Showing posts with the label First Time Home Buyer

Values and Volume up in Portola Hills during Covid 19

Who says people don't buy homes during a pandemic?  Looking at the real estate market this past July for the Portola Hills community, sales volume increased 38% from the same time period in 2019, buyer demand is extremely strong! Though there are concerns with unemployment, the rest of the market is pretty strong in the OC.  My interruption from working with clients is, all this time at home is highlighting what doesn't work in their current home. That, along with the low interest rates,  strong equity position, sellers are looking to sell and move up to their dream home.  Also, those who rent see that with the low interest rates it is literally cheaper to buy right now! Finally home represents security and I think we all are looking for a bit more of that in our lives these days.... would you agree? Below is a quick snapshot of how the real estate market preformed in July: What's my Portola Hills Home Value With interest rates hovering below 3% this has become the real est

Should you buy a one bedroom condo?

I recently helped a lovely client purchase his first home.. It was a 1-Bedroom Condo in Mission Viejo, California.  As we were searching for his home, and when working with other home buyers, the question often comes up, "Should I buy a 1-bedroom", my answer back is always "why not?" Especially when working with first-time home buyers the question really isn't should I.. In South Orange County. 1-bedrooms average pricing is around $300k-$350k in today's market, so the real question comes down to affordability and should you buy now or wait.  Another important factor to consider is the average rent for a 1-bedroom in South Orange County is between $1800-$2100/month. When working with first-time buyers, it is important to take special care to review all aspects of the real estate transaction:  Affordability,  Economic Factors and their current "Place in life"..  Are they single, starting a family soon, settled in a career, etc.   Once these

Check out these two housing programs offered by the city of Lake Forest

Did you know the city of Lake Forest has a housing program.... Two of the programs offered support both current homeowners as a way to spruce up their homes and second program allows some help to First Time Home Buyers.  Click on the following links for details. First Time Home Buyer Program - A tax credit offered to First Time Home Buyers, up to 15%. Paint Program - This is a NO CHARGE program for those who may need assistance in sprucing up their home. I like seeing the city keep home ownership as a priority.  Now if we can get them to put some pressure and accountability on the Lenders to help Homeowners keep their homes or even hold lenders accountable to maintain homes that are currently in foreclosure, I would truly be happy.  After all over 56% of Lake Forest homes are in distress and this hurts the community in several aspects.

Portola Hills Real Estate Market 2010 Year End Report

Wondering how the real estate market in Portola Hills faired in 2010, well here you go..... Now the question will be is how will 2011 fair?    If you are a home seller with equity and are realistic about the market homebuyers are waiting for you.  If you are a home buyer and looking for properties anything below $500k goes pretty quickly.  If you are considering a condo, make sure you are aware of the new FHA requirements.  Please don't hesitate to contact us if you have any questions or would like a personal free review on your home.

Lake Forest Real Estate Market Update July 2010

Wondering how the real estate market in Lake Forest is doing? Click here for a quick overview. Lake Forest Real Estate Market Update When looking for Portola Hills real estate data it is important to consider the overall area. All real estate is local, but it is also driven overall by the outer market. The outer market for Portola Hills is unique, as the zip code actually falls under Trabuco Canyon. So it is important that the real estate agent you hire understand these two aspects when determining the market value of your home. Better yet, give us a call, we are here to help!

Tips for South Orange County First-Time Homebuyers

Thought I would share this article on Tips for First Time Homebuyers published in the O.C. Register.  It is very comprehensvie. If you know someone considering buying their first home, give us a call.  First Time buyers are one of our favorite clients to work with.

Portola Hills Home Sellers Do You Know What City Your Home Is Listed In

I was looking for properties for a new buyers in Portola Hills recently and was a bit amazed that more weren't showing up. As I expanded my search I came across several homes that were listed in the wrong city. Wrong city you say, how could this be? In the example of Portola Hills this may happen because the area use to be part of the unicoroprated area of Trabuco Canyon. However, Portola Hills was annexed into the city of Lake Forest in 2000. This is a perfect example of why home sellers want to hire an agent who is active in their community and understand both the area, title requirements and mls requirements. First if you live in the Portola Hills, you understand all the benefits of the area and this is what you need sell! Second there are specific requirements about how your title will be held and the correct city is a major requirement. If you don't want delays in your escrow closing, your agent and the buying agent needs to make sure this is correct. Third, MLS requireme

What does the Housing Bill mean for you?

A quick look at the new Housing Bill signed into law today! A temporary increase in mortgage revenue bonds to refinance subprime mortgages. L enders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value . Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Permanent Conforming loan limit of $625,000 First-time home buyer tax credit , which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years. New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize. Temp