Orange County Home Buyer Demand Jumps

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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Newport Beach CA Home Selling Market Update

Newport Beach CA home selling market update – February 5, 2015.

With luxury and expensive homes near Newport Harbor, Balboa Island, the canal, the Back Bay, and beaches – Newport Beach is a most popular location for residential living and investment.

48 Newport Beach homes sold during January 2015 – with average sold price of $1,797,333 – and average time on market of 101 days for those sold homes.

42 Newport Beach homes sold during same time last year January 2014 – with average sold price of $1,621,010.

So Newport Beach average home selling numbers and prices are up so far this year 2015.

859 Newport Beach homes sold during 2014 calendar year – with average sold price of $1,801,412.

Newport Beach has 294 homes now listed for sale – with average list price of $2,566,053.

Average time on market (that time it would theoretically take to sell all homes now on the market at current pace of sale) at Newport Beach is now about 6 months.

This number of for sale listings Newport Beach is good for buyers who have excellent selection and nice opportunities.

Balboa Island homes now for sale

Lido Island homes now for sale

Newport Heights homes for sale

Newport Beach homes for sale

Bluffs at Newport Beach homes for sale

By Harrison K. Long.  Professional REALTOR® 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. This is information from CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.   Contact us at 949-854-7747 with your questions about home listing and selling prices at Newport Beach and other Orange County CA cities.

“Newport Beach CA home selling market update”

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Listing and Selling Your Home During Winter Months Can Be Wise

Some Orange County homeowners mistakenly believe that listing their home for sale during winter months isn’t a good idea and take their homes off the market.Orange County CA home selling-b-

3,058 Orange County homes sold during the past 30 days leading up to December 14, 2014.

The number of sales usually drops off during winter months.  However, many purchase offers and contracts continue to be written during this time of year.

Sellers have new reasons to move forward with plans to sell homes during the winter – instead of waiting until the busier spring and summer buying and selling seasons.

When U.S. Federal Reserve pulls back its support for the economy, interest rates will increase at some point in 2015.  The Fed has kept short-term interest rates near zero since 2008, and that will come to an end.  

Smart buyers always want to buy while mortgage rates are still low.

The U.S./ China visa agreement that took effect last month in November and allow multiple entry visas spanning 10 years to be issued for business travelers and tourists and five years for students.  China is one of the fastest sources of international real estate buyers, and this new visa policy should encourage even more Chinese citizens to invest in Orange County real estate.

It’s a myth that spring and summer are better times for homeowners to sell.  Each season has advantages and disadvantages.  

Sellers will get more activity during the spring, but they will also have more competition then.  However, with little if any monthly price appreciation during these times, waiting to sell your home won’t get positive results.  Spring might be the busiest time of the year where demand peaks, but it is also when many homeowners get their homes on the market at unrealistic prices.

People are always buying homes at Orange County and don’t pay much attention to the time of year.  

December and winter months usually presents buyer emotional response and demand for well-cared for homes at nice neighborhoods. 

Coldwell Banker residential brokerage

 

 

By Harrison K. Long.  Source of some information is CRMLS multiple listing service ReportsOnHousing.com. 

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 Orange County CA cities and areas with Home Selling and Real Estate market updates.

Listing Your Home for Sale During Winter Months and during the holidays can be a wise choice.

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Bluffs Homes at Eastbluff Newport Beach CA

OLYMPUS DIGITAL CAMERA

Eastbluff at Newport Beach is a residential community located west of Jamboree Road and on the Eastern edge of the Upper Newport Beach Back Bay.

 

 

“The Bluffs” homes at Eastbluff are especially popular with buyers who still have opportunity to get a home at Newport Beach CA for less than $1 million.
Welcome to the Bluffs! The perfect place to call home

With luxury and expensive homes so close at Newport Harbor, Balboa Island, the canal, the Back Bay, and beaches – “Bluffs” condominiums and single-family homes are more affordable and very sought-after for residential living and investment.

11 “Bluffs” homes sold during the past 3 months from August 1 to October 31, 2014 – with average sold price of $830,765.

20140615_145300-b-325 Vista Suerte at the “Bluffs” sold on July 31, 2014.

 

 

 

209 Newport Beach homes sold from August 1 to October 31, 2014 – with average sold price of $1,967,400.

Newport Beach now has 314 homes listed for sale – with average seller asking price of $2,684,500.   These homes present opportunity for qualified homebuyers who have great selection in this harbor and Pacific ocean oriented city at South Orange County.

Bluffs homes at Eastbluff for sale – see here

Eastbluff at Newport Beach homes for sale – see here

Newport Beach homes for sale – see here

By Harrison K. Long – 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. This is information from CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

Contact us at 949-854-7747 with your questions about Bluffs homes at Eastbluff Newport Beach.

Posted in Bluffs homes at Newport Beach, Coast Living Homes, Eastbuff Newport Beach, Newport Beach CA, Newport Beach home values, Newport Beach homes, Newport Beach housing market | Tagged , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Newport Beach CA Home Selling at Start of Fall Season 2014

Newport Beach CA has amazing opportunity for home sellers and buyers at start of fall season 2014.

With luxury and expensive homes near Newport Harbor, Balboa Island, the canal, the Back Bay, and beaches – Newport Beach is a most popular location for residential living and investment.

Summer has ended with fall season has started.

70 Newport Beach homes have sold during past 30 days – from August 22 to September 21 – at end of summer 2014.

$2,011,000 was average Newport Beach home sold price during this past 30 days – and average time on market for those sold homes was 108 days.

67 Newport Beach homes sold during same time last year – August 22 to September 21, 2013.

$1,793,000 was average sold price las year – and average time on market for those sold homes was 70 days.

So Newport Beach average home selling prices are up more than 12 percent during this time – at end of summer 2014 as compared with end of summer 2013.

Newport Beach now has 344 homes listed for sale – with average list price of $2,753,000.  This high number of listings is good for qualified home buyers who have excellent selection in this sought-after city for residential living.

See Newport Beach homes for sale

By Harrison K. Long.  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. This is information from CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

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

Newport Beach CA home selling starts fall season with recap

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3 Things to Know About East Costa Mesa Home Selling

3 Things to Know About East Costa Mesa Home Selling

First – ECM residents love the geography and great weather.

East Costa Mesa is about a 3-square-mile area at South Orange County and borders Newport Beach on the south, Irvine Avenue on the east, Mesa Drive on the north and Newport Blvd on the west. It’s located about 2 miles from Newport Harbor and 3 miles from the Pacific Ocean and has lots of sunshine and some of the best weather anywhere.

Second – People are attracted to the ECM schools and neighborhoods.

People want the safe and friendly neighborhoods at ECM – with ocean breezes, bicycling on the streets, sports fields, recreation areas, and walking to restaurants and shopping.

ECM residents cherish their yards, and many plan to expand their living spaces while some have already completed that transformation. Homes are charming with many single-level style ranchers.

Third – East Costa Mesa home values and selling prices.

ECM home values have been on the upswing during the past 13 years, which makes homeowners happy.

72 East Costa Mesa homes are now listed for sale on the multiple listing service – with average asking price of $889,121.

21 East Costa Mesa homes sold during August this year 2014 – with average selling price of $880,714.

It’s amazing that the average list price is so close to the average selling price.

East Costa Mesa average selling prices are up 7.8 percent this year August 2014 vs. last year August 2013.

19 East Costa Mesa homes sold during August last year 2013 – with average selling price of $816,037.

Pricing your East Costa Mesa home correctly based upon real value and upon recent sales in your neighborhood is a most important consideration.

Buyers are looking more at prices this year and expect to pay fair market value relative to recent sales. Sellers are in control of most contract terms, and buyers have more influence on prices.

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

Coldwell Banker residential brokerage

By Harrison K. Long. 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 Corona del Mar and Orange County, CA.

Source of some information is CRMLS and is for homes sold by all brokers and agents. Contact us at 949-854-7747 with your questions about homes and property values at East Costa Mesa CA and Things to Know About East Costa Mesa CA Home Selling.

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Corona del Mar Home Sales and Prices Market Update

Corona del Mar Home Sales and Prices Market Update

Corona del Mar main beach was an especially exciting place on August 27, 2014 – with huge waves after hurricane swell.

Corona del Mar CA home selling and prices market update shows:

103 Corona del Mar homes are now listed for sale on the CRMLS (as of September 17, 2014).

$3,703,000 is the average list price for Corona del Mar homes – as of September 17, 2014.

27 Corona del Mar homes were sold during August 2014.

$2,038,111 was the average Corona del Mar home selling price during August 2014.

Average CDM home selling price in August this year was 44 percent lower that the average asking price.

This big difference between average list price and average selling price is because of combination: (a) some sellers are asking too much for their homes, or (b) fewer of the high-end estate properties with high prices are selling, or (c) smaller size homes are selling this year.

18 Corona del Mar homes were sold last year during same time August 2013.

$2,800,061 was the average CDM home selling price during August 2013.

So Corona del Mar home selling activity was up during August this year as compared with last year August 2013.

Buyers are looking more at prices this year and expect to pay fair market value relative to recent sales.

CDM home buyers have better options this year 2014 and like upgraded homes and value. Sellers are in control of most contract terms, and buyers have more influence on prices.

Find out for free what your home is worth

 

By Harrison K. Long. 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 Corona del Mar and Orange County, CA.

Source of some information is CRMLS and is for homes sold by all brokers and agents.

Contact us at 949-854-7747 with your questions about homes and property values at Corona del Mar CA.

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U.S. Estate Tax Is On Your Right to Transfer Property at Your Death

Some people we talk with are confused about what the U.S. Estate Tax is and on what basis that would be owed and paid.

According to the Internal Revenue Service the U.S. Estate Tax is a tax on your right to transfer property at your death.

This consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706).

The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your “Gross Estate.” The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

Once you have accounted for the Gross Estate, certain deductions (and in special circumstances, reductions to value) are allowed in arriving at your “Taxable Estate.” These deductions may include mortgages and other debts, estate administration expenses, property that passes to surviving spouses and qualified charities. The value of some operating business interests or farms may be reduced for estates that qualify.

After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed. The tax is then reduced by the available unified credit.

Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) do not require the filing of an estate tax return. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 – 2005; $2,000,000 in 2006 – 2008; $3,500,000 for decedents dying in 2009; and $5,000,000 or more for decedent’s dying in 2010 and 2011 (note: there are special rules for decedents dying in 2010); $5,120,000 in 2012, $5,250,000 in 2013 and $5,340,000 in 2014.

Beginning January 1, 2011, estates of decedents survived by a spouse may elect to pass any of the decedent’s unused exemption to the surviving spouse. This election is made on a timely filed estate tax return for the decedent with a surviving spouse. Note that simplified valuation provisions apply for those estates without a filing requirement absent the portability election.

For additional information, refer to the IRS and its Instructions for Form 706.

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By Harrison K. Long. Source of information is the Internal Revenue Service. See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax. This is for information only and is not the providing of professional estate planning or tax services or legal services. You should always consult with an experienced attorney or a certified public accountant about estate taxes for yourself and your family.

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Represented Successful Home Sellers at 325 Vista Suerte, Newport Beach CA

We represented the successful home sellers at 325 Vista Suerte, The Bluffs at Newport Beach – helped our clients sell this home in 23 days at closing price – 99 percent of original list price. 

Welcome to 325 Vista Suerte - "The Bluffs" at Newport Beach325 Vista Suerte in the “The Bluffs” at Newport Beach

 

Single family attached home with 3 bedrooms and 2 and 1/2 baths. 

 

325 Vista Suerte – Bluffs Park Homes at Newport Beach

325 Vista Suerte – sold within 23 days of original listing – sold for 99 percent of original list price  – CRMLS #OC14121035

Home and listing was 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. 

Coldwell Banker residential brokerage

By Harrison K. Long –  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.

Posted in Home selling, Home selling guide, Newport Beach CA, Newport Beach home values, Newport Beach homes, Newport Beach real estate, Newport Coast home values, Represented sellers | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Surf’s Up with Newport Beach CA Home Selling Prices

Surf’s Up with Newport Beach CA Home Selling Prices

TN dpt-wedge-1People love Newport Beach CA where homes near the Harbor, the Back Bay, and beaches are some of the most popular for buyers in this city famous for residential living and investment.

 

Newport Beach CA homeowners like recent selling prices and solid values.

81 Newport Beach homes have sold during first 29 days of July 2014.

Average sold price for those July 2014 was $1,662,385 – and average time on market for those sold homes was 87 days.

84 Newport Beach homes sold during same time last year – first 29 days of July 2013. Average sold price was $1,525,065 – and average time on market for those sold homes was 74 days.

So Newport Beach average home selling prices are up almost 9 percent during this time in July 2014 as compared with the same time last year in July 2013.

Newport Beach now has 366 homes listed for sale on the multiple listing service – with average list price of $2,869,000.

See Newport Beach homes for sale listings

See Balboa Island listings

See Balboa Peninsula listings

See Baycrest listings

See Big Canyon listings

See Eastbluff listings

See Harbor View Homes listings

See Lido Island listings

See Newport Heights listings

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. This is information from CRMLS multiple listing service 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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