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Orange County Housing Summary: January 11, 2022

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  David Deem 714-997-3486 Dave@DeemTeam.com   ·        The active listing inventory added 28 homes, up by 3%, and now totals 1,100 homes, its lowest start to the year since tracking began 18 years ago. In December, there were 4% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 65 fewer. Last ye ar, there were 2,633 homes on the market, 1,533 additional homes, or 139% more . ·        Demand, the number of pending sales over the prior month, decreased by 296 pending sales in the past two weeks, down 19%, and now totals 1,295. Last year, there were 1,895 pending sales, 46% more than today due to a delay in the 2020 Spring Market because of COVID. ·        With demand plunging coupled with a slight rise in the supply , the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, increased from 20 to 25 days in the past couple of weeks, its lowest level to start a year and an insanely Hot Selle

Tips for Single Homebuyers: How To Make Your Dream a Reality

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David Deem 714-997-3486 Dave@DeemTeam.com If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from  Freddie Mac  shows  28% of all households (36.1 million) are sole-person,  and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to  Freddie Mac : “ Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means  42% of the household growth will be contributed by sole-person households , . . .” If you fall into this category, here are three tips to help you achieve your homeownership goals. 1. Know Your Credit Score When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history.  Investopedia  says: “. . .  lenders will be looking

Orange County Housing Summary: November 30, 2021

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  David Deem 714-997-3486 Dave@DeemTeam.com The active listing inventory shed 336 homes in the past two weeks, plunging 19%, and now totals 1,457 homes, its lowest level since tracking and its largest drop of the year. In October, there were 15% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 441 less. Last ye ar, there were 3,469 homes on the market, 2,012 additional homes, or 138% more .   Demand, the number of pending sales over the prior month, decreased by 101 pending sales in the past two weeks, down 4%, and now totals 2,221. Last year, there were 2,621 pending sales, 18% more than today due to a four-month delay in the Spring Market because of COVID.   With the supply plunging compared to the smaller drop in demand , the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, dropped from 23 to 20 days in the past couple of weeks, its lowest level on record and an extremely Hot Se

Common Mortgage Terms to Know Before Buying a Home

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  David Deem 714-997-3486 Dave@DeemTeam.com Buying a home is full of numbers, including the all-important down payment and interest rate on the loan. The process also includes a lot of terms you may not be familiar with, especially if it’s the first home you’re buying. Your real estate agent, escrow officer and other experts who are guiding you along the way can help a lot. It can also help to know some mortgage terms ahead of time, which can make shopping for an agent and a home a little easier. Here are some common mortgage terms you’re likely to hear during the home-buying process, and what they mean: Amortization: The gradual reduction of the mortgage debt through regularly scheduled payments over the term of the loan. Annual percentage rate: Abbreviated as APR, this measures the cost of credit in a yearly rate. It includes the stated interest rate and certain charges. Appraisal: Written estimate or opinion of a property’s value prepared by a qualified appraiser. The appraisal amou

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

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  David Deem 714-997-3486 Dave@DeemTeam.com There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise. With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year. There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news. 1. Foreclosures Are Spiking Today There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the current volume of foreclosures compared to 2020. They emphasize that we’re seei

4 Ways Homeowners Can Use Their Equity

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  David Deem 714-997-3486 Dave@DeemTeam.com Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest  Equity Insights Report  from  CoreLogic , homeowners gained an average of $51,500 in equity over the past year. If you’re looking for the best ways to use your growing equity, here are four options: 1. Use Your Equity To Buy a Home That Fits Your Needs If you’re finding you no longer have the space you need, it might be time to move into a larger home. Or, it’s possible you have  too much  space and would like something smaller. No matter the situation,  consider using your equity to power a move into a home that fits your changing lifestyle.  Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home. 2. Move to the Location of Your Dreams If the size of yo

4 Reasons to Get an Air Purifier for Your Home

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  David Deem 714-997-3486 Dave@DeemTeam.com We all want our homes to be as healthy a living environment as possible, and for today’s luxury homeowners, wellness features continue to be among the most sought-after. Home gyms and amenities that rival a 5-star spa are certainly on the rise in an effort to promote physical and mental wellbeing, but one characteristic that can’t be overlooked is indoor air quality, especially for urban dwellers. These days, you can purchase freestanding air purifiers that come in sleek designs or integrate a whole-house purifier into your HVAC system. If you don’t currently have one in your home, here are four reasons you may want to consider adding an air purifier. Air Pollution Air purifiers can significantly reduce airborne pollutants that find their way into your living space and are unsafe to breathe in. Whether you have a new carpet that may be emitting toxic chemicals, or you live in a city and are worried about harmful emissions affecting your indoo