Crystal Cove custom homes at Newport Coast CA

View of Newport Harbor from Newport Coast

View of Newport Harbor from Newport Coast

Crystal Cove custom homes at Newport Coast CA

2 Shore Walk – Crystal Cove Homes

Newport Coast live

 

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Orange County CA Home Buyers Taking Action

The Orange County CA housing market has shifted with sudden jump in buyer demand.

IMAG0223 (Large)_optDuring the past month from January 15 to February 15, 2015, buyer demand has increased by 64%.

After the first month of 2015, it looked like this year would be similar to 2014.  However, the market shifted with greater buyer demand during the past month.

Orange County Property NewsHome buyer demand increased by 566 pending sales in the past two weeks and now totals 2,619.   This two week surge was the largest increase since February 2012.  Last year at this time demand was at 2,381 pending sales, 9% fewer than today.  As a result of the rapid increase in demand, the expected market time dropped to 62 days from 78 just two weeks ago, pushing housing deeper into a seller’s market.

Something changed, and the big difference is cheaper money in the form of low interest rates.  Low interest rates are fueling housing demand and, as a direct result, the Orange County housing market has blasted off.

Today’s rates are a half a point cheaper than a year ago.  For a jumbo conforming loan, loans between $417,001 and 625,500, rates are at 4% versus 4.5% a year ago. For the median priced home in December 2014, $591,000, and a 20% down payment, a buyer is looking at a monthly mortgage of $2,257 at today’s rate, versus $2,396 at 4.5%.  That’s a savings of $139 per month, nearly $1,700 per year, or $50,000 over the 30-year term.

Buyers are making wise choices to pull the trigger now – to buy now because rates are cheap and are down to historical lows.

Current home loan interest rates are low, because they have been artificially pushed down by the Federal Reserve for years.  The Federal Fund rate has been kept at nearly zero since December 2008.  They have hinted at raising these rates.  When short term rate increases, long term rates, home mortgages, will soon follow.

Prior to the recession of 2007 to 2009, mortgage rates were about 6.5%.  For the December median sales price home, that’s an extra $731 per month every single month.  In 2000, rates were at 8%, or an extra $1,212 per month.  In 1990, rates were at 10%, and in 1981 they reached 18%.

Today’s rates are unbelievably low – and smart buyers will take advantage of this gift compliments of the U.S. government.

It’s likely that the FED will keep rates in the low to mid-five-percent range within the next couple of years.  That difference in monthly payments will put a dent in buyers’ pocketbooks and their monthly budgets.  Cashing in on low rates today means more disposable income.

Many Orange County CA buyers will continue to look to pay the Fair Market Value for a home this year.   From the official start of spring at the end of March, through the start of summer at the end of June, more homes will come on the market than any other season.  Home selling success will be determined by value and correct seller pricing.

 

By Harrison K. Long, professional real estate representative, Realtor, real estate broker, and professional real estate representative at Orange County CA.  Source of some information is ReportsOnHousing.com and CRMLS multiple listing service. 

Coldwell Banker residential brokerage

Professional real estate agent and broker representation – with help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. Contact us at 949-854-7747 with your questions about home prices and values at Orange County CA cities and areas with Home Selling and Real Estate market updates.

“Orange County CA Housing Demand blasts off.”

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Irvine Home Selling and Real Estate Market Update

Irvine Home Selling and Real Estate Market Update – November 22, 2014

Irvine CA homes and real estate market update

IMAG0187-c-Irvine CA is the economy driver at Orange County – has a population of about 230,000 people and is still growing.

Irvine homeowners and sellers have high expectations and confidence of the buyers.

530 Irvine homes are now listed for sale – with average list price of $1,131,333.

That’s a 9.2 percent drop in number of Irvine listings since November 1 (three weeks ago) when 584 Irvine homes were listed for sale.

It’s also a 28.3 percent drop in number of homes listed for sale since September 1 – when 740 Irvine homes were listed for sale.

121 Irvine sellers got buyers for homes under contract and went into escrow during the first 21 days of November – and average list price for those homes was $827,472.

The average list price of an Irvine home going into escrow is about 25 percent lower than average for sale listing price of all Irvine homes.

210 Irvine homes sold with closed deals during October 2014 – with average sold price at $902,560 – and average time on market for those homes was 72 days.

Irvine CA average home selling market time is now about 2.5 months – that time it would theoretically take to sell all homes on the market at current pace of sales.

Irvine home sellers who are serious are looking carefully at “fair market value” – the amount that other homes in the neighborhoods have actually sold for.

Irvine home selling markets are more balanced now as compared with last year November 2013 – with little or no advantage to either buyers or sellers. Buyers have improved negotiating power and choices.

More homes are sold and money spent to buy Irvine real estate as compared with any other city in the OC.

People are especially attracted to Irvine, because of its positive economy and jobs, famous and award-winning schools, that it is one of the safest cities in America, and some of the best weather anywhere.

See Shady Canyon Irvine homes for sale – click here.

See Irvine CA homes now listed for sale – click here

See Irvine single level homes now listed for sale – click here

See Woodbridge Irvine homes now listed for sale – click here.

See Quail Hill Irvine homes now listed for sale – click here.

See Northwood Irvine homes now listed for sale – click here.

See Turtle Rock Irvine homes now listed for sale – click here.

See Turtle Ridge homes now listed for sale – click here.

Coldwell Banker residential brokerageby Harrison K. Long. Source of some information is CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine and other Orange County CA cities and areas and about Irvine Home Selling and Real Estate market update.

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Time is Now Best for Buyers to Take Advantage of Unbelievably Low Mortgage Rates

Purchase money lendingWith interest rates dropping to their lowest levels since June 2013, now is a great time to buy a home at Orange County CA.

Current rate drop to about 4.03% for 30-year fixed rate mortgage (for those who qualify) is a big savings for buyers on a monthly basis.

Home loan rates are fantasticRates are a lot lower today than they were at the beginning of this year 2014 – and are now at their lowest level since June 2013.

The FED has been printing money for years by funding the secondary market and purchasing mortgage back securities. The FED has held the Federal Fund Rate at almost ZERO for over five years. Lenders are essentially charged next to nothing to borrow money and are able to pass along this savings in the form of unbelievably low interest rates.

But that won’t last forever. The FED is ready to eliminate the economic stimulus. The FED is looking to keep a lid on inflation and increase the Federal Fund Rate in about six months. That’s where we will see a change in interest rates. As the Federal Fund Rate increases, banks’ profitability is squeezed, and lenders will raise their rates to home buyers and those who refinance.

In about six months – or about April 2015 – pressure is expected to rise on interest rates.

Don’t wait! Lock in your great mortgage loan rate now. There is no better time than now to buy your Orange County home and lock in the great rate.

Orange County CA how has 7,174 homes listed for sale, which is 841 more than same time last year. The expected average market time for all of Orange County CA is at 3.24 months now – or 97 days – now a balanced market that does not favor buyers or sellers.

Sellers at Orange County CA need to make sure they are pricing their homes correctly from the start, so they can get real buyer attention during this balanced market.

By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.

search Irvine CA homes – now listed for sale

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search Lake Forest CA homes – now listed for sale

search Laguna Beach homes – now listed for sale

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Contact us with questions about Orange County CA homes, home buying and selling opportunities at Orange County CA. ~ Professional REALTOR® agent representation and help for home and property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of homes and properties at Orange County CA.

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Orange County CA Home Selling Price Appreciation Slows

Good news for home buyers is that Orange County price appreciation is no longer in white hot territory.

Home sellers this year 2014 need to seriously consider the comps and what buyers are paying for homes.

Our Orange County real estate market has changed during 2014, and buyers are looking to pay fair market value.

More Orange County homes listed for sale are sitting on the market without buyers.

Average market time for OC home selling has gone up, and active inventory of listings has been up all year. 8,057 Orange County homes are now listed for sale, which is 2,535 more than were on the market same time last year (a 45 percent increase in listings this year).

Orange County price and values skyrocketed from 2012 to the end of 2013. Sellers priced their homes above recent sale prices and received multiple offers – sometimes selling for more than list prices.

That’s stopped! Buyers at the OC now want to pay at value relative to recent sales – and expect to pay “fair market value”.

Orange County home selling usually cools after the kids return to school, and we expect this to moderate further from Thanksgiving through start of the New Year 2015.

Buyers have better options this years and are looking for nice upgraded homes and real value. Sellers are no longer in complete control and need to price their homes correctly while considering recent comp sales, location, upgrades, and condition of the home.

Sellers should price their homes realistically and correctly according to value from the start of marketing time and then expect positive results.

We here to help you evaluate the market in your area and price your home to sell.

Coldwell Banker residential brokerage

By Harrison K. Long. Source of some information is ReportsOnHousing.com and is for homes sold by all brokers and agents.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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Bluffs Home Remodeled at Newport Beach CA – 325 Vista Suerte

Welcome to 325 Vista Suerte - "The Bluffs" at Newport BeachLive beautifully in this stunning, extensively remodeled and renovated home in the “The Bluffs” at Newport Beach!

Single family attached home with 3 bedrooms and 2 and one-half bathrooms.

Open-concept kitchen, dining and living area.

Gorgeous custom kitchen rebuilt to the studs – white maple shaker cabinets to ceiling, granite counters, designer backsplash, stainless steel appliances including five burner cooktop and Fisher & Paykel dishwasher drawers, and over-the-stove pot filler.

Soaring ceilings and distressed maple hardwood floors.

Expansive views through French sliding doors to rear patio and lush greenbelt.

Romantic master bedroom with vaulted ceiling overlooking greenbelt.

Spectacular completely renovated ensuite master bath including Carrera marble dual vanity, spacious shower with designer tile & hardware, glass surround and dramatic volume ceiling.

Master bath suite …

Impressive secondary baths rebuilt with new vanities, granite counters, custom tile and raised volume ceilings.

New elements include dual pane windows throughout …

New raised panel wood wardrobe doors, leaded glass entry doorway sidelight, fireplace hearth, crown molding, tall baseboards, light and faucet fixtures, fresh paint, garage door & more.

Location on private community greenbelt near the swimming pool area.

325 Vista Suerte – Bluffs Park Homes at Newport Beach

325 Vista Suerte is the home you have been waiting for!

Offered at $977,500 – CRMLS #OC14121035

Home and listing presented by Harrison and Christi Long, Realtors and professional real estate representatives, Coldwell Banker Residential Brokerage, Newport Beach and Orange County CA – CAL BRE 01410855 – Contact listing agents at 949-701-2515.

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By Harrison K. Long – We provide Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. Contact us with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

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New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.

New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.wood fencing between landowners

Adjoining landowners, with properties contiguous or in contact with each another, must share equally the responsibility for maintaining boundaries and monuments between them.

Adjoining landowners are presumed to share an equal benefit from any fence dividing their properties, and unless otherwise agreed in writing, are presumed to be equally responsible for the reasonable costs of construction, maintenance, or necessary replacement of the fence.

A landowner must give each affected adjoining landowner a 30-day prior written notice of any intent to incur costs for a division fence.  The notice of intent must include the following: (1) a notice of the presumption of equal responsibility for the reasonable costs of construction, maintenance, or necessary replacement of the fence; (2) a description of the nature of the problem with the shared fence; (3) the proposed solution for the problem; (4) the estimated construction or maintenance costs to address the problem; (5) the proposed cost sharing approach; and (6) the proposed timeline for addressing the problem.

An adjoining landowner can overcome the presumption mentioned by demonstrating by a preponderance of the evidence that imposing equal responsibility would be unjust.

To determine whether equal responsibility for the reasonable costs would be unjust, a court will consider the following: (1) whether the financial burden on one landowner is substantially disproportionate to the benefit conferred upon that landowner by the fence; (2) whether the cost of the fence would exceed the difference in the value of the property before and after its installation; (3) whether the financial burden to one landlord would impose an undue financial hardship given that party’s financial circumstances as demonstrated by reasonable proof; (4) the reasonableness of a particular construction or maintenance project, including the extent to which the costs appear to be unnecessary, excessive, or the result of one landowner’s personal aesthetic, architectural, or other preferences; and (5) any other equitable factors appropriate under the circumstances.

This law does not apply to a city, county, political subdivision, public body, or public agency.

Existing law enacted in 1872 which requires a homeowner who fully encloses a property to refund a neighbor a just proportion of the value of a division fence has been repealed. Assembly Bill 1404 (codified as Cal. Civil Code § 841) (effective January 1, 2014).

(Source of information is the California Association of Realtors).  This is for information only and is not the providing of legal services.  If you are a CA landowner with question about your boundary fences and rights and responsibilities, you should consult with an experienced real estate attorney.

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.

New CA Law Says Adjoining Landowners are Equally Responsible for Shared Fences and Boundaries.

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Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

Back bay views from EastbluffEastbluff Newport Beach homes are some of the most popular for buyers in the city that is famous for residential living and investment.

This image views toward the Newport Beach Upper Back Bay from Eastbluff homes.

25 Eastbluff Newport Beach homes sold during 4th quarter 2013 – with average sold price of $1,154,260 – and average time on market for those was 69 days. Eastbluff park

39 Eastbluff Newport Beach homes sold same time last year 4th quarter 2012 – with average sold price at $872,599 – and average time on market for those was 77 days.

So Eastbluff home sales unit numbers were down during 4th quarter 2013 – while sold prices were up 32 percent.

Newport Beach city all areas sold 274 homes during 4th quarter 2013 – with average sold price of $1,754,482.  This Newport Beach home selling was solid through the end of 2013.

Balboa Island listings

Balboa Peninsula listings

Big Canyon listings

Corona del Mar listings

Eastbluff listings

Harbor View Homes listings

Lido Island listings

Newport Heights listings

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.  Connect with us about Newport Beach CA homes and properties and the listing and selling process.

Eastbluff Newport Beach CA Home Sales and Prices 4th Quarter 2013

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Irvine CA Home Prices and Selling During December 2013

Irvine CA Home Prices and Selling During December 2013

The days leading up to Christmas usually involve a huge increase in gift-buying activity, which should and usually does make retail businesses happy.

However, during the December days of Merry Christmas, Hanukkah, and the New Year, it’s normal for home selling/buying markets to slow down.

 

Irvine Ca home selling markets had been busy this year and slowed as expected this month during December 2013.

151 Irvine homes sold with closed escrows for the 30 days during this time – from December 1 to 30, 2013 – with average sold price of $797,009.  December will be the slowest month for Irvine home selling this year.

171 Irvine homes during the same time last year – 30 days from December 1 to 30, 2012 – with average sold price of $712,635.

So Irvine home sales are off 12 percent this year in December as compared with last December 2012 – and home selling prices are up.

During the economy and real estate slump five years ago, 132 Irvine homes sold for the first 30 days of December from the 1st to 30th, 2008 – with average sold price of $632,679.

Irvine home sellers were happy this December with prices, and buyers were happy they bought houses before mortgage loan rates increase further.

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By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Newport Beach and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents. –  Connect with us about Irvine CA home prices and the listing and selling process.

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Orange County CA home prices and selling market update

Orange County CA home prices and selling market update

Orange County CA home selling market update shows that buyer demand has decreased since March of this year.  Number of homes for sale are up, so buyers have better choices.

Orange County now has 5,882 homes listed for sale – as compared with March 15 this year during the hottest selling time when only 3,199 homes were listed.

Expected market time at Orange County is now about 2.3 months (theoretical average time it would take to sell all homes now on the market at current rate of sale).

Irvine CA is the largest market for home selling at Orange County.

Irvine home sales were lightening fast during March this year, and prices jumped.

While even Irvine home selling has slowed during November, this is probably because of normal market moderation during holiday seasons.

Irvine has 493 homes now listed for sale and average market time of about 3.2 months (theoretical average time it would take to sell all Irvine homes now on the market at current rate of sale)

Irvine has sold 173 homes so far during November 2013, and average sold price has been $784,736.

74 percent of the Orange County homes for sale listings are in range of under $1 million where it’s still a market favoring sellers – while only 11 percent of those for sale are above $2 million where sales market time is much slower.

Orange County homes for sale priced between $1 million and $2 million have expected market time of about five months, which is balanced and not favoring sellers or buyers.

Newport Beach has 299 homes now listed for sale – and average market time of 4.82 months, which is balanced.

63 Newport Beach homes have sold so far during November 2013, and average sold price has been $1,845,022.

Orange County home selling markets have softened, and buyer demand is down 20 percent this month November 2013 – as compared with March of this year 2013.  However, average market time is 2.56 months, which still favors the sellers.

Balboa Peninsula homes for sale – click here

Newport Heights homes for sale – click here

East Costa Mesa single level homes for sale – click here

Newport Coast homes for sale – click here

Turtle Rock Irvine homes for sale – click here

Source of some information is CRMLS and data image is www.ReportsOnHousing.com.

Connect with us about the Orange County CA home listing and selling process.

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855 – OCHomeValueGuide.com

Posted in Home selling, Live at Orange County, Newport Coast home values, Newport Coast homes for sale, Orange County CA, Orange County home values, Orange County real estate | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment