Ann Stefanucci's (annstefanucci) Blog

International Buyers are Loving California

Ann Stefanucci (First Team Real Estate Inc.) — Mon, 10 Sep 2012 06:39:41 -0700

In a new report from NAR (okay, it was in May), they state that international buyers of US real estate properties have increased 24% over the past 12 months. Pretty incredible, and an interesting picture of our economy and just how much international consumers are having an impact on the real estate business. In the report, I noticed that of the top 10 cities international consumers are searching for, 6 were either in California or Florida (3 each). What's most interesting is that those are the two states hit the hardest when the real estate bubble burst. The leading foreclosure states. The states where some of the best deals can be found...so it's logical that international buyers would be interested. Read the full post on my website www.annopoly.com.

Getting Your Home Ready To Sell In A Hot Market

Ann Stefanucci (First Team Real Estate Inc.) — Mon, 06 Aug 2012 04:11:00 -0700

The Orange County, California real estate market has been called “hot” in the news quite a bit lately. A “hot” real estate market means there is competition not only between different homes but between mutiple offers for one home. Having your home in the best possible "sell-ready" condition makes your home more competitive with other homes and makes it more valuable for potential buyers...which means offers will be higher. Here is a brief checklist of a few important factors to address in getting your home sell-ready: Clean and shine all of your appliances...inside and out. They may not be brand new, but you can make them look their very best with a little elbow grease. Spackle nail and thumbtack holes. Yes, everyone hangs pictures and mirrors and winds up with these holes in their walls, but spackling these holes and following up with a fresh coat of paint is one of the single most effective ways to make your home compete with new construction. Put a fresh coat of paint on all walls. See previous paragraph. A fresh coat of paint is vital. Clear away all cobwebs throughout your house. I think this is pretty self-explanatory. Steam clean all carpets. Hey, I know it's a hassle, but this is important and especially crucial if you smoke or have pets. These odors linger and are a major turnoff for prospective buyers. Make sure your lawn is mowed and all of your weeding is done. Think “curb appeal.” These are just a few of the important factors to address when you're preparing to sell your home. For a more comprehensive list, please visit my website www.annopoly.com or call me at 562-244-8021. Have a super day:)

Summertime Energy Saving Tips for Homeowners

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 12 Jun 2012 05:12:28 -0700

Summertime is upon us! The fun, the sun, the friends, the family, the vacation...the jump in your electric bill. Yep, running the air conditioner makes a big difference in our electric bills, but you would be amazed at the other things we don't think about that also make a big difference. The California Energy Commission has a wonderful site with some great tips for saving money on your Summer energy bills. Here is a sample of some of the "fast & free" energy saving tips... 1) Use your microwave for as much cooking as you can within reason. It uses 2/3 less energy than a conventional stove. 2) Set the ol' thermostat to 78. Yes, really...set your thermostat to 78 degrees when you're home. Then make sure you use ceiling or room fans...the air movement they create cools the room, which allows you to set your thermostat higher. 3) If you have a spare refrigerator in your garage, unplug it or recycle it if you don't really need it. You can save a whopping 10 to 20 percent on your energy bill. 4) You can save another 4% by using hot water sparingly for laundry. Use warm or cold water for washing clothes, then always use cold water for rinsing. Just a few small changes can make a noticable difference on your summertime energy bills:) For more tips, please visit my Ann Stefanucci website and click on "Ask Ann"...that's my blog page:)

Spring Cleaning Checklist For You

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 22 May 2012 01:59:56 -0700

It's not too late to do your spring cleaning if you haven't already. Many people get so busy that it's summer by the time they get to it. If that's the case with you, here is a handy checklist to help you get it done. Kitchen: Dust and vacuum your refridgerator coils - This can not only save you money by your fridge running more efficiently, it can also years to the life of your refridgerator. Defrost freezer and/or deep freeze - I know, I know. Many people dread doing this, but it's good for keeping tabs on what you have and is good for your freezer, too:) Bedroom: Rotate bed and change blankets - This will make your mattress last longer...and you probably don't need that thick comforter this time of year. Clean pillows - Hard to believe, but this is one that often is missed by people. Most pillows can be machine-washed, and this will get rid of any bacteria or mold, as well as making them smell nice and fresh. Update Your First Aid Kit - Make sure you are stocked on band-aids, gauze bandages, ointments like neosporin, and a list of emergency phone numbers. It also wouldn't hurt to check your medicine cabinet while you're at it and get rid of expired medications. This is just part of the list. To view the rest of this handy checklist, please visit my Ann Stefanucci website and click on "Ask Ann"...that's my blog page:)

Home Market Time At Lowest Point In 7 Years In The O.C.

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 01 May 2012 03:45:58 -0700

It's been fascinating to watch the ups and downs of the slow recovery of our real estate market in Orange County and, as I stated numerous times last year, we're not there yet and we still have a ways to go. Good news does keep trickling in, however, and the latest report by Jon Lansner in the Orange County Register shows demand for homes in the O.C. at its highest point in 7 years! Current records show that on the average homes in Orange County are taking 4 fewer days to sell. As of the end of April, Steve Thomas of ReportsOnHousing.com says the time you can expect your home to be on the market before it sells is at its lowest level since June 2005 and distressed properties are at their lowest availability level since September 2007. What this means to you as a seller is that you can most likely expect your home to be on the market for a shorter time compared to what it has been...and there may be more competition from buyers for your home which can drive up the price a bit. Keep your expectations cautious and realistic, though, and put your best foot forward. More competition means buyers have your home under a more intense magnifying glass. More competition means it's even more important to have your home in the best sell-ready shape possible. Set your standard high...always approach it as though your home is being compared to new construction. Heck, in many cases it IS! The average market time of homes here in Orange County continues to slowly creep downward. Average time is 1.51 months compared to 1.63 months a few weeks back and 2.45 months two years ago. If yoe home is listed for under a million dollars, that's also good for your market time. In fact, homes in the O.C. listed at under $1 million have one quarter of the market time of homes listed at over $1 million. Basically, million dollar homes are on the market 4.5 times longer. To read the entire article in the O.C. Register (and I highly recommend you do), click here. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Annopoly.com website or visit me on Facebook.

Finding the Right Neighborhood for You and Your Family

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 14 Feb 2012 07:11:03 -0800

One of the most important considerations in planning your move is to find the right neighborhood for you and your family. Beyond the practicalities and aesthetics of your new home, there are important points to consider about the area you're looking at possibly moving to. Here is a checklist of 12 points to consider: How close is it to your place(s) of employment, entertainment and shopping for your needs. How close is it to a hospital and medical facilities? Are there more homeowners than renters? Are there quality schools with high standards? Is there daycare available close by? Is there an active neighborhood watch program? How well-maintained are the other properties in the neighborhood? Do they look well cared for? Are property values appreciating or depreciating? What is the trend of the past year? Do you have easy access to mass transit? Is there adequate police and fire protection? Are the traffic patterns reasonably flowing? Is there a lot of "short cut" traffic? What is the proximity to the community center, trails, parks and recreational facilities? For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Beach Areas Real Estate Specialist webpage or visit me on Facebook.

Orange County Foreclosures at Lowest Point in nearly 2 years

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 07 Feb 2012 08:18:44 -0800

The number of foreclosures in Orange County continues to drop and over the past two weeks we have reached our lowest total of foreclosures countywide since June of 2010...nearly 2 years! What this means to you as a home buyer is that there will be fewer and fewer of these deals available as experts predict that 2012 will be a year of foreclosures being a hot commodity with an expected market availability time of only 1.1 months. In plain English, they will go fast and you will lose out if you wait too long. Short sales have reached their lowest point since December of 2009 with an expected market availability time in 2012 of only 1.6 months. Jonathan Lansner and Jeff Collins of the Orange County Register just posted this and other new vital information for sellers and buyers this morning. Here are some highlights... 47% of current distressed listings are attached homes 53% of current distressed listings are detached homes Only 3% of all distressed listings are priced above $1 million Conversely, 78% of all distressed listings are price $500,000 or less. Click on the above link to read the entire article. If you're on the market and have been playing the waiting game, make sure you do your homework and consult with a real estate professional you trust. Whether you're buying or selling, it's important to know the market so you can have realistic expectations. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Beach Areas Real Estate Specialist webpage or visit me on Facebook.

How To Keep Your Stone and Tile Surfaces Looking Like New

Ann Stefanucci (First Team Real Estate Inc.) — Wed, 01 Feb 2012 08:59:45 -0800

The beauty of stone countertops and ceramic tile has become more and more popular over the years. It's no wonder, as these surfaces add a nice upscale touch to your home and actually add to the resale value. Though people love stone and tile for both the look and the durability, both do require proper care and shouldn't be taken for granted as resurfacing or replacing can be quite costly. Here are 4 tips to help keep your stone and tile surfaces looking their best while at the same time protecting your investment: The 6-Month Seal Rule: Every six months, reapply a surface sealant. They’re very easy to use and will help prevent stains caused by food and spills being absorbed into the surface. Choose professional-grade stone and tile cleaners and sealants, which you can find at your local hardware store. Use the right cleaners to keep your stone and tile surfaces clean. Especially avoid cleaners that contain bleach, as it can compromise the sealants which protect the surface. Warm, soapy water with a clean water rinse is your best option. Beware of acid. Vinegar, tomatoes, wine and other foods or liquids containing acids can eat away at the surface and create etches/rough spots that will require professional resurfacing. Wipe up these spills immediately. Bleach Pen? Check. Toothbrush? Check. A toothbrush is excellent for stains, and a regular laundry bleach pen is good for cleaning your tile grout. Any chipped or broken areas can be easily cleaned out with a grout removal tool and it’s easy to fill in with fresh grout. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Beach Areas Real Estate Specialist webpage or visit me on Facebook.

2012 Housing and Mortgage Predictions...and Tug Of War

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 24 Jan 2012 06:49:28 -0800

A business associate of mine, Robert E. Toffel from USA National Title, shared his article with me concerning the usual beginning-of-the-year predictions that are surfacing in the real estate world. If there's anything to be learned here it's 1) improvement has been predicted, 2) decline has been predicted and 3) since both improvement and decline have been predicted, it's best to make educated decisions to take care of your own real estate needs. You can find opinions to back any side of the equation, so focus on your needs and the best way to handle them. That being said, here is Robert E. Toffel's article with some really eye-opening points that I believe will help you keep your real estate market in proper perspective: As the new year begins, there is no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time. Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal. Who’s right and who’s wrong? A quick look through the newspapers, websites and business television programs reveals “experts” with opposing, well-delivered arguments views. It’s tough to know who to believe. For example, here are some “on-the-record” predictions for 2012 : Home prices will rise in 2012 (says Freddie Mac) Home prices will fall in 2012 (says CBS News) Mortgage rates will rise in 2012 (says American Banker) Mortgage rates will fall in 2012 (says the LA Times) The issue for buyers, seller, and would-be refinancers in Orange County and nationwide is that it can be a challenge to separate a “prediction” from fact at times. When an argument is made on the pages of a respected newspaper or website, or is presented on CNBC or Bloomberg by a well-dressed, well-spoken industry insider, we’re inclined to believe what we read and hear. This is human nature. However, we must force ourselves to remember that any analysis about the future — whether it’s housing-related, mortgage-related, or something else — are based on a combination of past events and personal opinion. Predictions are guesses about what might come next — nothing more. For example, at the start of 2009, few people expected the 30-year fixed rate mortgage to stay below 6 percent, but it did. Then, at the start of 2010, few people expected the 30-year fixed rate mortgage to stay below 5 percent, but it did. All we can know for certain about today’s market is that both mortgage rates and home values are low, creating favorable home-buying conditions in and around Southern California and nationwide. At that start of last year, few people expected mortgage rates to even reach 4 percent. Today, rates “with points” price in the 3s. What 2012 has in store we just can’t know. As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Beach Areas Real Estate Specialist webpage or visit me on Facebook.

Real Estate Recovery in 2012?

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 17 Jan 2012 07:13:21 -0800

There was a great article in the Orange County Register recently regarding 2012 and what real estate experts and insiders are predicting. The overall concensus seems to be that we should see slight improvement in 2012, but the real improvement won't be realized until 2015 at the earliest. Cameron Merage, the founder and CEO of First Team Real Estate had some interesting insights into the coming year and made these points: 1) We will see a flat to improving market in 2012 just as we did in 2011. 2) Economic rebound could be delayed by more influx of foreclosures and short sales. 3) New home construction will increase, which could create more employment opportunities and stimulate the regional economy. Click here to read the full article in the Orange County Register. As I've maintained on my blog for the past couple of years, there will be no sudden improvement...it's a process that we're watching in pain-staking detail as it unfolds. It's a great market for buyers, with very affordable home prices and mortgage rates that have dipped down into the high 3% range. If you're considering selling, there's a lot to consider as the waiting game gets longer and longer. Take heart in the fact that the real estate market will continue to improve slowly and a good real estate professional can help you navigate those waters whether you're buying or selling. As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

New Year's Checklist For Home Buyers

Ann Stefanucci (First Team Real Estate Inc.) — Fri, 06 Jan 2012 02:53:54 -0800

It's 2012...a new year with new opportunities for us all. If you're on the market to buy a home, make your New Year's Resolution to be prepared for the process of buying a home. Here is a checklist to help you along and eliminate some of the potential headaches along the way: Get Pre Approved For Your Mortgage - This really goes without saying, but there are still many people who don't do this beforehand and it just adds time to an already lengthy process. Work With A Realtor - Hey, what would you expect me to say? Seriously, though, the real estate process is more complicated in this economy than ever before. Find a real estate professional you trust and let them guide you through the process. Research - There is a lot of information online...some good, some bad. Do your research and consult with a Realtor you trust to discuss what you find. Remember...don't research houses, research locations. It's important to learn about neighborhoods, school districts, etc. And don't forget to look at how much of the neighborhood is bank owned. Get A Mortgage Within Your Means - Be realistic with your finances and your expectations. Many people who were ruined financially when the housing bubble burst were buying homes with a mortgage beyond their long-term means with the idea that they could turn around and sell it for a profit. Then that didn't happen, and the rest is history. There is still a tendency among home buyers to get "more home for the money," which is good. Everyone wants a good deal. Just make sure you're looking beyond the next year or two and are realistic with your ability to pay. Home Inspection - This also almost goes without saying, but don't go cheap on inspections. An inspector who is licensed (an engineering degree doesn't hurt, either) may cost more, but it will save you headaches in the process. Know What You're Getting Into - This should fall under "Research" above, but I think it deserves its own space. Short sales and foreclosures can have very attractive prices, but it's important to know just what you're buying. Some of these properties have been sitting for a while with no upkeep, which means that while you may be getting a great price up front you may have to invest more money to get the property in acceptable condition. These properties are usually sold "as is," so be prepared. Figure In Additional Expenses - Especially with fixer-uppers, keep in mind the additional expenses involved with fixing when you're determining what mortgage you can afford. Can You Resell? - This again goes back to finding a real estate professional you can trust. Look beyond the next couple of years...if you decide to relocate for any reason, will you really be able to sell your home? Don't take this lightly...the short sales and foreclosures you see are from people who couldn't. This again goes back to "Research." Above all, enjoy the real estate process. If you follow these tips, that will be easy to do...as you will eliminate many potential obstacles by being prepared. When you're prepared, it's easier to enjoy the process:) Click here for a printable home buyer's checklist from hud.gov. And as always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Down Payments - More Important Than Ever Heading into 2012

Ann Stefanucci (First Team Real Estate Inc.) — Fri, 30 Dec 2011 02:12:35 -0800

Especially in today's economic climate, the amount of your downpayment has never been more important. There are many aspects of the real estate transaction process which can be major roadblocks if you're not prepared. The most challenging part of buying a home can be coming up with an acceptable down payment, unless you have equity built up in your current home. The amount of your down payment really determines how much home you can afford and how much you can be pre-approved to borrow. Down payment money can come from: 1) Equity in your current home 2) Other asset equity 3) Your savings account(s) 4) Life insurance policies 5) Company/work bonuses 6) Investments (bonds, stocks, etc.) 7) Gift money from a relative Look at your resources and choose wisely. Think 5 even 10 years down the road. How is your current work situation? Do you see yourself still being able to afford the mortgage of that house you want...or would it be smarter to invest a little less to avoid stress in the future? A good real estate professional will guide you through the process and help you make the smart decision not just for today, but for your future:) Call today to discuss a home valuation that will show you what your home is worth and how much equity you may have for a down payment if you're looking to buy. And as always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Are You Missing Out On Tax Benefits You're Entitled To?

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 27 Dec 2011 05:14:39 -0800

The new year is almost here, and soon after that we'll be heading into tax season. Most people look at March and April as tax season, but the sooner you dive in the sooner you can finish...and the more likely you are to not miss out on any potential tax benefits you're entitled to because you're not waiting until the last minute:) Here are some of the most commonly overlooked benefits: 1) Support for Relatives: Housing or financial support for a relative may make you eligible for a more favorable head-of-household status. Alternately, you might be able to simply claim them as a dependent on your return. 2) Medical Expenses: Medical bills that exceed 7.5% of your Adjusted Gross Income can be deducted; however, insurance premiums cannot. If you are self-employed and don't qualify for a workplace health plan you can claim your insurance premiums. 3) Home Office Deductions: You may be able to deduct a part of your housing expenses if you have a home office. That part of your home must be used exclusively for business and you must be able to prove it's your principal office space. 4) Job Search Expenses: If you're looking for a job in your current field, you may qualify for a deduction of the money you spend on your job search if the deductions total more than 2% of your Adjusted Gross Income (AGI). Moving expenses can also be deducted if the new job is more than 50 miles away. Of course, this is the last thing you want to think about while preparing for your New Years Eve and New Years Day festivities, but getting a head start on your tax returns will give you time to be more thorough and take advantage of deductions you may not know you qualified for! As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

How to Make the Best Use of Your Home Office Space

Ann Stefanucci (First Team Real Estate Inc.) — Fri, 09 Dec 2011 02:41:47 -0800

More people are working from home now than ever before. More and more people are dedicating areas in their homes to be used as full-time home offices. Whatever the size, here are some tips for maximum efficiency in designing and equipping your home office: 1. Be organized. Make the most your home office space by using uniformly sized storage containers to store important papers and office supplies. The uniform size will be a better fit in your office space and eliminate most wasted space. 2. Ergonomic chairs and wrist pads help prevent carpel tunnel syndrome, as typing has become more common than writing in the computer age. Also, be sure your monitor is at a height where you're not looking down at it. 3. Don't worry about size. Walk-in closets and other unassuming spaces have been converted into completely functional offices. You may not need a large office for meeting people or holding meetings, but you do need to have room for the basics necessary for running your business and doing your work:) 4. Use technology to your advantage. Laptops are more powerful than ever (as powerful as any desktops nowadays) Today's thin monitors and the power of modern wi-fi allows for both maximum functionality and efficiency. Tools like Vonage, MagicJack and Skype also allow for low-cost long distance communication through your computer. If you're a real estate professional, please feel free to share this info with your clients:) As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Orange County Still A Microcosm of Nationwide Real Estate Market Extremes

Ann Stefanucci (First Team Real Estate Inc.) — Thu, 03 Nov 2011 06:06:05 -0700

Well, the Orange County Register has released their latest report of the market here in the Beach Areas and, as usual, our area seems to be a bit of a microcosm of the whole United States real estate market. The Dove Canyon area has seen a much improved market time as compared to last year. Average time on the market for homes in Dove Canyon before they sell is 2.1 months as compared to 6 months last year. There are other areas, such as Portola Hills and Westminster that have seen similar improvement over the year. The toughest area by far at this point is Newport Coast, which has seen an opposite trend the past 12 months. Market time for homes to sell has basically gone from 6 months in 2010 to about a year in 2011. Again, right here in our back yards we have both extremes of the real estate market. As a whole, Orange County has improved with countywide market time at 3.5 months as opposed to 4.3 months a year ago. Not a huge improvement, but still a move in the right direction. Keep in mind, though that averages are exactly that...averages. Within the OC are many, many individual markets so it is important to keep up with your local market conditions if you are buying or selling in Orange County. Here is a link to the full article in the Orange County Register with trends charted for each area: Read the OC Register article. Admittedly, these things can look like just a big mash of numbers, so if you have any questions about what to make of all of this, call or email me:) As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Fire Prevention Checklist and Resources for National Fire Prevention Month

Ann Stefanucci (First Team Real Estate Inc.) — Mon, 24 Oct 2011 05:15:20 -0700

One of the best things about the Internet is that so many information resources that used to be hard to obtain or just flat out unattainable are now at our fingertips. October is National Fire Prevention Month, and with that in mind here are some resources to help you with fire prevention and safety in your Beach Areas home. Keep dishtowels, paper or plastic bags, curtains and anything that can burn at least three feet away from the range top. When you're cooking, always stay in the kitchen. Keep grills at least 10 feet away from all other objects, including the house. Keep space heaters at least 3 feet away from things that can burn, such as curtains or stacks of newspaper. Always turn off heaters when leaving the room or going to bed. Have chimneys, fireplaces, wood and coal stoves and central furnaces inspected once a year and cleaned when necessary. Store lighters and matches in a locked cabinet to make them unattainable to children. Have chimneys, fireplaces, wood and coal stoves and central furnaces inspected once a year and cleaned when necessary. Make a fire escape plan for your family with two exits out of every room. Pick a meeting place outside. Hold a family fire drill at least twice each year. Put smoke alarms inside or near every bedroom. Test monthly to make sure they work. Replace batteries once a year. Install smoke alarms on every level of your home. There are two kinds of smoke alarm sensors – photoelectric and ionization. Try to buy some of each kind or get “combination” smoke alarms with both kinds of sensors. You can find more information on fire safety for your home at www.homesafetycouncil.org. More resources: FREE fire safety toolboxes for kids and adults Home Fire Safety powerpoint As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Safety and Security After the Sale

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 11 Oct 2011 06:00:34 -0700

So, your move is over and you have unpacked the many boxes and are arranging furniture and such. Now is a great time to do a safety and security check of your new home. Here's a checklist to get you started: Check your home for loose floorboards and/or tiles Check the smoke alarms. Are there smoke alarms on each floor? Put fresh batteries in each smoke alarm when you move in. Check all handrails. Are they secure and sturdy? Put all of your transaction records in a safe place where you can easily access them for tax time, etc. These records probably include: - Closing documents and any loan papers- Property deed- Warranty information- Repair receipts and home improvement receipts- Insurance policies Taking care of these details right when you move in will ease your stress and make settling into your new home a much more smooth, easy and enjoyable process:) For a more extensive home safety checklist from Underwriters Laboratories (UL) to use anytime, click here. As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Homebuilding On The Rise? Not Quite What You Think...

Ann Stefanucci (First Team Real Estate Inc.) — Fri, 07 Oct 2011 07:47:43 -0700

Recently, I wrote about how apartment rents are on the rise in the Orange County and Beach Areas and that experts are projecting this to be the case for the next 5 years or so. Reports are coming out now that new home construction is up exponentially from last year, which is true; however, as you will see that report on its surface can be a little misleading. New home permits in Orange County are up 73.7% from the same period last year. That's 3,901 housing units...at a value of $694 million dollars, which is 38.3% higher that the same period of time in 2010. Specifically, these are the areas of the most intriguing figures, particularly the first area: Multi-family housing (apartments and multi-story condos) makes up most of the permits. Permits were issued for twice as many multi-family units this year so far than last year at this point. Single-family permits increased 35.7%. Orange County and local cities issued 1,436 building permits this year so far for detached and attached single-family houses. That's an increase from last year, but it's still 61% below the average for the past 24 years. The dollar value of home remodeling projects was higher ($224 million) as of August than past 2 years. That’s still below 2008 levels, when permits were issued for $253.7 million in home remodeling jobs. Building permits were issued for 64 new single-family homes in August, compared to 153 at the same point in 2010. Local governments issued permits for 2,465 multi-family units this year so far. That's a 107.5% increase from last year, but 15% below the 24-year average. Local governments issued 377 multi-family permits in August, compared to 682 in August of last year. Basically, we're seeing a lot of permits for what will be rental properties in the Beach Areas. Watch for the rental prices to go up with this “demand,” and keep this in mind when you see news about real estate “recovery.” Recovery will eventually happen, but we have a long road ahead. Just be careful with your money, research your real estate decision and work with a real estate professional who truly is listening to you and helping you find the home that will make you happy. Click here to read the whole article in the OC Register: http://lansner.ocregister.com/2011/09/27/apartments-push-o-c-homebuilding-up-74/125063/ As always, for more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

"Supply and Demand" or "Greed and Need"?

Ann Stefanucci (First Team Real Estate Inc.) — Wed, 21 Sep 2011 01:50:52 -0700

There was an article at the end of July in the Orange County Register that I'm revisiting because it's the completion of a circular chain reaction that is important to understand whether you're currently a Beach Areas home buyer, a home seller or are a home owner wanting to keep up with the market climate. The article is titled "Apartment Rents To Rise For Many Years" and features an interview with the CEO of Steadfast Cos. in Irvine. The article approaches the subject of rising rents in the face of only modest employment growth. In response to the question of what is driving rents higher, the answer was "The basic concept of supply and demand is driving the rent increases we’re seeing in the local apartment market. Our population continues to grow and everyone needs a place to live, but home ownership is now unattainable or undesirable for many. Couple that with the fact that there have been remarkably few new apartment units completed in the past 18 months, and you can see why both occupancy and rents are higher." English translation: The real estate bubble drove home values outrageously high and now, when people are in the most need, many rental properties are doing the same. In response to how high rents/rent hikes can go before landlords drive people back to buying, the answer was: "Many people are rethinking the concept of home ownership and rents will continue to increase until home prices stabilize and the economy recovers enough that job growth, job security and lending standards drive enthusiasm to purchase and own. All signs point to the landlords’ markets lasting for the next many years. It will take at least 3 or 4 years for rents to increase enough to justify the risk-return analysis to build enough new units to balance supply and demand. And even then, it takes years to entitle, permit and build new product…and that assumes that lenders will be willing to finance new construction." English translation: Rent will continue to increase as long as home values are unstable and landlords can get a way with it. Obviously not all landlords are going to be greedy, but be aware of this current trend if you're thinking about renting rather than owning. There's a measure of control that you give up when you are renting and it's important to understand the reality of the current market...including the rental market. The circular chain reaction I mentioned at the beginning of this post is this: 1. The real estate bubble drove home values through the roof and people were willing to pay sky high prices to get the home they wanted. 2. The bursting of the real estate bubble left many of these people with homes worth far less (sometimes half) than the mortgaged value. 3. These people who were "upsidedown" in their mortgage then had to go into foreclosure or short sales situations, driving home values back down. 4. These dire financial circumstances then drove many or most of these people back to renting, creating a new "demand"...which is not a demand at all. It's a need. 5. The "business" response to higher "demand" is higher prices, hence the rise in rent prices. 6. The rent prices will continue to rise until it makes more financial sense to buy a home if you have a good enough credit score. 7. This will then create a higher "demand" for home ownership in the future, which will then drive home prices back up. 8. Now we're back to square 1. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Home Buying On The Rise Again In Orange County

Ann Stefanucci (First Team Real Estate Inc.) — Fri, 02 Sep 2011 03:43:10 -0700

Signs are pointing to a rise in homebuying in Orange County and an end to the slump we've experienced in 12 of the past 13 months. Two recent articles in the Orange County Register present some encouraging statistics as well as some points to keep in mind for both buyers and sellers. Here are some highlights: 2,593 homes closed in the latest period, up 1.7% from a year ago. Median selling price for homes is down 0.7% from a year ago ($437,000) Sales are up 1.7% for the county 15 Orange County zip codes had an increase in sales and prices in the period. CLICK HERE to see if your zip code is one of them. Keep in mind that in the current market the median selling price of a single-family home is 32% less than their peak pricing in June 2007. Condos are at 42% below their peak pricing, which was in March 2006. New home prices are 36% below their peak from February 2005. In a nutshell, overall median prices have come down just slightly versus a year ago, while more homes are selling because of the lower prices and many buyers reaching the end of their “waiting game.” With overall existing home values coming down the past few years, new construction has to make sure their prices are competitive so their prices have come down as well. New home sales were up for this period from a year ago from 5% to 7% this year. In the first 7 months of this year, permits were pulled for 3,369 units...a whopping 146% increase from last year, while the rest of the state was down 2% overall. What this means for buyers and sellers is: Orange County continues to be a desirable place for people to live. The increase in new home sales is encouraging more new home permits. Buyers will have many more homes to choose from Sellers will be competing with more new homes on the market If you're buying, it's important to think ahead about whether you want a new construction home or if you want an existing home. If you want an existing home, keep in mind that some will need work and some won't. If it's a foreclosure that has been sitting for a while, it may need a lot of work. If you're selling your Orange County home, it's most important to know that your home will be competing with more new construction than last year. The more freshening up you can do to make your home look as new as possible, the better. Fresh coats of paint in all the rooms is always a good thing. Statistics are great for keeping up with trends and activity in Orange County real estate, but the bottom line is to have a clear idea of what you want as a buyer and put your best foot forward as a seller. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

Simple Tips For a Quick Home Sale

Ann Stefanucci (First Team Real Estate Inc.) — Tue, 23 Aug 2011 04:45:56 -0700

I know, I know. In today's real estate market the terms "quick" and "home sale" seem to be mutually exclusive, but there are some simple things you can do to help speed up the sale process. Always keep the mindset that your home is going to be competing with new construction. Even if there's not a lot of new construction in your area, this mindset will help you maintain a higher standard for showing and eliminate a lot of needless hassle. The holidays are approaching, which arguably is the most competitive time of the year when it comes to pure aesthetics, so here’s a refresher on some interior fixes to help set your home apart and get it sold: Showcase the space. Clear the clutter from bathroom and kitchen countertops and put furniture you don’t absolutely need in storage. Painting. I know you like that stylish red or blue or whatever your personal taste is, but colors that are too bright or bold or artsy can be a deterrent to potential buyers. Make sure paint colors in all rooms are neutral, which helps buyers picture their own furniture in the room. Aroma. Let’s face facts…no matter how perfect a house is outside and inside, bad odors will most likely turn prospective buyers away. This includes pet odors. Do what you need to eliminate any bad smells, which are accentuated during the holidays because most homes smell like the holidays:) Rearrange Closets and Kitchen Cabinets. Even though we don't like to think about it, prospective buyers snoop and will open your closet and cabinet doors. Even though they will be empty when the new home owner moves in, prospective buyers make judgements that will affect the sale of your home based on what they see when they snoop. When your "hidden" space is organized, it sends the message that you probably took good care of the rest of the house, too. Simple things like alphabetizing spice jars, stacking dishes and lining up shoes can have a bigger impact that you might think. Thorough cleaning. Whether you do it yourself or hire a professional service, make your home sparkle from top to bottom with a really thorough cleaning. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.

9 Ways to Keep Your Home Safe While You're Away

Ann Stefanucci (First Team Real Estate Inc.) — Wed, 17 Aug 2011 06:25:29 -0700

Some people are preparing for their summer vacation getaway before the summer is over. Some people are already preparing for going away to visit family or friends during Thanksgiving and Christmas, Hannukah, etc. Before you go away for any vacation, make sure you've made proper preparations for security while you're gone. An empty house, condo or apartment can be a tempting target for burglars. These pre-vacation/weekend getaway tips will help you rest easier while you're away: Install sturdy and secure locks on all of your outside doors and windows. Make your home look as lived-in as possible while you're gone. Stop deliveries of mail and newspapers. Ask a neighbor to keep an eye on your house while you're away. Also, leave them a phone number where they can reach you in an emergency. Arrange for someone to mow your lawn, water plants, maintain your yard. Buy electrical timers (if you don't already have them) to turn on lights, TV, radio, etc. at different timed intervals. Put your valuables in a bank safe deposit box if you are going away for an extended period of time. Be aware of details like leaving your blinds in the same position they would be in if you were home. Last, but definitely not least...never leave a house key hidden outside of your home. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annstefanucci.com or visit me on Facebook.

Death, Taxes and Loan (Dis)Approval

Ann Stefanucci (First Team Real Estate Inc.) — Mon, 15 Aug 2011 04:14:29 -0700

There are 3 things that are certain in this life: death, taxes and the fact that there are more and more "surprises" as you get closer to the closing table in buying a house. A good friend of mine has a relative who just sold their house...and the closing was delayed because the buyers' were here on student visas. And they had expired months before. Delays can happen, and there are factors that you're not in control of in the real estate process. Make sure you have your own factors in order so as to avoid your own enexpected "surprises." If you're even thinking of looking for a new home within the next 3 years, be proactive and get your credit in order. It seems that we should be able to get our personal credit report free at any time. Alas, there always seems to be a catch and in most cases you have to pay in the end. There is a government-authorized site where you can get copies of all three of your credit reports (Experian, Equifax, TransUnion): www.annualcreditreport.com The only catch is that you can't see your credit score free. Yep, you guessed it...that will cost you around 7 bucks. What you CAN see is any issues on your credit report that require attention. A recent article in RISMedia outlines what to do to shore up your credit. Don't depend on the credit bureaus to catch everything. Look over your credit report and make sure everything's in order: 1. Check your reports for accuracy. Financial columnist Liz Weston, author of “Your Credit Score,” says to look for credit cards or other accounts that aren’t yours, negative entries that are more than seven years old, duplicate past-due items and incorrect Social Security number or date of birth. 2. Dispute errors. Credit bureaus are required by law to investigate mistakes you bring to their attention and report back to you. 3. Pay your bills on time. Payment history makes up more than one-third of the typical credit score determination, so paying bills on time all the time is essential to maintaining good scores. If you’re forgetful, consider setting up automatic payments through your bank. 4. Pay down your debts. Lenders look at how much of your available credit on cards and credit lines you are using. If you are maxed out or close to it, lenders could assume you’re on the financial edge and not lend you money. 5. Keep credit cards and other revolving accounts open. You may be tempted to close old accounts you’re not using, but that won’t help your credit scores and may actually hurt them. It reduces the amount of your available credit, which can lead to lower scores. It takes time to shore up your credit, so there's no better time than now to get started. Being proactive will help you avoid unwanted surprises once you're in the real estate process and get closer to the closing table:) To read the full article, click here.

Mortgage Relief for the Unemployed - New and Actually Improved

Ann Stefanucci (First Team Real Estate Inc.) — Thu, 04 Aug 2011 05:29:43 -0700

As of August 1st, HUD is putting into action a revamped version of last year's Home Affordable Unemployment Program. In that program, unemployed homeowners could get a three-month forbearance on their mortgage payments while they looked for a job. Unfortunately, the program was not a resounding success. Only 10,000 of the 13 million unemployed in the country qualified for the aid, which was a three month forbearance...not much when you consider that nearly half of those who are unemployed have been unemployed for at least 6 months. The new and improved version of the program significantly increases the three months to twelve months, a very welcome relief to homeowners dealing with unemployment. If you are an unemployed homeowner, the program may be worth checking out. If you want to find out if you're eligible for the program, according to the MakingHomeAffordable.gov website, the following criteria must be met: You are unemployed and eligible for unemployment benefits You occupy the house as your primary residence. You make your request for help before you've missed three payments. You have not previously received an UP forbearance or HAMP modification. You obtained your mortgage on or before January 1, 2009. Visit the website for more information or simply call your lender, as many lenders are participating in the program. If you have an FHA loan, your lender is automatically participating. To read the full article in the Daily Breeze, click here. For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annstefanucci.com or visit me on Facebook.