Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 277

Orange County Housing Market Summary August 2019

by Ashlie DuCros
  • The active listing inventory increased by 40 homes in the past two-weeks, up 0.5%, and now totals 7,601, the highest level for 2019. In the month of June, 11% fewer homes came on the market compared to June 2018. And, so far in July, it is down by 6%. Last year, there were 6,759 homes on the market, 842 fewer than today. There are 12% more homes than last year.
  • Demand, the number of pending sales over the prior month, increased by 44 pending sales in the past two-weeks, up 2%, and now totals 2,505. Last year, there were 2,393 pending sales, 4% fewer than today.
  • The Expected Market Time for all of Orange County decreased from 92 days two weeks ago to 91 days today, a Balanced Market (between 90 to 120 days) and the highest level for this time of the year since 2011. It was at 85 days last year.
  • For homes priced below $750,000, the market is a slight Seller’s Market (between 60 and 90 days) with an expected market time of 62 days. This range represents 39% of the active inventory and 56% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 73 days, a slight Seller’s Market. This range represents 19% of the active inventory and 24% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 116 days, a Balanced Market.
  • For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the Expected Market Time increased from 143 to 147 days. For homes priced between $1.5 million and $2 million, the Expected Market Time increased from 189 to 240 days. For luxury homes priced between $2 million and $4 million, the Expected Market Time increased from 262 to 288 days. For luxury homes priced above $4 million, the Expected Market Time decreased from 518 to 500 days.
  • The luxury end, all homes above $1.25 million, accounts for 34% of the inventory and only 13% of demand.
  • Distressed homes, both short sales and foreclosures combined, made up only 0.7% of all listings and 1.4% of demand. There are only 22 foreclosures and 34 short sales available to purchase today in all of Orange County, 56 total distressed homes on the active market, up one in the past two-weeks. Last year there were 59 total distressed homes on the market, nearly the same as today.
  • There were 2,715 closed residential resales in June, 6% fewer than June 2018’s 2,879 closed sales. June marked a 7% drop from May 2019. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.4%. That means that 99.1% of all sales were good ol’ fashioned sellers with equity.

Top 5 Trends in Housing Trends

by Ashlie DuCros

Top 5 Housing Trends: With five months of the year in the rearview mirror, there are crystal clear trends in 2019.

Everybody seems to have an opinion about the direction of the housing market. “Up!” “Down!” “The housing run has peaked!” “I’m going to wait for values to come crashing down.” In the end, there is way too much noise that is not rooted in facts, ignoring the data. It is time to step aside from the commotion and look at the trends that have surfaced in 2019.

Here’s a breakdown of the “Top 5” current Orange County housing trends:

1.There are a lot more homes on the market. In fact, this is the highest active inventory level since 2011. There are 7,479 homes that are currently FOR SALE. That is 27% more than last year, an additional 1,605 homes. At the start of the year, the difference was 2,204, so this trend is beginning to diminish. The big rumor is that there are a lot more homeowners opting to sell and flooding the market. The reality is that there are nearly the same number of sellers coming on the market year after year. In 2017, from January through May, 18,264 homes were placed on the market. In 2018 there were 18,199. And, there were 18,180 this year. No flood. Instead, fewer and fewer listings have been converted to sales due to muted demand. With less success, the active inventory has grown.

 2. Demand is muted compared to 2012 through the 2017. This trend emerged last year. In 2018, through May, demand (the number of new pending sales in the prior 30-days) was down by 13% compared to 2012 through 2017, the housing recovery. In 2019, it is down 20% compared to those same years. The muted demand has made it more challenging to sell. Homes are not appreciating like they used to. With values reaching record levels, the rise in incomes coupled with inflation has not been able to keep up with home prices. Also, many believe that the current seven-year housing run is reaching a peak and running out of steam. These factors are softening demand. Year over year, current demand looks a lot similar, off by only 19 pending sales, but keep in mind it was muted last year at this time. The trend of muted demand will continue for the remainder of the year.

 3.Muted demand has put a damper on closed sales. The number of closed sales is down 9% compared to last year and off by 12% compared to 2017. When there are fewer pending sales, that translates to fewer successful closed sales. For the rest of the year, expect reports of year over year closed sales to be almost identical. Keep in mind, closed sales last year were muted compared to prior years as well. From May through December in 2018, closed sales were down by 12% compared to 2017.

4.Home appreciation is now flat, so careful pricing is crucial. With a higher active inventory, coupled with muted demand, the Expected Market Time has increased substantially. Currently, it is at 85 days, a slight Seller’s Market. Unlike 2012 through 2018, housing did not enjoy a HOT Seller’s Market. It only evolved to a slight Seller’s Market, one where sellers get to call more of the shots, but homes are not appreciating much at all. Expect this trend to continue through the remainder of the year. As demand remains flat through the summer, more homes will be placed on the market and housing will evolve to a Balanced Market, one that does not favor buyers or sellers. There will be fewer multiple offer situations and homes will take an even longer time to sell. 

5.Interest rates have dropped dramatically over the past 6 months, improving affordability substantially, but not fueling much of a bump in demand. After nearly reaching 5% back in November, mortgage rates have dropped to 4%. They have not been this low since January 2018, right before they began to spike. This has increased affordability greatly. For a $750,000 mortgage, the monthly payment difference between 4% and 5% is $445. That is an annual savings of $5,340, or $26,700 in five-years. The drop in mortgage rates saved housing from slipping into a deep funk like September through December of 2018, but is has not moved the needle much in terms of increased demand. Even with the return of historically low interest rates, demand remains muted. With the Spring Market in the past, there are only a couple of great months left in the meatiest time of the year to sell. Once the market rolls into August, housing will start to transition to the Autumn Market where demand falls along with the active inventory. ( Steve Thomas- Quantitative Economics and Decision Sciences)

For more information, please contact us. 

December Market update-Housing market cooling off?

by Ashlie DuCros

Here is the summary of the Orange County Market. If you have any questions, please send us an email to ashlie@ashlieducros.com, or contact us at 714-743-9778. 

  •  
  • The active listing inventory decreased by 398 homes in the past two weeks, its largest drop of the year, and now totals 6,820. Last year, there were 4,323 homes on the market, 2,497 fewer than today.
  • So far this year, 13% fewer homes have come on the market below $500,000 compared to last year, and there have been 26% fewer closed sales. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
  • Demand, the number of pending sales over the prior month, decreased in the past two-weeks by 122 pending sales, its largest drop of the year, and now totals 1,654. Last year, there were 2,082 pending sales, 26% more than today.
  • The Expected Market Time for all of Orange County increased from 122 days to weeks ago to 124 days today, a slight Buyer’s Market (120 to 150 days) and the highest level since January 2011. It was at 62 days last year.
  • For homes priced below $750,000, the market is a Balanced Market (between 90 and 120 days) with an expected market time of 91 days. This range represents 43% of the active inventory and 59% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 111 days, a Balanced Market. This range represents 19% of the active inventory and 21% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 138 days, a slight Buyer’s Market.
  • For luxury homes priced between $1.25 million and $1.5 million, in the past two weeks, the expected market time remained unchanged at 182 days. For homes priced between $1.5 million and $2 million, the expected market time decreased from 235 to 222 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 340 to 397 days. For luxury homes priced above $4 million, the expected market time increased from 484 to 716 days.
  • The luxury end, all homes above $1.25 million, accounts for 30% of the inventory and only 13% of demand.
  • Distressed homes, both short sales and foreclosures combined, made up only 1.0% of all listings and 1.7% of demand. There are only 24 foreclosures and 41 short sales available to purchase today in all of Orange County, 65 total distressed homes on the active market, down 13 from two-weeks ago. Last year there were 64 total distressed homes on the market, slightly less than today.
  • There were 2,328 closed residential resales in October, 9% fewer than October 2017’s 2,553. October marked an 11% increase over September 2018. The sales to list price ratio was 96.9% for all of Orange County. Foreclosures accounted for just 0.4% of all closed sales, and short sales accounted for 0.6%. That means that 99% of all sales were good ol’ fashioned sellers with equity.

For more information, please feel free to contact us. 

Orange Housing Market June 2018

by Ashlie DuCros

Running Out of Time: Demand will remain elevated for only six more weeks.

Summer is here! It is the season of longer days, plenty of Southern California sunshine, beckoning, sandy beaches, and refreshing dips in the pool. With summer comes all of its distractions. There are also family vacations, Disneyland, California Adventure, Knott’s Berry Farm, Magic Mountain, LEGOLAND, Raging Waters, the Discovery Science Center, Sea World, and the San Diego Zoo.

The best time of the year to sell a home, the Spring Market, is officially in the rearview mirror. It is now the Summer Market, the second best time of the year to sell a home. For some, buying a home takes a back seat to all of the family fun. Many will still purchase, but not with an extreme sense of urgency like the spring.

Sellers and real estate agents have already felt the shift in the marketplace. It actually started a few weeks ago with college graduations. Today, the sense of urgency has shifted from buyers to sellers. Sellers know that they need to open up escrow soon, or risk passing up the opportunity to sell during the Summer Market. In fact, they have six-weeks to negotiate a deal before the market slows even further.

 
   

Here is the thing. Most potential buyers prefer moving during the summer months prior to the kids going back to school. That means closing on a home and moving into it by the end of August. In order to close by the end of August, a home needs to be placed into escrow by the end of July. Typically, a home takes about a month to close after negotiating a deal and opening escrow. In looking closely at the housing cycle, demand starts to drop at the end of June. From there, it plateaus during the month of July. Finally, demand steadily drops from August 1st on.

  • The active listing inventory increased by 231 homes in the past two weeks, up 4%, and now totals 6,105. Expect the inventory to increase from now through mid-Summer. Last year, there were 5,905 homes on the market, 200 fewer than today.
  • This year, 19% fewer homes have come on the market below $500,000 today compared to last year, and there have been 25% fewer closed sales so far this year. Fewer and fewer homes and condominiums are now priced below $500,000. This price range is slowly vanishing.
  • Demand, the number of pending sales over the prior month, increased in the past two-weeks by 34 pending sales, up 1%, and now totals 2,699. It appears that demand peaked a month ago. Last year, there were 2,937 pending sales, 9% more than today.
  • The average list price for all of Orange County remained at $1.7 million over the past two-weeks. 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 43 days. This range represents 36% of the active inventory and 57% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 60 days, a slight seller’s market (between 60 and 90 days). This range represents 19% of the active inventory and 22% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 88 days, a slight seller’s market.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 95 to 111 days. For homes priced between $1.5 million and $2 million, the expected market time increased from 123 to 162 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 189 to 183 days. For luxury homes priced above $4 million, the expected market time decreased from 395 to 368 days.
  • The luxury end, all homes above $1.25 million, accounts for 35% of the inventory and only 14% of demand.
  • The expected market time for all homes in Orange County increased from 66 to 68 days in the past two weeks, a slight seller’s market (from 60 to 90 days).
  • Distressed homes, both short sales and foreclosures combined, made up only 0.8% of all listings and 1.2% of demand. There are only 23 foreclosures and 27 short sales available to purchase today in all of Orange County, 50 total distressed homes on the active market, up six in the past two weeks. Last year there were 71 total distressed homes on the market, 42% more than today.
  • There were 2,871 closed residential resales in May, down by 9% from May 2017’s 3,147 closed sales. May marked a 10% increase from April 2018. The sales to list price ratio was 98.5% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.7%. That means that 98.8% of all sales were good olfashioned sellers with equity.

​​For more information, please contact us, or request your home value today at www.AshlieDuCros.com, and click on home value.

Orange County Housing Market April 2018

by Ashlie DuCros

Orange County Housing Market Summary:

 

  • The active listing inventory increased by 99 homes in the past two weeks, up 2%, and now totals 4,708. Expect the inventory to increase from now through mid-Summer. Last year, there were 5,016 homes on the market, 308 more than today.
  • This year, 20% fewer homes have come on the market below $500,000 today compared to last year, and there have been 29% fewer closed sales so far this year. 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 in the past two-weeks by 64 pending sells, up 3%, and now totals 2,602. Last year, there were 2,957 pending sales, 14% more than today.
  • The average list price for all of Orange County remained at $1.8 million over the past two weeks. 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 32 days. This range represents 34% of the active inventory and 57% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 43 days, a hot seller’s market (fewer than 60 days). This range represents 18% of the active inventory and 22% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 68 days, a slight seller’s market (between 60 and 90 days).
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 88 days to 95. For homes priced between $1.5 million and $2 million, the expected market time increased from 142 to 155 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 202 days to 187 days. For luxury homes priced above $4 million, the expected market time increased from 296 to 313 days.
  • The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 14% of demand.
  • The expected market time for all homes in Orange County remained at 54 days in the past two weeks, a hot seller’s market (fewer than 60 days). From here, we can expect the market time to remain below 60-days through May.
  • Distressed homes, both short sales and foreclosures combined, make up only 0.8% of all listings and 1.5% of demand. There are only 18 foreclosures and 21 short sales available to purchase today in all of Orange County, that’s 39 total distressed homes on the active market, unchanged in the past two weeks. Last year there were 78 total distressed sales, 100% more than today.
  • There were 2,613 closed residential resales in March, down by 6% from March 2017’s 2,792 closed sales. March marked a 44% increase from February 2018. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.6%. That means that 98.9% of all sales were good ol’ fashioned sellers with equity. For more information, please contact Ashlie DuCros at 714-743-9778, or email Ashlie@ashlieducros.com

Orange County Housing Market Feb. 2018! Spring market has arrived!!

by Ashlie DuCros

Spring Market has Arrived!!

In Southern California, it is hard to tell the seasons apart. You have to look up at the trees to see if there are leaves or not. The time of the sunset is another dead giveaway. Are there flowers yet?

Similarly, there are signs that the housing market has officially changed. There is a steady stream of buyers at open houses for all homes priced below $1.25 million. Sellers are entertaining multiple offers within days of coming on the market. Buyers are writing offers before even seeing the home. That’s right; the crazy Spring Market has arrived.

Many are scratching their heads knowing that the first day of spring is not until March 20th. That is when the days are longer, the flowers are blooming, and trees are sprouting their new leaves. However, the Spring Market in Southern California actually starts in February and runs all the way through the end of May. The expected market time, the amount of time it would take to place a home onto the market and then into escrow, dips to its lowest level of the year. Orange County housing is already moving at a feverish pitch.This year will be similar to 2017 when the expected market time dipped below 60-days, considered a hot, seller’s market, throughout the entire Spring Market. Spring 2018 is going to be hot. Buyers will be faced with tremendous competition to buy, and sellers will be running the table. 

Take a look at the velocity of the market already. For detached homes, the expected market time dipped below 60-days for the first time since the start of April 2017. It is less than a month, 29-days, for homes priced below $500,000. For homes priced between $500,000 and $750,000, it is a 31-day market. It is a hot market for homes priced between $750,000 and $1 million with a 39-day expected market time. From $1 million to $1.25 million, it too is below the 60-day threshold at 51-days. From $1.25 million to $1.5 million, it is still considered a seller’s market, just not a mad rush like the lower ranges.

  • The active listing inventory increased by 207 homes in the past two weeks, up 5%, and now totals 3,981. Expect the inventory to increase from now through mid-Summer. Last year, there were 4,448 homes on the market, 467 more than today.
  • There are 29% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 20%. 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, skyrocketed in the past two weeks by adding an additional 522 pending sells, up 30%. The average pending price is $909,074.
  • The average list price for all of Orange County remained at $1.8 million over the past two weeks. 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 36% of the active inventory and 57% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 43 days, a hot seller’s market (fewer than 60 days). This range represents 17% of the active inventory and 21% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 54 days, a hot seller’s market.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time dropped from 112 days to 81. For homes priced between $1.5 million and $2 million, the expected market time decreased from 145 to 122 days. For luxury homes priced between $2 million and $4 million, the expected market time decreased from 221 days to 163 days. For luxury homes priced above $4 million, the expected market time fell from 355 to 349 days.
  • The luxury end, all homes above $1.25 million, accounts for 39% of the inventory and only 14% of demand.
  • The expected market time for all homes in Orange County dropped from 64 days to 52 in the past two weeks, a hot seller’s market (fewer than 60 days). From here, we can expect the market time to drop a little bit more by the end of the month.
  • Distressed homes, both short sales and foreclosures combined, make up only 1% of all listings and 2.3% of demand. There are only 16 foreclosures and 23 short sales available to purchase today in all of Orange County, that’s 39 total distressed homes on the active market, dropping by 8 in the past two weeks and reaching its lowest level since the very beginning of the Great Recession. Last year there were 103 total distressed sales, 164% more than today.There were 1,799 closed residential resales in January, down by 9% from January 2017’s 1,904 closed sales. January marked a 21% drop from December 2017. The sales to list price ratio was 97.6% for all of Orange County. Foreclosures accounted for just 1.1% of all closed sales and short sales accounted for 0.8%. That means that 98.1% of all sales were good ol’ fashioned sellers with equity

​​If you're interested in finding out more information on selling your home, please contact us at 714-743-9778, or send us your inquiry to Ashlie@ashlieducros.com

Orange County Housing Market Summary Jan 2018

by Ashlie DuCros

Orange County Housing Market Summary:

 

  • The active listing inventory increased by 310 homes since the start of the New Year and now totals 3,707. Expect the inventory to increase from now through mid-Summer. Last year, there were 4,376 homes on the market, 669 more than today.
  • There are 31% fewer homes on the market below $500,000 today compared to last year at this time and demand is down by 28%. 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, plunged by 158 in the past couple of weeks, down 10%, and now totals 1,447, most likely its lowest point of the year. The average pending price is $839,613.
  • The average list price for all of Orange County decreased to $1.8 million after reaching a record $1.9 million two weeks ago. 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 46 days. This range represents 38% of the active inventory and 62% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 67 days, a slight seller’s market (between 60 and 90 days). This range represents 17% of the active inventory and 19% of demand.
  • For homes priced between $1 million to $1.25 million, the expected market time is 101 days, a balanced market that does not favor a buyer or seller.
  • For luxury homes priced between $1.25 million and $1.5 million, the expected market time increased from 123 days to 157. For homes priced between $1.5 million and $2 million, the expected market time decreased from 196 to 188 days. For luxury homes priced between $2 million and $4 million, the expected market time increased from 266 days to 285 days. For luxury homes priced above $4 million, the expected market time increased from 667 to 695 days.
  • The luxury end, all homes above $1.25 million, accounts for 36% of the inventory and only 12% of demand.
  • The expected market time for all homes in Orange County increased from 67 days to 77 in the past two weeks, a tepid seller’s market (60 to 90 days). From here, we can expect the market time drop dramatically by the end of this month.
  • Distressed homes, both short sales and foreclosures combined, make up only 1.3% of all listings and 2.7% of demand. There are only 17 foreclosures and 33 short sales available to purchase today in all of Orange County, that’s 50 total distressed homes on the active market, dropping by 11 in the past two weeks and reaching its lowest level since the very beginning of the Great Recession. Last year there were 112 total distressed sales, 124% more than today.
  • There were 2,269 closed residential resales in December, down by 9% from December 2016’s 2,484 closed sales. December marked a 6.5% drop from November 2017. The sales to list price ratio was 97.3% for all of Orange County. Foreclosures accounted for just 0.8% of all closed sales and short sales accounted for 0.9%. That means that 98.3% of all sales were good ol’ fashioned sellers with equity.

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

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.

RFdeclutterinfographic.jpg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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

Displaying blog entries 1-10 of 277

Syndication

Categories

Archives

Contact Information

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