Have we hit bottom?

Yes, and NO! Depending on what statistics you are looking at. Annual home sales and most recently December sales numbers-are up! Projections based on these numbers predict that homes sales will jump 25%. However, Median prices may have a ways to go but could stabilize in the later half of 2009. Every market is local. Many areas of California are glutted with foreclosures and this will take some time for the market to obsorb. However, Southern Orange County and particularly Irvine and Newport Coast are not so plagued. We have had down turns before and I hate to admit I remember the days of government foreclosures boarded up tight as a drum to try and stem the damage from looting! So far, it seems we have avoided such things here in Orange County. California led the way to this housing bubble crash and it will lead the way out! If you watch state wide California or USA statistics you will not know what is happening here. We do not have a 2 year supply of homes. I would estimate more like 4 – 6 months and falling daily.

Remember that some of the great deals we are seeing today may not be here in 6 months. If you are looking for a HOME to spend 7-10 years in this is a great time to take advantage of the market and the prices we are seeing RIGHT NOW! Yes, there will still be homes for sale in 6 mos but we will then be in PEAK BUYING SEASON!  This can make a big difference for competition as it is the most popular time to move children into new school districts.

Ultimately, timing the market is not advisable and may not even be possible! If you find a home that meets your needs you might want to buy it! It most likely will not be available 6 mos from now!

Shady Canyon Home Sales Update

Last summer Shady Canyon inventory of homes for sale spiked to a new high! At our height of inventory we had approximately  52 homes for sale. Inventory has now decreased  to 38 homes. Prices currently range from approx. $2.6 mil to over $18 mil. This doesn’t actually reflect a total sold since most are replaced with new listings as we go. Homes sold since June in Shady total 17. This is hardly a slow selling season!  The lowest current inventory is in the track homes Villas, Sycamores and The Masters collection. Most of our current inventoy are brand homes and many are builder close outs. We also have a fabulous selection of resale homes. All sales offices for Sycamore, Masters Collection, and The Villas are closed out and homes in these neighborhood are only available  through resale! This is a great time to take advantage of some of the great price reductions we are seeing in this neighborhood. There has never been a better time to find your “Made in the Shade” Shady Canyon Home. For more info on this community or your personal tour Email   or call Mary Burke 949-275-6544 today. See what this wonderful community can offer you. You can also see all current all Shady Canyon property listings currently available today!  

Is the Scene Set?

Could we be in for a home buying surge? I am no economist and I find all the hugely varying perspectives very interesting. Remember to follow the simple of rules of investing to try to stay ahead of the crowd. If history in the OC has taught us anything it is to expect the unexpected. 

Track the Market: Every month, follow the five key indicators. Start logging them. Use a spreadsheet to chart them. One or two months doesn’t make a trend. Trends develop over the long term.. At this point you might want to look backwards!

So what are those five key indicators? One indicator alone does not make a trend or a decision to buy or sell. The key indicators to watch are:

·  Interest Rates. Rising interest rates have a depressing effect on real estate prices. Falling rates help generate demand. That helps prices go up.

·  Building Permits. When demand is strong, builders pull more building permits so they can build and sell homes. Builders reduce the number of permits when demand drops.

·  Home Sales. Simple principles of supply and demand affect home sales. When buyers buy prices rise. When buyers retreat so do prices.

 ·  Loan Defaults. Defaulting home owners are having job or money troubles or both. That signals a weakening economy.

 ·  Foreclosure Sales. Foreclosures signal even deeper consumer money troubles and a worsening economy. It also signals dropping home prices.

 

There are correlations to be found in any of our downturns and subsequent meteoric rises. Remember, when the stock market goes down investors look for some place else to put their money. Housing is fueled by supply and demand as well as interest rates. When interest rates go down-more people can afford to purchase a home and sales usually go up. When inventory goes down this generates increased demand. Currently many communities-such as Irvine-are experiencing decreasing inventory. Sales are up and fewer listings are replacing the sold homes. With the moratoriums on foreclosures there is no new supply of those either. Put this along with the scene being set by the government which is now putting in the original rescue plan!!!!- buying mortgage backed securities- this could lead to more available lending and a come back in our Orange County real estate! If you are thinking of buying get your loan approved and be ready to go! Every market is different and if you follow national trends you will not know what is going on in Orange County. This community has not experienced the blow that some areas in California and across the nation have. When the market does turn around it will not be reported until 4 months after is begins so be watching closely!

 

 

SHOULD I SELL NOW?

There have been many recent stories on television and in the paper talking about how many homes are for sale now, how it is taking longer to sell, and how some sellers are giving concessions to get their homes sold! And now we are officially declared in a recession!

Some sellers are considering waiting to sell their homes in belief that the housing market will improve. Many homes on the market are priced at 15-25% below the previous year and we are in a declining market. Yes, the market is definitely in the buyer’s favor right now. 

However, the  number of houses for sale had increased each year for four or five years, but for the first time inventory is declining…

As a seller it is tougher, but as a buyer you are more in the driver’s seat. Though you may not get quite a much for your current home, your next home will also be priced lower than it would be otherwise. This year was marked by foreclosures and short sales and the market has lost about 20-25% of value. While this means that sellers cannot expect as much for their homes as last year, it also means for sellers that are moving up – their future home will not cost as much as they expected. If you’re planning a move to a higher price range, it should actually be in your favor. Interest rates are  historically low and could go lower with some of the current fed plans! That’s another story yet to come!

If you are planning to move in the next 18 months, then you may want to consider moving now to take advantage of the low interest rates and current price reductions. Remember that taxes are also calculated on the price of the homes so lower prices could work considerably in your favor!

Currently in Irvine and Newport Coast inventory is declining and in some neighborhoods and price ranges there are actually very few homes for sale! If your home is in one of these neighborhoods it could be a good time to sell-Less competition!

If you would like a free list of homes for sale in the Irvine or Orange County area, would like more information about Irvine or any of the surrounding communities, or would like to be the first to know about hot new listings before other buyers do, then E-mail Mary Burke at MaryB@IrvineVillages.com  or give me a call at: 949-275-6544. I lookforward to hearing from you!

Quail Hill Market Update

We here at LifeStyles Realty continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find Quail Hill real estate statistics for December as of December, 19, 2008

  • Number of Homes currently on the market: 35
  • Number of Homes in escrow (pending or back up):10
  • Number of closings: 7

To find the value of your home please visit my web site IrvineVillages.com for your free over the net home evaluationClick here to see Quail Hill Solds

If you would like a free list of homes for sale in the Quail Hill or Irvine  area, would like more information about Irvine or any of the surrounding communities, or would like to be the first to know about hot new listings before other buyers do, then E-mail Mary Burke at MaryB@IrvineVillages.com  or give me a call at: 949-275-6544. I lookforward to hearing from you!

Welcome to my Irvine Blog

This is my first post in my new blog. My goal will be to keep you informed of real estate new relevant to the Irvine area!I hope you will find the writings here useful and informative and hopefully sometimes interesting! I will try and keep you informed of real estate new relevant to the Irvine area! Please visit often and leave a comment if you have one!

This theme is sponsored by California along with Texas, Radio and corporate office contact address