Fullerton Housing Looks Promising

Fullerton Realtor Diego Loya

Home Living Report – Fullerton, CA Real Estate News by Diego Loya

The Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices.

It’s tempting to confuse market normalization with a possible slowdown. But those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That
means investor activity – which accounts for a substantial market share – is moderating. That’s not to say that rates and prices aren’t still attractive to owner occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.

  • New Listings were down 13 percent for single family homes and 25 percent for condos and townhome properties.
  • Pending Sales decreased 16.9 percent for single family homes and up 31.8 percent for townhouse-condo properties.
  • The Median Sales Price was up 21.4 percent to $563,500 for single family homes and down 12.3 percent to $315,000 for condos and townhome properties.
  • Months Supply of  Inventory was a positive up 4.5 percent for single-family homes but down 22.2 percent for townhouse-condo units.

The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we’ve now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There’s still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”]

*Data from PWR and includes Orange County and some surrounding areas.

Current Fullerton Homes For Sale

(Contact us a specific type of property you are looking for)

[idx-listings community=”Fullerton” statuses=”1″ propertytypes=”516″ orderby=”ImprovedSqFt” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Where is Orange County Housing Headed

Home Living Report – Orange County, CA Real Estate News by Diego Loya

Orange_CountyThe Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices. It’s tempting to confuse market normalization with a possible slowdown. But those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That means investor activity – which accounts for a substantial market share – is moderating. That’s not to say that rates and prices aren’t still attractive to owner occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.

  • New Listings were down 0.9 percent for single family homes and up 7.3 percent for condos and townhome properties.
  • Pending Sales increased 1.1 percent for single family homes 4.3 percent for townhouse-condo properties.
  • The Median Sales Price was up 22.5 percent to $539,000 for single family homes and 22.1 percent to $348,000 for condos and townhome properties.
  • Months Supply of  Inventory was flat for single-family homes and up 22.2 percent for townhouse-condo units.

The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we’ve now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There’s still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”] *Data from PWR and includes Orange County and some surrounding areas.

Current Orange County Homes For Sale

(Contact us a specific type of property you are looking for) [idx-listings county=”Orange” minprice=”400000″ maxprice=”600000″ minbeds=”3″ maxbeds=”6″ statuses=”1″ propertytypes=”516″ orderby=”Price” orderdir=”ASC” count=”12″ showlargerphotos=”true”]

How a Buyer Can Get Their Offer Accepted in This Real Estate Market

Being a home buyer is really tough right now. With so many other buyers to compete with and such little homes to choose from, buying a home can turn into a nightmare.

While a rising real estate market seems healthy for a recovery, a closer look reveals there are a lot of  pain among buyers. Higher home prices have come from multiple buyer offers bidding up a regular list price of a home. Now interest rates have creeped up and have also taken a stab at today’s home buyer.

I’m offering some tips and strategies I use with my buyer clients to make sure their offer has the best chance of being selected.

Know How Much to Buy and Your Limit

First thing you need to do is be pre-approved for a loan. This means the lender gathering all your financial statements, running them through their system and determining if you qualify and for how much. You should know exactly what your payments should be, how much down payment you will need, extra funds to close the sale and what is the maximum price you can purchase.

Best Practices for Competitive Offer Price

    • Make offers on homes below your maximum qualifying limit
    • Discuss a “highest and best” strategy with your agent
    • Explore all co-signer or gift fund options before making offers

Waiving Contingencies

A contingency is a fail-safe that protects your good faith deposit money while doing your due diligence inspections and financing approved for the home you’re trying to buy.

It is not uncommon in today’s market for a real estate agent to suggest waiving your contingencies to strengthen your offer.

It’s very, very important that you understand the impact and consequences of removing contingencies.Remember that your good faith deposit is at risk if you discover that this is not the home requires more repairs that you expect during the home inspection.

Removing financing contingencies only to find out that the home doesn’t qualify for financing due to health or safety issues discovered during the appraisal is a realistic scenario that you need to protect yourself against.

Best Practices for Competitive Contingencies

    • Don’t feel pressured to removed contingencies, they are they to protect you
    • Consider reducing contingency period, not removing it
    • Make sure you are pre-approved, not pre-qualified for financing before making offer

Do Not Ask Seller to Pay for Closing Costs

If you know you’re going to be short on covering your down payment and all of your closing costs, exhaust all of your assistance options before asking the seller to help.

There are several options that are acceptable to the lender for covering down payment and closing costs.

Gift Funds – You can receive a gift from a blood or marriage relative to help pay closing costs or down payment. If you intend to use gift funds, immediately speak to your lender to make sure that you are getting this gift from an approved source, and that you can provide the appropriate documentation.

Non-Occupying Co-Borrowers – Also known as a co-signer. Co-signers are not allowed with most loan programs. If you have a co-signer that is willing to co-sign on the loan, but will not be living in the home, again, immediately consult your lender as this can add layers of complications to the loan approval process.

Down Payment & Closing Cost Assistance – The State of California offers several assistance programs that are allowed to be used to cover closing costs or down payment.

These programs often have qualifying requirements that are more strict than simply qualifying for the mortgage being used to purchase the home.

Click Here For Buyer Assistance

 

Portions of this article are courtesy of  www.FindMyWayHome.com 

Real Estate is Hot Hot Hot in Orange County, CA

Helpful Tips For Home Buyers          Helpful Tips For Home Sellers

As potentially the brightest sun in the current economic recovery, housing  activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, which will help replenish neighborhoods with new listings.

  • New Listings were down 2.3 percent for detached homes but increased 24.1 percent for attached properties.
  • Pending Sales increased 9.7 percent for single family homes and 19.7 percent for townhouse-condo properties.
  • The Median Sales Price was up 25.0 percent to $525,000 for detached homes and 29.3 percent to $336,500 for attached properties.
  • Months Supply of  Inventory decreased 56.1 percent for single-family units and 55.6 percent for townhouse-condo units.

The economy – which generates the jobs that fuel housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 percent again but are not likely to reach 3.3 percent again.

Helpful Resources:

Other Valuable Videos:

Diego Tell Me More, I’m looking to Buy or Sell Real Estate

[gravityform id=”2″ name=”Send us Your Questions and Comments”]

Orange County Homes For Sale

(Contact me if you are searching for a specific property or property type – 714.989.6040)

[idx-listings county=”Orange” minprice=”400000″ maxprice=”33000000″ minbeds=”4″ maxbeds=”9″ statuses=”1″ propertytypes=”513″ orderby=”DateAdded” orderdir=”ASC” count=”15″ showlargerphotos=”true”]

Brea Property Values On The Rise as 2013 Begins

Brea Home Values RiseBrea property and homes across Orange County are selling at their greatest since the collapse of the real estate industry in the mid-2000s. The overall number of homes purchased surged by 25% in November 2012 compared to the previous year, evidence that the local housing market is not only rallying by accelerating as we enter 2013. This increase in activity, combined with low inventory, has put valuations on a northward track. DataQuick Information Systems, which tracks real estate trends, also reported that the median housing price for Orange County increased an average of $50,000, over 12% in the same year-over-year comparison.

Numerous market indicators suggest that the frequency of real estate purchases in Orange Counties and areas like Brea are picking up pace, notably:

  • November was the tenth consecutive month where more property was purchased year over year
  • The rate of sales continue to climb in spite of a derth of inventory as reported by www.ReportsOnHousing.com
  • The median house price in Orange County has only crested $450,000 twice since the real estate market dropped and both occurrences were in 2012, in June and October

And the low inventory of Brea homes for sale and rising prices have done nothing to discourage buyers from entering the housing market for the first time or purchasing investment property. Such strong, positive rates of change suggest that Brea will continue to grow in the next twelve months as it has done in the previous twelve to eighteen. If you are considering buying real estate in the Brea area, you should align yourself with a realtor who knows the area to help find your way through a landscape of competitive bids and hard-to-find properties.

I’ve been serving Brea luxury real estate for many years and would love to hear from you. Drop me a line today so we can begin the discussion.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea within the Multiple Listing Service  HERE

[idx-listings city=”Brea” minprice=”850000″ minbeds=”4″ statuses=”1,2″ propertytypes=”516″ orderby=”DateAdded” orderdir=”DESC” count=”12″ showlargerphotos=”true”]

Foreclosure Victims Qualify for First Time Buyer Assistance

How To Buy A HomeMany California home owners fell victim to foreclosure, short sale or bankruptcy since the Real Estate Crash of 2007.Recovering from a foreclosure may not be as difficult as you think.In some cases, there are even incentives for home owners experiencing past hardships to become home owners again.

Buy a Home After Foreclosure

Having a foreclosure, short sale or bankruptcy may affect your credit scores at the time of the event, but time heals most credit hiccups as long as you have a plan and understand how to re-establish your credit. Qualifying for a mortgage loan to purchase a home after foreclosure depends on what type of loan you are trying to qualify for.

FHA and VA are the best options for qualified buyers to re-enter the market in 3 years or less.
A minimum 640 credit score is usually required to qualify for Conventional and FHA mortgages, VA requires a minimum 620 credit score to buy a home after foreclosure.

Qualify for First Time Buyer Assistance

The definition of a first time home buyer recognized by many buyer assistance programs, including the State of California CalHFA programs, is that the applicant cannot have owned a home as a primary residence in the past 3 years.

Since the waiting period to buy after foreclosure using a FHA loan is 3 years, home buyers re-entering the market will be considered first time buyers!

California First Time Buyer Assistance Program

CalHFA CHDAP – California Housing Finance Agency –  California HomebuyersDownpayment Assistance Program.

Eligible buyers receive assistance equal to 3% of the purchase price, can be used as down payment or closing cost assistance. Eligible buyers must not exceed program income limits or purchase price.

Additional Resources
View Income Limits
Apply Now for CHDAP

Foreclosure Victims Qualify for First Time Buyer Assistance was originally posted on Find My Way Home.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea and Fullerton within the Multiple Listing Service  HERE

[idx-listings city=”Fullerton” minprice=”275000″ minbeds=”3″ statuses=”1″ propertytypes=”516″ orderby=”Price” orderdir=”ASC” count=”12″ showlargerphotos=”true”]