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Orange County Median Home Price Breaks $700,000 Barrier, Setting Record...Don't Panic, It's Not What You Think

What the heck is happening to So Cal living conditions, i.e., housing costs?  Before full blown panic sets in, know this: the median price had a steep rise because of more new home sales, (whose median price is always highest), coupled with fewer condo sales this past month.  Equals?  A seemingly drastic rise.  
Don't misunderstand, So Cal has the highest income percentage for housing costs of any major metro area in the US except New York and San Francisco.  But, before you go blasting greedy sellers and over-anxious buyers, too willing to buy anything, place some of that blame on soaring rents.  Yes.  Rent.  Rent versus buying has some disturbing statistics.  The national average of income for housing for buyers is 25.8% and for renters it is 29.2%.  Now So Cal numbers are a bit different, but with rising rents and more executive and luxury apartment complexes hitting central and south orange county, single-family rentals, really anywhere, but especially at the coast, the numb…
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What Were The Actual Numbers for September Housing in Orange County?

For the month of September, the latest complete month available, the total number of sales was 3,338.  This was up 4.6% from September of 2016.  
There were 1,979 single-family resale transactions, ever reminding us that the resale home always dominates the market.  Condos came in with 859, which was off by 7.5% from a year ago.  
New homes were especially strong, driving up that median overall price, with 500 total sales, up a staggering 37.7% from a year ago.  This also reflects the new housing product finally catching up with demand, just a little bit.  As would be expected, the house payment rose to $3,240, up from $2,873 the previous September.  The largest rise in pricing was actually condos with an 11% year over year increase.

Luxury Home Market Stalls, So If That's Your Market You Should Buy?

Well, yeah. Let's face it; you have nearly unlimited product, hardly any competition to worry about when you right your offer, interest rates will never let you buy more home for the money than now-- these rates are just meant for the luxury buyer. Why wouldn't you buy? Trulia's Market Mismatch Study has chosen right now, as THE time for this special segment buyer. Take note.

Four Reasons to Sell Your Home this Fall Holiday Season

1) Buyer demand will stay strong for the holidays, unlike when there are plenty of houses for sale, you expect serious buyers to go away until after the holidays.  Not so right now...they are looking and they are looking during the holidays because. 
2) Less competition for you, but mainly for that buyer.  They are looking forward to some of their competition taking the holidays off and maybe writing an offer that isn't competing against 10 other offers.  
3) Never a better time to move up.  You need to sell first, right?  Do it now because if you're buying up, you're buying more and you will want to take advantage of the low rates and help keep that monthly payment as low as possible.  
4) Homes usually show better during the holidays.  That little extra decor and holiday feel-- and you need to move on with your life.  
And remember, as soon as the new year starts, we come into the cycle of fresh homes hitting the market and increased competition for you and more distrac…

Wishing You All The Best Of Holidays And Leaving You With These Thoughts For The Coming Months Until January

Many people think about real estate as their pathway to wealth.  It certainly could be.  Real estate allows leverage of funds like no other vehicle and it minimizes risk in many ways by being real property.  However, you should consult your financial planner, you should make sure you know exactly what your goals are and that the timetable for these goals is realistic. 
Some ways to invest are:  ·RENTAL PROPERTIES - Many people start this way by turning their first purchase to a rental when they buy their second home.  Some prefer the Single Family Residence as their primary vehicle.  ·LIVE-IN FLIPS - Whether you watch the popular HGTV programming or not, know your costs and have realistic expectations if you plan to live in the property you flip.  ·MULTIFAMILY HOMES - Buying units is one of the best ways to invest.  Many start with a duplex or 4-plex and begin an 1031 exchanging process that lasts a lifetime.  Talking with your CPA and financial planner is a must. 

But this newslette…

June 2017 Orange County Housing Numbers

The latest figures available at time of press, again from Corelogic, are through June 27th.  The total number of resale houses in Orange County was 2,430 (up slightly), 2.5%.  Condos came in at 1,017 (slightly off), 1.2%.  New homes, reflecting lack of product, saw sales of 387 (off a more significant 9.4%).  The median price for all homes was $695,000, pretty  flat, just a 0.2% rise.  

The average house payment continues to go up, coming in at $3,162.99, probably due more to lower down payments overall.  According to the KCM Blog, 60% of first time buyers have a down payment of less than 6%.

by Stacey Sloan

3 Tips to Consider When Buying a Home in this Market

Tip 1 Be Prepared
Not in just the traditional ways such as being prequalified for a loan. Think beyond that.  Already know the schools, and make sure they are what you want for your family, check out the neighborhood, be aware of trains or busy streets.  Find out how long the home has been on the market, what the tax rate is for property taxes, and Mello Roos.  Make sure you go in with eyes completely open to repairs as much as possible and realistically what you can afford to fix.  

Tip 2 Think Strategically
Make your offer attractive to the seller, be flexible about escrow terms, such as length, or a rent back.  

Tip 3 Seek out the Ugly Ducklings
Don't be afraid to look at a home that has been sitting on the market for awhile.  True, the very finest homes, best locations, and upgrades, will generally sell quickly.  But a home that just needs a little TLC, or new landscaping or paint, can sometimes have very motivated sellers in them, waiting for a reasonable offers.  Don't be afr…