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O.C. home prices hit 31-month low

December 13, 2011 1 comment

Orange County’s home pricing got hit with autmun’s chill, as builders had a record-worst sales month.

DataQuick reported this morning that 2,297 residence sold in November. That is up 1.8% from a year ago. That gain came at a price. Literally.

Median selling price was $400,000 — the lowest since April 2009 and off 8.0% in a year. Orange County’s median first hit $400,000 in May 2003.

By the slice:

  • 1,495 single-family residences sold last month. That is up 6% from a year ago.
  • 664 condos sold last month. That is up 8% from a year ago.
  • Builders had 138 new-home sales last month. That is down 42% from a year ago. It was the slowest November for developers in DataQuick records that date to 1988.

And more analysis ….

  • $400,000 median selling price is 38% below June 2007′s peak of $645,000.
  • Current price is 11.1% below 2010′s peak (May and July) of $450,000; 2% below end of 2010′s median ($410,000.)
  • The most recent median is 8% above the cyclical low hit in January 2009 at $370,000 — so the median has recouped 11% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 10% higher ($418,250 in January 2009); condo median is 1% higher ($252,000 in March 2009.) Builder prices for new homes are 35% above June 2009′s $424,000 bottom.
  • The median selling price of a single-family home is 37% less than their peak pricing (June ’07). Condos sell 46% below their peak in March 2006. Builder prices for new homes are 34% below their February ’05 top.
  • Single-family homes were 80% more expensive than condos in this period vs. 71% a year ago. From 1988-2010, the average house/condo gap was 57%.
  • Builder’s new homes sales were 6% of all residences sold in the period vs. 10% a year ago. From 1988-2010, builders did 14% of the Orange County homeselling.

From The OC Register, today

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Weekly Mortgage Rates

July 14, 2011 1 comment

Summary of Weekly Mortgage Rates – July 14, 2011

Regional Breakdown 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.51 % 3.65% 3.29 % 2.95 %
Fees & Points 0.7 0.6 0.6 0.5
Margin N/A N/A 2.74 2.76

From Freddie Mac

Dave & David Warner 

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Weekly Mortgage Rates – 6/30/2011

June 30, 2011 1 comment
Regional Breakdown 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.51 % 3.69 % 3.22 % 2.97 %
Fees & Points 0.7 0.7 0.6 0.6
Margin N/A N/A 2.74 2.76

This is a summary of regional mortgage rates from around the nation.

From Freddie Mac

Dave & David Warner

 
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Why Do Buyers Want to Own?

May 3, 2011 1 comment

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  • Consistently among all buyers of nearly every age bracket, and every household composition – those with children and those without children, the primary reason for purchasing a home was the desire to own a home.
  • The most important reasons repeat buyers’ purchase a home is the desire for a larger home and a job-related relocation or move.
  • The home buyer tax credit ranked second among first-time buyers with 13 percent of first-time buyers citing this as their primary reason for purchasing a home, up from 6 percent in 2009.
  • Dave & David Warner

JUST LISTED! OCEAN VIEW 2 BEDROOM END UNIT SAN CLEMENTE

April 13, 2011 1 comment

Please Click on the Link Below!!!!!

http://www.postlets.com/realestate/mini_385.php?pid=5396891

Dave & David Warner
First Team Real Estate
714-870-1028
949-547-0480

Dre #’s 01236069-01236519
callwarner.ft@gmail.com
 

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Selling Your House? 5 Reasons To Do It NOW!

February 17, 2011 Leave a comment

The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall.

Below are five strong reasons to sell now instead of waiting until later in the year. Sit down with Dave & David today and discuss these reasons to decide the best options for you and your family.

Here are five reasons why:

1.) Interest Rates Are On the Rise

Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.

2.) Your Dream Home Will Never Be Cheaper

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.

3.) Buyers Are Out Early

There is mounting evidence that buyers are coming out earlier this year. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth. We’ve are now experiencing 100,000 property views per minute.”

4.) Inventory Increases Every Spring

Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010.

  • February – 3,531,000
  • March – 3,626,000
  • April – 4,029,000

We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.

5.) We Are in the Eye of the Foreclosure Storm

While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

CNN Money quoted the leadership Of RealtyTrac on this issue:

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.

“Unfortunately,” he added, “This is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

“We expect a spike in the first quarter,” said Rick Sharga, a RealtyTrac spokesman.

Dave & David Warner

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Fishing Hole Snow is Finally Melting.

February 11, 2011 2 comments

We can see the deer now – spring must be on it’s  way.

callwarner.wordpress.com

We can finally see the deer moving around

Thank you,  Hans

Dave & David Warner

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