Most people now know there is a severe lack of supply of housing, a “low inventory,” especially of desirable homes, in desirable areas, in those under $1 million gem neighborhoods such as East Side Costa Mesa and more expensive dream homes in areas such as Newport Beach. Supply-and-demand economics kick in, and Voilà, you have multiple offers on prime properties … Continue Reading
Beware of List Price: Foot Traffic and Competitive Bidding Flock Back into Housing
Newport Beach, Costa Mesa and Orange County Buyers Beware – As many prospective home buyers today are keenly aware, lack of inventory, all cash buyers and record low interest rates have created a competitive marketplace. A “seller’s market” of the past has returned to many above-water homeowners wanting to sell, especially in such great locations as Newport … Continue Reading
Mortgage Forgiveness Debt Relief Act Extended – Good For Home Supply; Mixed Messages For Economy
As part of the so-called “fiscal cliff” negotiations, Congresses’ late night settlement included a one-year extension of the Mortgage Forgiveness Debt Relief Act. Essentially, this allows underwater borrowers (those who owe more on their mortgage than their home is currently worth) to “discharge” any tax liability for loss incurred from a short sale, foreclosure or … Continue Reading
November California Housing Data: Volume up 14%; 11 Strait Months of year-over-year Price Increases; Cash Buyers 32.5% of All Sales; 30-Year Mortgage Down to 3.32%
November property prices were up 2.1% from October and 19.3% from November 2011, making this past November the 11th straight month of year-over-year increases, according to the real estate information firm DataQuick. Volume was up over 14%, making November the highest month of volume in six years. “More buyers feel confident about their jobs, the … Continue Reading
Congress: Don’t Mess With the Mortgage Interest Deduction; Housing is Too Important
In California, losing the mortgage interest deduction – an active discussion in Washington – would cost the average California taxpayer over $3,900.00 a year, according to the California Association of REALTORS®. That’s MORE, almost DOUBLE, the average “2k” nation-wide taxpayers may lose if the so-called “fiscal cliff” is not soon averted. 89 percent of those … Continue Reading
Homebuyers – Be Prepared to Compete As Competition Heats Up; The New Supply-and-Demand Driven Market
House hunters in Newport Beach, Costa Mesa, Orange County and elsewhere are encountering formidable old foes… ample competition, multiple offers and all cash buyers. Well-priced homes in desirable areas are rare – and thus a precious commodity. Some homes in sought-after neighborhoods are selling like hotcakes, above list price, with multiple offers submitted within … Continue Reading
Southern California Home Prices Hit Three-Year High; Orange County Sales Volume up 41 Percent from Last Year
More Buyers, fewer Sellers, record-low interest rates and increase in rental values made Southern California home sales jump over 25 percent this past October, compared to October 2011, a three-year high, according to real estate research firm DataQuick. Not surprisingly, coastal markets saw the biggest increase in sales, especially such prime locations as Newport Beach … Continue Reading
Though Higher Prices Can Be Discouraging, Keep In Mind Mortgage Rates Remain Near All-Time Lows, Saving Hundreds of Thousands of Dollars
With home prices back at or above the recent year’s lows, those discouraged by today’s returning prices should also keep in mind the near all-time record low mortgage rates hovering under 3.5 percent, saving borrowers hundreds of thousands of dollars compared to earlier 6 percent rates and literally millions of dollars compared to the historical … Continue Reading
Foreclosed Properties Are No Longer the “Deals” They Once Were
Orange County, Newport Beach and Costa Mesa Buyers Take note – The days of a foreclosed home being sold for 20 percent or more under market value are all but gone in the Southern California and Orange County marketplaces, especially in ideal locations such as Newport Beach and Costa Mesa. And with good reason. Well-priced … Continue Reading
Short Sales Demystified – Red Flags and Potential Pit Falls
A short sale property listing – a property being listed, and potentially sold, for less than the current mortgage/debt, by agreement of the owner and lender(s) – can be a wonderful opportunity for the right, and very patient, buyer. However, potential buyers beware, as short sales can have massive problems, pit falls, delays and be … Continue Reading
