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
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Orange County Real Estate
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
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
