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Orange County Housing Market - Novemeber 2017

by Ashlie DuCros

Here is the Summary of Orange County Housing market

The active listing inventory decreased by 337 homes in the past couple of weeks, the largest drop of the year, and now totals 4,878. The trend is down for the remainder of the year. Last year, there were 5,955 homes on the market, 1,077 more than today.

  • There are 36% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 16%. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly disappearing.
  • Demand, the number of pending sales over the prior month, increased by 16 homes in the past couple of weeks, up 1%, and now totals 2,409. The average pending price is $879,146.
  • The average list price for all of Orange County remained at $1.7 million. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
  • For homes priced below $750,000, the market is HOT with an expected market time of just 40 days. This range represents 40% of the active inventory and 61% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 51 days, a hot seller’s market (less than 60 days). This range represents 17% of the active inventory and 20% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 85 days, an extremely slight seller’s market with very slow appreciation.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased from 111 days to 100. For homes priced between $1.5 million and $2 million, the expected market time decreased from 173 to 154 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 218 days to 164 days. For luxury homes priced above $4 million, the expected market time increased from 326 to 424 days.
  • The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 13% of demand.
  • The expected market time for all homes in Orange County decreased in the past couple of weeks from 65 days to 61 days, a tepid seller’s market (60 to 90 days). From here, we can expect the market time to remain relatively flat, rising slightly by year’s end.
  • Distressed homes, both short sales and foreclosures combined, make up only 1.2% of all listings and 2.3% of demand. There are only 20 foreclosures and 38 short sales available to purchase today in all of Orange County, that’s 58 total distressed homes on the active market, decreasing by 9 in the past two weeks. Last year there were 133 total distressed sales, 129% more than today.
  • There were 2,543 closed residential resales in October, down by 1% from October 2016’s 2,575 closed sales. October marked a 7% drop from September 2017, normal for the Autumn Market. The sales to list price ratio was 98.2% for all of Orange County. Foreclosures accounted for just 0.7% of all closed sales and short sales accounted for 1.2%. That means that 98.1% of all sales were good ol’ fashioned sellers with equity.

​​For more information, please contact us at ashlie@ashlieducros.com or 714-743-9778

How Seniors can Downsize and Move More Easily

by Ashlie DuCros

How Seniors Can Downsize And Move More Easily

by Michael Longsdon

 

When you bought that old house, it probably made good sense at the time. Maybe you had a family or plenty of friends to come by and visit. But now that you’re in your senior years, such a big house doesn’t make sense anymore. There are too many rooms to clean, mowing that yard is tough, and you just don’t need the space.

 

That’s why so many seniors are selling their house to downsize into a smaller home. Whether it’s another house, a condo, or an apartment, it makes a lot of sense. But moving can be particularly hard for seniors. Read on to discover some tips on how to sort through your things, how seniors can best pack, and why hiring a moving company is a great idea. All of this can help seniors get through a move more easily.

Image Source

Deciding What To Get Rid Of

One of the big problems with downsizing is what to do with all your belongings. Many seniors have managed to accumulate a lot of belongings over the years. When you move into a smaller
space, you'll have to get rid of some of those belongings.

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Graphic source

 

Lifehacker has a great way of thinking about this: What would you replace if everything in your home disappeared? This helps you realize what’s really important — and what you actually don’t need anymore. Anything you wouldn’t replace can be donated, given to family, or recycled.

 

You also want to start early with the sorting process. Going through your mementos and keepsakes will likely bring up memories that slow the process down. Even if your move is months away, do a little bit at a time now so you’re not overwhelmed when it’s time to pack.

Making Sure The Packing Goes Right

Once you’ve sorted through your belongings and have decided what you will take with you to your new home, it’s time to start planning the packing process. That’s right, planning comes first. This can help seniors pack the right way.

 

In your plan, include what parts of rooms will be packed. By breaking a room into chunks of things to be packed, a job that would normally take one whole, annoying day can be done in several manageable parts. The AARP also says you should use this time to take an inventory of what you’re moving and to clearly mark what’s in each and every box.

 

The Senior List also recommends seniors ask for help when it comes to packing. Although you might be able to handle everything yourself, bringing in some friends and family can make it much easier on seniors both emotionally and physically. 

Get Yourself A Moving Company

As you're packing everything that's going with you, you’re probably thinking about how to get everything to your new place. As with packing, you benefit from getting some help even if you can handle it yourself. But when it comes to moving, you really should rely on professionals.

 

This is the perfect time to consider hiring a moving company. Move Seniors has some recommendations for picking the right moving company, including:

●Making sure the company is licensed and insured

●Looking with the Better Business Bureau for any complaints against them.

●Get a clear estimate of the cost, including a breakdown of all fees.

Seniors Benefit From Downsizing

For seniors, downsizing can save  money and even help them move into a home that's safer.  You don’t have to let the moving and packing become unbearable. By decluttering your possessions, packing the right way, and getting a licensed moving company for the heavy lifting, you can have an easy time getting into your new home. 

  • The active listing inventory increased by 148 homes, or 3%, in the past couple of weeks, and now totals 5,905, knocking on the door of the 6,000 home level. Last year, there were 6,868 homes on the market, 963 more than today.
  • There are 35% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 21%. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly disappearing.
  • Demand, the number of pending sales over the prior month, increased by 1% in the past couple of weeks, adding 33 pending sales and now totals 2,937. The average pending price is $845,004.
  • The average list price for all of Orange County remained at $1.6 million. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
  • For homes priced below $750,000, the market is HOT with an expected market time of just 39 days. This range represents 39% of the active inventory and 61% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 53 days, a hot seller’s market (less than 60 days). This range represents 18% of the active inventory and 20% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is at 84 days, a tepid seller’s market.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time decreased from 108 to 96 days. For homes priced between $1.5 million to $2 million, the expected market time increased from 144 to 148 days. For luxury homes priced above $2 million, the expected market time decreased from 256 to 253 days.
  • The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 13% of demand.
  • The expected market time for all homes in Orange County increased from 59 days to 60 in the past couple of weeks, changing from a hot seller’s market to a tepid seller’s market (60 to 90 days). From here, we can expect the market time to slowly rise throughout the Summer Market.

Distressed homes, both short sales and foreclosures combined, make up only 1.2% of all listings and 2.1% of demand. There are only 25 foreclosures and 46 short sales available to purchase today in all of Orange County

For more information, please contact us at 714-743-9778, or email Ashlie@ashlieducros.com. Get your instant home value at www.OrangeCountyhousevalue.com

How's the Orange County Housing Market Doing?

by Ashlie DuCros

Orange County Housing Market Summary:

 

  • The active listing inventory increased by 247 homes, or 5%, in the past couple of weeks, its second largest rise of the year. It now totals 5,263. Last year, there were 5,862 homes on the market, 599 more than today.
  • There are 40% fewer homes on the market below $500,000 compared to last year at this time and demand is down by 25%. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly disappearing.
  • Demand, the number of pending sales over the prior month, increased by only 1% in the past couple of weeks, adding 24 pending sales and now totals 2,981, knocking on the door of 3,000 pending sales, typically a sign that the hottest time of the year has arrived. Today’s demand is 6% lower than last year when it totaled 3,183.  The average pending price is $895,476.
  • The average list price for all of Orange County remained at $1.6 million. This number is high due to the mix of homes in the luxury ranges that sit on the market and do not move as quickly as the lower end.
  • For homes priced below $750,000, the market is HOT with an expected market time of just 33 days. This range represents 37% of the active inventory and 59% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 49 days, a seller’s market (less than 60 days). This range represents 19% of the active inventory and 21% of demand.
  • For luxury homes priced between $1 million to $1.5 million, the expected market time is at 84 days, increasing by three in the past couple of weeks. For homes priced between $1.5 million to $2 million, the expected market time increased from 110 to 116 days. For luxury homes priced above $2 million, the expected market time decreased from 202 to 189 days.
  • The luxury end, all homes above $1 million, accounts for 44% of the inventory and only 20% of demand.
  • The expected market time for all homes in Orange County increased from 51 days to 53 in the past couple of weeks, a solid seller’s market (less than 60 days). From here, we can expect the market time to slowly rise throughout the Spring and Summer Markets, moving from a deep seller’s market to a slight seller’s market.
  • Distressed homes, both short sales and foreclosures combined, make up only 1.7% of all listings and 2% of demand. There are only 36 foreclosures and 53 short sales available to purchase today in all of Orange County, that’s 89 total distressed homes on the active market, 11 more than two weeks ago. Last year there were 157 total distressed sales, 76% more.
  • There were 2,792 closed sales in March, a 49% increase over February 2017 and a 9% increase over March 2016. The sales to list price ratio was 97.9% for all of Orange County. Foreclosures accounted for just 1.5% of all closed sales and short sales accounted for 1.5% as well. That means that 97% of all sales were good ol’ fashioned equity sellers.

​​For more information, please contact Ashlie DuCros at 714-743-9778, or email at ashlie@ashlieducros.com

Are you considering selling your home or just curious about your home value? Get your instant home value at https://www.Orangecountyhousevalue.com

 

5 Ways to Sell Your House Stress-Free

by Ashlie DuCros

You’ve made the decision to sell your house. You may have been mulling it over for years, or perhaps a sudden life change has prompted you to make the leap. Whether you’re relocating for a job, empty-nest downsizing, or just need a change, you’ve made it past the first hurdle of reaching the decision!

But the many complicated logistics of selling your house may feel overwhelming. Before you get stressed out and change your mind about the whole thing, know that there are some great ways to stay focused and positive as you navigate this important step. Here are some tips to help you sell your house stress-free to make this leap a very positive one.

Be Clear About Your Objectives Up Front

A lot of communication is required when selling a house, so it’s critical to set a clear set of objectives to yourself and everyone else involved in the process: your real estate agent, your family, and your friends. From the outset, determine an attainable selling price for your home with your real estate agent, and set up clear and reliable lines of communication.

Be clear with your family and friends about what they can expect during the process, and what you’ll need from them to help facilitate the situation with as little stress as possible. Determining your goals and expectations and sharing them clearly with those closest to you is a critical step in eliminating undue stress as you maneuver through the process of selling your home.

 

Stay Flexible

You may have an idea in your head of how long it will take to sell your home. If it begins to take longer than what you expected, the stress will grow. Keep in mind that there are so many variables at play—the location, the price, the market—and you’re setting yourself up for disappointment if you set your mind to a too rigid deadline. An immediate house sale is rare, so it’s best to curb your expectations and stay flexible as the process unfolds.

 

Keep Things Tidy

You may be required to show your home to potential buyers at a moment’s notice. Maybe they’re in the area and want to pop in to view your home, or perhaps some out-of-towners want to add your house to their list before ending their visit. You won’t be so easily rattled by these last-second requests if you work diligently to keep your house tidy and in order at all times.

Make beds before leaving for work in the morning, never leave dishes in the kitchen sink, and keep up with the laundry and vacuuming. Thoroughly clean the bathrooms every week. If this is overwhelming, consider hiring cleaning help during this transition period. You may want to consider enlisting the help of a willing friend or neighbor who can help with last-minute tidying up if you can’t leave work. Keeping things neat consistently will dramatically reduce your stress level when last-minute showings come up.

 

Leave the House for Social Activities

Sometimes the pressure of unexpected showings and persistent phone calls can begin to take an emotional toll. To stick a pin in the building stress of selling a home, give yourself permission to get out of the house on occasion.

Go out to dinner with friends. Take a long weekend trip. Go to a museum or sporting event. Think of this time as an investment in your personal well-being, by getting your mind off the house sale for a bit. Getting out of the house can work wonders, especially during the first few weeks your house is listed.

 

Adopt a Healthy Lifestyle

No matter how all-encompassing it may seem, selling a house is never more than one piece of the large pie of life. Don’t forsake your other needs and demands while navigating the process of selling a home. Maintain a healthy lifestyle throughout the process by eating healthy meals and getting plenty of exercise and sleep.

If you plan to move out of town, you may not be inclined to get a gym membership or join a yoga class. But you can still walk for a half hour every day or take the kids to a park where you can blow off some steam together.

Getting the appropriate nutrition is a natural way to help your body fight stress. Drink more water, pass on the fried foods, and get more hours of sleep than normal. You’ll thank yourself for the extra effort.

Selling your house can be stressful, but if you set realistic expectations and come to terms with the certainty of uncertainty for the time being, you’ll make it through with a smile.

If you need help selling your home, contact me today!

Looking to Move-Up to a Luxury Home? Now’s the Time!

by Ashlie DuCros


If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Data from Trulia’s Market Mismatch Study shows that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:

“Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”

Bottom Line

The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs, and are looking to step into a luxury home… Now’s the time to list your house for sale. Call me to discuss how we can make your dreams come true!

Add Value to Your Home With This Outdoor Spring Clean-up Guide

by Ashlie DuCros

 

The Seller Drought Continues

by Ashlie DuCros

Fewer homeowners have opted to sell for years now in spite of massive appreciation and excellent conditions to sell. 

SO, what gives? Why aren’t homeowners moving like they did before? 

Some think it is because too many millennials are delaying the purchase of their first home and are shacking up with their parents. Others think it is because financing is too tight and that Dodd-Frank regulations are hurting housing. Both issues would have a negative effect on demand; however, housing does not have a problem with demand.

One of the key issues that has impacted the Orange County housing market has been the lack of affordable new housing. Today’s builders have been focusing on catering towards the higher end. The Orange County new home market used to create a lot more local real estate activity as many local homeowners bought new and had to sell their existing homes first. With the county running out of vacant land, this will be an ongoing issue.

Many homeowners are not moving because owning a home long term is now in vogue. The Great Recession rattled our collective psyche and people came out of it changed, looking at homeownership differently. Many are looking to hang onto their homes and dig in their roots, similar to the Midwest philosophy.

Still, the biggest factor preventing many would be sellers from placing their homes on the market is the fear that there will be nothing to buy after successfully selling their homes. This is one of the most prevalent, undermining market forces. Essentially, the low inventory is preventing homeowners from entering the fray. Collectively, they would significantly increase the inventory if they all gave it a shot and marketed their homes subject to finding a replacement property. A seller can accept an offer to purchase their home with the condition that they would be able to find a replacement property within a specific time period, 30-days being most common. If they are unable to find a replacement home within the given time period, then the contract is canceled or additional time may be negotiated.

Another way around this dilemma is the dreaded “double move” where a homeowner sells their home, moves into a monthly rental, and then takes their time to isolate the most ideal home for their family. There are plenty of moving companies that actually cater to this scenario and can crate and store whatever will not be used at the short term rental.

A lack of inventory coupled with a low housing turnover is a persistent trend that is not going to change in the near future. If you're a buyer, seller, or homeowner with any desire to make a move this year, call me to help you realistically approach the market and plan accordingly.

 

4 Urgent Reasons You Should Sell Your Home in 2017

by Ashlie DuCros

If you’ve been sitting on the fence about selling your home, it might just be time to hop off. Now. 2017 is poised to be the year of the home seller, real estate experts say. So what are you waiting for?

“Sellers have been in the driver’s seat for the last two years, but this year is shaping up to be even better for several reasons,” says Jonathan Smoke, chief economist of realtor.com®. “Nothing is bad for sellers today.”

A combination of factors is coming together to make 2017 a prime seller’s market for most of the nation. Here’s are 4 reasons why...


Reason No. 1: Mortgage rates are still low

It’s all about rates. Low mortgage rates translate to lower monthly costs. Lower costs entice buyers, which is good for sellers.

Although mortgage rates have been ticking up since mid-October to slightly over 4%, the rates for a 30-year fixed mortgage—the most popular home loan—are still hovering near 30-year lows. For now.

What does that have to do with home sellers? Well, potential buyers who are armed with that knowledge might hustle to close on a home before a rate hike.

What if you’re nowhere near ready to put your house on the market? That’s OK. Even if rates nudge up by the end of 2017, they’re still expected to be low enough to seduce buyers. The tipping point is when rates reach 5%, experts say. That’s when they could put the brakes on the robust real estate market.


Reason No. 2: Inventory is shrinking

Remember in Econ 101, when you learned that low supply and high demand lead to rising prices? The same is true for residential real estate. When inventory shrinks, available homes become more valuable. 

Make note of this too: not only are there fewer homes for sale, but the time those homes have spent on the market has decreased year over year as well. If priced correctly, the typical home should move quickly, Smoke says. And that’s another boon for sellers.


Reason No. 3: Home prices are rising

Lower inventory and greater demand have pushed up home prices. Higher prices particularly benefit the seller whose property value plunged during the recession. Thanks to rising prices, many homeowners whose property was underwater can now sell without suffering a big loss.

“2017 will be a rare ‘balanced market’ for buyers, because even though mortgage rates are edging up, many sellers have recovered enough equity to be able to afford to sell,” says Colby Sambrotto, president and CEO of USRealty.com.


Reason No. 4: Job markets are strengthening

As unemployment decreases and wages increase, consumer confidence will climb. Increased confidence will spur buyers to jump into the market which is more good news for sellers.

“These things are all connected,” Smoke says. “If people are confident, they’re more likely to buy big-ticket items like houses and cars. And then they spend more money on other things. It reinforces the economy, creating a virtuous cycle.”

 

If you are thinking of making a move in 2017, now may be the best time. Contact me for a no-obligation meeting to discuss your goals! 

Real Estate Trends to Expect in 2017

by Ashlie DuCros

The real estate market is constantly evolving and 2017 is shaping up to be another year of change. If you're planning to buy a home in the new year (or you want to sell your existing home), it doesn't hurt to know a thing or two about what's trending in the markets. As we look ahead to the new year, here's what should be on your radar with regard to the housing markets.

 

1. Home Prices May Stabilize

Home prices have been on a steady incline in recent years. But that momentum may begin to slow down in 2017. Since the Federal Reserve just raised interest rates for the first time in a year, that could have a stabilizing effect on home prices. The National Association of Realtors estimates that price growth will slow to 3.9%, down from 4.9% in 2016.

For sellers, that may lead to a shrinking profit margin in previously hot local markets. Buyers, on the other hand, may be better positioned to snag a deal on a home in areas where prices have recently skyrocketed.

 

 

2. Demand for Housing Could Heat Up

According to the National Association of Realtors, we could see an uptick in the demand for properties in 2017. Specifically, NAR is predicting that existing home sales will top 6 million in 2017, which is similar to forecasts from the Mortgage Bankers' Association, Fannie Mae and Freddie Mac.

The increased push for housing may be driven in part by a growing number of millennials who are venturing into homeownership for the first time. In addition to purchasing single-family homes, younger buyers may buy condos as well.

 

 

3. Homeowners Could See Their Equity Rise

While the National Association of Realtors is projecting a slowdown in home prices, other housing industry experts are taking a different stance. CoreLogic, for example, is forecasting a price increase of 5.2% through September 2017. If home prices increase at that rate or close to it, some homeowners could see their home equity rise.

Having more equity in your home is a plus if you're hoping to sell your home or refinance. The more equity you've built up in your property, the more you stand to make if you decide to sell your house. If you're refinancing to pull equity out of your home for a major renovation, a higher equity value will give you more borrowing power.

 

 

4. More people will move to the suburbs for affordable housing

According to Svenja Gudell, chief economist for Zillow, as home prices continue to rise, more buyers will move to the suburbs to find affordable housing.

"After the housing bust, people were able to move back to the cities because it was much cheaper than a few years ago," she said. "Now, we see people would still like to live close to the city center where they're close to amenities and in walkable neighborhoods, but for the first time they're not able to find enough inventory that's affordable for them to buy."

As a result, many people have to look further out from cities to find homes in the right price range.

This trend could be good news for suburban homeowners who are planning to put their homes on the market in 2017. For buyers, the primary advantage of choosing the suburbs over the city is the ability to stretch their budgets. For example, $325,000 may buy you a three-bedroom home in the 'burbs versus a one-bedroom studio in the city.

 

As we usher in the new year, if you plan to sell or buy a home this year, it helps to have a local professional on your side. Contact me TODAY! 

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Ashlie DuCros & Associates
Coldwell Banker Previews Global Luxury
21580 Yorba Linda Blvd.
Yorba Linda CA 92887
714-743-9778
Fax: 714-849-5489