David Deem 714-997-3486 Dave@DeemTeam.com By Jesse Williams The stories are everywhere. Homes that, within days or even hours of going on the market, receive dozens of hyper-competitive offers. Buyers who are not able to waive contingencies, offer well above asking price, or pay in cash are consistently being left behind as either investors or buyers with more courage (or recklessness) are snatching up homes.   Though these things are certainly happening, a new report this week from Zillow indicates that the frequency or severity of this crisis might be exaggerated, as buyers are only submitting two offers on average before purchasing a home and most still go through the traditional process of viewing and inspecting properties.   "Our 2021 survey of buyers found buying a home got more challenging in the past year, but many buyers were ultimately successful in landing a home without taking unnecessary risks," said Manny Garcia, a Zillow population scientist, in a statement. &q

David Deem 714-997-3486 Dave@DeemTeam.com Are you looking to buy a home? If so, we’ve got good news for you. While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall. According to  realtor.com ,  the sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says: “ Nationally,  the best time to buy in 2021 is the week of October 3-9 . This week historically has shown the best balance of market conditions that favor buyers.” So, what’

  David Deem 714-997-3486 Dave@DeemTeam.com In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle. Things Are Different Today Today’s housing market is anything but normal. According to the  National Association of Realtors  (NAR), homes today are: Receiving an average of  3.8 offers Selling in just 17 days Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at  CoreLogic , explains how these stats c

David Deem 714-997-3486 Dave@DeemTeam.com By Jordan Grice Real estate experts believe recent stock market volatility isn't concerning as long as it's temporary, despite a rocky start to the week for trading, as well as global events worrying investors.   According to  Ruben Gonzalez, a chief economist, recent declines in the market are mainly due to fears on Wall Street that the Chinese property market could disrupt global financial markets. Those concerns prompted a stock market selloff that dealt a sizable blow to major U.S. stock indexes.    The effects have proven to be short-lived as indexes rebounded days later with ongoing signs of recovery, despite overseas issues. As of Sept. 23, The Dow Jones Industrial Average rose 2.6%, while the S&P 500 saw a 2.4% gain.     "We don't view short-term stock market volatility as a huge factor impacting real estate markets," says Gonzalez . "However, as smaller investors look to park capital gains in a more stabl

David Deem 714-997-3486 Dave@DeemTeam.com Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners as needed, according to the Federal Housing Finance Agency (FHFA). However, this will be subject to the continued tenant protections FHFA has imposed during the pandemic.  This marks the fourth extension of the programs, previously set to expire Sept. 30, 2021. On Oct. 1, 2021, FHFA will allow Fannie and Freddie to continue offering COVID-19 forbearance to qualified multifamily owners, unless otherwise instructed by the FHFA. "Given the uncertain nature of this pandemic, FHFA is taking further action to protect renters, property owners and the mortgage market," said FHFA Acting Director Sandra L. Thompson. Property owners with Fannie and Freddie-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 pandemic. Property owners who enter i

David Deem 714-997-3486 Dave@DeemTeam.com If you’re a renter with a desire to become a homeowner, or a homeowner who’s decided your current house no longer fits your needs, you may be hoping that waiting a year might mean better market conditions to purchase a home. To determine if you should buy now or wait, you need to ask yourself two simple questions: What will home prices be like in 2022? Where will mortgage rates be by the end of 2022? Let’s shed some light on the answers to both of these questions. What will home prices be like in 2022? Three major housing industry entities project continued home price appreciation for 2022. Here are their forecasts: Freddie Mac : 5.3% Fannie Mae : 5.1% Mortgage Bankers Association: 8.4% Using the average of the three projections (6.27%), a home that sells for $350,000 today would be valued at $371,945 by the end of next year. That means, if you delay, it could cost you more. As a prospective buyer, you could pay an additional $21,945 if you wai

David Deem 714-997-3486 Dave@DeemTeam.com   There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by  Lending Tree  asks what is keeping consumers from purchasing a home.  For over half of those surveyed, the ability to afford a down payment is the biggest hurdle. That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit buyers, putting 20% down is not mandatory. As  Freddie Mac  puts it: “ The most damaging down payment myth—since it stops the homebuying process before it can start— is the belief that 20% is necessary .” If saving that much money sounds overwhelming, you might be ready to give up on the dream of homeownership before you even begin – but you don’t have to. According to the  Profile of Home Buyers and Sellers  from the  National Association of Realtors  (NAR), the median down payment hasn’t been

David Deem 714-997-3486 Dave@DeemTeam.com A lot has changed over the past year. For many people, the rise in remote work influenced what they’re looking for in a home and created a greater appetite for a dedicated home office. Some professionals took advantage of the situation and purchased a bigger home. Other people thought working from home would be temporary, so they chose to get creative and make the space they already had work for them. But recent headlines indicate working from home isn’t a passing fad. If you’re still longing for a dedicated home office, now may be  the time  to find the home that addresses your evolving needs.  More and more companies are delaying their plans to return to the office – others are deciding to remain fully remote permanently. According to economists from  Goldman Sachs  in a recent article from  CNN : "Job ads increasingly offer remote work and surveys indicate that both workers and employers  expect work from home to remain much more common

  David Deem 714-997-3486 Dave@DeemTeam.com If you’ve been in your home for longer than five years, you’re not alone. According to recent data from  First American , homeowners are staying put much longer than historical averages ( see graph below ): As the graph shows, before 2008, homeowners sold their houses after an average of just five years.  Today, that number has more than doubled to over 10 years.  The housing industry refers to this as your tenure. To really explore tenure, it’s important to understand what drives people to make a move. An article from  The Balance  explores some of the primary reasons individuals choose to sell their houses. It says: “People who move for home-related reasons might need a  larger home or a house that better fits their needs , . . .  Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity .” If you’ve been in your home for longer than the norm, c

David Deem 714-997-3486 Dave@DeemTeam.com   The active listing inventory did not change at all in the past two weeks, remaining at 2,289 homes. In August, there were 10% fewer homes that came on the market compared to the 3-year average between 2017 to 2019 (2020 was skewed due to COVID-19), 357 less. Last ye ar, there were 4,213 homes on the market, 1,924 additional homes, or 84% more. Demand, the number of pending sales over the prior month, decreased by 59 pending sales in the past two weeks, down 2%, and now totals 2,623. Last year, there were 3,256 pending sales, 24% more than today due to a delay in the Spring Market because of COVID. With no change in the supply and a slight drop in demand, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, remained unchanged at 26 days in the past couple of weeks, an extremely Hot Seller’s Market (less than 60 days). It was at 39 days last year slightly slower than today.   For ho

David Deem 714-997-3486 Dave@DeemTeam.com When planning a potential home remodeling project, the list of decisions to make may feel nearly endless. Ultimately, you may find the most important decision is choosing a trustworthy team of professionals to complete the job. For example, an organization like the National Association of the Remodeling Industry (NARI) provides homeowners with helpful ways to find qualified, professional remodelers and contractors. These seven tips can help guide you through the selection process and assist you in making an informed decision that best suits your needs. 1. Look Local Local remodelers have a vested interest to perform quality work that satisfies their customers in order for their business to survive. That’s why word-of-mouth referrals can be especially helpful in finding options near you. Ask relatives, friends, neighbors and business colleagues who live nearby about projects they’ve completed and the professionals they’ve used. Other resources m