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orange county real estate: Foreclosures Will Be on the Rise in Orange County - 04/20/09 07:17 PM
No crystal ball needed here - we are about to see a sharp increase in foreclosures in the coming months. The foreclosure report for the month of March was recently released by Foreclosure Radar.
During the final months of 2008, many lending institutions participated in a voluntary moratorium on foreclosures. Notice of Defaults (NOD's), the first step in the foreclosure process in California, plummeted. The final days on the moratoriums have just passed. Fannie Mae and Freddie Mac's were lifted as of March 31.
And if you've been paying attention to my 'Microscope on the Market' series, you've noticed the drop … (6 comments)
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orange county real estate: So...You Want to Buy a Short Sale? Be Forewarned... - 04/17/09 03:40 PM
If you are thinking of buying a short sale (or if you're an agent looking for an outlet for your short sale frustrations), PLEASE read. Understanding this information is a must.
I completely understand the allure of the short sales when you are a buyer. The prices are attractive and there are SO many of them. They have become a necessary evil of the Orange County real estate market. I get it.
If you really want to pursue a short sale, be forewarned. Know what you are getting into, understand the risks, the pitfalls, and what is required to make … (5 comments)
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orange county real estate: Market Update for Las Flores - 04/01/09 09:46 AM
As March comes to an end, it's time to do a quick recap of the active inventory on the market in Las Flores, as well as examining what has sold. Because the price point has a big impact on what is currently moving, I've broken it down by price point and distress sales.
Take note that while the bank inventory is currently at zero, it will come back. The moratorium on Notice of Defaults ended (which is the first step in the foreclosure process) and sadly, the NOD filings are back to previous levels. Stay tuned for more on that.
Please … (1 comments)
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orange county real estate: Quick and Anonymous SurveyAbout Orange County Real Estate - 03/27/09 05:57 PM
I would like to invite you to take this quick (2 minutes or less) survey about your thoughts on the Orange County housing market. It is entirely anonymous and I will post the results in one week.
Click Here to take survey
I want your thoughts! I also invite you to share any additional things you would like to add in the comments section below.
Thanks so much for participating!
(BTW - for those interested, the survey was created easily with surveymonkey.com for free)
Originally posted on OC Real Estate Voice.
… (0 comments)
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orange county real estate: The Numbers Are Telling You a Story - 01/29/09 07:14 PM
One of the things that I constantly talk about on OC Voice, is the need to be an educated buyer or seller. My goal is always to provide information that helps to educate my readers about what trends we are seeing - without putting you to sleep. Heck - I still want you to keep reading and I know statistics are boring.
So today - I had an interesting conversation with an agent regarding her philosophy about showing buyers property. I'll be honest, I'm a little shocked by the philosophy. She shared with me that she shows her clients homes … (3 comments)
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orange county real estate: 46% of Orange County Inventory is Distressed - 01/03/09 09:25 PM
Steven Thomas, President of Altera Real Estate recently released his latest Orange County Housing Report and it is definitely worth taking the time to review if you are curious about how the 2008 housing market finished and the possible outlook for 2009. It's a very comprehensive summary.
I would encourage you to review the charts for Active Listings and Pending Sales. I love the way that it visually lays out the '05, '06, '07, and '08 numbers for comparison.
One thing worth noting is that current inventory is way down - 11,842 homes off the March peak of 15,617. Homeowners … (2 comments)
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orange county real estate: Tracking the Bust and What 'Median Home Price' REALLY Means - 12/17/08 05:29 PM
This week Jonathon Lansner did his recap of the Dataquick report on the Orange County real estate market. Where are we today? And what does it really mean?
The Median Sale Price as reported by Dataquick for a home in the OC was $400,000 - which brings us back to May of 2003 if you're tracking the bust backwards. Lansner states, "That means that 53% of the 1996 to 2007 profit has evaporated."
I found some other interesting tidbits on the DQNews site to report:
44.2% of sales in Orange County in the month of November were foreclosures. Sales volume is … (2 comments)
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orange county real estate: It's a Buyer's Market - Or Is It? - 11/25/08 02:09 AM
My last post had quite a heated debate on Active Rain (which I dig BTW). How do you educate clients about when to buy?
I did some research for a client tonight. The findings are important to share with readers here. If you are a serious buyer or seller, this information is telling. Please stick with the tedium of the stats because the story it tells is meaningful.
My particular buyer is looking in Mission Viejo between $450,000 and $550,000. He wants a single family residence. With that criteria, I hit the MLS looking for a picture of where we really … (4 comments)
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orange county real estate: OC - How Long Does it Take to Sell Your Home? - 11/14/08 12:33 AM
Every now and then you see a headline touting the increase in sales in Orange County. Less than a week ago, Orange County Register's Jon Lanser posted '1-in-3 O.C. ZIPs See Homebuying Doubling or Better'. I love good news but it's important to drill deep into what these statistics are telling us.
Price point is really one of the big players in this discussion. The movement that is taking place is great if you are a seller in the below $500,000 market. With the limitations in lending and lower pool of qualified buyers, sellers in the upper price points have to … (0 comments)
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orange county real estate: "Real Estate is Back" - 11/13/08 09:10 PM
Maybe.
I remember in the early stages of the boom, there were whispers of a 'bubble'. By 2005, it had turned into a dull roar. In 2006, economists were shouting at us while many of us were turning a deaf ear, convinced that this market was an exception. I know - not you - just the rest of us. :)
Today, I'm hearing whispers of a different sort. There are signs (albeit very small ones) that there is a light at the end of the tunnel. The Wall Street Journal reported today that a CNBC 'talking head' announced that "Real estate … (7 comments)
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orange county real estate: I Want to Sell Your Home! Just Let Me Show It! - 10/30/08 12:21 AM
Making your home accessible and easy to show is something I've mentioned before, but it bears repeating. Why? Let me share what it's like to set up showings through the eyes of an agent.
Monday, I planned to show some 4 properties in Irvine, California to some clients that were coming in from out of town. On Sunday, I mapped out my showings, put together the schedule, and sat down to call the four sellers to let them know I wanted to show their home. Easy, right? More than plenty of notice, right? It turned out to be far from easy.
… (18 comments)
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orange county real estate: Trying to Find a Good Deal In Orange County - Know Where to Look - 08/28/08 04:16 PM
As agents, we are continually hearing our clients request a 'good deal'.
But I understand the thinking. For a buyer, if they have to stand around a water cooler and justify jumping into this crazy real estate market, the best defense is 'I got such a great deal!'
But where are the great deals in Orange County? I recently responded to a question on Trulia Q & A about where to write an offer on an Orange County REO. The first answer was from an out of area agent stating that 30% under asking was a good place to start. It … (5 comments)
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orange county real estate: 40% of California's 2nd Quarter Sales Were Foreclosures - 08/04/08 10:05 AM
'Foreclosure frequency in O.C. looks pretty good vs. the rest of the state, where 40% of second-quarter sales had previously been through a foreclosure (And it was 73.3% in Merced!)', according to Jonathon Lansneron his Orange County Real Estate Blog. He also stated that Orange County didn't look too bad by comparison. 25.1% of OC sales 'were residences that had been involved in a foreclosure in the previous 12 months'.
Unfortunately, the numbers are likely to get worse before they get better. The nice pick up in the market that we saw in May and June(characteristic of some summer buying activity) had … (6 comments)
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