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