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  • While countywide trends are on the rise, the number of homes sold in Buena Park during the first three months of 2017 dipped compared to last year.

    Here are a few facts.

    First off, 168 residences were sold in the past 12 months versus 176 a year ago. Thats a loss of 4.5% versus a 3.5% gain countywide. Sixty-seven homes were sold in the Buena Park ZIP code 90621 versus 95 a year ago which ends up being a sales loss of 29.5%. However, the median sales price increased from $484,500 last year to $547,000 this year.

    On the flip side, Buena Park ZIP code 90620 saw a sales gain of 24.7% with 101 homes sold this year compared to 81 last year with a 9.8% median selling price increased as well from $492,000 to $540,000.

    In terms of countywide figures, prices rose in 66 of 83 Orange County ZIP codes while sales rose in 50 ZIPs. Sales rose to 70% of the 27 least expensive ZIPs and up 59% in the 27 priciest ZIPs.

    To learn more about local real estate market trends or if youre interested in buying or selling in Orange County,contact us, The Wise Team, directly at (714) 698-9473 for a free consultation.

    Source: OCRegister.com

  • In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

    Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

    Freddie Maclays out the advantages of pre-approval in theMy Homesection of their website:

    Its highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.

    One of themany advantagesof working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regardingyour credit, debt, work history, down payment and residential history.

    Freddie Macdescribes the 4 Cs that help determine the amount you will be qualified to borrow:

    Capacity: Your current and future ability to make your paymentsCapital or cash reserves: The money, savings and investments you have that can be sold quickly for cashCollateral: The home, or type of home, that you would like to purchaseCredit: Your history of paying bills and other debts on time

    Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

    Bottom Line

    Many potential home buyers overestimate thedown payment and credit scoresneeded to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

  • For the sixth consecutive week, mortgage rates were on a downward spiral as the 30-year fixed-rate mortgage hovers near its 2015-low of 3.59 percent, Freddie Mac reports.

    The 30-year mortgage rate dropped another 7 basis points this week to 3.65 percent, says Sean Becketti, Freddie Macs chief economist. This weeks drop leaves the mortgage rate just 6 basis points above last years low of 3.59 percent. In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form. The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year Treasury has dropped 59 basis points over the same period.If Treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing.

    Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 11:

    30-year fixed-rate mortgages: averaged 3.65 percent, with an average 0.5 point, dropping from last weeks 3.72 percent average. Last year at this time, 30-year rates averaged 3.69 percent.15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.5 point, falling from 3.01 percent last week. A year ago, 15-year rates averaged 2.99 percent.5-year hybrid adjustable-rate mortgages: averaged 2.83 percent, with an average 0.4 point, dropping from last weeks 2.85 percent average. A year ago, 5-year ARMs averaged 2.97 percent.

    Interested in buying or selling a home and need to know how to get started? Reach us today!

    Dustin and Leah Wise

    The Wise Team

    (714)698-WISE call/text

    DustinandLeah@TheWiseTeamOC.com

    Source = Freddie Mac

  • Orange County homeowners in recent weeks have put their properties up for sale at the fastest pace since last July.

    ReportsOnHousing.com reports local listings in the broker networks grew to 4,841 on Jan. 28. Thats up 265 homes a 6 percent jump the largest increase in six months.

    Still, house hunters should be warned: Supply was 5,331 homes a year ago, or 490 more residences to choose from!

    Shoppers are reacting quickly. Demand, measured by the number of new pending sales over the prior month, hit 1,936 on Jan. 28 up 343 homes or 22 percent in two weeks, largest increase since February 2015.

    But a late January rush isnt new: Last year in the same period, demand jumped by 454 pending sales to 2,053 6 percent above last Thursdays level.

    The current inventory is extremely anemic and there are buyers waiting for new product to hit the market, says Steve Thomas of ReportsOnHousing.com.

    Thomas calculates the speed of the market with his market time metric that tallies how long it would theoretically take to sell the entire inventory at todays pace of pending sales. By this math, homes are taking 75 days to sell as of last Thursday vs. 78 days a year ago.

    Source = Jon Lansner Orange County Register

  • It is being predicted that the next 3 months will be a great time to buy a home in most of the country. Well give you the main reasons why in this quick article.

    We are starting to see declining home prices and homes staying on the market longer while mortgage rates remain low. Couple this with the slower fall and winter seasons and buyers could find a real steal of a deal over the course of the next 3 months.

    In fact, realtor.coms chief economist, Jonathan Smoke, had the following to say:

    The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply, Smoke says. Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.

    The harder part about the next 3 months will likely be the lower number of homes being put up for sale. The inventory is actually lower this fall than in the fall of 2014 and the numbers arent expect to go up any more. Notably, buyers are currently able to get very low mortgage rates because the Federal Reserve has delayed raising their rates. For example, over the past 10 weeks, a 30-year fixed rate mortgage has been hovering below 4% on average.

    Statistically, the median national home price in the U.S. has gone down 1% from August. Also, the median time a home spends on the market has gone up to 80 days which is a 7% increase from August. Of course, this data will vary by market. So if you, or someone you know, are thinking about buying a home or selling a house, then please do not hesitate to contact us The Wise Team. We can be reached by calling 714-698-WISE (9473).

    We look forward to hearing from you!

  • (Photo by nikcname)

    If youve been having a hard time finding a home to buy in Orange County, you arent alone. There are a lot of reasons why finding that perfect home in Orange County is very difficult. Read on to see

    Less Homes For Sale

    As far as the numbers go, there are about 3,500 fewer sellers than we normally see at this time of year in Orange County. Thats a lot less inventory to be able to look through and this means much more competition to get the homes that are for sale. Interestingly, normally once people have recovered the value of their property they start listing their home, but this is not happening this time around.

    The Market is Locked Up

    There are very few homes for sale, so theres fewer places to move to. Homeowners are uncertain if they will even be able to find a place if their home happens to sell. Rising home prices mean that if a seller wishes to downsize, they still might end up losing money after paying agent commissions and closing costs.

    Additionally, many people refinanced to mortgages a little while back that had some of the lowest rates in half a century. These people landed 3% interest rates and are not likely to want to give that up meaning they might not sell for years.

    Proposition 13

    The tax rates under Proposition 13, which limits tax hikes to 2% a year, resets to market values when someone sells a home. There are many people who have been living in the same home for a long time who would not want to give up the low property tax rates that they currently enjoy. On top of this, people move a lot less than they used to. For example, in the 1980s people moved about once every 7 years. Today that number is more around once every 20 years.

    So the current situation is good for those who are looking to sell as they will see many offers that will likely be above the appraised value of their home. For buyers, you are going to end up playing the waiting and bidding war games until you find and secure a home that you want. Currently homes that range from $250,000 to $500,000 are selling the quickest taking just 34 days on average. From $500,000 to $750,000 they tend to sell in about 39 days.

    So buyers, get ready for a tough time with this market. Sellers, if you truly want to move, it is a good time to sell. Thank you for reading our latest blog. If you or someone you know are looking to buy or sell a home then please consider contacting us here at The Wise Team. We can be reached by calling 714-698-WISE (9473)

  • The median price of a home in California has risen about $120,000 in the past 3 years. This makes home ownership difficult for many, but not impossible. As of January of 2015 the median sales price for a home was $393,000 according to Zillow.

    So this means that a household would likely have to make around $78,000 per year to afford the average home assuming you can afford a 20% down payment. Currently, two thirds of California households make less than $78,000 a year.

    It is important to note that you would 0nly have to make $27,000 per year in the farming town of Tulare to own a home; whereas in Palo Alto you would need to make $442,000, thus showing that location does matter.

    If you are wondering how much income you need in order to be able to afford a home in a certain area of California, an interactive breakdown was done in order to show you. Just click this link.

    If you or someone you know is looking to buy or sell a home in Southern California, then please consider contacting The Wise Team at 714-698-WISE (9473).