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Source: Inman News
Mortgage rates eased this week for the first time in a month, as signs of inflation remained subdued, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
Rates on 30-year fixed-rate mortgages averaged 4.8 percent with an average 0.7 point for the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago.
It is my pleasure to announce the current Top 50 agents for Coldwell Banker Orange County. Based on the 2010 year-to-date gross commission income, these rankings highlight the best of the best among our Orange County real estate professionals. I would like to personally congratulate and commend these agents for their unwavering dedication and professionalism in helping bring together buyers and sellers, continually upholding the ideals of integrity, quality service and customer care upon which our business is built.
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Nancy Barfield Tony Bartos Kathy Beilstein Debi Bibb Greg Bingham Chris Brigandi John Campbell Tim Carr Steve Celotto Evan Corkett Winston Covington Steve Diamond Lyleen Ewing Ron Felsot Jason Godoy Sharon Grimes Scott Gunther |
Teri Hardke Gary Hesselgesser Steve High Melinda Jones Jack Katangian Jerry LaMott Mac Mackenzie Ray McAfoose John McMonigle Susan Miller Janet Panichi Matt Perry Conrad Peterson Keith Randle Marilyn Read Kay Roberts Vaughn Safford |
Heather Saito Fara Salamat Susan Scanlan Bill Schonlau Tim Smith Jerry Snyder Sue Stanton Julie Stevens Josef Szigeti Elizabeth Thamer Jerry Thomas Leslie Thompson Michelle Ultimo Brett Wyland Boker Yaruss Richard Yates |
Each and every one of our Coldwell Banker sales associates is a vital asset to our business and to the Orange County real estate community. I thank all of our valued associates for the hard work and determination they have demonstrated in the face of a challenging real estate market. When you are looking to buy or sell a home, choose Orange County’s premiere residential real estate brokerage. Visit wwwOCViewOnline.com today to meet one of our many knowledgeable and professional sales associates.
According to real estate information service MDA DataQuick, filed Notices of Default declined 4.2 percent during the first three months of the year from the fourth quarter of 2009 and a 40.2 percent drop from the record level seen a year ago.1 With home prices stabilizing and starting to gradually increase in many markets,
this is a great time to buy a home before all of the bargains disappear.
Other good news includes the fact that according to the National Association of Realtors®, existing-home sales rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February. That was also about 16 percent higher than in March 2009.2 Locally, the median price paid for an Orange County home was $432,000 last month, up 12.2 percent from $385,000 in March 2009.3
Add in the California Tax Credit and there has rarely been a better time to buy real estate. Contact your experienced and knowledgeable Coldwell Banker agent for the most current market information and to find out about the exciting opportunities for home ownership. You may also visit www.OCViewOnline.com to search for your next dream home.
1. Inman News. “Dropoff in California Foreclosures.” April 22, 2010. www.inman.com.
2. Armour, S. (2010, April 22). “Existing-home sales rise 6.8% in March; tax credit less help?” www.usatoday.com.
3. DQNews.com. “More Incremental Gains for Southland Real Estate Market.” April 13, 2010. www.dqnews.com.
Watch Realogy CEO Richard Smith appearing on CNBC along with Yale economics professor Robert Shiller as they discuss whether the housing market will continue its rebound.
We have excellent news for California homebuyers—the California Legislature has voted to extend the homebuyer tax credit. The credit will apply to first-time buyers who purchase new or existing homes between May 1, 2010 and July 31, 2010. The credit is for 5 percent of the purchase price, or up to $10,000. One-third of total tax credit may be claimed each year for 3 successive years (e.g. $3,333 for 2010, $3,333 for 2011 and $3,334 for 2012).
Also, Californians have a brief window of opportunity to receive both credits up to $18,000, while taking advantage of mortgage rates that are still incredibly low. With recent reports that Orange County’s new home sales doubled in January and tripled for newly built single-family houses1, the housing market is showing signs of recovery that can cause rates and home prices to rise.
Take advantage of these incredible opportunities before it is too late. Home ownership is still one of your best lifetime investments and with the new California tax credit, it is time to get off the fence. Please consult with one of our experienced sales professionals to find the right property for you and learn more about the extended tax credit.
Visit www.OCViewOnline.com to search for local offices and agents and to view our inventory of fine properties.
1 “New house sales triple in January.” OCRegister.com, March 21, 2010.
http://lansner.freedomblogging.com/2010/03/21/new-house-sales-triple-in-january/60023/
When I last wrote about the market conditions, Southern California was starting to show signs of recovery. From reduced mortgage defaults to increases in sales, there was much good news. Since that last article even more good news has come forth. Southern California median home prices and sales volume increased in the month of February in Orange, Los Angeles, Riverside, San Diego, Ventura, San Bernardino counties—all strong indicators that buyers and investors are taking advantage of the extended tax credit and government backed mortgages.
The median price was up 1.3 percent from January, 2010, and up 10 percent from February 2009. 38.5 percent of home purchases in February were FHA loans, while investment and second home purchases accounted for 18.9 percent of February sales.1 In addition, foreclosure related filings have leveled off in February for the first time since January 2006 according to RealtyTrac.2
Locally, Laguna Beach’s median home price is $1,600,000, which is up by 23. 1 percent.3 Home pricing is up in 56 percent of Orange County’s 83 zip codes and 28 zip codes saw both sales and price gains.4
The preceding good news continues the trend of positive data that started last year. I am optimistic that this year will continue to see an upward trend in good news. Let one of our Coldwell Banker associates help evaluate the right location and property for you—and don’t forget to ask about the soon-to-expire Extended and Expanded Homebuyer Buyer Tax Credit. Also, visit www.OCViewOnline.com today to view available open houses and to search our fine properties.
1 “Southern California median price and sales volume up.” DQNews.com March 16, 2010.
Http://www.dqnews.com/Articles/2010/News/California/Southern-CA/RRSCA100316.aspx
2 “Foreclosures Level off in February.” March 11, 2010. Inmannews.com http://www.inman.com/news/2010/03/11/foreclosures-level-in-february
3 “Laguna’s median home selling price up 23% .” March 16, 2010. OCRegister.com. http://lagunahomes.freedomblogging.com/2010/03/16/lagunas-median-home-selling-price-up-23/2011
4 “Home sales, prices up in 28 OC ZIPs.” March 16, 2010. OCRegister.com. http://lansner.freedomblogging.com/2010/03/16/home-sales-prices-up-in-289-oc-zips/59659/#more-59659
Coldwell Banker Real Estate was recently recognized for ranking “Highest in Customer Satisfaction For Home Sellers Among National Full Service Real Estate Firms” by J.D. Power and Associates.
For J.D. Power and Associates award information, please visit www.jdpower.com.
Investors are regaining confidence in the market. According to a recent survey, 12.1 percent of homebuyers plan to purchase a home as an investment property; this doubles the number of investors from March 2009. The same survey cites the top two reasons motivating investors–the concern that prices are currently at their lowest and that interest rates will rise.1
Forecasters anticipate an increase in home values according to First American CoreLogic’s LoanPerformance Home Price Index, which states, “In August 2010, the index is projecting that 12-month appreciation for national home prices will be 4.6 percent and that home prices in two of the most depressed markets, California and Florida, will show gains in excess of 7 percent.”2
In addition to low prices and low interest rates, keen investors should note that forecasters have ranked three Orange County cities among several of the largest U.S. markets as those that will have the best expected performances in home prices over the next 12 months–Anaheim, Irvine and Santa Ana.3
Let Coldwell Banker Residential Brokerage assist you in finding your next investment or home. Visit www.CaMoves.com and www.OCViewOnline.com to find an agent and browse our fine properties for sale.
1 “Affordable Prices Draw Investors to Real Estate.” Move.com. November 11, 2009.
http://news.move.com/phoenix.zhtml?c=192403&p=irol-newsArticle&ID=1353929&highlight
2 “Home Value Loss Now but Increased Pricing Expected in 2010” Realtytimes.com. January 4, 2010.
http://realtytimes.com/rtpages/20100104_homevalue.htm
3 “Local Market Monitor Announces Release of Fourth Quarter Home Price Forecast for Largest US Markets” Local Market Monitor. December 10, 2009.
http://www.localmarketmonitor.com/index.cfm?event=pressRelease&id=16
Top 5 Reasons to Buy and Sell California Real Estate in 2010
Saturday, January 9th, 2010While the wonderful celebrations of the holiday season have come to a close and the New Year has arrived, the excitement of the holiday season continues for us. Coldwell Banker is excited about the opportunities 2010 will offer and is looking forward to going beyond the successes we had in 2009. As the real estate market progresses towards stability, we present the top five reasons to buy and sell California real estate in 2010:
#5 – First-time Homebuyers Tax Credit Extension and Expansion The original tax credit helped drive California home sales up in November 2009 and with the credit’s extension and expansion, home sales should continue upward before the credit’s April 30, 2010 expiration2.
#4 – Increase in Statewide Median Home Price Existing single family home prices increased 5.8 percent in November to $304,520 compared with November 2008 at $287,8802. In Orange County, the cities of Laguna Beach and Newport Beach ranked fifth and sixth, respectively, out of ten cities statewide with the highest median home prices, while Lake Forest and Fountain Valley ranked fourth and tenth, respectively, with the greatest median home price increase since November 2008.
#3 – Shorter “On the Market” Time The C.A.R. unsold inventory index fell from 7.1 months to 4.5 months in November 20092.
#2 – Interest Rates Continue to be at All Time Lows Recent reports from Freddie Mac state that interest rates are still near record lows and are very affordable by historical standards3.
#1 – The California Lifestyle From our beaches, mountains and deserts to our urban, suburban and rural communities, California’s diverse landscape, culture and weather make investing in California an easy choice.
In the New Year’s market, buyers and sellers continue to utilize Coldwell Banker for our team of real estate professionals, our industry-leading advertising and our advantageous online marketing, including presence on the number one ranked real estate Web site, Realtor.com1. To start your search for you next home or to find an agent to help sell your home, visit www.OCViewOnline.com and browse our fine properties and meet one of our real estate professionals.
1 “Realtor.com Still No. 1.” Inman News. Friday, December 18, 2009.
http://www.inman.com/news/2009/12/18/realtorcom-still-no-1?page=0%2C0
2 “November Sales and Price Report.” California Association of Realtors.Tuesday, Dec. 22, 2009 http://www.car.org/newsstand/newsreleases/novsalesandprice/
3 “2009 Ends with Mortgage Rates Just Over 5 Percent” Freddie Mac. Thursday, Dec 31, 2009 http://www.freddiemac.com/pmms/release.html
Tags: california real estate, First-time Homebuyers Tax Credit Extension and Expansion, realtor.com
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