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Woods Cove at Laguna Beach

 

 

 

 

 

 

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Cliff Drive at Laguna Beach

 

 

 

 

 

 

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Arch Beach Heights at Laguna

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Freddie Mac Says Mortgage Rates Will Slowly Rise Over Next Year

 

Mortgage Loan Rates On the Move Up

Freddie Mac (Federal Home Loan Mortgage Corporation) forecasted in July 2015 that interest rates would slowly rise over the next year, topping out at 5%.

As those rates rise, so do monthly house payments.

Freddie Mac's July 2015 interest rate outlook, 8-16-2015

Look at more detail on the numbers.

Moving from 4.125% (where mortgage rates are today) to 4.3%, their end of 2015 prediction, may seem like an insignificant change in the monthly payment, but it might be just the beginning.

For a detached median priced home at Orange County CA, it’s only a $672 increase each year; and for the median priced condominium, it’s only a $396 increase.

Remember that interest and mortgage rates will slowly rise.  As they do, before you know it, everybody will be talking about 5% interest rates as the new normal.  At 5%, the detached median sales price of an Orange County home now has a monthly payment that is $284 more than today’s payment.  That is a difference of $3,408 each and every year.

Locking in a mortgage rate today is like getting a free vacation every year for 30 years.

At 5%, the median sales price condominium has a monthly payment that is $170 more than today’s payment. That’s an extra $2,040, still a pretty considerable chunk of change.

By Harrison K. Long, Real estate broker, professional real estate representative, and Realtor, Orange County CA – CALBRE 01410855.  Source of some information for this article is Steven Thomas and his ReportsOnHousing.com.

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Newport Harbor from Corona del Mar

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Home Buyer Demand Has Blasted Off at Orange County

The Orange County CA housing market has shifted with sudden jump in buyer demand.

IMAG0223 (Large)_optDuring the past month from January 15 to February 15, 2015, buyer demand has increased by 64%.

After the first month of 2015, it looked like this year would be similar to 2014. However, the market shifted with greater buyer demand during the past month.

Orange County Property NewsHome buyer demand increased by 566 pending sales in the past two weeks and now totals 2,619. This two week surge was the largest increase since February 2012. Last year at this time demand was at 2,381 pending sales, 9% fewer than today. As a result of the rapid increase in demand, the expected market time dropped to 62 days from 78 just two weeks ago, pushing housing deeper into a seller’s market.

Something changed, and the big difference is cheaper money in the form of low interest rates. Low interest rates are fueling housing demand and, as a direct result, the Orange County housing market has blasted off.

Today’s rates are a half a point cheaper than a year ago. For a jumbo conforming loan, loans between $417,001 and 625,500, rates are at 4% versus 4.5% a year ago. For the median priced home in December 2014, $591,000, and a 20% down payment, a buyer is looking at a monthly mortgage of $2,257 at today’s rate, versus $2,396 at 4.5%. That’s a savings of $139 per month, nearly $1,700 per year, or $50,000 over the 30-year term.

Buyers are making wise choices to pull the trigger now – to buy now because rates are cheap and are down to historical lows.

Current home loan interest rates are low, because they have been artificially pushed down by the Federal Reserve for years. The Federal Fund rate has been kept at nearly zero since December 2008. They have hinted at raising these rates. When short term rate increases, long term rates, home mortgages, will soon follow.

Prior to the recession of 2007 to 2009, mortgage rates were about 6.5%. For the December median sales price home, that’s an extra $731 per month every single month. In 2000, rates were at 8%, or an extra $1,212 per month. In 1990, rates were at 10%, and in 1981 they reached 18%.

Today’s rates are unbelievably low – and smart buyers will take advantage of this gift compliments of the U.S. government.

It’s likely that the FED will keep rates in the low to mid-five-percent range within the next couple of years. That difference in monthly payments will put a dent in buyers’ pocketbooks and their monthly budgets. Cashing in on low rates today means more disposable income.

Many Orange County CA buyers will continue to look to pay the Fair Market Value for a home this year. From the official start of spring at the end of March, through the start of summer at the end of June, more homes will come on the market than any other season. Home selling success will be determined by value and correct seller pricing.

By Harrison K. Long, professional real estate representative, Realtor, real estate broker, and professional real estate representative at Orange County CA. Source of some information is ReportsOnHousing.com and CRMLS multiple listing service.

Coldwell Banker residential brokerage

Professional real estate agent and broker representation – with 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 prices and values at Orange County CA cities and areas with Home Selling and Real Estate market updates.

“Orange County CA Housing Demand blasts off.”

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2015 Corona del Mar CA Home Selling Market Forecast

OLYMPUS DIGITAL CAMERA

Corona del Mar CA Home Selling Market Forecast for 2015

Corona del Mar homes

245 Corona del Mar homes sold last year during 2014.  $2,174,168 was the average sold price of those homes.

Corona del Mar had a 4.6 percent drop in number of homes sold in 2014 as compared with 2013 – when 257 were sold.

73 Corona del Mar homes are now listed for sale on the multiple listing service – with average asking price of $4,456,000.

See Corona del Mar homes for sale here.

11 sellers at Corona del Mar got buyers into purchase contracts during the past 30 days.

Current asking prices are high as compared with average solds at Corona del Mar.  7 months is the expected market time (that time it would theoretically take to sell all homes now on the market at the current rate of sale).

2015 Home selling market forecast

  •  2015 will present good opportunities at Corona del Mar for serious home sellers and buyers.
  • Home sellers at CDM who list their homes close to fair market value – priced at what others have sold in those neighborhoods for during the past 3 months – will sell successfully.
  • Home sellers who list at more than $4 million will find fewer buyers and need to be patient.
  • Some sellers who list at high prices outside of range of fair market value and will be challenged by buyers who are willing to pay perceived value.
  • Buyer demand will remain subdued, similar to 2014.
  • The Corona del Mar home selling market will follow a normal cycle.  The strongest buyer demand coupled with a new inventory of homes for sale will occur during the Spring, followed by slightly less demand and a continued fresh supply of homes in the Summer, then another drop in supply and fewer new listings in the Autumn Market.  Finally, the distractions of the Holiday market 2015 will present lowest demand of the year and few homeowners opting to sell.
  • The number of successful, closed sales at CDM will be similar to that from last year 2014 levels.  Expect an increase in number of “move-up” sellers during 2015.
  • Freddie and Fannie (government GSE’s) will have new loans for as little as 3% down.
  • There will be improved mortgage market competition from direct lenders who are not as government regulated.
  • Even though home loan mortgage rates have remained low for several years, the FED might allow the fund rate to go up.  That would result in higher mortgage rates.
  • 2015 will be a good year at Corona del Mar CA for home selling and buying.

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By Harrison K. Long, Realtor, real estate broker, and professional real estate representative at Orange County CA.   Source of some information is CRMLS multiple listing service and also ReportsOnHousing.com.  

We provide 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 prices and values at Orange County CA cities and areas with Home Selling and Real Estate market updates.

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Does a Will Cover Everything I Own?

California estate planningDoes a Will Cover Everything I Own?

No. Generally speaking, your will affects only those assets that are titled in your name at your death. Those assets that are not affected by your will include Life insurance. The cash proceeds from an insurance policy on your life are paid to whomever you have designated as beneficiary of the policy in a form filed with the insurance company—no matter who the beneficiaries under your will may be.

  • Retirement plans. Assets held in retirement plans, such as a 401(k) or an IRA, are transferred to whomever you have named as beneficiary in the plan documents—no matter who the beneficiaries under your will may be.
  • Assets owned as a joint tenant with right of survivorship. Assets such as real estate, automobiles, bank accounts and stock accounts that are held in joint tenancy with right of survivorship will pass to the surviving joint tenant upon your death, and not in accordance with any directions in your will.
  • “Transfer on death” or “pay on death.” Certain securities and brokerage accounts include a designation of one or more beneficiaries to receive the assets in that account when the account owner dies. The names of the beneficiaries are preceded by the words “transfer on death” or “TOD.” Other assets, such as bank accounts and U.S. savings bonds, may be held in a similar form using the owner’s name and the beneficiaries’ names preceded by the words “paid on death” or “POD.”
  • “Community property with right of survivorship.” Married couples or registered domestic partners may hold title to their community property assets in their names as “community property with right of survivorship.” Then, when the first spouse or domestic partner dies, the assets pass directly to the surviving spouse or partner without being affected by the will.
  • Living trusts. Generally, assets held in a revocable living trust are distributed according to the instructions in the trust regardless of the instructions in your will—with no need for court supervision. You can name yourself as the initial trustee of your living trust (most people do), and then name a successor trustee to manage the trust if you become unable to do so. With a living trust, your assets are managed for your benefit during your lifetime and then transferred to your beneficiaries when you die without court supervision. For more detailed information, see the State Bar pamphlet entitled Do I Need a Living Trust? (See #1 for information on ordering pamphlets.)
  • Your spouse’s or domestic partner’s half of community property. In California, any assets acquired by you and your spouse or registered domestic partner from earnings during your marriage or registered domestic partnership are community property. You and your spouse or registered domestic partner own equal shares of those assets. Your will, therefore, affects only your half of the community property. Assets that either of you owned before your marriage or registered domestic partnership, and gifts or inheritances acquired later, are usually separate property. Your will affects all of your separate property assets.

Even if your entire estate consists of assets held in joint tenancy, a life insurance policy and a retirement plan, there are still good reasons for making a will. For example, if the other joint tenant dies before you do, then the property held in joint tenancy will be in your name alone and subject to your will. If named beneficiaries die before you do, the assets subject to a beneficiary designation may be payable to your estate. If you receive an unexpected bonus, prize, refund or inheritance, it would be subject to your will. And if you have minor children, nominating a guardian for them in your will is very important.

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Source of this information is the California State Bar Association (www.CalBar.org). This is for information only about California law and is not the providing of legal services. If you have questions about your own situation and what is covered by your will, you should contact an experienced estate planning attorney.

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Irvine Home Selling and Real Estate Market Update

Irvine Home Selling and Real Estate Market Update – November 22, 1014

Irvine CA homes and real estate market update

IMAG0187-c-Irvine CA is the economy driver at Orange County – has a population of about 230,000 people and is still growing.

Irvine homeowners and sellers have high expectations and confidence of the buyers.

530 Irvine homes are now listed for sale – with average list price of $1,131,333.

That’s a 9.2 percent drop in number of Irvine listings since November 1 (three weeks ago) when 584 Irvine homes were listed for sale.

It’s also a 28.3 percent drop in number of homes listed for sale since September 1 – when 740 Irvine homes were listed for sale.

121 Irvine sellers got buyers for homes under contract and went into escrow during the first 21 days of November – and average list price for those homes was $827,472.

The average list price of an Irvine home going into escrow is about 25 percent lower than average for sale listing price of all Irvine homes.

210 Irvine homes sold with closed deals during October 2014 – with average sold price at $902,560 – and average time on market for those homes was 72 days.

Irvine CA average home selling market time is now about 2.5 months – that time it would theoretically take to sell all homes on the market at current pace of sales.

Irvine home sellers who are serious are looking carefully at “fair market value” – the amount that other homes in the neighborhoods have actually sold for.

Irvine home selling markets are more balanced now as compared with last year November 2013 – with little or no advantage to either buyers or sellers. Buyers have improved negotiating power and choices.

More homes are sold and money spent to buy Irvine real estate as compared with any other city in the OC.

People are especially attracted to Irvine, because of its positive economy and jobs, famous and award-winning schools, that it is one of the safest cities in America, and some of the best weather anywhere.

See Irvine CA homes now listed for sale – click here

See Irvine single level homes now listed for sale – click here

See Woodbridge Irvine homes now listed for sale – click here.

See Quail Hill Irvine homes now listed for sale – click here.

See Northwood Irvine homes now listed for sale – click here.

See Turtle Rock Irvine homes now listed for sale – click here.

See Turtle Ridge homes now listed for sale – click here.

Coldwell Banker residential brokerageby Harrison K. Long. Source of some information is CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

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 prices and values at Irvine and other Orange County CA cities and areas and about Irvine Home Selling and Real Estate market update.

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6 Top Reasons to Buy a Home Now

6 Top Reasons to Buy a Home Now

cheaper to buy than rent, truliaTo take advantage of near-record low mortgage interest rates and home prices undervalued by as much as three percent nationwide, now is a great time to buy a home.

There are still some great home buyer opportunities.

Why now is a best time for buyersThe economy is growing. From information gathered on or before August 22, 2014, the 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. But there are even better reasons to buy a home right now, and here are just a few:

More jobs are available

The Labor Department announced that the jobless rate is now below six percent. Consider how far the job market has come since January 2010 when unemployment was 9.7 percent.

Houses hedge against inflation

The Consumer Price for All Urban Consumers is up 1.7% from August 2013 to August 2014, excluding volatile food and gas prices. The food index has risen 2.7 percent over the span, while the energy index has increased 0.4 percent. This is the first month that the index hasn’t risen since 2010.

Why is that good for homeowners? Even in a tepid 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.

Housing price gains are slowing

The median existing-home price in August was $219,800, which is 4.8 percent higher than home prices in August 2013. This marks the 30th consecutive month of year-over-year price gains. In 2013, home prices rose in the double digits.

Mortgage interest rates are still 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. The most recent Freddie Mac survey found national averages at 4.16 percent with .05 percent points in September 2014.

Pent-up demand ready to release

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 homeownership

Trulia, a real estate marketplace and research group announced that nationally, rents rose 6.5% year-over-year in September 2014. Apartment rents were up 6.9%, while single-family home rents gained 5.2%. At the same time, housing prices have leveled off.

The takeaway

A housing market never remains even. There are always surges and dips. Buyers could wait for better market conditions, but the present alignment of low mortgage interest rates, slowing home prices, rising rents and pent-up demand add up to great reasons to buy a home right now.

Coldwell Banker residential brokerage

By Harrison K. Long. Source of information is Property ID.

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 prices and values at Irvine and other Orange County CA cities and areas.

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Buyers Should Take Advantage of Unbelievably Low Mortgage Rates

Purchase money lendingWith interest rates dropping to their lowest levels since June 2013, now is a great time to buy a home at Orange County CA.

Current rate drop to about 4.03% for 30-year fixed rate mortgage (for those who qualify) is a big savings for buyers on a monthly basis.

Home loan rates are fantasticRates are a lot lower today than they were at the beginning of this year 2014 – and are now at their lowest level since June 2013.

The FED has been printing money for years by funding the secondary market and purchasing mortgage back securities. The FED has held the Federal Fund Rate at almost ZERO for over five years. Lenders are essentially charged next to nothing to borrow money and are able to pass along this savings in the form of unbelievably low interest rates.

But that won’t last forever. The FED is ready to eliminate the economic stimulus. The FED is looking to keep a lid on inflation and increase the Federal Fund Rate in about six months. That’s where we will see a change in interest rates. As the Federal Fund Rate increases, banks’ profitability is squeezed, and lenders will raise their rates to home buyers and those who refinance.

In about six months – or about April 2015 – pressure is expected to rise on interest rates.

Don’t wait! Lock in your great mortgage loan rate now. There is no better time than now to buy your Orange County home and lock in the great rate.

Orange County CA how has 7,174 homes listed for sale, which is 841 more than same time last year. The expected average market time for all of Orange County CA is at 3.24 months now – or 97 days – now a balanced market that does not favor buyers or sellers.

Sellers at Orange County CA need to make sure they are pricing their homes correctly from the start, so they can get real buyer attention during this balanced market.

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

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Contact us with questions about Orange County CA homes, home buying and selling opportunities at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, 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 homes and properties at Orange County CA.

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Home Selling Markets at Orange County CA Get Balanced

IMAG0223 (Large)_optOrange County CA now sees balance in its home selling markets – with no advantage for either sellers or buyers.

While comparing the supply (the active inventory) and demand (the number of pending sales over the prior month) smart analysts can determine the EXPECTED MARKET TIME – or how long it would take to sell the current supply of homes actively listed on the market with current level of demand.

When the expected market time is below three months, it’s a sellers’ favored market.

In March 2013, the expected market time dropped to 1.1 months and Orange County housing strongly favored sellers – when there were only 3,183 homes for sale and demand was at 2,880 pending sales.

Cash was king during that time, and most homes got multiple offers and were selling in less a month.

Orange County CA home selling has slowed down since then, and EXPECTED MARKET TIME is now balanced at about 4 months. This balance will continue through the end of the year – and will not shift towards a pro buyers’ market – since some listings are being pulled off the market by sellers.

Sellers at Orange County CA need to make sure they are pricing their homes correctly from the start, so they can get real buyer attention and best results in this balanced market.

search Irvine CA homes – now listed for sale

search Newport Beach homes – now listed for sale

search East Costa Mesa homes – now listed for sale

search Lake Forest CA homes – now listed for sale

search Laguna Beach homes – now listed for sale

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

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Contact us with questions about East Costa Mesa, Irvine, and Newport Beach homes and about listing and sale of your home at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, 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 homes and properties at Orange County CA.

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