South Orange County Real Estate

Orange County Real Estate Mrket Activity – Condos & Townhomes

Jackie Gibbins — Sat, 17 Dec 2011 18:38:49 +0000

If you have been thinking of buying a condo or townhome either as your principal residence or as an investment property, now may be the best time to make that purchase according to the latest market data here in Orange County. Inventory is down by over 37% year over year and pending condo sales are up over 57% over the past twelve months. Price per square foot has come down about 9.4% year over which most likely accounts for the increase in pending home sales even as we near the end of the year. Demand normally picks up after the beginning of the year, so you should at least begin looking!

Here are the graphs: Sale vs. Sold over the past twelve months, click here.

For the graph showing price per square foot data for condos/townhomes over the past twelve months, click here.

For the days on market and sold price vs. original market price data, click here.

For months of inventory data for Orange County condos/townhomes over the past twelve months, click here.

As always, if you need more info or have any questions, call me, text me or email me: 949.525.5905.

Great Deal!! Bargain Price on Terrific Laguna Niguel Condo

Jackie Gibbins — Tue, 13 Dec 2011 23:28:22 +0000

Ideal for a first time buyer OR a savvy investor, this condo is a terrific deal! Located in the desirable condo tract of Palm Court in Laguna Niguel, this one bedroom, one bath plus den lower level unit has a lot to offer. Over 900sf of living space, open floor plan, unique den or studio that is sunny and bright, private patio, greenbelt view, direct access one car garage, plantation shutters and a rare driveway for extra parking. The smaller community has pool, spa and tennis courts! Walk to nearby elementary school and shopping. Walking trails, parks and the beach are nearby. The home does need some paint and most likely new flooring but is otherwise in decent shape.

This property is priced at $190,000 and is an approved short sale. Units like this one have leased for $1425 in the past. HOA and taxes are low and there is no MelloRoos bond. This home will not last at this price!!

Feel free to call me for more info or for a private showing of this property 949.525.5905

Orange County Real Estate Market Trends – Single Family Homes

Jackie Gibbins — Thu, 08 Dec 2011 21:06:02 +0000

The positive trend continues here in Orange County! Once again I have assembled the data and the graphs for real estate market activity for ALL Orange County Single Family Homes during the period from the beginning of December 2010 to the end of November 2011.

Inventory has declined by 30% year over year, pendings have increased a whopping 67% year over year while actual closed sales have declined slightly by 13% year over year. Once the pending homes close escrow, the closed sale trend should reflect an upward spike year over year. The average price per square foot has declined slightly by about 5% year over year.

To view the For Sale vs. Sold chart, click here.

To view the Price Per Square Foot Data, click here.

To view the Average Days on Market and Sale Price vs. Original List Price Graph, click here.

To view the Months of Inventory Graph, click here.

Note that months of inventory are under a five month supply. That signifies a “neutral” housing market; neither a buyer’s nor a seller’s market.

Need more info or want to find out what the trend is in your specific area? Call me or email me! 949.525.5905.

How Does It NOT Make Sense to Buy Right Now?

Jackie Gibbins — Sat, 03 Dec 2011 17:11:34 +0000

Here in Orange County, home prices are very affordable and interest rates are terrific. Lenders are even beginning to loosen some of their standards and are taking steps toward increasing the kind of loan products they offer. On top of that, lease rates have increased dramatically over the past couple of years, making home buying more and more attractive if not downright affordable compared to rental rates.

For instance; you can find a two bedroom condo in South Orange County for about $250,000. The same condo can rent for between $1600 and $1800 per month depending upon location. If you were to purchase that same home with 3.5% down (can be a gift from relative) and acquired a loan at 4%, your total monthly payments, including, principal, interest, taxes, insurance AND HOA would be about $1720 per month. How does it not make sense to purchase this home?? This does not even take into account your potential tax savings in deductions, which could be around $300 per month. As an investor, you would have positive cash flow. And when home values begin to appreciate (most economists say most likely not until 2013), condos are the first to appreciate and see the biggest percentage increase since they are the most affordable and therefore the most in demand.

I can help you find a great deal and help you determine if it makes sense as an investment. Call me at 949.525.5905.

Your Home Purchase As a Long Term Investment

Jackie Gibbins — Mon, 28 Nov 2011 22:23:35 +0000

I know several people who made money purchasing and “flipping” homes over the past couple of decades here in Orange County. But I know more people who bought a home, lived in it for many years, and made money. I have always viewed a home purchase as a long-term investment. Home-flipping was never for me. I love the idea of purchasing a home, living in it and growing your family there and then selling. A home can represent security and consistency in a world full of change and inconsistency.

Even if you are an investor, now is still a good time to buy if you are thinking more long term than short term. Home prices are so reasonable here in Orange County, and if you purchase a distressed property, you may stand to make a decent return on your investment sooner rather than later.

But my mother and several of her neighbors in the area where I grew up in Westminster were original owners in 1961 and stayed in their home for decades; many are still living there still! They are reaping the rewards of their long term investment with stability, security and financial freedom. So don’t be afraid of making a home purchase right now, especially if you are planning to stay put for several years.

Orange County Market Data Single Family Homes – October 2011

Jackie Gibbins — Wed, 16 Nov 2011 21:54:41 +0000

Below are links to the current real estate market data for all single family homes in Orange County for the period from November 2010 to the end of October 2011. Note there has been a significant decline in inventory of over 30% year over year, a big increase in pending sales of 58% year over year and an increase of 6.5% of sold homes year over year. This is setting the stage for a recovery next year in our local real estate market. Demand is still somewhat pent up, and inventory will continue to decline most likely through the end of next February (this is typical). This is a fine time to list your home for sale or at the very least begin considering your options and preparing a game plan to take advantage of these market conditions.

Here is the link that shows all active, pending and sold listings for the past 12 months: graph.

Here is the data for average price per square foot over the past 12 months: graph.

Here is the data for average days on market and original price vs. sold price: graph.

Here is the data for months of inventory based on closed sales: graph.

Please feel free to call or email me for more specific data or if you have any questions: 949.525.5905.

Sellers – Your Home Does Not Have to Be “Perfect”

Jackie Gibbins — Fri, 04 Nov 2011 21:41:03 +0000

When I speak to sellers who are readying their home to market, there are definitely things that can be done to make the home more attractive and ultimately easier to sell, but there is no need for the home to be perfect.

You should fix broken items and perhaps paint a dull room, but there is usually no need to remodel or upgrade significantly. Most sellers have already updated or improved their home is some way or they have a standout feature to make up for the lack of the latest and greatest trend in decorating. No need to install granite or wood flooring in a home with newer carpet. No need to totally update a bathroom if a new toilet or new faucets will suffice.

Your home may not have granite counter tops in the kitchen or modular storage and epoxy floors in the garage, but perhaps it has a nice view or an open floor plan. Maybe it is close to a desirable school or a popular shopping or entertainment center. All things should be considered when determining how attractive or desirable your home is.

The whole home does not have to be perfect, but most likely it has the perfect view or the perfect layout or the perfect yard size for someone. These are the items that should be highlighted and marketed. The less than “perfect” features can be either downplayed or mitigated in some way.

Would you like to find your “perfect” home or are you ready to market your home for sale? Call me! 949.525.5905

Wonderful Upgraded Pool Home-New Listing-Lake Forest

Jackie Gibbins — Fri, 21 Oct 2011 00:51:03 +0000

Wow!! It really does not get much better than this beautifully remodeled executive home in Lake Forest. Located in the pride of ownership neighborhood of Serrano Park, this awesome home features 4 bedrooms, 3 baths and a huge bonus room currently set up as a media room. Lovely traditional architecture and over 3100sf of living space, vaulted ceilings, two fireplaces, remodeled kitchen and baths, new cabinetry, spacious master bedroom with his and hers closets, master bath with separate tub and shower enclosure, spacious secondary bedrooms and full bed and bath downstairs, ideal for guests or mom and/or dad or as office. Located on large lot, the back yard is like a resort with pool, spa, BBQ, retractable awning, stone patio and plenty of mature trees and landscaping for privacy. The garage is awesome with built-in storage and work bench. The HOA has private pool and tennis courts and parks, too. No MelloRoos. Priced to sell at $699,900, this is a regular sale, so no waiting!!! Can close quickly!

Open House Saturday October 22 from 12:00pm to 4:00pm. 24881 Paseo Vendaval, Lake Forest, Call me for directions, a private showing or for more information 949.525.5905.

Sales and Price History of a Couple of Mission Viejo Homes

Jackie Gibbins — Sun, 16 Oct 2011 17:40:27 +0000

I like going back and searching the history of what homes have sold for in the past. I am going to highlight a couple of different properties in Mission Viejo. The first one is a home built about 1982, is about 3100sf with 4 bedrooms and 3 baths, a bonus room, a 3-car garage and located on a 6000sf lot in a nice neighborhood with no HOA except for the Lake fees. It was originally purchased for $223,000, then sold in 1989 (at about the height of the market then) for $395,000. It was next sold in 1997 (at about the last low point in our local market) for $340,000. Then in 2007 it was purchased for $950,000. It has probably gone down in value since then by about 15%.

Next I want to look at a very different home that was built in 1968, is about 1430sf, 3 bedrooms and 2 baths all on one level and located on a large 9800sf lot in a more established area with no HOA fees except for the Lake. I am pretty sure these homes originally sold for around $30,000 to $35,000 back then. I see it was sold in 1987 for $145,000, then sold again in 1995 (again at a low point in the local market) for $245,000 then last in 2002 for $419,000. It has probably gone up in value by about 10% since then if it is in good shape.

Want more local real estate data? Feel free to call me or email me!

A Coming Home Shortage?

Jackie Gibbins — Fri, 07 Oct 2011 19:45:56 +0000

I have worked in this industry for many years. I have seen several ups and downs in the local housing market. One thing I see coming is a possible housing shortage here in Orange County. It has happened before. During the 1970′s, the real estate market slowed down, not so many homes were built and interest rates were high, so demand was low. During the 1980′s, we had a boom when demand rose and supply had to catch up. Then in the early 1990′s, we had a little bust when the local economy turned down, and we were over-supplied with homes once again. Builders stopped building. Then in the mid- to late-90′s, demand picked up and demand outstripped the current supply. Well, here we are again. Few new homes have been built, not just because builders have stopped building here, but because there is not much vacant land left in Orange County! I know that there is a lot of pent-up demand out there.

On the national level, there are two primary factors that will contribute to a home shortage in the not-too-distant future. The first of these factors is the size of Generation Y (those born between 1977 and 1994), which is estimated to be approximately 80 million, or 25 percent of the U.S. population. They are now entering their prime time for starting their careers, their families, and for buying a home.

The second variable is supply. There has been virtually no new construction, despite the predicted explosion in population growth. To illustrate the severity of this problem, the 2010 census put the U.S. population at approximately 309 million. By 2050, the prediction is that the U.S. population will be 439 million. That’s an increase of 130 million people in just 40 years. Regardless of whether they own or rent, they will still need housing.