Posts

What Does the Future Hold for Home Prices?

Image
  David Deem 714-997-3486 Dave@DeemTeam.com If you’re looking to buy or sell a house, chances are you’ve heard talk about today’s rising home prices. And while this increase in home values is great news for sellers, you may be wondering what the future holds. Will prices continue to rise with time, or should you expect them to fall? To answer that question, let’s first understand a few terms you may be hearing right now. Appreciation  is an  increase  in the value of an asset. Depreciation  is a  decrease  in the value of an asset. Deceleration  is when something happens at a  slower pace . It’s important to note home prices have increased, or  appreciated , for  114  straight months. To find out if that trend may continue, look to the experts.  Pulsenomics  surveyed over 100 economists, investment strategists, and housing market analysts asking for their five-year projections. In terms of what lies ahead, experts say the market may see some slight  deceleration , but not  depreciation

How to Find Quality Movers

Image
  David Deem 714-997-3486 Dave@DeemTeam.com Hiring a moving company is one of the most important decisions people make when buying or selling a home. Nightmare stories abound about movers that show up hours late, break or lose items, or whose estimates aren't accurate. Thankfully, there are things you can do that will increase your chances of finding a reliable moving company while avoiding the bad ones. Here are some key ways to be sure you find the right moving company for you. Read the reviews.  One of the great things about the internet age is that you can find reviews for just about any business. Go to sites like Yelp that review businesses and see what people have to say. Don't let one bad review turn you off, and consider what reviewers are complaining about because some people are unreasonable. Get referrals.  Referrals are different from reviews because they come from people you know. Perhaps there's someone who recently moved to your neighborhood, ask them if they

Orange County Housing Summary: October 19, 2021

Image
  David Deem 714-997-3486 Dave@DeemTeam.com ·   ·        The active listing inventory shed 137 homes in the past two weeks, down 6%, and now totals 2,042 homes, its lowest level since tracking. In September, 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), 314 less. Last ye ar, there were 4,173 homes on the market, 2,131 additional homes, or 104% more. ·        Demand, the number of pending sales over the prior month, decreased by 6 pending sales in the past two weeks, nearly unchanged, and now totals 2,515. Last year, there were 3,153 pending sales, 25% more than today due to a delay in the Spring Market because of COVID. ·        With large drops in the supply, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 26 to 24 days in the past couple of weeks, an extremely Hot Seller’s Market (less than 60 days). It was at

Mortgage Applications Relatively Flat

Image
David Deem 714-997-3486 Dave@DeemTeam.com Mortgage applications increased 0.2% for the week ending Oct. 8, 2021. According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, the Market Composite Index, a measure of mortgage loan application volume, increased 0.2% on a seasonally adjusted basis from the previous week.   Unadjusted, the Index increased 0.4% compared to the previous week. The Refinance Index decreased 1% from the previous week—16% lower YoY. The seasonally adjusted Purchase Index increased 2% from the previous week. The unadjusted Purchase Index increased 2% compared with the previous week—10% lower than the same week one year ago.   Additional details:   - The refi share of mortgage activity decreased to 63.9% of total applications.   - The adjustable-rate mortgage (ARM) share of activity remained unchanged at 3.4% of total applications.   - The FHA share of total applications decreased to 10.2%.   - The VA share of total applications de

What Do Past Years Tell Us About Today’s Real Estate Market?

Image
  David Deem 714-997-3486 Dave@DeemTeam.com As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market. Chances are high that some of the more recent storylines you’ve come across mention terms like  cooling  or  slowing  when talking about where the market is headed. But what do these terms mean?  The housing market today is  anything but normal , and it’s still an incredibly strong  sellers’ market , especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing? We’re Still Seeing an Above Average Number of Sales You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent  Existing Home Sales Report  from the  National Association of Realtors  (NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the full picture  (s

Don’t Wait for a Lower Mortgage Rate – It Could Cost You

Image
  David Deem 714-997-3486 Dave@DeemTeam.com Today’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet. If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of. Even today,  our mortgage rates are below what they’ve been in recent decades.  So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later. In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead. Here’s where experts say rates are headed

The Big Question: Should You Renovate or Move?

Image
David Deem 714-997-3486 Dave@DeemTeam.com The last 18 months changed what many buyers are looking for in a home. Recently, the  American Institute of Architects  released their  AIA Home Design Trends Survey  results for Q3 2021. The survey reveals the following: 70% of respondents want more outdoor living space 69% of respondents want a home office (48% wanted multiple offices) 46% of respondents want a multi-function room/flexible space 42% of respondents want an au pair/in-law suite 39% of respondents want an exercise room/yoga space If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like: A possible desire to relocate The difference in the cost of a renovation versus a purchase Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house) In