Orange County Real Estate
The median price paid for a single family residence home in May was $668,000, an increase of 3.5.% over the same period last year. The total number of houses sold in May was 2,163 and the total number of condos sold was 1,017.
In Anaheim Hills, the median price for a single-family residence in February was $674,000 in zip 92807 (24 homes sold) and $1,128,000 in zip 92808 (6 homes sold). This represents increases of 22.6% in 92807 and 52.9% in 92808 compared to the same month last year. The median price per sq. ft. was $326 in 92807 and $525 in 92808.
Orange County Real Estate
The median price paid for a single family residence home in February was $640,000, an increase of 31.% over the same period last year. The total number of houses sold in February was 1,305 and the total number of condos sold was 553.
California Real Estate Market
An estimated 25,585 new and resale houses and condos were sold in California in February 2015. That was up 1.0% month over month from 25,325 sales in January 2015, and down 0.4% year over year by 2.0% percent from 25,680 sales in February 2014.
February home sales have varied from a low of 20,513 sales in 2008 to a high of 48,409 sales in 2004. The February 2015 sales were the lowest for that month since 2008, and they were 18.7% lower than the February average of 31,454 sales since 1988, when CoreLogic DataQuick data began.
The median price paid for a home in California in February 2015 was $378,000, up 0.5% month over month from $376,000 in January 2015 and up 6.5% year over year from $355,000 in February 2014.
February 2015 marked the 36th consecutive month in which the state’s median sale price has increased on a year-over-year basis. The peak year-over-year price gain was 29.2 percent in July 2013. Since then the annual gains have generally trended downward and have been single-digit since July 2014.
The February 2015 median price was 21.9% lower than California’s peak median price of $484,000, reached in March/April/May 2007.
Of the existing homes sold statewide in February 2015, 6.8% were properties that had been foreclosed on during the past year. That was up from a revised 6.7% in January 2015 and down from 8.0% in February 2014. Statewide foreclosure resales peaked at 58.8 percent in February 2009.
Short sales made up an estimated 6.2 percent of homes that resold in February 2015, down slightly month over month from 6.7% in January 2015 and down year over year from 9.0 percent in February 2014. Short sales are transactions in which the sale price fell short of what was owed on the property.
The typical monthly mortgage payment for California home buyers in February 2015 was $1,394, up from $1,379 in January 2015 and down from $1,405 in February 2014. Adjusted for inflation, the February 2015 typical payment was 39.7% below the typical payment in the spring of 1989, which was the peak of the prior real estate cycle. It was 51.1% below the current cycle’s peak in June 2006 and 51.2% above the January 2012 trough of the current cycle.
Source: CoreLogic DataQuick; DQNews.com
Average OC Lender Mortgage Rate
As of February 26, 2015, the 30-year fixed was 3.80 percent, and the 15 year fixed was 3.07 percent.
ZIP Codes: 92807, 92808
A foreclosed home, also known as an R.E.O. (Real Estate Owned) property is a home that was repossessed due to the owners inability to pay the mortgage.
Buying a foreclosure can be great. It can save buyers a lot of money as long as they do their homework.
Know What to Expect From a Foreclosure
Once a foreclosed home finally reaches market it may not be in the best of shape. Foreclosures can often take several months or even a year to complete. In that time the home probably will not have been kept up at all. Also, the previous homeowners may have intentionally caused damage to the home. They may damage walls out of anger or simply to get at copper piping and wiring within the walls. In some cases the bank may perform simple home maintenance and repairs but the home may sit for months as the banks decide to sell the home and set pricing.
So What Are The Advantages?
Potential homeowners may be asking,”So what would be the point of buying a broken money-pit?”. Well, they have to remember that the previous paragraph was outlining some, “potential”, worst case scenarios. By performing due diligence and doing a little research, buyers are sure to find perfectly good homes in the foreclosure market. The new home will probably need a little work. But with some effort a homeowner can turn foreclosure into a home and see some appreciation in the properties value.
Is a Foreclosure The Right Choice For Me?
As a potential buyer ask yourself.
- Am I prepared to invest the money and time needed to bring this house back to a habitable condition? Do I know all the problems the house presents?
- If the utilities have been turned off for months, do I know what works in the house?
- Have I been given enough time to get the house professionally inspected so that I have detailed knowledge of how badly off the property may be?
If you decide that a foreclosure is the right choice for you. Be sure to contact Ralph and Robyn to help you negotiate a great deal.
Buying or selling a home can be a costly and somewhat difficult task to do on your own. The consequences of making a mistake can be detrimental to your pocket book and a poor decision can leave you unsatisfied with your new home. Real Estate agents are here to help you navigate the sometimes confusing waters. Here are some reasons why you need a real estate agent.
Simplification of the Process
Agents are trained to understand the process and generally will be experienced. With experience comes stream-lining. You could save money by selling the home by yourself. But realistically most people don’t have the time or the knowledge to market a home or to research new home. Real estate agents save you time which in the long-run will save you money.
Helping you Find The Right Home
Again this is what real estate agents are trained to do. Find the right home for their customers. They have access to information on several thousand listings with all the necessary information on the conditions of the seller, the home and any legal provisions that might stand in the way of a smooth process. This can prove quite helpful.
The process of buying or selling a home can include a massive amount of paperwork. It can be confusing and without prior experience. You are open to making potentially time consuming costly mistakes. By hiring a real-estate agent you can close a deal almost entirely over the phone.
Some home buyers and sellers do not think they need a real estate agent. They feel confident that they have an understanding of the business. And that they can handle the the process on their own. This is an unfortunate and misguided mistake that could be costly in many ways.
Do you self a favor. When you decide to buy or sell a home. Contact Ralph and Robyn