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Showing posts from June, 2020

Orange County Housing Market Summary:

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David Deem 714-997-3486 Dave@DeemTeam.com


•The active listing inventory decreased by 239 homes in the past two-weeks, down 5%, and now totals 4,710. In the past four-weeks, 21% fewer homes were placed on the market compared to the prior 5-year average; thus, COVID-19 is still suppressing the inventory. Last year, there were 7,600 homes on the market, 2,890 more than today, a 61% difference.
•Demand, the number of pending sales over the prior month, increased by 446 pending sales in the past two-weeks, up 18%, and now totals 2,975, the highest level for an end to June since 2013. It has grown by 46% in only 4 weeks. COVID-19’s effect on demand has vanished. Last year, there were 2,548 pending sales, 14% fewer than today. 
•The Expected Market Time for all of Orange County decreased from 59 days to 47, a Hot Seller’s Market (less than 60 days). The drop was due to the surge in demand and a subsequent drop in the supply. It was at 89 days last year, much slower than today.  
•For homes priced …

How to Protect Your Household From Carbon Monoxide

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David Deem 714-997-3486 Dave@DeemTeam.com

You've likely heard of carbon monoxide (CO) and that it's dangerous, but what is it—and how can you protect yourself and your family from it at home?

CO is a colorless, odorless gas produced when carbon-based fuels, such as propane, natural gas and wood, are burned. The gas can become extremely hazardous when it builds up indoors and someone breathes it in. The most common symptoms of CO poisoning are headache, fatigue, dizziness, nausea and vomiting, trouble breathing, and confusion. However, severe CO poisoning can make you fall unconscious and even lead to death, which is why the mostly undetectable gas is often referred to as an "invisible killer."

If you use fuel-burning appliances improperly or have faulty equipment, your home might be at risk. To help prevent CO poisoning, the U.S. Consumer Product Safety Commission (CPSC) offers the following tips:Install a CO alarm in the hallway near every separate sleeping area of the h…

Should You Fence in Your Yard?

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David Deem 714-997-3486 Dave@DeemTeam.com

Fences are one of the greatest sources of controversy when it comes to homeownership. Some people focus on the benefits, such as privacy and safety, while others complain about an obstructed view or consider a fence a sign of unfriendliness. Before you install a fence, think it over carefully.

Reasons to Put up a Fence
Many homeowners consider a fence a practical safety and security measure. If you have kids or pets, a fence can keep them in the yard and protect them from other people and animals. If you have belongings that are frequently left outdoors, a fence can prevent theft. If you own a pool, a fence can prevent accidents. Your homeowners insurance company may even require one.

If you live in a neighborhood with houses close together, it’s hard to have privacy if everyone else can see into your yard. A fence can allow you to relax outdoors away from prying eyes.

Living on a busy street can mean suffering from noise pollution. Maybe you didn’t …

10 Safety Tips for Using a Ladder

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David Deem 714-997-3486 Dave@DeemTeam.com
Most homeowners are bound to use a portable ladder at some point, whether it be for cleaning out the gutters, painting, inspecting the roof or hanging festive holiday decorations. When up on that ladder, though, it’s important to stay safe and avoid falls.

Every year, thousands of people across the country are treated in emergency rooms for ladder-related injuries. Although you might think you already know how to use a ladder safely, a little refresher couldn’t hurt. Check out these 10 tips to help prevent an accident from the U.S. Consumer Product Safety Commission:

1. Use a ladder that's the proper length for the job. It should extend a minimum of 3 feet over the roofline or working surface. Never stand on the top three rungs of a straight, single or extension ladder.

2. Make sure the ladder can support both your weight and the materials you're putting on it by checking the ladder’s maximum load rating. Allow only one person on the ladder …

What to Do If You’re in Forbearance but Still Paying Your Mortgage

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David Deem 714-997-3486 Dave@DeemTeam.com
By Jeff Ostrowski(TNS)—Since the coronavirus pandemic began in March, millions of homeowners have taken the federal government up on a generous proposal, one that lets borrowers skip mortgage payments for up to a year with no penalties.

But in an unusual twist, more than a million borrowers in forbearance have reportedly continued to make their monthly mortgage payments despite the free pass.

U.S. Bank, one of the few lenders to disclose details about the payment status of borrowers in the program, said in late May that 30 percent of its customers in forbearance were still making payments. Meanwhile, Black Knight, a mortgage data firm, says 22 percent of the 4.73 million borrowers in forbearance as of early June had made their payments for May.

Continuing to write the monthly check is a wise move, says Greg McBride, CFA, Bankrate chief financial analyst. "If you're able to make the payments, do so," he says. "This will keep you on…

$726 Million in Rent on the Line as Gen Zers Move in With Parents

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David Deem 714-997-3486 Dave@DeemTeam.com
Younger generations are moving back in with their parents amidst the coronavirus crisis. What does that mean for the rentals they're leaving behind? According to new data from Zillow, $726 million in rent is on the line, and that's only counting Gen-Z renters.
According to Zillow, 2.7 million adults moved back in with their parents during the months of March and April, likely due to job losses as a result of the pandemic. In April alone, there were 32 million adults living with their parents or grandparents—a record high.

What if these moves are permanent? As 80 percent of those who moved back in with their parents are Gen Zers, that means 1.4 percent of the total rental market could be at risk.

"The share of adults living with their parents has been high since the global financial crisis of the aughts," said Zillow Senior Principal Economist Skylar Olsen. "Then, it was millennials flocking to the basements and spare bedrooms …

Quick Fixes for Your Front Porch

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David Deem 714-997-3486 Dave@DeemTeam.com
Do you have a front porch that you’re not using as often as you could be? Or are you planning to list your home on the market this summer? In either case, a quick refresh of your porch will make all the difference—both for your own enjoyment and essential curb appeal. Try one of the following ideas to get started:
Give it a fresh coat of paint.A new paint job for your porch will instantly make it look brand new. Go with a clean, fresh white, a contemporary neutral, like gray or beige, or a colorful shade of blue or yellow to make it really stand out. You can also try painting the floor or ceiling for a stylish two-tone look.

Install a porch swing.Nothing embodies the welcoming comfort of home like a porch swing. Make sure it’s enhanced by comfortable pillows or cushions and a nearby table for a requisite glass of lemonade or iced tea.

Make it lush. Adding greenery and flowers to your porch will create an inviting, natural look...and add a little pri…

6 Steps to a Safer Home

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David Deem 714-997-3486 Dave@DeemTeam.com

Spending more time at home these days? You’re in good company! Use this extended time on the homefront to conduct a safety check to make sure your dwelling has all the right precautions in place. Include the following six tasks:

1. Test carbon monoxide and smoke detectors.This is the simplest, yet perhaps most important, safety check you can do. Just press down on the test button until the alarm sounds. If it doesn’t, then you need to replace the batteries. Remember, you should have a smoke detector in every room and a carbon monoxide detector on each floor of the house.

2. Outfit your kitchen for safety. A few simple steps in the kitchen can make a big difference when it comes to avoiding an emergency. Remove any flammable items, like pot holders and dish towels, from the vicinity of the stovetop. When you’re cooking, keep a pot lid at the ready to snuff out any fires that may flare up. In addition, make a nominal investment in a fire extinguisher…

How Is Working With an Agent Better Than Finding a Home on Your Own?

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David Deem 714-997-3486 Dave@DeemTeam.com
By Meghan Belnap
Selling your home without an agent is often an appealing idea because you can forego the commission rates. The major downside, however, is you lose out on all the important qualities and experience an agent has when they do the work themselves. Here are four reasons why selecting a reputable, local real estate professional is beneficial for sellers:

Negotiation Skills
Your real estate agent knows how to get the buyer to make the purchase as close to the asking price as possible. They do this work for a living, so agents understand the ins and outs of contract and price negotiations. Another factor is the market conditions—agents have to stay on top of changes, so they can make the most money on commissions. They know what items they can negotiate and what things are best to avoid.

No Emotional Connection
One of the biggest things about hiring a professional that sellers find appealing is the fact that an agent is not biased. They'…

Demand for Single-Family Rentals Decreased During Coronavirus Stay-at-Home Orders

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David Deem 714-997-3486 Dave@Deemteam.com
April saw decreases in demand for single-family rentals, likely due to stay-at-home mandates put in place during the coronavirus pandemic, according to the latest Single-Family Rent Index(SFRI) from CoreLogic. The national rent increased 2.4 percent YoY in April, down from a 2.9 percent YoY increase at the same time last year.
Despite the slowdown, however, CoreLogic reports that rent increases in the lower tier of prices helped prop up national rent price growth. Rent prices at less than 75 percent of the regional median increased 3.1 percent YoY in April, down from 3.6 percent at the same time last year. At the higher price points (rents greater than 125 percent of a region's median rent), prices increased 2.3 percent in April 2020, down from a 2.4 percent gain last year.

Phoenix had the highest YoY increases in single-family rents (6.6. percent). And Tucson, Ariz., experienced the second-highest rent price growth this past April, up 3.7 perc…

Housing Rebound on the Way? Surge in Builder Confidence Shows Optimistic Outlook

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David Deem 714-997-3486 Dave@DeemTeam.com
Positive numbers in builder confidence are pointing to market recovery, according to the latest National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI). The Index jumped 21 points to 58 in June for newly built single-family homes. According to the NAHB, any reading above 50 indicates a positive market.
Looking at regional numbers, the Northeast increased 31 points to 48 in June, while the South jumped 20 points to 62. In addition, the Midwest saw a 19-point increase to 51, and the West increased 22 points to 66.

"As the nation reopens, housing is well positioned to lead the economy forward," said NAHB Chairman Dean Mon, a home builder and developer from Shrewsbury, N.J. "Inventory is tight, mortgage applications are increasing, interest rates are low and confidence is rising. And buyer traffic more than doubled in one month even as builders report growing online and phone inquiries stemming from the outb…

Want to Make a Move? Homeowner Equity is Growing Year-Over-Year

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David Deem 714-997-3486 Dave@DeemTeam.com



One of the bright spots of the 2020 real estate market is the growth in equity homeowners are experiencing across the country. According to the recently released Homeowner Equity Insights Report from CoreLogic, in nearly every state there was a year-over-year first-quarter equity increase, averaging out to a 6.5% overall gain.The report notes:“CoreLogic analysis shows U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $590 billion since the first quarter of 2019, an increase of 6.5%, year over year.” (See map below):This means that In the first quarter of 2020, the average homeowner gained approximately $9,600 in equity during the past year.”That’s a huge win for homeowners, especially for those looking to sell their houses and make a move this summer. Having equity to re-invest in your next home is a major force that can make moving a reality, especially while buyers are expressin…

Is the Economic Recovery Already Underway?

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David Deem 714-997-3486 Dave@DeemTeam.com



The Wall Street Journal just released their latest monthly Survey of Economists. In an article on the findings, they reported:“The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the coronavirus pandemic.”Clearly, the latest jobs report from the U.S. Bureau of Labor Statistics confirmed the labor market is outperforming expectations, as it revealed that 2.5 million jobs were added. Directly before the release, experts forecasted that we would lose over 8 million jobs.A second revelation indicating the economy is already about to turn around was also somewhat unexpected. More than 9 out of 10 economists surveyed believe the recovery has already begun this quarter or will begin in the third quarter. Here are the results of the survey question asking when the recovery will begin:The survey also asked…

Homeowners With Mortgages Gained Over $6 Trillion in Home Equity Since Great Recession

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David Deem 714-997-3486 Dave@DeemTeam.com
U.S. homeowners with mortgages—accounting for about 63 percent of all properties—saw home equity gains of 6.5 percent YoY on average, a $590 billion increase since Q1 in 2019, according toCoreLogic's Q1 2020 Home Equityreport.
Since the fourth quarter in 2020, underwater mortgages decreased by 3.1 percent to 1.8 million homes (2.4 percent of all mortgage properties). Negative equity mortgages decreased by 16 percent in Q1 of 2020 YoY.

On average, homeowners gained $9,300 in home equity YoY in the first quarter of 2020. The states with the highest average equity gains YoY were Idaho ($24,400), Washington ($20,800) and Arizona ($19,900).



Since the last recession, equity has grown substantially as home prices continue to rise. In the first quarter of 2010, 12.1 million homes (25.9 percent) were underwater—a drastic difference to the 1.8 million properties (3.4 percent) that were underwater in the first quarter of 2020. In the last decade, homeowner…

Orange County Housing Market Summary: June 16, 2020

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David Deem 714-997-3486 Dave@DeemTeam.com The active listing inventory decreased by 94 homes in the past two-weeks, down 2%, and now totals 4,950. Since March, there have been 33% fewer homes that have come on the market compared to the prior 5-year average. That is 4,580 fewer FOR-SALE signs. COVID-19 is still suppressing the supply of homes. Last year, there were 7,493 homes on the market, 2,543 more than today, a 51% difference.Demand, the number of pending sales over the prior month, increased by 494 pending sales in the past two-weeks, up 24%, and now totals 2,529. It has grown by 56% in only 4 weeks. COVID-19’s effect on housing has vanished. Last year, there were 2,529 pending sales, 5% more than today. The Expected Market Time for all of Orange County decreased from 74 days to 59, a Hot Seller’s Market (less than 60 days). The drop was due to the surge in demand and a subsequent drop in the supply. It was at 84 days last year, much slower than today.  For homes priced below $750,…

Is a Recession Here? Yes. Does that Mean a Housing Crash? No.

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David Deem 714-997-3486 Dave@DeemTeam.com



On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.The real estate market, however, is in a totally different position than it was then. As Mark Flemin…

Pests Infested a Home You Want to Sell? How to Resolve the Issue

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David Deem 714-997-3486 Dave@DeemTeam.com


Pests Infested a Home You Want to Sell? How to Resolve the Issue: Here are some of the best ways to go about cleaning and repairing your home if you've experienced a pest infestation and are trying to sell.
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Summer is the New Spring for Real Estate [INFOGRAPHIC]

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David Deem 714-997-3486 Dave@DeemTeam.com



Some HighlightsThe health crisis slowed the market this spring, so buyers are jumping back into the market to make their moves this summer.Check these 10 items off your to-do list so your house is ready to sell while buying is hot!Let’s connect today to prepare your house for the sizzling summer market. www.DeemTeam.com
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Signs That Your Chimney Needs Repairs

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David Deem 714-997-3486 Dave@DeemTeam.com

A damaged chimney is a fire hazard. Some problems can be identified by a homeowner, but many are only noticeable to a professional under specific conditions. If you see any signs of a problem, contact a chimney repair company. You should also have your chimney cleaned and inspected regularly.

Common Chimney Problems
Moisture in a chimney or fireplace can cause rust in the firebox or on the damper. Even if you don’t see rust on the damper, if it’s difficult to use or doesn’t seal well, it may be rusting. Rust can also cause the flue lining to crack, which can lead to a house fire. A chimney sweep will need a special camera to identify a cracked flue liner.

If water enters brick, it can cause the surface to peel or flake off or to pop out in a process called spalling. Pieces on the outside of the chimney can fall off, and the problem will only get worse if it isn’t repaired.

Efflorescence, or white staining on the chimney, is caused by moisture in the …