Phew!  After four years of declining home sales, the numbers appear to be finally turning back upward, with closed sales and pending contracts at above-normal increases.  In particular, first-time buyers helped buoy the market by taking advantage of low prices and interest rates, as well as the $8,000 tax credit offered by the federal government.

At least for now, home prices remain attractively low, and mortgage payments as they relate to income are very comfortable.  All the information seems to point to the fact that home prices have actually overcorrected downward.  What does that mean?  It indicates that many markets may experience a price "snap back," with values increasing a lot more than the historical average of 4% appreciation per year.

Some factors may continue to make buyers cautious, mostly declines in retirement savings and a lukewarm economic recovery with unemployment hovering around 10% nationally.  Now is not the time to hesitate, however, as mortgage interest rates are expected to rise in 2010.

We can expect the momentum of home sales to continue, especially with the extension of the tax credit through April and the fact that qualification is no longer limited to just first-time buyers.  Prices and interest rates will rise this year, so buyer confidence should be at an all-time high.  The pressure cooker of pent-up demand is about to blow its top!

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit http://TeamWeichman.com for the latest news and information on the Orange County real estate market.

Join us tonight at this event in Costa Mesa California. February 4, 2010

 

  

Leadership Tomorrow celebrates its 6th Annual Celebrating Leadership awards event tonight from 5:30-7:30 p.m. at the Costa Mesa Country Club. Leadership Tomorrow friends, alumni and the community at large are invited to enjoy hors d'oeuvres, food stations and a no-host bar. The evening's honorees include: Chief David J. Maggard Jr., Irvine Police Dept. for the Outstanding Community Leadership Award and Cindy Brenneman, Director of Volunteer Services O.C. Affiliate of Susan G. Komen Race for the Cure in addition to her many volunteer efforts, for the Excellence in Leadership Award. Special Guest Speaker is Steve Becker, Vice President of Human Resources for Golden State Foods and Board President of the Orange County Ronald McDonald House. Master of Ceremonies is Larry Weichman, Weichman Associates Realtors and Chairman of the Board, Costa Mesa Chamber of Commerce. Tickets: $40 per person and includes free parking. Leadership Tomorrow, through its programs - expands knowledge, empowers citizens and promotes community involvement. Online reservations can be made by calling Jessica Quadra at (949) 729-4412

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

A "Short Sale" is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff. By way of example, a Short Sale may be appropriate for a home seller whose mortgage balance is $250,000 but whose home wouldn't sell for more than $220,000.  Rather than pay the $30,000 difference to the lender at the time of sale, the seller enters into an agreement with the lender by which all sale proceeds are paid to the bank and the deficient balance is forgiven.

Short Sales are a preferable alternative to foreclosure but the process still harms both parties. For one, the seller is penalized with a derogatory trade-line on credit for not fulfilling a mortgage obligation. And, two, the lender is forced to take a loss on a mortgage loan.  Versus an executed foreclosure, however, Short Sale damages are relatively limited on both sides.

For this reason, Short Sales are sometimes considered "the economical alternative" to default. The process of getting a Short Sale approved varies from lender-to-lender and can be time-intensive. Home sellers should not go at it alone -- speaking with a real estate agent about the proper protocol is usually the best place to start.  And sellers should be aware of how a Short Sale on their credit can impact future borrowing.

Current Fannie Mae guidelines prevent short-selling homeowners from obtaining new mortgage financing for a period of 2 years. FHA may be a shorter length of time.  Call me for details if selling by a short sale works for you, at 714-241-4532.

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

Open House Today! 1-4 PM!

Check out this beauty!  Detailed information, price and directions can be found below!

http://www.teamweichman.com/listings/C6FA721F-9E0A-A276-5D4E3CBD3D14E712.shtml

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

  

 

Selling your home in anything other than an active market can seem challenging, but what do you do when yours is only one of many homes in your neighborhood with For Sale signs?  Surprisingly, there are actually some advantages to marketing your home in this situation.

 

More buyers are drawn to neighborhoods where they can preview more homes at once.  More buyers means more opportunities for your home to be seen and to attract an offer, so make your listing stand out against your competition.

 

Price your home aggressively after reviewing the comparable sales figures provided by your real estate representative.  Don't give your neighbors the advantage of looking like a bargain compared to your listing - take it yourself and show buyers what a great value you're offering.  If you're competing against foreclosure listings, having your home in "move in" condition helps, because foreclosures often need lots of repairs.

 

With this much activity in the neighborhood, make sure that your home is available for showing on literally a moment's notice.  Buyers who come to look at other listings may spot yours and want to see it right away to make comparisons.  Be prepared for "impulse" prospects with good housekeeping and an escape plan for unexpected showings.

 

Finally, don't worry if your neighbor sells first - that just makes for less competition in your market!

 

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

 

 

Four of the top cities in the state for median home price gains in December are in Orange County, according to the California Association of Realtors.

At the top of that list is Laguna Hills, with a 62.9% jump. San Juan Capistrano, Tustin and Costa Mesa follow; See the chart at right for details. 

In Orange County, CAR says:

• The overall median price in December  was $496,070, down 0.6% from November, but up 12.1% from the prior year.
• Sales were up 4.5% from November and up 17.9% from December 2008.
• The county's unsold inventory was at 5.4 months in December, compared with 5.8 months in November and  7 months in December a year ago.
• Time that O.C. homes spent on the market: 33 days in December, compared with 31.1 days in November and 37.5 days in December 2008. 

Newport Beach and Laguna Beach were among the Top 10 cities in the state for median home prices in December, at $938,500 for Newport and $1,230,000 for Laguna. Highest in the state was Beverly Hills at $1,400,000.

Statewide:

• Home sales increased in 1.7% December  compared with the same period a year ago and 4% from November.
• The median price of an existing, single-family detached home in December was $306,820, up 0.8% from November and an 8.4% increase from December a year ago.

 CAR Chief Economist Leslie Appleton-Young said:

"Home sales were unusually strong in December and were more consistent with peak season trends. Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California's housing market experiencing non-seasonal variations.

"Looking forward, we expect the state's median home price to fluctuate around the $300,000 level throughout the first quarter. While we expect to experience price gains in the near term, it remains to be seen how the market will fare once the Federal Reserve discontinues its purchase of mortgage-backed securities."

Article is courtesy of The OCRegister.com January 26th, 2010, 12:01 am ·  posted by Marilyn Kalfus, real estate reporter

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

I can't tell you how many times I see this here in our market as well! If the public only knew about the agent they were hiring in advance.  It only shows the agent is not working hard in the best interests of the seller. It is like they are trying to limit the market exposure in an effort to double end the listing for their office and not allow the seller to obtain the highest and best price possible! Thank you for allowing http://TeamWeichman.com to reblog your article!

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

Here is great article I came across that really is clear on getting your credit report!  Check out the agents license plate at the end of the article.

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.

Here is what the price trend is looking like for all of Costa Mesa Calfornia, this is for the last few months and does not cover condo's. If you would like a detailed instant value of your property, please visit http://TeamWeichman.com

It's the best news in real estate since last year's First Time Home Buyers Tax Credit: an estimated $22 billion will pump into our economy as a result of the government not only extending the tax credit, but including current homeowners, too.

The existing $8,000 maximum credit stays in place for first-time buyers.  A "first-time" buyer is one who has not owned a home during the three years prior to the purchase.  However, repeat buyers who have lived in their home for five of the past eight years may also qualify for up to a $6,500 tax credit on their purchase.

Unlike before, as long as the property is under contract by April 30, 2010, buyers will have an additional 60 days to close by July 1, 2010.  The credit applies to single-family homes, condominiums, townhomes and co-ops.

The qualifying income limits have been increased as well, up to $125,000 for individuals and $225,000 for couples filing jointly.  If an individual makes up to $145,000 or a couple up to $245,000, the credit can still be claimed, but at a reduced percentage.  Any incomes over those amounts won't qualify.

If your tax credit totals more than your tax bill, you'll receive a refund!  Approximately 2 million people are expected to take advantage of this buying opportunity, so jump to action before the April 30 deadline!

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976.  For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.