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Showing posts from July, 2018

Foreclosures are now "Few and Far Between" Courtesy of The Deem Team

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Distressed homes, both short sales and foreclosures combined, made up only 0.9% of all listings and 1.4% of demand. There are only 27 foreclosures and 32 short sales available to purchase today in all of Orange County, 59 total distressed homes on the active market, down five in the past two weeks. Last year there were 88 total distressed homes on the market, 49% more than today.
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Active Orange County Grew 3% with-in the last two weeks!

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The active listing inventory continued its climb in the past two-weeks, adding 180 homes, or 3%, and now totals 6,759, its highest level since September 2016. Expect the active inventory to continue to grow until it peaks, most likely next month.
Last year at this time, there were 5,967 homes on the market, 792 fewer. That means that there are 13% more homes on the market today. The year over year difference is growing week by week. The trend of more homes on the market year over year is here to stay.

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Kitchen Fixes

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By Stephanie Booth, Realtor.com

Once upon a time, my husband and I toured an adorable home for sale in a bucolic New Jersey town. We were thrilled when we walked through the front door. But that feeling dissipated quickly once we entered the kitchen.
At least, I think it was a kitchen. There was a sink.
The rest was indistinguishable due to the sheer volume of stuff—boxes, newspapers, empty cans, and dirty dishes. As we picked our way to the adjoining living room, we were forced to squeeze past a sullen teenager, who'd apparently just rolled out of bed and was slurping what appeared to be a bowl of milk.
The kitchen is the nucleus of any house, and if it's not looking its best, every other part of the home seems icky, too. "Most buyers have a 5-second rule," explains Claire Groome, an agent with Warburg Realty in Manhattan. "If they walk into a [home] and don’t see themselves living there after 5 seconds, it’s not for them. How the kitchen looks is a…

Which Generation Is Struggling the Most to Buy a Home? (It's Not Millennials)

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Clare Trapasso, Realtor.com Scrimping and saving to come up with a down payment is no easy feat, especially when aspiring buyers have student loan debt, high rents, and soaring property prices to contend with. But millennials who are most likely to face those hurdles aren't the generation having the hardest time saving up for a new home, a recent report finds. Instead, it's Generation X.

The National Association of Realtors® report is based on about 4,000 responses received from non-homeowners in surveys performed each month in 2017.

Gen Xers “are at an age where they may have children, car loans, credit card debt," says Jessica Lautz, NAR's managing director of survey research. "They're also less likely to be able to move back home [with their parents] to pay down debt."

About 47% of Generation X respondents said they were having difficulty saving up for a down payment. That's compared with 23% of millennials.

Although the lingering pai…

A Low Credit Score Costs Home Buyers Big—Here's How Much

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Article From Realtor.com

With skyrocketing home prices and rising mortgage rates, many home buyers are frantically looking for ways to cut down on costs wherever they can. But in one area, it makes sense to ramp up spending, experts say—paying off old bills, debts, and credit cards.

That's because a very good credit score can save home buyers tens of thousands of dollars over the life of their mortgage, according to a recent report from online financial services marketplace LendingTree. That's not chump change.

LendingTree estimates borrowers with very good credit scores of 740 to 799 can save $29,106 over those with a fair credit score of 580 to 669. The savings would be on the annual percentage rate of a 30-year fixed mortgage of $234,437, which is the average size of those loans, according to the report. Those savings are the price of a decent new car

Aside from monthly costs, it's a lot harder to get a loan with poor credit.

“When you’re taking out a mortg…

Follow This Plan for Boosting Your Credit

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It happens to the best  of us: a few years of reckless spending, or a few missed credit card payments, and our credit score is a little less than appealing. If you're looking to purchase a home in the next few years, this can be discouraging. But don't worry - you can boost your credit in less time than you may think.

"Banks like to see a credit score of 640 or more, with scores of 740 and above in the best range," says Daniel Yelovich, a licensed mortgage loan officer.

To boost your score, Yelovich advises sticking to the following plan:

- Pay any overdue bills and stay up to date with future payments.
- Pay all bills within 30 days of their due date to avoid an overdue flag appearing.
- Set up payment plans where necessary as on-time, consistent payments are pivotal.
- Keep credit card balances under 50 percent of their maximum as going above this will hinder credit scores.
- Avoid opening unnecessary new credit accounts as frequent credit inquiries negatively…

Selling a Home? Check Your Plumbing Courtesy of The Deem Team

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If you're selling your home, you're to-do list is likely stacked: call The Deem Team, get an inspection, make needed improvements, up your curb appeal, and the list goes on. Another important facet to keep in mind before listing is to make sure your plumbing is up-to-date.
"When selling a home, you're going to find each buyer's home inspector will examine some of the same items," says Max Rose, owner of Four Seasons Plumbing. "It can be a worthwhile investment to make some repairs to strengthen a home's appeal to potential buyers and give sellers more negotiating power."

Rose recommends sellers evaluate the state of the following items:

Water heater – The water heater is one of the more common big-ticket repairs that can arise from a home inspection. If the water heater is on the older side, a buyer may request it be serviced and flushed, if not replaced entirely, as a condition of going through with the home purchase.

Water pressure reg…

Mortgage Rates Roused to 4.54% After Slipping for Weeks Courtesy of The Deem Team

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Mortgage rates roused this week, with the average 30-year, fixed mortgage at a 4.54 percent rate, up from 4.52 percent the prior week, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage rate was 4.02 percent, up from 4 percent the prior week, and the five-year, Treasury-indexed hybrid adjustable mortgage rate was 3.87 percent, unchanged.

"The next few months will be key for gauging the health of the housing market," says Sam Khater, chief economist at Freddie Mac. "Existing sales appear to have peaked, sales of newly-built homes are slowing and unsold inventory is rising for the first time in three years. Meanwhile, affordability pressures are increasingly a concern in many markets, as the combination of continuous price gains and higher mortgage rates appear to be giving more prospective buyers a pause. This is why new and existing-home sales are not breaking out this summer despite the healthy econo…

Homeowners Save by Trading Off Travel to Work Courtesy of The Deem Team

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By Suzanne De Vita

In city cores, commuting from farther out takes time, but can save thousands, according to an analysis newly released by Zillow.

In Boston, there is a 13.4 percent difference in home prices, typically, between the center of the city and locales 15 minutes out—the highest rate of savings, and totaling $57,260. In Seattle, the difference is 11.3 percent, or $54,599; in Washington, D.C., the difference is 9.4 percent, or $37,709. The analysis factored in 34 of the largest metros, in conjunction with HERE Technologies, a city intelligence and mapping platform.

In approximately one-third of the cities examined, however, the opposite is true. Compared to downtown, homes are pricier in suburbs in Texas—Dallas-Fort Worth, Houston and San Antonio, specifically—and in Baltimore, Detroit and Sacramento. San Antonio has the highest premium rate, at 14.2 percent (translating to $27,509), and Dallas has the lowest, at 0.1 percent ($308).

Convenience costs—but according to Aaron Terra…

New-Home Sales Shrink

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With builders burdened by costs and inventory stubbornly tight, June new-home sales shrank, 5.3 percent to 631,000, according to the Commerce Department. Inventory in June was 301,000, representing 5.7-months' supply, and the median price was $302,100.

"Uncertainty caused by tariffs and the talk of trade wars are making homebuyers more cautious, and builders are taking note of this situation," said Randy Noel, chairman of the National Association of Home Builders (NAHB), in a statement. "Not only are consumers and builders concerned about the current lumber tariffs, but also the next round of proposed tariffs on a number of goods and services."

"Though this is the lowest monthly annualized sales pace since October 2017, new-home sales for the first half of 2018 are up 6.9 percent on a year-to-date basis compared to last year," said Robert Dietz, chief economist at the NAHB. "This indicates solid demand for new-home construction."…

When is it time for young adults to move out? Courtesy of The Deem Team

The beginning of adulthood is the most exciting and overwhelming time of your life. It is the time of freedom, late nights out, crazy choices and unlimited joy – or, at least, that is the sugar-coated version. If you’ve been living with your parents your whole life, chances are you never had to get out of your comfort zone for long enough to actually acknowledge the pressures and burdens adults face on a daily basis. There are, of course, a variety of perks when you think of living on your own – you’ll make your own decisions, you won’t have to worry about your curfew, you’ll have your own space and privacy and, most importantly, you’ll have fun! However, once you see past the temporary euphoria of ‘adulting’, there are a couple questions you need to ask yourself before making this decision: Am I ready to move out? The universal answer for this question is no, you’re never really prepared. Do you feel like you want to embrace adulthood to its fullest? Probably, yes. But are you ready to…

Average Rent in Orange, CA

The average rent for an apartment in Orange is $1,979, a 3% increase compared to the previous year, when the average rent was $1,912. Studio apartments in Orange rent for $1,669 a month, while 1-bedroom apartments ask on average $1,797 a month; the average rent for a 2-bedroom apartment is $2,110. Average Rent in Orange, CA Last updated Jul 2018 All rentalsStudio1 Bed2 Beds3 BedsAverage Rent$1,979$1,669$1,797$2,110$2,568Y-o-Y Change3%5%4%3%3%Average Apartment Size921 sq. ft.502 sq. ft.711 sq. ft.1,037 sq. ft.1,352 sq. ft. The average size for a Orange apartment is 921 square feet, but this number varies greatly depending on apartment type. A studio averages 502 sq. ft., while a one-bedroom apartment offers a more generous square footage: 711. 2-bedroom apartments in Orange have an average size of 1,037 sq. ft.
Information provided by Rent CAFE

Great Weekend Projects Courtesy of The Deem Team

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Choose The Right Outdoor Flooring for Your Patio Courtesy of the Deem Team

A patio is a wonderful addition to your home, offering al fresco space to connect with family and friends during the warmer season. But choosing the right outdoor flooring for your patio is important. Below are a few of the most popular choices.

Tile. Unglazed ceramic tile is a wonderful option for your new patio. The most popular variety are quarry, terracotta or porcelain. However, skip glazed tile - while it looks sleek, it's dangerously slippery when wet.

Cut stone. Also known as stone tile, these include a wide swatch of options, including marble, granite, slate, limestone, travertine, blue stone, phyllite and sandstone.

Concrete. Concrete is a great, versatile and sturdy option. Before you imagine an ugly slab of poured concrete, remember it can be molded into any shape. Create attractive patterned tiles, or opt for stunning stained concrete.

Flagstone. These gorgeous stones offer an iconic, rustic look, anThe Deem Team Websited are identifiable by their irregular shape.
Brick. T…

Turn Your Dining Room into a Fine Dining Experience courtesy of The Deem Team

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Is Home Ownership Possible After Foreclosure? Courtesy of The Deem Team

By  If you've been through a foreclosure, you've crawled through one of the worst real estate ordeals there is. But that experience doesn't mean home ownership has to remain forever out of reach afterward. In fact, it's much easier to qualify for a mortgage after a major credit event than you may think. It all depends on the circumstances of your foreclosure—and how you've managed your credit since. So if you want to get back out there, here's how to get a mortgage after foreclosure. When it comes to the necessary waiting period between going through a foreclosure and applying for a new loan, every mortgage program is a bit different. But there are some general rules. "For a conventional mortgage, a borrower who experienced foreclosure is required to wait seven years," says Ray Rodriguez, regional sales manager at TD Bank. On the other hand, the Federal Housing Administration and the U.S. Department of Agriculture require a three-year waiti…

Get Your Backyard Ready for Summer Courtesy of the Deem Team

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The Biggest Homeownership Hurdles for Millennials Courtesy of The Deem Team

Millennials should be making a sizable stamp in homeownership, but they have been largely absent from the housing space. Why is it that the largest generation in U.S. history isn't participating in real estate as heavily as its predecessors? There are many difficulties standing in their way, according to new research.

A recent report by the Urban Institute, "Millennial Homeownership: Why Is It So Low, and How Can We Increase It?" delves deeper into the generational home-buying gap to assess the factors that are holding millennials back from their homeownership goals. When looking at the 25-34 age group, millennials are behind Gen Xers and baby boomers in homeownership rates by 8-9 percentage points, according to the report. When comparing overall homeownership rates in 2015, millennials were behind baby boomers by 42.8 percent and Gen Xers by 28.2 percent.

While factors such as parental wealth and creditworthiness play a role, there are more overarching influences on the m…

Builder Confidence Healthy in July courtesy of The Deem Team

Builder confidence is healthy, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The Index reading is 68; an above-50 reading indicates more builders have a positive outlook than a negative one.

"Consumer demand for single-family homes is holding strong this summer, buoyed by steady job growth, income gains and low unemployment in many parts of the country," said Randy Noel, chairman of the NAHB, in a statement.

"Builders are encouraged by growing housing demand, but they continue to be burdened by rising construction material costs," said Robert Dietz, chief economist at the NAHB. "Builders need to manage these cost increases as they strive to provide competitively-priced homes, especially as more first-time homebuyers enter the housing market."

Down, but Not Out: Buyers See Some Success courtesy of The Deem Team

By Suzanne De Vita


Against discouragingly inadequate inventory and high prices, buyers are finding a way, according to a new survey.

Fifty-one percent of homebuyers did not pay above asking price, despite concerns over multiple-offer scenarios, 42 percent made one or two offers, at most, and 34 percent were "unfazed" by the increases in prices and rates, according to a realtor.com® survey. With close-to-impossible odds, what's their secret?

More than 30 percent of homebuyers had more than 20 percent to put down—favorable, generally—and 30 percent checked in daily on listing websites, to learn about new properties. In addition, the buyers who closed were likely to be older, and likely to be experienced in the process.

According to Danielle Hale, chief economist at realtor.com, the key is preparation.

"Successful homebuyers in 2018 have been exceptionally well-qualified," says Hale. "We are seeing the impact of the inventory crisis in the data, and it's holdi…

Home for Sale 2745 N Butler St, Orange,CA 92865 courtesy of the Deem Team

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Stay Safe on Ladders courtesy of The Deem Team

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Home for Sale: 250 N Milford St., Orange, CA 92867 Courtesy of the Deem Team

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New Home Owners Can Save Money Courtesy of the Deem Team

Crossing the threshold to your first home is one of the most exciting moments in a young person’s life... until that first mortgage payment is due. Then the heating bill. And the electric. And the taxes. Let’s face it. Homeownership can be pricey, especially when you’re a newbie.

For those still adjusting to the new financial responsibilities that come with homeownership, there are lots of easy ways to save money by cutting back on some of the expenditures you didn’t think twice about as a renter. Try some of the following ideas, and start building a cushion for home maintenance, new furniture, or adding on a deck.

Set a budget for groceries. Instead of running to the store to pick up whatever you need as you may have done in the past, now’s the time to set a budget for groceries and stick to it. Stock up on low-cost staples to build meals around, like rice, beans and pasta, then add in fresh meats, fish, fruits and veggies each week. Opt for store brands over pricier name brands, shop …

5 Home Things You Can Power Wash Courtesy of The Deem Team

Have a power washer buried in the recesses of your garage? Time to pull it out and put it to good use! While you may think that power washers are just for prepping your home’s exterior before a paint job or cleaning the roof, there are a myriad of ways to use your power washer to get tough jobs done in no time. Try some of the following:

Clean your patio furniture: Trade in the scrub brush and soapy water and make quick work of wood and iron furniture clean-up with your power washer. Just keep the nozzle several feet away to avoid stripping off paint and other finishes.

Banish weeds: Use your power washer to blast well-entrenched weeds out from in between paver stones and slate tiles on your patio, walkways or driveway. This will remove weeds right from the root. Bear in mind, you may need to re-sand between slate tiles that are not placed closely together.

Make stonework gleam: Quickly remove dirt and mildew from stone planters, birdbaths and garden statues.

Clean your deck: A power wash…

Home for Sale 2616 N. River Trail Rd., Orange, CA 92865

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Do You Have An Emergency Disaster Plan? Courtesy of The Deem Team

Don't let disaster hit you unprepared. When every moment counts, it's important to know what steps to take to keep you and your loved ones safe. Consider the following from USAGov.

Here are some steps you can take to become better prepared:

Download the FEMA App to get alerts and warnings about weather conditions. Receiving timely information about weather conditions or other emergency events can make the difference in knowing when to take action to be safe. The app also provides safety tips about what to do before, during, and after disasters.

Create and test a family communications plan. Your family may not be together if a disaster strikes, so it is important to know which types of disasters could affect your area. Know how you'll contact one another and reconnect if separated. Establish a family meeting place that's familiar and easy to find.

Document and insure your property. When a disaster strikes, having insurance for your home or business property is the best …

How to Brighten a Dark Room Courtesy of The Deem Team

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How to Add Some Style to Your Bathroom Courtesy of The Deem Team

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Home improvement with the highest ROI coutersy of the Deem Team

Family Features)--If the ultimate goal of your home improvement project is aesthetic, the greatest benefit may come from your personal enjoyment of the new space. However, if you're looking to add true value to your home, it's important to consider which projects are likely to bring the greatest return on your investment.

Flooring
Flooring speaks volumes about a home. Replacing and updating worn floors can instantly add value. A timeless selection like wood flooring, particularly in heavy traffic areas, is durable enough to withstand wear and complements a wide range of interior designs. If you already have wood floors that are in reasonably good condition, whether in use or under carpet, go ahead and refinish them for a budget-friendly alternative to installing new flooring. Another option that holds or even increases the value of your investment is tile, particularly in spaces like kitchens, bathrooms and laundry areas.

Roofing
Re-roofing a home gives it an instant value boost, …

Three things about working with a real estate agent courtesy of the Deem Team

If you’ve never bought or sold a home before, chances are you have a preconceived notion of what real estate agents are all about. Unfortunately, you may also have the wrong idea or be misinformed about just what these professionals can do for you. Here are five things you probably never knew about working with a real estate agent:

A professional real estate agent is a financial analyst of the local market and will know how to price your home correctly for sale, or will help you make the best offer when bidding on a home to buy. These pricing decisions are based on an in-depth knowledge of knowing what has sold for what price in which neighborhood over the course of the last month, quarter, year, etc. They are also based on granular details of the home, such as a recent remodel that warrants a higher price, or a needed repair that requires a price drop. So expect your agent to have a strong opinion when it comes to advising you on how to price your home for sale or put in a bid on the …

Home for Sale 2616 N River Trail Rd., Orange, CA 92865 Courtesy of the Deem Team

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Interior Design: 5 Tiny Room Ideas courtesy of the Deem Team

There will always be densely populated areas where finding a large home or apartment is difficult, at best. Unfortunately, if you do manage to find one in these locations, the price will likely be more than the average person can afford.

In recent years, living spaces have gotten smaller. But smaller can be trendy, so there's no excuse for boring decor. Here are a few ideas to help you decorate your small rooms in a modern and chic way: 

Start With the Living Room
The living room is typically the first space in your home that guests see. If they're indifferent, that'll likely be the impression they take with them. Here are some ways to liven up your living room:
Go light! If you have a dark tile or wood floor, lighten the room with a large, light-colored rug. This will instantly give your room the illusion of more space.Mix fabrics! You don't want every piece of furniture to look identical. Start with a bright, solid-colored sofa, then a patterned fabric for your love seat…