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Showing posts from September, 2020

How Low Inventory May Impact the Housing Market This Fall

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

Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low interest rates, but there just aren’t enough houses for sale to meet that growing need. Sam Khater, Chief Economist at Freddie Mac,explains:Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market whe…

Why You Should Consider Getting a Home Warranty in Addition to Homeowners Insurance

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


If you own a house, you need homeowners insurance to pay for repairs or stolen belongings. Many people believe that homeowners insurance will cover any necessary repairs, but it actually applies only in limited circumstances. A home warranty can provide protection in other cases. 

What Does Homeowners Insurance Cover?
Homeowners insurance will pay for losses caused by a covered peril, such as a storm, fire, theft or vandalism, up to the policy’s limits. Depending on the coverage you choose, your policy may cover replacement cost, which is the amount of money required to purchase a new identical or substantially similar item, or actual cash value, which takes depreciation into account.

What Does a Home Warranty Cover?
A home warranty is not insurance, but rather a contract that a homeowner signs with a home warranty company. It will pay to repair or replace a broken appliance that is not covered by a separate manufacturer’s warranty. 

A home warranty m…

Wallpaper Makes a Comeback—Big Time!

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

Johnny Depp’s bathroom goes wild with an African inspired animal design wallpaper. And the walls of supermodel Kate Moss’s lavish home are covered with custom de Gournay wallpapers, some in designs she helped create.

Clearly, these are not your Grandma’s wallpapers. They are part of today’s amazing collections that can cost hundreds of dollars per roll. But make no mistake, wallpaper is making a comeback and it just may have a place in your décor.

Wallpaper is being used in bold patterns to accent one wall or add personality to an entire room. It’s being used in solid hues to add texture as well as color, and it’s being used in complementary two-pattern panels to create a DIY headboard in the bedroom.

At an average of $1 - $4 per square foot, with about 35 square feet per roll, wallpaper is more costly than paint—and unless you’re a DIYer, it can cost a few hundred dollars to install. But, say decorators, it offers a freedom of expression that is ne…

Report: VA Loans Surge Amidst Pandemic

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

By Jameson Doris
VA loans are having a record 2020. Although the process of obtaining one has slowed in some areas of the country, demand has never been higher. According to mortgage lender Veterans United Home Loans, the VA loan program backed more than 865,000 loans so far this year.

The previous record was set in 2017, when the VA loan program backed some 740,386 loans. This year, that number has been surpassed dramatically, as we're not even through Q3.

"Veterans and military members across the country are capitalizing on historically low interest rates and turning to their home loan benefit in record numbers," Chris Birk, director of education at Veterans United Home Loans, tells Housecall. "This is already the biggest year in the loan program's history."

For veterans with stable income and employment, this has been a remarkable window to buy, to tap into equity or to lock down lower housing costs, according to Birk.

A…

Realtor.com®: Increased Buyer Demand and Low Inventory Lead to Double-Digit Growth in Home Prices

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

As fall approaches, the real estate markets typically slow. That's not the case, however, for today's markets, which are seeing a frenzy of buyer activity and multiple-offer scenarios driven by a lack of inventory.

According to realtor.com®'s August Monthly Housing Trends report, available inventory declined 36 percent in August year-over-year, with new listings down 12 percent YoY. At the end of August, there were almost 500,000 fewer homes for sale on the market compared to last year.

"It's difficult to imagine that the housing market will be able to sustain the frenzied demand we are currently experiencing, but we have yet to see any signs of slowing," said Danielle Hale, realtor.com® chief economist. "Buyer traffic on realtor.com® is outpacing the record levels we saw earlier this year, suggesting that demand will continue to exceed the number of available homes for sale. Although demand is much more intense than …

Sinking, Sagging and Other Signs Your Home Has Serious Foundation Issues

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


By Anita GinsburgYour home's foundation must remain stable and secure because it literally supports the entire structure and all of its occupants. Luckily, most foundations, if built effectively, can last decades.Over time or due to major storm damage, though, a foundation may begin to show evidence of a damage. Here are four signs that your foundation may be in trouble:SinkingIf you notice that your floor seems to be uneven, or if it has sunk lower than before, a serious problem may be developing in the foundation. As ground settles due to factors like soil erosion, weather elements and moisture drainage, a home's foundation may be impacted to the point of sinking deeper in places. Over time, this can cause major damage to the foundation, which will then cause a domino effect that could impact the home's entire structure. Contact a foundation repair expert for a professional assessment.SaggingSagging may be due to ground conditions o…

Homebuyer Traffic Is on the Rise

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



One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:The Northeast was up 76.6%The West was up 56.7%The Midwest was up 52.1%The South was up 46.7%The Housin…

CDC Issues Nationwide Pause on Evictions Amid Pandemic

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David Deem 714-997-3486 Dave@DeemTeam.com
A new eviction ban running through Dec. 31 has been enacted by the Centers for Disease Control and Prevention (CDC). According to theorder, which is under the Public Health Service Act, the temporary halt on residential evictions will help "prevent the further spread of COVID-19."
The order continues, stating "eviction moratoria facilitate self-isolation by people who become ill or who are at risk for severe illness from COVID-19 due to an underlying medical condition."

According to the CDC, the order does not apply in any state, local territorial or tribal area "with a moratorium on residential evictions that provide the same or greater level of public-health protection than the requirements" listed in the order.

While the order may help fend off an eviction wave prompted by mass layoffs due to the coronavirus, the ban could negatively impact landlords who cannot recoup the unpaid rent.

Here's what the industry is s…

Orange County Housing Summary: September 9, 2020

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

The active listing inventory decreased by 68 homes in the past two-weeks, down 2%, and now totals 4,252, its lowest level for August since tracking began in 2004. COVID-19 is not suppressing the inventory and in August, there were 11% more homes that came on the market compared to last year. Last year, there were 6,997 homes on the market, 2,745 additional homes, or 65% more.Demand, the number of pending sales over the prior month, increased by 17 pending sales in the past two-weeks, up 0.5%, and now totals 3,340, its highest level since August 2012. COVID-19 currently has no effect on demand. Last year, there were 2,528 pending sales, 24% fewer than today. The Expected Market Time for all of Orange County decreased from 39 days to 38, a Hot Seller’s Market (less than 60 days). It was at 83 days last year, much slower than today.  For homes priced below $750,000, the market is a hot Seller’s Market (less than 60 days) with an expected market time…

Homeowner Tips: Green Updates That Add Value to Your Home

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David Deem 714-997-3486 Dave@DeemTeam.com
By Jordan Fuller
There are many good reasons to make your home more energy-efficient, but in addition to reducing your carbon footprint and lowering your monthly utility bills, making green updates to your property can also raise your home's value. Here are a few ideas to consider:

Lighting

It doesn't matter if you're planning to stay in your home for 10 years, or you're getting ready to put it on the market, it's always a good idea to review the lighting in your home. "Natural lighting" is a key phrase used for many young homebuyers today - and can now be achieved through tubular skylights, also known as sun tubes or light pipes.

Sun tubes consist of globe-capped holes in the roof that funnel light through reflective material into the room below. These bring in the natural light from outside, whether it be sun or moonlight, providing a multidimensional, full-spectrum light to enhance the atmosphere in your home. Costs f…

Choosing a Color Palette for Your Home

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

Now more than ever, you want the color palette in your home to inspire tranquility and a sense of welcome—and perhaps a bit of the mischief, cheerfulness or downright humor that speaks to your own personality.
Designers and decorators suggest these tips for picking a perfect color palette:Start from a focal point. Whether it’s a color in a rug or patterned upholstery that you already have, or a color in a large piece of artwork, pluck out the hue you love and use it as a base color choice.Take a cue from your clothes. Or, since most people buy clothes in colors they love and that flatter them, begin to ‘dress’ an empty room starting with your favorite color.Use a color wheel. Whichever method you choose, incorporate the hues on the color wheel closest to your chosen color for walls, floors, furniture pieces and accents.Go with grays. Today's trendiest shade, a neutral gray works in any style interior. It’s chameleon-like quality pairs beautifu…

4 Easy Kitchen Cleaning Hacks

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


Are you sick of the food stains on your stove top? How about the fingerprints that never seem to come off your stainless steel appliances? With these cleaning hacks, you can keep your kitchen just as spotless as it looked when you first moved in. 

Steam Your Microwave
It’s inevitable for your microwave to get dirty, from cooking and reheating all different kinds of food. Wipe out any crumbs with a wet rag or sponge first. Put about 2 tablespoons of baking soda mixed with water into a bowl and microwave for about four minutes. Let it sit and steam for about two minutes, then remove the bowl and turntable and with a new, damp sponge, wipe out the inside. Wash your turntable with soap and warm water and return to its place.

Clean Glass Stove Top With Dryer Sheets
With a glass stove top, you can expect food, grease and water stains to linger. Instead of scrubbing with cleaners - and possibly scratching your glass top - collect the dryer sheets from your …

Renting a Room in Your House: What to Know

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David Deem 714-997-3486 Dave@DeemTeam.com
By Bill Gassett
If you have a spare room in your home, renting it out can be a way to earn extra to pay the mortgage. There can be problems with this sort of arrangement, however, that could make you wish you hadn't invited a renter into your home, so it's important to be educated about the process as much as possible.

Renting out part of your home does put you in the position of a landlord with the associated responsibilities. You have to understand what your legal situation is and how to deal with issues that arise in dealing with your tenant.

Let's take a look at the most vital things you have to know when renting a room in your home.

Knowing the Rental Laws Are Vital
You have to read up on the laws that will apply to you in your state, as they differ nationwide. There could also be specific rules in your local area; for example, if your homeowner's association has provisions that could prevent your plans. Make sure you understand y…

2020 Bidding Wars: How to Win

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

By Mark Mathis, VP of Sales for Homes.com
At the start of the pandemic, the housing market nearly screeched to a halt. When most states moved to mandatory quarantining and strictly enforced social distancing, agents were, rightfully, concerned with the future of real estate. Now that some COVID restrictions have lifted, there has been an influx of buyers ready to make their move. However, the new challenge is that, now, there are not enough homes for sale to fulfill the number of buyers.

Many people are beginning to face the reality that they could be working from home for the foreseeable future. This is pushing a number of them to look for a larger home with more home office space. However, while buyers are ready to move into a new home to accommodate these needs, sellers are moving more slowly. This is partially due to financial fear but also a strong desire to keep strangers out of their home during a pandemic.

According to a recent report, new l…

What to Look for in a Single-Family Investment Property

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

By Meghan Belnap
Investing in real estate is a wise decision that can often help you enjoy a relaxing and full retirement. To ensure you purchase the best real estate, though, you need to know what qualities make for a good investment property.

While any property can ultimately turn out to be a good investment if you have enough determination, there are certain qualities that will make your life easier when it comes to the return on your investment. Here are some qualities to look for in an investment property:

Location
Since you can't change the location of the home you choose to buy, it's important to consider this quality carefully. One important aspect to consider is the rating of the local school district since many young families move into certain homes simply to further their child's education. You should also consider factors such as the proximity to mass transportation options, expressways, stores and other amenities that will he…

Fannie Mae Announces Suspension of Foreclosures and Evictions on Single-Family Mortgages Through Year-End

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David Deem 714-997-3486 Dave@DeemTeam.com
To support households impacted by COVID-19, Fannie announced an extension of the temporary moratorium on foreclosures and evictions until Dec. 31, 2020. The moratorium, which was previously set to expire on Aug. 31, 2020, is effective immediately and applies to properties with single-family mortgages backed by Fannie Mae. The suspension of evictions applies only to homes owned by Fannie Mae and does not apply to tenants in homes that have not been foreclosed.
"Fannie Mae, along with our lending and servicing partners, remains committed to supporting households who are experiencing job loss, a reduction in work hours or income, or other issues due to COVID-19," said Malloy Evans, senior vice president and single-family chief credit officer, Fannie Mae. "With this latest extension of the foreclosure and eviction moratorium, we can continue to help ensure distressed borrowers are able to remain in their homes during this national emerg…