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August 2012 Orange County Home Stats

by Ashlie DuCros

August 2012 Stats in Orange County

Check out these numbers of homes for sale vs. in escrow... In most cities, the homes in escrow is greater than the homes for sale.  Low inventory in most markets... Thinking of selling? Now is the time to put your home on the market! For more information, go to www.AshlieDuCros.com

August 2012 Orange County Home Stats:
Homes For Sale VS Homes in Escrow
  For Sale In Escrow
Anaheim 192 576
Anaheim Hills 93 157
Brea 42 86
Fullerton 154 265
Irvine 390 495
Laguna Beach 225 76
Newport Coast 100 48
Orange 178 320
Tustin 77 181
Yorba Linda 175 202

 

5 Projections of Where the Housing Market's Headed

by Ashlie DuCros
 

5 Projections of Where the Housing Market's Headed

Real estate markets across the country are inching their way to a slow recovery after bottoming out, according to several real estate economists who spoke at a forum hosted by the National Association of Real Estate Editors.

National Association of REALTORS®’ Chief Economist Lawrence Yun, Zillow Chief Economist Stan Humphries, and National Association of Home Builders Chief Economist David Crowe shared their views on the direction of the housing market during the forum.

"Last year was the worst year on record for [new] house sales, for 60 years of housing-sale info," Crowe said.

But things are picking up, the economists note, despite several challenges still threatening that recovery. Yun says that appraisal issues are holding back up to 20 percent of home sales and that lenders’ tightened mortgage underwriting standards are likely holding back another 15 to 20 percent of potential home deals.

Here are some of the economists’ forecasts:

1. New-home market: The NAHB predicts a 19 percent increase in single-family housing starts this year over last (from 434,000 last year to a projected 516,000 this year).

2. Single-family rental market: This could be the next housing market bubble, Humphries warns. He expects this sector to cool as rental rates continue to increase and as home ownership looks more attractive to the public again.

3. Distressed home sales: The percentage of distressed homes sales is projected to drop by 25 percent in 2012 and 15 percent in 2013, Yun says.

4. Home price appreciation: Yun says it’s possible some markets may see a 10 percent rise in home-price appreciation next year due to an increase in demand, or a 60 to 70 percent increase in housing starts. Yun argues it won’t be both, however, but rather one or the other. He notes it greatly depends on whether lawmakers reach an agreement once again on the looming debt-ceiling deadline.

5. Home owners’ negative equity: About a third of home owners are underwater, owing more on their mortgage than their home is currently worth. As such, the housing recovery will likely be “stair stepped,” Humphries says. He says home owners with negative equity will gradually begin to list their homes as they see prices inch up, but when they do, that may temporarily swell the housing supply and cause a brief pause to the recovery. 

For more information, Please contact: Ashlie Ducros at Aducroshomes@gmail.com http://AshlieDucros.com  

 

 

 

Buyers are feeling the urgency...Now Good Time to Buy

by Ashlie DuCros

Buyer Urgency Improves, More See Now Good Time to Buy

More home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon. 

Housing surveys in recent weeks have shown that more Americans are seeing now a great time to purchase a home. In the most recent survey, 73 percent of Americans say now is a good time to buy, according to the latest Fannie Mae Housing Survey conducted in March. That’s up from 70 percent in February who said it was a great time to buy. 

"Conditions are coming together to encourage people to want to buy homes," says Doug Duncan, Fannie Mae’s chief economist. "With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that home ownership is a more compelling housing choice."

Indeed, more buyer urgency is evident in the market. Thirty-three percent of those surveyed by Fannie say they expect home prices soon to increase, which is the highest percentage in a year. What’s more, nearly 40 percent say they expect mortgage rates to rise in the next year too, which is also up from previous surveys.  

Coupled with that, 48 percent of Americans say they expect rents to continue to climb, and 44 percent say they expect their financial situation to improve in the next year. 

Source: “More Americans Think It’s Time to Buy a Home,” MSN Real Estate (April 9, 2012)

** Get your list of bargain buys now at www.HotOCbuys.com** Contact us today to help you find your home today! 714-743-9778 AshlieDucros.com 

 

 

Feb. 2012 Orange County Stats:

Check out the stats for Active homes vs. homes in escrow. 

# Of Homes For Sale vs. Homes In Escrow

City:

For Sale:

 In Escrow:

Yorba Linda

221

63

Brea

63

62

Fullerton

269

251

Anaheim Hills

137

112

Newport Coast

110

34

Orange

293

256

Irvine

570

397

Laguna Beach

North Tustin

Anaheim

237

63

455

56

26

410

 

For questions please contact me at 714-743-9778 or log on to www.ashlieducros.com

 

Six Tips For First Time Home Buyer

by Ashlie DuCros

Six Tips For First Time Home Buyer

by Guest Author @ Realty BizNews

 

Buying a first home is often fraught with uncertainty and stress. The home buying process may be made easier and less stressful with a few tips from the first time buyer.

 

1. Don’t Stretch Your Budget:

 

Figure out how much you are able to comfortably afford before looking for a home. A $1000 a month rent payment does not mean that you are able to afford the same mortgage payment. Owning a home has increased costs over a home. Taxes, insurance and unforeseen maintenance costs will add up to higher expenses. Consider all of thee factors when deciding on a home budget. A mortgage calculator will help determine these costs.

2. Find A Realtor:

 

Find a reputable realtor. Real estate agents will help a prospective buyer find the perfect home. Good realtors know the local marketplace and whether the house is a good price. They will be aware of what is available and how much is a fair price for the amenities within the home. Seasoned realtors will help walk the home buyer through the negotiating process to ensure the best possible purchase price.

3. Buy A Foreclosure:

 

Foreclosure properties are available with huge savings. Buying a foreclosure often allows a buyer to purchase a home in a better neighborhood and receive more home for their money. Foreclosures will often have instant equity as soon as the purchase is completed.

4. Obtain Mortgage Pre-approval:

 

Have financing in place before stepping foot into any home. Pre-approval is different from pre-qualified. Pre-approval means that financing up to a set amount is guaranteed by the lender. Pre-approval letters from the mortgage company offer the buyer an advantage in the negotiating point of the home purchase. Potential buyers will be able to show they are serious and have funding in place. This allows them leverage over another potential buyer who does not have mortgage pre-approval.

5. Have A Home Inspection:

 

Home inspection is a vital part of purchasing a property. A good inspector will look for a variety of issues to help determine if there are any problems within the home. Issues found by an inspector will allow the buyer the ability to renegotiate price. Buyers may walk away from the house if severe issues are discovered and they do not feel capable of dealing with the problems.

6. Remember Closing Costs:

 

First time home buyers need to remember closing costs. These fees typically range from two to four percent of the total loan amount. Closing costs depend on how many fees the lender is charging for the loan. Some realtors may be able to help a buyer negotiate closing costs with the seller paying some or all of these fees. Use a closing cost calculator to help determine your closing costs.


For more information or questions, please contact me at 714-743-9778 or log on to www.AshlieDucros.com

Mortgage Rates Fall to Record Lows

by Ashlie DuCros

What a great time to buy! Check out this low rate you can lock in now!

 

Mortgage Rates Fall to Record Lows

By Les Christie @CNNMoney December 15, 2011

 

 

NEW YORK (CNNMoney) -- Mortgage rates sunk to record lows again this week.

The average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac's weekly mortgage rate survey. Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6.

Five-year adjustable rate mortgages also plumbed new depths, hitting 2.86% for the week.

"We've been hanging around record lows for a few months now and we finally hit another one," said Keith Gumbinger of HSH Associates, a provider of mortgage data.

Low-interest mortgages will be available at least through mid-2012, according to Freddie Mac's chief economist, Frank Nothaft.

Where homes are affordable

The low rates can translate into big savings for home buyers. Five years ago, a home buyer would have been lucky to land a 5% rate on a 15-year loan. On a $200,000 mortgage, that would have meant the borrower would have paid $1,582 a month. Should a borrower land a 3.2% rate on a $200,000 loan now, the monthly mortgage payment would come to $1,400 -- a savings of $182 a month.

Mortgage rates tend to closely track Treasury bond yields, which have also been very low lately. For the past three months, 10-year Treasury notes have often fallen below the 2% mark as bond investors steer clear of Europe and its debt woes and buy U.S. Treasuries instead.

Parents helping kids buy homes

"There's been a flight to quality out of Eurobonds and into Treasuries," said Gumbinger. On Thursday, the 10-year Treasury stood at 1.92%.

The rock-bottom interest rates, combined with the lowest housing prices in years, have made home buying extremely affordable right now. Although most borrowers are looking to refinance existing loans rather than buy.

10 cheap homes for sale by Uncle Sam

Last week, mortgage applications climbed 4.1%, driven by a surge of home buyers trying to refinance to record-low rates. According to the Mortgage Bankers Association's latest Market Composite Index, close to 80% of loan applications were to refinance existing loans.   

 

For more information or questions, please contact me at 714-743-9778 or log on to www. AshlieDucros.com

December 2011- Orange County Stats

by Ashlie DuCros

December 2011- Orange County Stats

December  2011 Orange County Stats: # Of Homes For Sale vs. Homes In Escrow

City:

For Sale:

 In Escrow:

Yorba Linda

261

158

Brea

91

54

Fullerton

355

200

Anaheim Hills

152

100

Newport Coast

117

32

Orange

382

228

Irvine

677

360

Laguna Beach

North Tustin

Anaheim

268

75

519

61

19

439

 

For questions please contact me at 714-743-9778 or log on to www.AshlieDucros.com 

October Existing-Home Sales Rise

by Ashlie DuCros

Source: NAR

 

Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of REALTORS®.

Total existing-home sales — completed transactions that include single-family, townhomes, condominiums and co-ops — rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

Room for Improvement

Lawrence Yun, NAR chief economist, said the market has been fairly steady but at a lower than desired level. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents, and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” he explained.

“A higher rate of contract failures has held back a sales recovery. Contract failures reported by NAR members jumped to 33 percent in October from 18 percent in September, and were only 8 percent a year ago, so we should be seeing stronger sales,” Yun added.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses. “Other recent factors include disruption in the National Flood Insurance Program, and lower loan limits for conventional mortgages, which paradoxically force some of the most creditworthy consumers to pay unnecessarily higher interest rates,” Yun said.

 

 

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.07 percent in October from 4.11 percent in September; the rate was 4.23 percent in October 2010.

NAR President Moe Veissi said consumers can increase their odds of obtaining a mortgage by being aware of how credit scores are determined. “If you want to get a mortgage, don’t buy a car or take on new installment debt or credit cards,” he said. “Pay all your bills on time, maintain old credit lines, and don’t use more than 30 percent of your credit limit. REALTORS® can help you understand the issues surrounding access to affordable credit, in addition to helping you find the right home and negotiate terms.”

A Mixed Bag

An ongoing positive trend is a steady decline in the number of homes on the market. Total housing inventory at the end of October fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.3-month supply in September. Inventories have been trending gradually down since setting a record of 4.58 million in July 2008.

The national median existing-home price for all housing types was $162,500 in October, which is 4.7 percent below October 2010. Distressed homes — foreclosures and short sales typically sold at deep discounts — slipped to 28 percent of sales in October from 30 percent in September (17 percent were foreclosures and 11 percent were short sales); they were 34 percent in October 2010.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “REALTORS® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers. In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance.”

All-cash sales accounted for 29 percent of purchases in October, little changed from 30 percent in September and 29 percent in October 2010; investors make up the bulk of cash transactions.

Investors purchased 18 percent of homes in October, compared with 19 percent in September and 19 percent in October 2010. First-time buyers accounted for 34 percent of transactions in October, up from 32 percent in September; they were 32 percent in October 2010.

Single-family home sales increased 1.6 percent to a seasonally adjusted annual rate of 4.38 million in October from 4.31 million in September, and are 13.8 percent higher than the 3.85 million-unit pace one year ago. The median existing single-family home price was $161,600 in October, which is 5.8 percent below October 2010.

Regional Performance

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 590,000 in October but are 10.5 percent above the 534,000-unit level in October 2010. The median existing condo price was $160,300 inOctober, down 1.5 percent from a year ago.

Regionally, existing-home sales in the Northeast fell 5.1 percent to an annual level of 750,000 in October but are 1.4 percent above October 2010. The median price in the Northeast was $224,400, down 5.5 percent from a year ago.

Existing-home sales in the Midwest rose 2.8 percent in October to a pace of 1.10 million and are 19.6 percent higher than October 2010. The median price in the Midwest was $132,800, which is 4.7 percent below a year ago.

In the South, existing-home sales increased 2.1 percent to an annual level of 1.94 million in October and are 14.1 percent above a year ago. The median price in the South was $145,700, down 1.6 percent from October 2010.

Existing-home sales in the West rose 4.4 percent to an annual pace of 1.19 million in October and are 15.5 percent higher than October 2010. The median price in the West was $207,500, which is 1.6 percent below a year ago.

 

For more information or questions, please contact me at 714-743-9778 or log on to www.AshlieDucros.com

 

 

November 2011- Orange County Stats

by Ashlie DuCros

November 2011- Orange County Stats

November  2011 Orange County Stats: # Of Homes For Sale vs. Homes In Escrow

City:

For Sale:

 In Escrow:

Yorba Linda

280

168

Brea

103

47

Fullerton

363

215

Anaheim Hills

154

102

Newport Coast

126

27

Orange

403

212

Irvine

752

387

Laguna Beach

North Tustin

Anaheim

282

83

529

70

23

456

 

For questions please contact me at 714-743-9778 or log on to www.ashlieducros.com 

 

Wall Street Journal & Forbes: It’s Time to Buy A Home

by Ashlie DuCros

Wall Street Journal & Forbes: It’s Time to Buy A Home

 

Is it the right time to buy a home? 

We believe very strongly that now is the time to buy a home. Some will say we are just saying this to create real estate transactions and commissions. Because of that, today we will quote what those outside the real estate profession are saying to the people who look to them for financial advice.

The Wall Street Journal

Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers:

“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”

In an article two weeks ago, MarketWatch.com (the on-line blog for WSJ) told their readers:

“Now could be the best time in history to buy a home.”

Forbes.com

In a report to their subscribers, Capital Economics reported that:

“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”

Why is this important? Last week, Forbes explained to their readers:

“If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”

They went on to explain the advantages of homeownership during retirement:

“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement…

At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage.  How much less would you have to save for retirement if you didn’t pay the mortgage?”

Bottom Line

When the iconic financial newspaper and the iconic financial magazine say that it now makes financial sense to purchase a house, perhaps it’s time to buy a home.

For more information or questions please contact me at 714-743-9778 or log on to www.AshlieDucros.com

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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