Real Estate Information Archive

Blog

Displaying blog entries 31-40 of 510

The Home Inspection Process - What To Expect

Monday, February 28, 2011
by Zen Ziejewski

Over the next week or two, I am going to blog about various aspects of the home buying & home selling process.  Tips and advice I hope YOU, as a buyer or seller will find useful or perhaps a friend or family member will find useful during this hectic but sometimes exciting time !

Today I am going to focus on the THE HOME INSPECTION process with regards to the buyer:  Feel free to contact me with any questions or comments.

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:

  • Evaluate the physical condition: the structure, construction and mechanical systems.
  • Identify items that should be repaired or replaced.
  • Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

The home inspector does not estimate the value of the house.

After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days.

Home Inspections Are Not Appraisals

A property appraisal is a document that provides an estimate of a property’s market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.

Finding a Qualified Home Inspector

As the homebuyer, it is your responsibility to carefully select a qualified inspector and pay for the inspection.

The following sources may help you find a qualified home inspector:

  • State regulatory authorities. Some states require licensing of home inspectors.
  • Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
  • Phone book yellow pages. Look under “Building Inspection Service” or “Home Inspection Service.”
  • The Internet. Search for “Building Inspection Service” or “Home Inspection Service.”
  • Your real estate agent. Most real estate professionals have a list of home inspectors they recommend.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

Add Comment

What's Ahead In The Orange County Real Estate Market ?

Thursday, February 24, 2011
by Zen Ziejewski

All the big monthly real estate numbers came out for January and show:

  • Sales volume rose.
  • The number of people borrowing money for March and April purchases increased.
  • The number of properties going into foreclosure is falling.

Our own business went crazy January 1 — mid-February, then things calmed down a bit last week. Buyers have come back from the holidays with more urgency than we’ve seen since last April’s tax credit, but often complain there’s nothing good to buy. Lots of bidding wars in California and DC, fewer elsewhere.

Putting all that together, I feel strongly that the market is strengthening. Prices should increase in March and April.  Long-term predictions cannot be made now because interest rates have finally started rising, with some economists expecting 2011 rates to increase from 5% to 6%.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

Add Comment

National Assoc. of Realtors (NAR) vs. CoreLogic

Wednesday, February 23, 2011
by Zen Ziejewski

I ask you.....Is it really “all in the numbers?”  What if the numbers don’t match up, in fact don’t even come close, even when comparing apples to apples – in this case nationwide homes sales to nationwide home sales?

The real estate data and analytics firm CoreLogic has released a market report in which the company claims widely reported home sales estimates from the National Association of Realtors are overstated.

According to CoreLogic’s analysis, existing home sales totaled 3.3 million in 2010, down 10.8 percent from 3.7 million in 2009.

But NAR’s data tell a different story. The trade group’s 2010 year-end count puts total existing home sales at 4.9 million, down just 5 percent from 5.2 million in 2009.

In its December release, NAR asserted that the pattern it recorded over the last six months of last year “is clearly showing a recovery” – a stark contrast to CoreLogic’s assessment that home sales last year declined to the lowest level since the collapse of the housing market.

CoreLogic claims in its report that the Realtor association’s data, which CoreLogic refers to as “the most popular measure of existing home sales,” is exaggerated by 15 percent to 20 percent.

Lucien Salvant, a spokesperson for NAR, says since CoreLogic’s report came out, they’ve “looked into CoreLogic’s methodology and we think they’re numbers are off.”

He says CoreLogic “jumped the gun” in putting such an opinion to the public, particularly since just last year, NAR and CoreLogic, along with Fannie Mae, Freddie Mac, and the Mortgage Bankers Association (MBA), all sat down together in the same room “to explore what would be a better methodology for the future” in terms of calculating home sales and “CoreLogic knew we were in that process,” Salvant said.

Both organizations agree that the issue lies in the methodology each uses.

Mark Fleming, CoreLogic’s chief economist, explained that his company aggregates and counts public records of deed transfers from courthouses all over the country. He says the figures are then benchmarked against all alternative sources available, including bank filings under the Home Mortgage Disclosure Act (HMDA), loan source information from MBA, and statistics from the Census Bureau.

Salvant says NAR relies on MLS data in calculating its sales estimates. He explained that the trade group periodically surveys its members to assess if all their sales are fully reflected in the MLS and supplements the data with those findings. Salvant noted that NAR also benchmarks its numbers against statistics provided by the Census Bureau, but he says the dynamics of the Census information have shifted drastically over the past few years and NAR has been exploring other models for its benchmarking purposes.

Both parties concede that there can be holes in any approach used. Distressed homes don’t always show up in the MLS, HMDA and loan source information doesn’t account for all-cash buyers, and Census stats may need adjusting.

The volatility and turbulence of today’s market throws another kink into the equation.

“For all of us in the business of collecting and aggregating [home sales data], this has been one of the most challenging times because of the market conditions,” Fleming said, “no matter who you are and how you do it.”

Fleming says regardless of what the actual number is, it’s important to remember the reason behind the numbers – to illustrate movement and trends in the marketplace and help pinpoint where home prices are headed.

But therein lies perhaps the greatest disparity. As Fleming explained, the biggest determinant of home prices is the supply of homes on the market, simply put, “supply and demand 101,” he said.

CoreLogic estimates that the supply of visible inventory was 16 months in November, the highest level since February 2009 when prices were declining 20 percent on a year-over-year basis.

NAR pegged the total housing inventory at the end of November to represent a 9.5-month supply.

Share with me your thoughts on this, ....Which report is more accurate ?

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

Add Comment

Current Orange County Inventory...Selling Off Homes For Sale

Tuesday, February 22, 2011
by Zen Ziejewski

Orange County had a 6-month, 18-day supply of existing houses for sale in January, the California Association of Realtors reports.

That means that, in theory, it would take just over 6.5 months to sell all the houses on the local market at the January 2011 sales pace.

The California Association of Realtors data show:

The local unsold supply of houses was up slightly from December, when there were 6.2 months worth of homes for sale.

  • But it’s down significantly from January 2010, when the supply had ballooned to 8.2 months.
  • In addition, that’s still well below Orange County’s long-term average of nearly eight months of homes for sale.
  • The county had the 14th lowest unsold supply among the 34 California counties for which the state Realtors had numbers.
  • The smallest supply was four months in Sacramento County, while the longest was just under 14 months in Tehama County in north-central California.
  • The statewide average was 6.7 months for houses and 7.9 months for condos.
  • The cheaper the home, the smaller the unsold supply, the statewide data show: There were 6.3 months worth of unsold homes priced at $300,000 and under, vs. 13.8 months for $1 million-plus homes.

By my calculations, it would take just shy of four months to sell off Orange County’s existing homes — houses and condos — based on the pace of new escrows opened for the 30 days ending on Feb. 17.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

 

Add Comment

Orange County Housing Market on The Improve?

Friday, February 18, 2011
by Zen Ziejewski

Could the improvement through 2010 in new home sales in Irvine, be an indicator of better things to come for home buyers in 2011 ?

In terms of price and absorption, the Irvine Co. introduced the most successful new home developments in the United States last year. Access to major employment, shopping and service centers … and access to some of the highest quality schools in California draw a wide market audience.

Read the published article in the Orange County Register, 2/17/11 and share your thoughts:

Just over a year ago, the Irvine Co. tested the waters with a tentative homebuilding project in its Woodbury developments, setting a modest goal of selling 700 units in two years.

But demand for the homes — featuring revamped designs for homes in the highly rated Irvine school district — went wildly beyond the company’s expectations.

This week, the Irvine Co. reported that it has signed 1,234 buyers since the debut of the 2010 New Home Collection 13 months ago. That includes units both in the original seven-project New Home Collection and in an additional five programs in Woodbury and nearby Stonegate East that were added later.

“Although the housing market may not have turned nationally, it has unquestionably returned in Irvine,” said Dan Young, president of Irvine Co. Community Development, the Irvine Co.’s homebuilding arm.

Studying historical trends, Irvine Co. officials determined that the “inventory” of homes for sale had hit a low, meaning that Irvine was poised for a rebound. But they were careful from the start to say that conclusion didn’t necessarily apply to other parts of the housing market.

About 10,000 people turned out for the project’s grand opening in January 2010, with homes selling more than twice as fast as originally expected.

“The incredible sales and rising prices at Woodbury in Irvine were the national new home story of the year,” Irvine-based housing consultant John Burns told the Register.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

Add Comment

Is The End Near For Fannie and Freddie ?

Tuesday, February 15, 2011
by Zen Ziejewski

As reported by Kevin Budde, Bank of America

The White House outlined last Friday its plans to begin shrinking their support of both of the government sponsored entities (GSEs) Fannie Mae and Freddie Mac. While the process could take several years, the effects will be felt in coming months.

 The government took over both GSEs in September of 2008 when the financial crisis took place. Both agencies have been in receivership which has cost tax payers an estimated $134 billion so far. If the housing market was not so fragile the timeframes would be much quicker to dissolve the two agencies.

 Last year, Fannie, Freddie and FHA guaranteed 95% of all home loans. The role these government agencies have played has been crucial to the lender markets over the last 40 years. There would not have been a housing market the last two years had these agencies been dissolved as is the plan going forward. The goal is to have the private sector originate mortgages and securitize them without any government backing.

 The proposed plan by the administration is to allow the maximum loan limits to fall to $625,500 from $729,750 beginning October 1st, 2011. The plan is to increase minimum down payments to 10% on all loans eligible for purchase by Fannie and Freddie. In addition, insurance premiums charged on new loans backed by the Federal Housing Administration (FHA) will also go up.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

Add Comment

Easing of Lending Standards May Encourage Market Growth

Thursday, February 10, 2011
by Zen Ziejewski

The January 2011 Senior Loan Officer Opinion Survey released by the Federal Reserve shows a more positive outlook for certain sectors of the lending industry, but says little improvement is expected in the residential real estate market this year.

The survey found that a small amount of banks continued to ease conditions for commercial and industrial loans during the fourth quarter of 2010, responding to a moderate increase in demand for these types of loans. Banks reported a more favorable outlook and increased competition from other banks and lenders for these types of loans.

About 45 percent of banks responded that they experienced recent growth in their residential mortgage portfolios, despite somewhat weakened demand.

Around one-third of banks reported having originated a large amount of loans that are not eligible for guarantee by the Federal Housing Administration or cannot be sold to Fannie Mae and Freddie Mac.

Additionally, around 35 percent of banks said they expect their holdings of closed-end residential real estate loans to increase.

According to an analysis by TD Economics, consumer credit has an optimistic outlook. The analysis is in line with the Fed’s survey that shows banks are easing standards on consumer credit. But, TD chief economist Craig Alexander warns, credit quality can only improve so much without an improvement in mortgage delinquencies.

“Without a resolution in housing, improvement in other sectors of the economy can only push the gas pedal so far,” Alexander says. “At the same time, the fact that credit quality is improving outside of mortgages shows that resolving issues in housing and commercial real estate could lead to a much faster pace of economic growth.”

National Association of Realtors president Ron Phipps agrees that standards for mortgage lending must become more lenient to promote growth in the market. He said on a podcast last week that “the pendulum on the credit side has swung too far,” meaning that credit-worthy people are having difficulty getting mortgages because of the more stricter standards banks have begun adhering to in the wake of the foreclosure crisis.

Phipps encouraged “responsible, appropriate mortgage decisions to give credit-worthy people mortgages.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search


Add Comment

Zen Ziejewski rubs elbows with Freddie Mac Chief Economist Dr. Frank Nothaft at the Orange County Realtor Summit

Wednesday, February 09, 2011
by Zen Ziejewski

I was fortunate to be one of only a few hundred select realtors in Orange County that was invited to meet with Dr. Frank Nothaft, Freddie Mac Chief Economist, Rick Padilla, Freddie Mac Director of Strategic Markets, Carles Ludlan from FHA, Jason Coughenour of HUD, and others to discuss the current real estate market in Orange County, the state of California and nationally. This event took place Monday Feb 7th, 2011 at the Double Tree Hotel in Irvine.

Here are some of the brief highlights and notes that I took from this informative event.  I am committed to keeping you and my clients informed with the latest market information and developments.

Zen Ziejwski's Highlights from the Summit:

Freddie Mac National Outlook

  • Affordability levels for home ownership at 40 year highs
  • Total home sales to be up 10% in 2011 over previous year
  • Economic Growth in the US to be 4% and mostly picking up in the later half of the year
  • Fed Funds rate to stay at zero or near zero for 2011
  • Interest rates to fluctuate but to remain under 5.5% for 2011
  • Large Surplus Inventory of homes in US will keep home prices flat to lower in 2011.
  • Employment and creating jobs is the key to the US recovery
  • Unemployment to remain high through 2011
  • Unemployment projected to drop from the 9% range currently down under 8% by the end of 2012.
  • Nationally 27.7% of all Sub-Prime borrowers are delinquent 90 days or more.
  • Nationally 6.4% of all Prime and Alt-A borrowers are delinquent 90 days or more.
  • Nationally 3.8% of all Feddie Mac owned loans are delinquent 90 days or more.

Orange County and California Real Estate Statistics

  • California Home Prices have fallen 40% over a 4 year period from 2nd Quarter of 2006 to 2nd Quarter of 2010.
  • Home prices in California will continue to remain flat or move lower in 2011.
  • Interest rates will be rising but should stay below 5.5% in 2011
  • California Average Unsold Inventory Levels = 5 months statewide
  • Orange County's Avg. Inventory levels = 6 months
  • Sacramento & San Francisco Avg. Inventory Levels = 3.4 and 3.8 months
  • 8.9% of (Prime & Alt-A) borrowers in California are seriously delinquent.  Third highest in the Country.  Nevada is #1 and Florida #2.  Note: This does not account for Sub Prime borrowers.
  • 1 in every 3 CA borrowers owe more than their home is currently worth
  • 1 in every 5 CA borrowers have a home value underwater by 25% or more
  • Jumbo loans over $730,000 still difficult to obtain for many CA borrowers

As one of the top Short Sale agents and Home Retention Consultants in Orange County the numbers shared at this summit regarding delinquent borrowers and homeowners that are currently underwater emphasizes that we still have a ways to go with foreclosures and short sales in the Orange County and California housing markets.  If you know anyone that may need some professional guidance to review their options as a homeowner and borrower please email or call me with their name and number.  I will give them a "FREE, NO OBLIGATION" private and confidential consultation.  I have helped hundreds of homeowners in Orange County.  You can reach me directly at 949-922-2200.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

Add Comment

Open House in Ladera Ranch - Saturday 12-3pm

Friday, February 04, 2011
by Zen Ziejewski

Stop by and see this charming Ladera Ranch townhome!  Located in the "Three Vines" community it is situated in a fantastic location.  Charming front patio/courtyard awaits you as you enter......Wood flooring throughout / 3 bedrooms, 2.5 baths/2 car attached garage. 

This is an equity sale and my client is motivated to sell !  Stop by and say Hi and take a look for yourself !  This won't last long......

Link to property:  

20 Three Vines Court, Ladera Ranch 

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search

 

 

Add Comment

Need Any Last Minute Valentine's Day Ideas In Orange County?

Thursday, February 03, 2011
by Zen Ziejewski

With February 14th fast approaching, I wanted to share some romantic ideas for you and your loved one.

Valentine's Day is Monday, February 14th !  Click the link below & enjoy !

Valentine's Day Ideas from Zen

Add Comment

Displaying blog entries 31-40 of 510

 

Subscribe to Blog | Twitter | Facebook | LinkedIn | Active Rain | YouTube

 

 

DRE license # 00998118