Orange County Real Estate Success

  • , , , ,

    Balboa Peninsula, Newport Beach – Best Deals on Property Duplexes

    Published by

    angieweeks

    on

    Balboa Peninsula views
    Standing at the end of the Balboa Pier, a Newport Beach coastline pic.

    Gorgeous Newport Beach, CA – an ideal retirement and vacation spot for so many.  Balboa Peninsula is seeing lots of changes this year – a new marina going in, lots of new restaurants and shops, multiple properties adding 2nd and 3rd stories – the area is truly in a ‘build up’ phase similiar to what we saw with Huntington Beach 10-15 years ago.For many, the “Newport” lifestyle is far out of reach.  Currently there is only ONE lonely condo on Balboa Peninsula under 1 million dollars, and it’s HOA is almost $800/mo – OUCH!  Is there anything affordable?  Are there any opportunities?  There sure are.  Lots of times with the higher end areas, buyers will opt for a multi-unit property as a stepping stone to get up to their McMansion.  They live in one unit, and rent out the other(s) so that the mortgage becomes affordable.  Many property owners keep the multi-unit forever, because rental rates on the peninsula can be insane.  Newport Beach vacation rents range from $150-1000 per NIGHT, so you can see the potential a second unit could have on your mortgage payment!  If you don’t like the vacation rental crowd, you can still rent on a 6 month or 1 year lease for a minimum of $2000/mo, even if the unit is the size of a closet without a garage or parking.  Ya, Newport Beach CA is that expensive and exclusive.

    Here are the 3 best property duplex deals on Balboa Peninsula right now:

    1.  Balboa Peninsula Duplex - Balboa's Best property deals211 34th St, Newport Beach CA 92663

    $1,378,000

    2 BR/1 BATH Lower unit
    2 BR/1 BATH upper unit
    1,900 sq ft
    2,666 lot size

    Situated in the bustling area of the peninsula, this duplex is walking distance to shops, beach, harbor, nightlife, and a ton of restaurants.  It is only one block to the sand.

     

    Balboa Peninsula, CA property deals2.  417 Harding ST , Newport Beach 92661

    $1,295,000

    2 BR/1 BATH Front unit
    2 BR/1 BATH Rear unit
    2,119 sq ft
    2,178 lot size

    Harding is a quiet, interior peninsula street (rare!) walking distance to the Balboa Ferry, Fun Zone, harbor, beach, shops, bars, Sunday Classic Car show, Catalina Flyer and Balboa Pier.  Such an ideal location.  A tear down recently sold a couple doors down for about the same price.. so this property also offers big opportunity.

     

    3.  Newport Beach duplexes1627 W Balboa BL , Newport Beach 92663

    $1,495,000

    2 BR/2 BATH unit
    3 BR/3 BATH unit
    2118 sq ft
    2563 lot size

    The only available peninsula duplex that offers units with more than 1 bath, this cottage style property is on the ocean side of Balboa Blvd with bigger units than the first two options.  It’s the closest listing to the new marina under development, and it’s still close to the Newport Pier, harbor, shops, restaurants and nightlife.

    Balboa’s Best Deals

    If you’re interested in more properties in Newport Beach, or Balboa Island’s best deals, just give us a call toll free at 877-230-3211, or tweet @AngieWeeks or @AskAngieTeam with your questions so we can get details.  You can also register your own property search through our website at:  http://properties.askangie.com

  • , , , , , , ,

    Orange County Real Estate Appraisals – “Ask The Appraiser”!

    Published by

    angieweeks

    on

    Orange County CA Real Estate appraisals
    Frustrated with OC real estate appraisals? Contact the professionals at the AskAngie team to learn tips and tricks to find a more accurate appraisal estimate!

    Appraisers…..we love to hate them.  They scrutinize your house, call your ‘baby’ ugly, and they tell you it isn’t worth as much as you would like.  But they are a critical part of every real estate transaction when you’re getting a loan, so we have to learn to speak appraisal language.  What does an appraiser do, anyway?  In a nutshell, appraisers determine an unbiased price your property is worth at any particular moment in time.  They do this by pulling ‘comps‘ or comparable properties near you, and then factoring in upgrades and features to nail down a property price.  The bank hires an appraiser to confirm the loan they are about to give you is on a safe, solid, properly priced property. This week we had the pleasure of hearing long time Laguna Beach appraiser Mary “Vicky” Wilson tell us how we can get closer to the right numbers.  As an agent in the business 11 years, some of this info was totally new to me!  I’m sure you’ll learn a few things too – so read on 🙂

    First off, appraisers take a completely factual and non-emotional approach.  So to get on the same page with them…you’ve gotta use your head, not your heart. Every price adjustment and comparable property needs to be validated with a series of facts behind it, not just thoughts or feelings.

    Basic guidelines Orange County Real Estate appraisers follow:

    • **Appraisers do NOT NOT NOT use a price per square foot average.**  Don’t even try to value your property like this.  You may be able to justify it to the buyers agent, buyer, and yourself, but the appraiser isn’t buying it, and they give the bank the green light needed to lend the money needed & close this deal.  Now, lots and land are an exception to this rule, but the main dwelling is NOT.
    • Comps must be reasonable substitutes. ie single level properties vs 2 story properties are NOT comparable.  Read that again because it takes a minute to sink in.  SERIOUSLY??  The 2 story that is 3 doors down is not a comp if you’re a single story???  Notsomuch in the eyes of the appraiser. Be careful not to price a less desirable model in a neighborhood the same as the most desirable if they differ in stories.
    • To follow along these lines, lenders don’t want an appraiser to compare properties that are 15% plus or minus in size.  If you are the smallest model, you may not be a comp with the largest, and vice versa.
    • Lenders require 4 closed sales AND 2 backup or pending sales that support the value opinion & your price tag.  Pay attention to active, pending, & backup listings because the appraiser is!  They are looking for upward or downward trends in your local market.  One high closing in your area won’t help you, remember FOUR closed properties are needed, plus 2 more that are under contract.
    • Did you know there are only 17-20 line items on an appraisal?  Appraisers stick to the cold, hard facts.
    • L O C A T I O N is the #1 consideration.  Location also trumps distance from property.  So if you are the only ‘ocean view’ in your community, an appraiser may go to a neighboring community to pull other ocean view comps instead of other non-view properties in your same neighborhood.  Same would go for a ‘corner lot’ or ‘end unit’ location.
    • Time is of the essence.  Appraisers like 3-6 month old closed comps, not more than 1 mile away.  Pull up this data before you price your property so you are in line with the realities of today’s market.
    • No, your converted detached garage, pool house, or Mother In-Law suite is not part of the square footage of your property.  Ever.  Rule of thumb: If you have to walk outside the main structure and have air or water or wind touch you then it’s not part of the square footage 😦  Furthermore, to be considered square footage, permitted improvements must be above soil grade & under the main roof.  Sorry, but your cool casitas or underground grow and wine rooms can be appraisal line item adjustments, but NOT included in the square footage.
    • .75 bath (toilet, sink, shower) is counted as a full bath in appraisals!!!!  .5 baths with no tub or shower, on the other hand, are only noted as .1….so if your property is 5 full and 3 1/2 baths… it’s a 5.3 on the appraisal; not 6.5.
    • Appraisers only have 48 hours to send their appraisals in, and they get paid less than $500 per report.  Banks have high expectations and short timelines, so this is where a good agent comes in to assist your appraiser in understanding your home’s true value, quickstyle.  More agent tips coming if you keep on reading….
    • The market will *usually* pay back 50-60% of what you spent on upgrades!!!  Sellers who try to add the entire price of remodels or upgrades into a purchase price always end up disappointed.  Remember this ratio and come to terms with it now.
    • If you do have an unpermitted addition, appraisers will ask:  Does it have intrinsic value to the property? Is the addition positive or negative to the overall home?  How is the condition?  Remember, non-permitted additions won’t count toward square footage, ever, but it can be added as a line item to the overall valuation.

    Tips for Realtors and homeowners to better work with appraisers:

    1. Be present at the appraisal appointment with a comp packet. Or email it early.  The appraiser is in the field NOW, not in 3 hours when you get back to the office and your email.  Don’t expect appraisers to drive back to see your comps.  Make sure to support upward and downward trends with comps and a possible market report, too.
    2. Inform – appraisers need to know what was upgraded and how much was spent. Readily offer full access to everything.
    3. Don’t approach an appraiser negatively or with an attitude if you don’t agree with their valuation. 
    4. Don’t say: “You should have no problems with the value”.  Famous last words.
    5. During follow up: don’t ask the value, they can NOT tell you the number directly.  Instead ask: “Did you find any problems with the home that may be an issue?”

    Wanna Ask the Appraiser more specifics?

    Mary Vicky Wilson is happy to do ‘range valuations’ for Orange County homeowners who are considering selling.  May as well do it now.
    949-939-6806
    Vicky@yourappraisalpeople.com

    Want an Orange County Market Report and professionally pulled comps?

    Contact the AskAngie team and we’re happy to help!  You can reach Angie direct at 949-338-7408.  Or just email Angie@AskAngie.com or tweet @AskAngieTeam so we can help you get the research you need to sell your biggest asset for top dollar!

  • , ,

    Orange County Real Estate & Loans – Make it EASY!

    Published by

    angieweeks

    on

    Today I’m in a lunch & learn with Ryan Grant and the iMortgage team, and we’re talking about ways to make homebuyer’s lives easier!  There’s a lot of little (and big) steps in the process of buying a home, and if they aren’t taken in the right order it can lead to major headaches. Today’s post will focus on the loan aspect – crucial info here!!!

    • Have you ever walked into an open house before, loved it, and then lost it because you weren’t prequalified?
    • Have you ever given a lender your financial info verbally, they told you you’re approved for 500K, and then later found out that number was really 400K?
    • Have you ever been told by a Realtor that they won’t show you homes because you aren’t approved?

    Not-so-fun FACT:  36% of all real estate transactions are delayed or do not close due to lack of funding!

    These things happen all the time, and the headache can be avoided by taking the right steps on the path.  Let’s just pave it for you here:

    1. You MUST be pre-approved before you go out shopping.  Buyers who think ‘Oh, I’ll just do that once I find the house I like’ are setting themselves up for heartbreak.  The house you liked today, another buyer liked yesterday.   You are TOO LATE if you wait to prequalify once you find the house you like.  The market, nor the seller, nor the listing agent will not wait for you to bring your paperwork together.  If a Realtor insists that you provide them with a prequalification and proof of down payment funds before you start searching, that’s a GOOD agent who wants you to have a pleasant experience.  They know how to best serve you and make sure no time is wasted.  Only newbies let you go shopping without your *wallet*.
    2. Verbal prequalifications are not enough.  A pre-approval is stronger than a prequalifcation….and listing agents know this.  If you submit a prequal while the other buyers submit a pre-approval – you lose.  If you just prequal and do not give the lender your paperwork and financial information, then you may be able to secure the escrow, but it’s possible you won’t be able to close it.  This happens ALL THE TIME in our industry, so don’t think it can’t happen to you, too.
    3. Know your loan parameters.  Buying for the first time?  Great!  It’s very likely you’ll be doing an FHA loan with 3.5% down.  Buuuut, not all communities are ‘approved’ for FHA financing.  Here in Orange County, only around 50% of condo communities are open to FHA financing, so your options will be limited.  The same applies for VA loans – not all communities are approved.  If you aren’t aware of your loan limitations, you can also run into major disappointments and discouragement.
    4. Structure your offer accordingly.  Tight on cash?  Tell your Realtor, and we can write in your closing costs to be paid by the seller side.  Competing with multiple offers?  Write an aggressive timeline to be more competitive.  Does the seller need to find another home?  Offer them a rentback and be flexible on your timeline.   The way your offer is structured is very important to
    5. cash-buyerShow buying power & strength.  Part of this is your pre-approval.  Have your lender push it through underwriting so the process is almost done.  If you take the extra week or two to do this, you will appear almost as a CASH offer.  The other part is your proof of funds.  If you have more $$ saved than you are putting down, go ahead and show it to the seller.  The more funds you have, the more likely they are to feel comfortable with you!
    6. Be prepared to cross-qualify.  What the heck is that?  It’s basically the process of one lender confirming another lender’s paperwork.  When you buy a home you’re in a financial fish bowl.  If you resist the seller’s request to have you ‘double’ or ‘cross’ qualify, what does that say about your confidence in being able to close the deal???  You appear stubborn, or you appear to be hiding something.  Would you want to work with someone like that?  Don’t be that guy.

    If you follow the above 6 steps and work with a competent lender & Realtor, you will have the best possible experience with all financing aspects of buying your new home.  If you don’t, get ready to ride the roller coaster because you’re in for some ups, downs, and possibly flips.

    More questions?  Just AskAngie!  Call 877-230-3211, tweet @AngieWeeks or comment here!

  • , , ,

    A Ferry Ride away from Paradise; Balboa Island

    Published by

    angieweeks

    on

    Balboa Island
    Balboa Island

    Balboa Island is a quaint and gorgeous place to live or visit and is located in the center of Newport Beach. The excitement begins with the five minute ferry ride to the Island. Along the way, you will get a sneak peak of some of the beautiful homes that line shore of Balboa Island.

    Entertainment awaits you on Balboa where you can choose to relax while laying on the beach, go fishing off of the pier, rent a motor boat and enjoy a ride around the island, go on a whale watching adventure tour or take pleasure in tasting some of the amazing dining selections offered throughout Balboa. A favorite hot spot among the locals is the Balboa Candy Store where everyone can enjoy a sweet treat! Throughout the year, many events are held on or around the island. Every Sunday morning, Balboa holds its Classic Car Show which is held during March-December. Come check out some  old beauties!  For anyone who enjoys the arts, The Debra Huse Gallery offers guests to view and buy exquisite paintings. The gallery will be holding its seventh annual Just Plein Fun event where thirteen award winning artists will paint from sunrise to sunset throughout the week of July 28-August 2.This is a free event for people of all ages to enjoy! On August 1st the Brush Off is being held from 4-6 where artists compete to capture Balboa Island’s beauty on canvas. Come join the festivities with the 21st Annual Celebrate Balboa Island Day! On Sunday, June 1st starting at 11am the festivities will begin with the island parade followed by music, activities and much more! Balboa Island is the place to be on the 4th of July! From 1pm-5pm you watch the Old Glory Boat Parade which is one of California’s largest and well-established boat parade. You will see over 100 boats cruise through the Newport Beach harbor. Balboa Island offers an amazing view for the fireworks which take place at 9pm.  Balboa Island is infamous for the annual Holiday Boat Parade. During the month of December, residents from the surrounding beach areas deck out their boats with lights, inflatable characters, banners and much more! People gather to watch as the spectacular boats ride around Balboa Island.

    Balboa Island Real Estate

    It is no wonder why people decide to live on Balboa Island with all of the exciting events that take place year round. If you are interested in the real estate offered on Balboa Island, Angie Weeks has the experience and knowledge to help you find what you are looking for. Angie is one of Orange County’s top real estate agents and is guaranteed to make your search for a new home simple and enjoyable. Check out the available Balboa Island properties!

    To learn more about the Balboa Island properties for sale, please call 877-230-3211 or you can tweet @AskAngieTeam and mention which address you are interested in.

  • , , , ,

    Newport Beach real estate – Balboa Peninsula homes for sale

    Published by

    angieweeks

    on

    Newport Beach real estate
    Newport Beach real estate

    Newport Beach real estate is booming with summer on the horizon.  Newport offers many interesting and unique homes – no cookie cutter here!  If you’re considering moving to the beach, Newport Peninsula offers excellent cuisine, watersports, beaches, piers, and people. The Balboa Fun Zone is located within the heart Newport Beach and offers fun activities for people of all ages to enjoy!  The activities in Newport Beach are endless and include: paddleboarding, fishing on the pier, bicycle riding on the boardwalk, boat rentals, bon fires or taking the ferry to enjoy a day on Balboa Island. Shops and fine dining are conveniently located throughout Newport Beach. Enjoy taking a stroll through the shops along the boardwalk, walking around Fashion Island exploring surrounding cities such as Corona del Mar and Crystal Cove. Indulge in an array of cuisine options, whether you like Sushi or Pizza, it is all available in Newport Beach. Imagine all of the wonderful amenities that come with living in Newport Beach. Newport is the place to be!

    Balboa Peninsula homes for sale

    Find Balboa Peninsula homes for sale on our website at http://properties.askangie.com.  You can schedule a search here and new properties that hit the market will be emailed to you the day they become available.  Newport peninsula properties usually start just under 1M, and they go over and above 5M. Whether you are looking for a one bedroom or a place for the whole family, Newport Beach offers homes to accommodate any lifestyle. You are sure the find a home on the Balboa Peninsula that will catch your eye and is within your budget. We strive to find nothing but the best for our clients, which is why we pride ourselves in our ability to ensure that your wants and needs are met with professionalism and enthusiasm. Let us help you find that house that you have always wanted to call a home. Now is the time to take your dream of luxury living and make it a reality!

    If you’d like to learn more about Balboa Peninsula properties for sale, simply call us toll free at 877-230-3211 or tweet @AskAngieTeam any address you are interested in.

     

  • ,

    Not on the MLS San Clemente

    Published by

    angieweeks

    on

    Beautiful Homes in San Clemente

    San Clemente, a gorgeous town located in southern Orange County, alIMG_6285ongside the Pacific Coast Highway (PCH). In San Clemente there is plenty to do. The most popular and most known is the fabulous surfing spot San Onofre beach. The pier is another hot spot where the locals come to watch dolphins and surfers swimming in the ocean.  In this town there are many  gourmet restaurants, plenty of shopping, movie theaters, walking trails and more. If you want to go for mini vacation just hop on the local train.

    Palm Beach Park

    But maybe if you are looking for an elder (55+) family member to move to somewhere peaceful and quiet to settle, take a look at Palm Beach Park community. This is a senior community filled with spacious mobile homes. For example each one comes with 2 bedrooms, 2 bathrooms and covered attached carport. Plus, there is beach access near by. The community also hosts weekly and monthly  basis through the association off-site and in the clubhouse.  This is the California dream retirement spot. This is by appointment only, so if this sparked your interest, contact me (949-338-7408) or tweet me @AskAngie.

    IMG_5827 (1)

  • , ,

    Villagio in San Clemente – Homes for sale in San Clemente CA

    Published by

    angieweeks

    on

    Villagio Homes in San Clemente
    Villagio community homes – condos with backyards!

    Have you been looking for real estate in San Clemente and turning up empty?  Check out the Villagio community!  Villagio is located in  Rancho San Clemente, and although they are technically condos, the entire community is detached!  You’re getting a home for the price of a condo, so that makes Villagio one of the best priced communities in the entire city! Just 3 miles from the beaches of San Clemente, 1 mile from the Talega golf course, and 1 mile from shopping centers and high school, this centrally located community has it all.   Many of the homes have ocean views, plus the community is quiet with very friendly neighbors.

    Want to see a home in Villagio?

    Check out this virtual video tour of our listing at 716 Via Otono:

    Homes For Sale in San Clemente

    As of the date of this post, there are only 7 detached homes in the entire city of San Clemente priced below 600K, and 716 Via Otono is one of them!  Hurry!! This gorgeous 3 bedroom 3 bath house has a spacious backyard with a patio. Also includes 2 master bedrooms, a 4 car driveway. If you’d like to get more options for detached San Clemente homes we have 15 available between 600-700K.   Also Want the list?  Just tweet @WeeksTeam for one or email info@successinweeks.com.  You can also schedule your own San Clemente property search at http://properties.askangie.com

  • Laguna Beach House Sale

    Published by

    angieweeks

    on

    Luxury Laguna BeachIMG_4135 (2)

    Laguna Beach, located in southern Orange County, is known for many different activities and entertainment.  First, the gorgeous beach, whether you are laying in the sun or drinking a martini at a restaurant you will always have a spectacular view of the ocean.  All of Orange County knows that this is a great place to come relax.  Second, Laguna Beach is known for being very artsy.  In the summer months, the Sawdust Festival comes to town!  This is where many artists come together to sell their beautiful masterpieces, from glass blowing to fabulous photography to jewelry, this is a must see event. Third, the famous Pageant of the Masters which in essence  is “Living Art” – you will see famous masterpieces recreated in a new way.  Lastly, hidden up in the green rolling hills is a little secret spot called “Top of the World”, it is high up, but the view is worth it!  Up there you can also hike or bike through out the trails.

    Dream Come True Home

    Speaking of the green rolling hills, this is where this dream come true house is located. With a breath taking view of the ocean, this house is to die for.  An incredible 5 bed and 5 bath home includes an outstanding kitchen, a private entrance with a gate, a gorgeous entrance hall way, wrap around balcony, a spacious master bedroom and closet, and so much more.  The house has a modern architecture, built for luxury and entertaining. Though the lot is mostly slope, with minimal maintenance , you will never have to worry about a skyscraper ever stealing your view. Through out the house are huge windows that will let the sunlight surround you.  A great entertaining home. Each of the 5 bathrooms, yes I said 5, is decorated for relaxation and primping.  If this House sparks an interest to you, contact me (949) 338-7408 or tweet @AngieWeeks.

  • Home For Sale In Garden Grove

    Published by

    angieweeks

    on

    Property in Park Berrydale Recreation AssociationHome For Sale In Garden Grove

    Are you considering to relocating to Garden Grove? Well that is a terrific decision! Garden Grove is located on Route 22, also known as the Garden Grove Freeway in California. With the modern architecture, this city is home to many famous landmarks. Such as the Garden Grove Playhouse, the Gem Theater and the Festival Amphitheater. Another famous event held here is the Garden Grove annual Strawberry Festival, held over Memorial Day weekend. the Garden Grove Strawberry Festival is one of the largest community festivals in the western United States.

    13641 Fairview St. #11, Garden Grove

    If Garden Grove is what you are looking for, don’t miss out on this adorable attached single family home listed at a affordable $279,999! Situated in the Park Berry Recreation Association, the best part of this community is that no one is above or below you! With an open living room and fireplace, this 2 bed and 2 bath is perfect for a first time homeowner. It also includes a large green grass in the front yard and a patio in the backyard. New appliances and Corian counter tops. If this home sounds like what you are looking for, come check it out or for questions contact me at (949) 338-7408 or tweet @AngieWeeks.

  • , ,

    Southern California Home Ownership Day 2014 – OC Home Fair

    Published by

    angieweeks

    on

    2nd Annual OC Home FairNeed help in Real Estate?

    Want to buy a home, but don’t know where to start? Or are you trying to sell your home, and everything is going wrong? Have an interest in investing? Then you came to the right place. All your questions can be answered On March 29 2014 at the Southern California Home Ownership Day located at University Drive Orange, CA 92866 !! This event is a do not miss opportunity.

    The Southern California Home Ownership Day

    California Home Ownership Day is hosting. Some of the seminars include Buying after a Short Sale Foreclosure, Steps to Buy Your First Home, The Escrow Process, What to Expect With Your Home Inspection, and Ways to Reduce Your Electric Bill. Each class is taught by a well educated instructor.

    Do you want to be an Automatic Millionaire Homeowner?

    The Automatic Millionaire Homeowner seminar is a slow play way to become a millionaire in real estate. I am teaching this class, please click on this link (https://www.surveymonkey.com/s/ochomefairclass01). You can also enter to win a free raffle to win the book The Automatic Millionaire Homeowner by David Bach.

    The best part of this event is that it’s FREE!! But you need to hurry and register a seat for the classes you would like to attend. Don’t know how? To learn more about this event visit http://www.OCHomeFair.com or Contact me at (949) 338-7408 or Tweet me @AngieWeeks

    )

  • , , , , , ,

    What’s in store for Orange County Real Estate in 2014?

    Published by

    angieweeks

    on

    Orange County 2014 Real Estate Economic Forecast
    What’s in store for 2-0-1-4?

    Today we had the pleasure of attending a lunch & learn by The Real Estate Focus Group and Steven Thomas, one of Orange County’s best real estate forecasters.  Steven’s reports have been published in Forbes, USA today, NY Times, and especially the OC Register because he’s constantly pulling tons of valuable data about what’s going on with the OC housing market.

    2013 Real Estate Review

    In 2013, short sale volume dropped by 61%, (holla:) we experienced a hot hot hot market with 18% appreciation and then the unrealistic sellers entered the market after June.  We saw many more move up sellers, which is a great sign.  There was a significant lack of inventory at the beginning of the year, followed by a spike and overpriced inventory in the fall.  We also had a refinance bonanza, so hopefully you took advantage of that!  Interest rates are still historically low, but tapering is looming, so 2014 is a year to get your financing while financing is still good.

    2014 Real Estate Ramp Up

    We currently have 5000 homes on the Orange County market, and we have a 49% increase in inventory since this time last year.  Our market is healthy because interest rates are still low (but expected to go up), and we are currently at 90% equity (standard) sales.

    Only 5% of the mortgaged homes in Orange County are currently underwater.  That means 95% of you are back to even or have (gasp!) equity – FABULOUS NEWS – and this makes the perfect formula for a continued move up market.  If you’d like to get the house with the yard or the pool, this year is opportunity time for you.

    First time buyers who have been squeezed out of the market the last 12 months will come back, even though their rates are a little higher and FHA guidelines have changed.  In addition, more luxury buyers are expected to enter the market this year.

    Sellers, our expected time for a properly priced home on the market in Orange County is 93 days.  Our median sales price is 610K, and buyers, your monthly payment for a 4.5% loan at this price is approximately $2500.  Still affordable.  Unless you like paying off your landlord’s mortgage instead.

    New home construction is going up: Rancho Mission Viejo, Great Park Irvine, and Baker’s Ranch in Foothill Ranch are all big developments underway.  Remember it’s still a good idea to have a Realtor represent you even in a new build situation, so be sure to call us if you would like to check out any of the inventory out there.

    Some concerns for 2014….. uncertainty, lack of fair market value homes, interest rates, and the circus in Washington DC.

    Some expectations for 2014…… buyers will insist on fair market value vs. paying over appraisal, active inventory will continue to rise, interest rates will continue to rise, and we should have a mild appreciation of 0-5%.

    If you are interested in MORE geeky data, we have it at our fingertips!  Just email angie@askangie.com, tweet @angieweeks or @weeksteam, or call 877-230-3211 to request a copy of this month’s Orange County housing report.

  • , , ,

    Is it Mortgage D-Day? Qualifying for a Home Loan in CA Gets Harder

    Published by

    angieweeks

    on

    2014 home loan guidelines
    2014 Loan Guidelines are changing!

    What’s New & Different for 2014 Home Loans in California

    Today’s been coined in the real estate industry as “Mortgage D-day”; new Qualifying Mortgage regulations are rolled out and they are changing the way your mortgage can be structured.  We recently had the pleasure of attending a Lunch & Learn hosted by Brian Kimball, loan officer with Summit Funding.  Brian went over a few of these changes in the lending industry so we figured we would share! A word of warning….lending land is confusing with a ton of acronyms!  If you have questions or clarifications about this information, feel free to reach out to Brian or your preferred lender to help clarify and explain.

    Some improvements and changes for California home loans starting next week:

    – license required for all team members
    – dual compensation is now prohibited (no more point in the front and point in the back)
    – geographical standardization of commission percentage (no more getting different loan origination quotes from different lenders at the same company!)

    Home Owner Equity Protection Act (HOEPA)

    – 1st time buyers are now required pre-loan counseling. This education can be done online. It will hold up your closing if you do not complete this education so if you’re buying your first home or condo be sure to address this with your lender EARLY and get your certificate 🙂  PS. A 1st time buyer is defined as someone who has not owned a home in 3 years.

    Higher Price Mortgage Loan (HPML)

    – Lenders must require 5 yr escrow payments (impound account) REGARDLESS of your loan to value ratio. Borrower must meet residual income requirements, so this means that many lenders are not going to be willing to offer and provide these higher price mortgage loans :/

    General Qualified Mortgage (QM)

    – Points and fees are less than or equal to 3% of the LOAN amount (not purchase price..cool!)
    – No ‘risky’ features. This includes negative-am, interest only, or balloon payments
    – Maximum loan term is 30 years. Darn, the young buyers really liked the 40 year option 😦
    – Maximum total Debt to Income (DTI) ratio is 43%

    Temporary Qualified Mortgage (TQM)

    – Meets product requirements of Qualified mortgage and is available to GSE direct lenders only
    – Available until 2021: This creates some “breathing room” for lenders and buyers to settle into the new QM.

    Ability to Repay (ATR)

    – Lenders currently look at your big deposits, and NOW they are going to be looking into your big withdrawls too.  If you have a personal loan from someone that does not show up on your credit report they will be looking into your regular payments.
    – Lenders can be liable for deficiencies over the lifetime of the loan.
    – Underwriting will now be based on 8 federally mandated criteria.
    – All lenders must standardize underwriting practices. This means there will be less ‘exceptions’ during the underwriting process.
    – Buyers must qualifiy based on fully amortizing payment and maximum payment in the first 5 years. This means buyers cannot use ARMs to qualify for more $$, simply to lower monthly payments.

    Points and Fees Limits

    – 100K or more -> limit is 3% max of the total loan amount
    – 60-99K -> limit is $3000

    What points and fees are always included in the 3% max?

    – loan origination fee, rate lock and discount points
    – prepaid interest
    – application, processing, and underwriting
    – admin fee and commitment fee
    – conventional up front mortgage insurance cost
    – all compensation to mortgage broker
    – ‘junk fees’

    What is never included in the 3% max?

    – FHA MIP and VA funding fee
    – Hazard insurance and property taxes
    – Appraisal fee, credit report, and tax service
    – notary fee and courier fee
    – title insurance, flood cert
    – seller paid fees and points. Sellers, think EARLY about what you are willing to add to the pot to keep a deal together.

    On the 2015 horizon:

    – Loan Estimate may replace the Good Faith Estimate
    – Closing disclosure will replace the HUD1

    Both of these things will standardize the format so buyers can easier compare lender to lender.

    Wow – lots of changes to California Home Loans but many are good ones to protect consumers. Getting a loan is complicated and it’s very important to your financial future.  We always encourage you to talk to a couple lenders so you can find who offers the best programs, payments, and education. If you select the wrong lender, you very well may select the wrong loan, and this could cost you thousands of dollars and big headaches in the future. DO YOUR DUE DILIGENCE and research so you don’t get burned. The Weeks Team is here to help you every step of the way with your Orange County real estate needs – call us at 877-230-3211 or tweet @AngieWeeks or @WeeksTeam with your questions!

  • , , , , ,

    California Real Estate Market Update from Leslie Appleton Young

    Published by

    angieweeks

    on

    California Real Estate Market update 2014What’s in store for Orange County Real Estate and the California market in general in 2014? We had The California Association of Realtors Chief Economist Leslie Appleton Young present a ton of great market data and facts today, so we wanted to share with you!

    Here are 8 quick facts about CA Real Estate:

    1. REO level is at 5%. There are only 205 bank owned properties for sale in OC right now.

    2. There are now only 15.4% underwater homeowners in California.

    3. Foreclosure and delinquency rates are now at their historic normal level. (Big WHOOP WHOOP!!)

    4. Sept median price in CA for detached homes: $428,810

    5. 72% of properties from the beginning of this year had multiple offers. (This is why you need a good Realtor!)

    6. 82% of investors bought & HELD. Only 18% flips in 2013.

    7. There are 3.6 months of inventory supply in CA as of Sept.

    8. Only 28% of buyers were first time buyers because they were outbid by all cash investors 😦 The long running average is 38%.

    The big question: Will there be home appreciation or depreciation in 2014????????

    Leslie predicts we will have more inventory, and sales volume will be up 3.2%. She is projecting a 6% appreciation, and mortgage rates will RAISE to 5.3%.

    What does this mean for you? It’s a great time to seize the opportunity of lower prices while rates are still in the 4’s! Call us at 877-230-3211 for help and to maximize your investments!

  • Get $40,000 to Buy Your First Orange County Home

    Published by

    angieweeks

    on

    OC-hocHey there!

    Most of our ‘wanna be’ home buyers have the same problem – down payment funds 😦  We love helping you find the money!  Here’s an email we received from our friends over at OC HOC – they are a great resource for homeownership education.  If you or anyone you know is struggling to get the down payment on a new Orange County home, check it out!  And don’t forget to post your feedback!!

    Learn How to Get $40,000 in Down Payment Assistance to Buy a Home at OC HOC’s Home Buyer Orientation Workshop!

    Want to become a Homeowner but don’t know where to start? Want to learn how to get free home buyer education, grants and down payment assistance to buy a home? Then this FREE Home Buyer Orientation is just for you! This workshop is geared for consumers who are thinking about purchasing a home, and are interested in learning about the home buying process, and the free nonprofit resources available. OC HOC will provide an overview of the credit and loan requirements are needed to buy a home; benefits of home ownership vs. renting;  an overview of various down-payment assistance programs from nonprofits and city programs; and how to access free funds to help you buy a home. OC HOC will also provide a list of resources and programs and the next steps to prepare you towards home ownership. Representatives from the Affordable Housing Clearinghouse will be present to discuss the M.A.P. (Mortgage Assistance Program) which offers up to $40,000 in down payment assistance to buy a home. This event is generously sponsored by Wells Fargo.

    OC HOC’s Homebuyer Orientation
    5:30-7:00pm on Thursday, October 10
    Delhi Center
    505 E. Central, Santa Ana, CA

    RSVP by email: Conniedt@housingcollaborative.org
    For More Information or to RSVP Email: conniedt@housingcollaborative.org 
    or Visit: www.ochoc.org

  • The Ladera Ranch Real Estate Market is HOT!! Let the Weeks Team help you make the next move!!

    Published by

    angieweeks

    on

    Live life Ladera style!!!  Luxurious 3 level townhome in prestigious Ladera Ranch. Completely redone open kitchen with stainless appliances.  Open living / dining room with fireplace and custom built ins. Beautiful master bed & bath on level 2, and guest bed or home office is pre-wired and waiting for you on level 3.  Convenient direct access garage and lots of wonderful neighbors!  Enjoy the resort lifestyle Ladera Ranch has to  offer,   including high speed internet access, club houses,  multiple swimming pools, waterpark, climbing wall, skate park, dog park , trails, sports fields and more!! Come home to Ladera Ranch today!

    The Weeks Team wanted you to be the FIRST to know about this great new listing that we haven’t even put on the MLS yet!! If you or your friends and family are looking in the Ladera Ranch Community, please give us a call and we can share more information and answer any questions.

    The California market is really heating up and now is the perfect time to think about selling your home!! The Weeks Team is offering a FREE NO OBLIGATION CMA or your home so you know exactly what your home is worth in this market. We are here anytime to help you, so please either call, email or check out our website to get all of the most up to the date housing market info. We would really appreciate you sharing our information with your friends and family. We would love to earn their business!! We look forward to hearing from you soon!!ImageImage

  • , , ,

    Tax Benefits For Home Owners – Make the Most of Orange County Real Estate

    Published by

    angieweeks

    on

    As an Orange County Realtor, I can’t technically offer advice on taxes, but I always try to network and meet great tax professionals who can help our clients! Today I sat in on a great session by Irene Mack, CPA, and I wanted to share some notes and insight with you. Irene’s website is http://www.oc-cpa.com if you have any particular questions – she is always happy to talk taxes with you 🙂

    20130211-120503.jpg

    Homeowner Tax Benefits

    – Mortgage debt relief on up to 2 million loss ($1M if married / filing separate)

    Will California extend our debt relief? The answer is still up in the air, but there is a bill on the table. This concerns many homeowners who are thinking about a short sale, so be sure to contact your legislators and let them know you want an extension!

    Energy Tax Credits for Homeowners

    – many have a $500 max lifetime credit
    – some include on site installation costs, some don’t, so be sure to check
    – must be on principal residence
    – includes central air
    – allows tankless water heaters
    – solar
    – geothermal
    – energy star

    California Short Sale Tax Benefits

    Sb931 focuses on 1st Trust Deed, and ensures lien holders can’t come back to homeowners for deficiency judgement after the short sale.

    Sb458 focuses on 2nd trust deeds, and this law came a little after sb931 to help homeowners steer clear of judgements from 2nd mortgages and HELOCs.

    Equity Sale Tax Benefits

    – No taxes on $500k profit for married couples
    – No tax on $250k profit for single filers

    Capital Gains Taxes

    Will you be taxed if you sell for a profit? Yes, unless your profit is below the $500k/$250k mentioned above.

    – Long term (1 year and one day+) is determined on your tax bracket
    – It’s best to keep your home ‘long term’ when it comes to taxation

    First Time Homebuyer Tax Credit

    – 2008 credit – when your home is no longer your personal residence, the balance of repayment becomes due immediately instead of over 15 years, so be careful!

    -2009-2010 credit – 36 months of primary residence is required, most of you are almost ready to move up with no penalties 😉

    Wow!! Taxes are confusing!!! Make sure to consider your tax benefits and / or penalties when you go to sell your home in Orange County. Irene’s number is 714-957-6936 if you’d like more info.

    Remember The Weeks Team is here to help you navigate through tough real estate waters. Be sure to call 877-230-3211 or comment here if we can help you in any way!

  • Do You Qualify as a New Orange County Home Buyer…?

    Published by

    angieweeks

    on

    Hello Home Buyers and most importantly New Home Buyers, if you have not owned property in the past 3 years you are eligible for this deal in only the County of Orange…

    Orange County wants to offer a MORTGAGE CREDIT CERTIFICATE to all home buyers who have not owned property in the past 3 years. It is allowing everyone the opportunity to restart and get back into that home they were once in or into their very 1st home. The County is offering a tax credit of 15%  for the mortgage interest paid each year. It’s a dollar for dollar reduction against your federal tax liability. Credit is available for the life of the loan and can be re-issued if the loan is refinanced. Income limitation is about $111,600.00 annually for a family of two and purchase price limitation is about $665,000.00. For example if the borrower is paying  $1800.00 mortgage payment per month  and $1,200.00 of the payment is the interest he or she will receive $1,200.00X15%= $180.00 tax credit per month or about $2,160.00 per year. I am waiting to get the most up dated info from MCC for 2013, as soon as I receive the information I will forward it to you.

    Information Provided by Abe Sedaghati. Check out this link for a chart Abe has provided us with similar details Financing Attachment Epreadsheet

    Don’t hesitate to contact The Weeks Team with any other information regarding New Home Purchases.

    The Weeks Team
    1-877-230-3211
    Angie@AskAngie.com

    -BRB

  • , ,

    Condo in Orange Coming on the Market!!!

    Published by

    angieweeks

    on

    Hello Buyers! A brand new condo is coming on the market in the community, Arroyo Santiago, of Orange. The Orange Condo is a very beautiful Sanctuary with 2 beds and 2 full baths. While enjoying your quiet little private patio, you can get a beautiful view of the city lights and voluptuous view of the mountains in the distance as well. The community has beautiful walkways and parks throughout. The Condo has a warm cozy fireplace for all to cuddle up and stay warm in the living room for the chilly holidays. The condo has some beautiful new lighting and fans throughout, along with freshly painted walls and brand new carpet installed as well. The Community is a small quiet collins ave_back 1community that consists of only 71 units.  If you or someone you may know is interested please don’t hesitate to give The Weeks Team a call. (949) 388 – 7408

    Address:
    3340 E Collins Ave.
    Orange, Ca 92867

    The Weeks Team
    angie@askangie.com
    949 388 7408

     

    collins ave_front 3

  • Madrid Mission Viejo – A Great Community to

    Published by

    angieweeks

    on

    The Community of Madrid in Mission Viejo

    Madrid of Mission Viejo is the perfect place to get that home you have been looking for, for that price you have been wanting. Check out a few of the statistics below…

    Active Listings:  6
    Within the Past Year…
    Closed Listings in past year:  54
    Avg Sale price:  $351,387
    Avg Days on Market:  63

    Madrid has a very diverse range of ages in the community but the chart shows us a little more in detail of the specific ages you may want to live with. Another great reason to make this decision would be because of the very low crime rates for the area and let alone all of Orange County has very little crime.

    Hope all this info gives you enough reasoning to check out Madrid in Mission Viejo. Don’t hesitate to give The Weeks Team a call with any information regarding this community or any real estate information you would like to learn or know about.

    The Weeks Team
    1-877-230-3211
    angie@askangie.com
    Properties.AskAngie.com

  • , , ,

    California Real Estate Forecast 2012 – 2013

    Published by

    angieweeks

    on

        If you are interested in what is to come in Orange County real estate, then listen up as Leslie Appleton Young has provided us with some great insights.  We had the chance to attend one of Leslie’s recent luncheons, and she gave us great information we needed to know for the upcoming Real Estate shift.

    As mentioned in our recent video summary on YouTube (embedded below), Leslie stated California Realty is a “Bright Spot in the California Economy; and that the bottom has been reached and is on its way up.”  We also found demand is starting to grow, big time!  83% of Real Estate investors are buying to hold.  57% of homes in Orange County are recieveing multiple offers of more than asking.  There are an average of 4.3 offers per property!!!  Homes are flying off the market right now as well – the average days on the MLS is cut in half from a year prior.  Southern California Median home prices are up 14.3 %. Things are looking much better for Orange County and California real estate in general…great news!!

    Are you ready to get your Orange County home on the market and upgrade?  Call The Weeks Team…877-230-3211

    CALIFORNIA REAL ESTATE FORECAST 2013

      2008 2009 2010 2011 2012f 2013f
    SFH Resales (000s) 441.8 546.9 492.3 497.9 523.3 530.0
    % Change 27.3% 23.8% -10.0% 1.1% 5.1% 1.3%
    Median Price ($000s) $348.5 $275.0 $305.0 $286.0 $317.0 $335.0
    % Change -37.8% -21.1% 10.9% -6.2% 10.9% 5.7%
    30-Yr FRM 6.0% 5.1% 4.7% 4.5% 3.8% 4.0%
     1-Yr ARM 5.2% 4.7% 3.5% 3.0% 2.8% 2.8%
    http://www.car.org/marketdata/data/phsi/
    http://www.car.org/marketdata/data/phsi/
    f = forecast

    Contact info:
    The Weeks Team
    949 – 338 – 7408
    angie@askangie.com

Let’s connect

Join the fun!

Stay updated with our latest blogs by joining our newsletter.

Recent posts