with average sold price of $958,808.

Irvine CA real estate -b-194 homes sold during first 38 days last year 2015 – with average sold price of $816,083.

So home selling numbers are slightly up this year, and average sold price is up by 17 percent – as compared with same time last year 2015.

Irvine CA continues as the economy powerhouse at Orange County and Southern California – with big economy opportunity and more than 200,000 jobs – and population of about 244,000 people.

CONTACT US

Contact us to find out more information about Irvine homes and selling values for 2016.

By Harrison K. Long – Realtor, professional real estate representative, and CA real estate broker – CALBRE #01410855.  Source of information is CRMLS multiple listing service and is for homes leased and for lease as presented by all brokers and agents.

“Irvine CA Home Sold Numbers Solid First 38 Days of 2016”

Posted in Home selling guide, Home selling tips, Irvine best values, Irvine home values, Irvine homes, Irvine new homes, Irvine property values, Irvine real estate | Tagged , , , , , , , , , , , , , , , , | Leave a comment

Now Is Time to Take Advantage of Today’s Historically Low Mortgage Rates

house in handWindow of opportunity to take advantage of today’s historically low interest rates is starting to close.

Interest Rates:  The Federal Reserve has finallymade its first move and raised the short term rate for the first time in nine years.

The Federal Reserve in December 2015 raised the short term rate .25 of one percent – first increase in 7 years.

FED seal-on-money-300x198The Federal Reserve previously pointed out instability in China and other global markets and decided to maintain the status quo.

The reason the world sees a rise in our rates as something good is because it indicates that the Federal Reserve has faith in the U.S. economy.

An increase of a quarter of a point will not drastically change the monthly mortgage payment.

However, as rates continue to climb, it certainly will put a dent in a borrower’s wallet. Remember, this is a monthly payment. So, for a $750,000 mortgage payment, the payment increases $109 per month every single month when the interest rate rises by just a quarter of a point.  That’s an extra $1,308 per year.

If the Fed continues to increase rates, we could find rates rising to 4.75% by the end of 2016.  If that happens, the monthly mortgage payment for a $750,000 mortgage climbs by an extra $331 per month compared to today, or nearly $4,000 a year. That’s a lot of money.

For a $500,000 mortgage at 4.75%, the monthly payment increases by $220 per month compared to today, or $2,640 per year.

Historically speaking, 4.75% and 5% are still good rates.  We are accustomed to ridiculously low rates complements of the Federal Reserve stimulating the U.S. economic engine for nearly a decade.

The long term average for interest rates since 1972 is 8.5% and since 1990 it’s 6.6%. Eventually, down the road, interest rates will hit 5% and beyond, most likely topping at around 5.25%. For the $500,000 middle class borrower, a 5% interest rates means an extra $296 per month more compared to today.

Now is the time to take advantage of today’s rock bottom rates. They might not be as low as they were earlier in the year, but the gift from the Federal Reserve is coming to an end.

By Harrison K. Long. Source of information is ReportsOnHousing by Steven Thomas.

Posted in California real estate, Listing and selling homes, Mortgage lending, Mortgage loan rates | Tagged , , , , , , , , , | Leave a comment

One Expert’s 2016 Real Estate Predictions for Orange County CA

Orange County Property NewsMortgage expert Jeff Lazerson’s article about what to expect for mortgage and real estate next year for Orange County CA made some predictions:

1.  Mortgage rates are not going up. The 30-year fixed will average 3.75 percent next year.

2.  The Federal Reserve will not raise short-term rates at all in 2016.

3.  Orange County’s residential home sales volume will drop by 5 percent compared with 2015.

4.  Median Orange County home prices will drop by 1 percent from this year’s $604,000. Lower-end sales will increase, but the higher end will subside.

By Harrison K. Long.  Source of information and predictions is an article at OCRegister.com by Jeff Lazerson, mortgage broker, on Dec. 27, 2015.

Posted in OC home value guide, OC Property news, Orange County home values, Orange County Property News, Orange County real estate, Real estate economics, Real estate laws, Real Estate Predictions | Leave a comment

Top Reasons to Buy at an Orange County Home Now

Top Reasons to Buy a Home Now

cheaper to buy than rent, truliaTo take advantage of near-record low mortgage interest rates (before it’s too late), during this fall when Orange County markets are slow after summer, now is a great time to buy a home.

There are still some great opportunities for home buyers. Why now is a best time for buyers

The Orange County economy is growing.  Orange County has solid growth and jobs available.  A recent 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.

More jobs are available.  The Labor Department announced that the jobless rate is down, and more people have been able to secure jobs this year.

Houses hedge against inflation.  When there is inflation (which economy experts predict) this would be good for homeowners.   Even in a soft 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.

Mortgage interest rates are still incredibly 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.  A recent survey found national mortgage rates averages at 4.1 percent last month during October 2015.

Pent-up buyer demand.  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 home ownership.  Even with rising home selling prices, Orange County renters have experienced extraordinary rent increases – which are greater percentage-wise as compared with home price increases.

So what?  A housing market never remains even, and there will always be surges and dips.  Buyers could wait for better market conditions, but the incredibly low mortgage loan interest rates, rising rents and pent-up demand adds up to great reasons to buy an Orange County CA home now.

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.

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

“Top Reasons to Buy an Orange County home now”

Posted in Home buying, Home buying guide, Home buying or renting, Home buying Strategy, Orange County home selling, Orange County home values, Orange County Property News, Orange County real estate | Tagged , , , , , , , , , , , , , , , , | Leave a comment

Corona del Mar Home Selling Market Update

Corona del Mar main bech with big surf

Corona del Mar main beach with big surf

Corona del Mar CA is a classic Southern California beach and ocean-oriented community.  It’s located above the cliffs of the Pacific Ocean and lives up to its name – “Crown of the Sea.”

Corona del Mar Real Estate

 

CDM is part of Newport Beach and has an aesthetic of its own, with ocean view estate properties, and vintage cottages and houses side-by-side on flower-named residential streets.

23 Corona del Mar homes were sold this year during October 2015.

$3,032,000 was average sold price of those homes.

60 days was average time on market for those sold homes.

214 Corona del Mar homes have sold so far this year as of November 15, 2015.

$2,431,000 has been average home selling price at Corona del Mar this year during 2015.

See Corona del Mar CA homes now listed for sale – click here 

CDM Main beachResidents and visitors can enjoy restaurants, quiet music spots, and restaurants with diverse dining choices.

By Harrison K. Long.  Source of some information is CRMLS multiple listing service and is for homes listed for lease by all brokers and agents.   We provide professional REALTOR® agent and broker representation and help for property owners, buyers and investors – for their best decisions about homes and real estate.  Contact us to find out more about Corona del Mar homes and real estate.

“Corona del Mar CA home selling market update”

Posted in Corona del Mar home sales, Corona del Mar Live, Home selling, Home selling guide, Home selling tips | Tagged , , , , , , , , , , , , , , | Leave a comment