David Deem 714-997-3486 Dave@DeemTeam.com Mortgage applications increased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 20, 2020.   The Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week and was 79 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 19 percent higher than the same week one year ago.   "30-year fixed mortgage rates dropped seven basis points to 2.92 percent, another record low in MBA's survey. Weekly mortgage rate volatility has emerged...

David Deem 714-997-3486 Dave@DeemTeam.com The Federal Housing Finance Agency (FHFA) recently announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250, an increase from $510,400 in 2020. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375—or 150 percent of $548,250.    "C.A.R. commends the FHFA for recognizing California's record-setting home price increases during this past year and raising maximum conforming loan limits, which will give tens of thousands of California homebuyers a chance at homeownership," said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. "Increasing the existing Fannie Mae and Freddie Mac conforming loan limits will greatly benefit higher-priced areas of the state and provide stability a...

David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way. The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with  ‘the heart of a teacher’  by putting your needs first. www.DeemTeam.com DRE#01266522  

David Deem 714-997-3486 Dave@DeemTeam.com Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match. Here are seven great reasons not to wait to sell your house this holiday season: 1.  Buyers are active now. Mortgage rates are historically low, providing  motivation  for those who are ready to get more for their money over the life of their home loan. 2.  Purchasers who look for homes during the holidays are serious ones, and they’re  ready to buy . 3.  You can restrict the showings in your house to days and times that are most convenient for you, or even select  virtual ...

David Deem 714-997-3486 Dave@DeemTeam.com There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has also prompted more Americans to reconsider the meaning of “home.” This quest for a place better equipped to fulfill our  needs , along with record-low mortgage  rates , has skyrocketed the  demand  for home purchases. This increase in demand, on top of the severe  shortage  of homes for sale, has also caused more  bidding wars  and thus has home prices appreciating rather dramatically. Some, therefore, have become cautious about buying a home right now. The truth of the matter is, even though homes have appreciated by a whopping  6.7%  over the last twelve months, the cost to buy a home has actually dropped. This is largely due to mortgage rates falling by a full percentage point. Let’s take a look at the monthly mortgage payment on a $300,000 hous...

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 h...

  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 le...

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...

  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 em...

  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  a...

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 d...

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...

David Deem 714-997-3486 Dave@DeemTeam.com In the second half of this year, the housing market  surged  with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun,  Chief Economist  for the  National Association of Realtors  (NAR),  notes : “It will be one of the best winter sales years ever.” The typical winter slowdown in the housing market is simply not on the radar. Here’s why. While today’s historically low mortgage rates are expected to remain low, they won’t be  this low  for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent  article ,  Bankrate  explained: “If you’re looking to buy a home… expect mortgage rates to remain low into 2021 . However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.” As long as we cont...