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Don’t Let Buyer Competition Keep You from Purchasing a Home

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David Deem 714-997-3486 Dave@DeemTeam.com Don’t Let Buyer Competition Keep You from Purchasing a Home This year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why.   According to the most recent  Housing Trends Report  from the  National Association of Home Builders  (NAHB): “The length of time spent searching for a home continues to grow.” The report indicates that  62% of buyers now spend 3 months or more looking for a home,  an increase from 58% one year ago .  A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent  data  from the  N

Homes.com Survey: 15 Percent of U.S. Consumers Have Experienced Housing Discrimination

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  David Deem 714-997-3486 Dave@DeemTeam.com More than 15 percent of U.S. consumers have personally experienced housing discrimination as they attempted to rent or purchase a property, according to a new  Homes.com survey  of 2,000 adults. The poll comes at a time when a federal rule establishing stricter requirements to bring  discrimination  claims under the Fair Housing Act is being challenged by civil rights groups.   Survey respondents reported encountering bias in one or more scenarios including rental applications (7 percent), home financing (4 percent), home searching with an agent (3 percent), home appraisals (3 percent) and/or other residential purchase services (3%).   Black respondents were the most likely to face housing bias (56 percent), followed by biracial/multiracial (45 percent), Latinos/ Hispanics (45 percent), American Indians/Alaskan Natives (31 percent) and non-Hispanic whites (12 percent). The problem also spanned every income level from less than $100,000 to mor

Will Mortgage Rates Remain Low Next Year?

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David Deem 714-997-3486 Dave@DeemTeam.com In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to  Freddie Mac , rates hit all-time lows  12 times  this year, dipping  below 3%  for the first time ever while making buying a home more and more attractive as the year progressed  (See graph below): When you continually hear how rates are hitting record lows, you may be wondering:  Are they going to keep falling? Should I wait until they get even lower? The Challenge with Waiting The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater,  Chief Economist  at  Freddie Mac,   explains : “ Mortgage rates jumped this week  as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago.” While rates are still lower today than they were one

Chances of Another Foreclosure Crisis? “About Zero Percent.”

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  David Deem 714-997-3486 Dave@DeemTeam.com There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time:  a robust forbearance program . During the housing crash of 2006-2008, many felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no empathy for the challenges those households were facing. In a 2009  Wall Street Journal  article titled  Is Walking Away From Your Mortgage Immoral? , John Courson,  Chief Executive  of the  Mortgage Bankers Association , was asked to comment on those not paying their mortgage. He famously said: “What about the message they will send to their family and their kids?” Courson suggested that people unable to pay their mortgage were bad parents. What resulted from that lack of empathy? Foreclosures mounted. This time is di

Why Working from Home May Spark Your Next Move

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  David Deem 714-997-3486 Dave@DeemTeam.com If you’ve been  working from home  this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond. While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about  moving , especially while today’s mortgage rates are so low. A recent study from  Upwork   notes : “Anywhere from  14 to 23 million Americans  are planning to move as a result of remote work.” To put this into perspective, last year,  6 million homes were sold in the U.S.  This means roughly  2 – 4X as many people  are considering moving now, and there’s a direct connection

Orange County Housing Summary: November 17, 2020

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David Deem 714-997-3486 Dave@DeemTeam.com The active listing inventory decreased by 101 homes in the past two-weeks, down 3%, and now totals 3,843, its lowest level since January 2018. COVID-19 is not suppressing the inventory. In October, there were 16% more homes that came on the market compared to last year. Last ye ar, there were 5,531 homes on the market, 1,691 additional homes, or 44% more. Demand, the number of pending sales over the prior month, decreased by 220 pending sales in the past two-weeks, down 7%, and now totals 2,799. COVID-19 has no effect on demand. Record low rates are fueling today’s exceptional demand. Last year, there were 2,328 pending sales, 17% fewer than today. The Expected Market Time for all of Orange County increased from 39 days to 41, a Hot Seller’s Market (less than 60 days). It was at 71 days last year, 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 of 30 days.

What to Look for in a Retirement Community

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David Deem 714-997-3486 Dave@DeemTeam.com For the throngs of baby boomers planning for their futures, retirement looks a lot different than it used to. Today’s prospective retirees aren’t necessarily looking to slow down...they’re looking for living environments that will support their active lifestyles long into the future. In fact, a 2015 report from the Population Reference Bureau found that adults who participate in regular physical activity were less likely to experience a major disability compared to those who don’t. If you or a loved one is ready to explore the next stage of life, the experts at myMHcommunity.com offer the following tips to help soon-to-be retirees find communities designed for an active and social lifestyle: - Inquire about access to less conventional outdoor activities. Not every retiree these days is a golfer, so find out if the community you’re considering offers less common activities, such as pickleball, Zumba or yoga classes. - For those who are active in