by Jeff Pittman | Dec 28, 2013 | Real Estate News
Good news for Orange County residents, the healthiest markets in the U.S. are located right here in our golden state! California Association of Realtors (CAR) identified the top 10 turnaround cities in California, and Orange County made the list at #2 and Los Angeles – Long Beach is recognized as #6. The towns on CAR’s top 10 list are seeing home values appreciate in the form of median list prices increasing and homes are selling at a healthy pace based on decreased days on market. So what does this all mean? It means that 2014 is a great time to buy and sell homes in Orange County, L.A. County and all across Southern California. With home values returning to where they should be, home owners are in a good position to sell their current property for a great turnover to put toward a new home. Whether you’re looking forward to a shorter commute to work, a better community for your children or a new place that’s closer to family and friends, now is the time to make your...
by Jeff Pittman | Dec 19, 2013 | Real Estate News
2014 is just around the corner and so it’s time to tune into upcoming trends and local predictions for the New Year’s real estate market. Here are our predictions on the 5 housing trends to expect in the Southern California market for 2014: Mortgage rates will go up Home values and prices will increase Fewer investors buying up properties and more buyers looking for primary residences Seller’s market will continue but cool off Condo sales will increase Increasing mortgage rates Mortgage rates are predicted to rise, but not too far, up to 5% or 5.25% in 2014. The Federal Reserve will begin tapering soon and the greater the reduction in Federal government purchases, especially of Mortgage Backed Securities (MBS), the more rates are likely to grow. It’s a great time to buy now because mortgage rates are still below the historical average so if you’re thinking of making a move, 2014 is the perfect time to jump into the market and start looking! With low rates and increasing home values, now’s the time to buy in order to make a smart investment for your future. Speaking of mortgages, home buyers also need to be prepared for stricter qualifications on home loans. Come January 10th lenders will be required to prove borrowers’ ability to repay a loan according to new “qualified mortgage” standards. An important statistic to keep in mind is the maximum debt-to-income ratio of 43% that borrowers will need to qualify. The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has also announced plans to reduce the maximum loan limits for conventional conforming loans some time in 2014. Increasing home...
