Orange County Market Update March 2010

Wondering what the Orange County Market is really doing? Here is a look at the sales for March.

If you are considering a move and looking for a market analysis on a specific neighborhood please do not hesitate to contact us direct.

The current market is one of the best market for singles home buyers to purchase a home in years. We are here to help you navigate your dreams towards success.

Who would have thunk, Irvine is the place Singles want to live?

Saw this article today in the O.C. Register and have to agree. Though the city of Irvine is often described as a "family" town, it is also a sought after home location for many singles. The reasons why my home buyers have sought homes in this community are as follows:

• Location to the 405/5 freeways provides easy community to work, plus conveniently located to other social hubs, i.e. Newport Beach, Laguna Beach, etc.

• Community provides wide range of social amenities, with shopping, restaurants, movie theatres, etc.

• Design of homes offer diverse floor plans with in home offices, open living spaces, etc, i.e. no formal livings rooms, geared toward a more social demographic.

Of course, remember if you are a single home buyer looking to move to Orange County, Kelly is here to help. Our primary focus is the Single Community why because we understand single home buyers and homeowners have different priorities and goals. Though you may be looking for the "white picket fence" you also may not want to live across the street from a school.

Please do not hesitate to contact Kelly today for a complimentary review of your Real Estate Possibilities and your free Real Estate Report "The Power of One" Don't forget the $8000.00 tax credit available for first-time home buyers is scheduled to expire at the end of the year. Single-First-Time Home Buyers don't let this opportunity slip away from you.

Remember, It's Possible!

Portrait of a First Time Home Buyer

Have you heard the news, today’s real estate market is open for First Time Home Buyers. In fact just about 40% of new buyers in 2007 were First Time Home Buyers and the National Association of Realtors gives us a pretty good look at where those buyers came from.

Do you fit this profile?

• Status: 51% Married couples, 11% Unmarried couples, 25% Single Female, 11% Single Male
• Age: 52% were age 24 – 35 with 21% aged 35-44
• Income: $68k Married, $68k Unmarried Couples, $44k Single Female and $52k Single Male. Interesting Single Women earn an average of $8k less but purchase 14% more homes then Single Males.
• Down Payment/Mortgage: 73% used own savings, 22% received gift funds, 98% uses a mortgage to finance the purchase and 81% chose Fixed-Rate Mortgages.

Have you thought about buying your first home and know the window of opportunity is here, than we hope the above description gives you an idea that it is possible. Of course, all the rules apply, good credit, not over extending yourself and working with a trustworthy lender and Realtor® who understands the programs that are available for first time home buyers.

Though the lending standards are a bit more complicated, which I believe is a good thing for first time home buyers, there is the added benefit of the new FHA limits. In Orange County that limit is up to $729k. But keep in mind this program is currently only available till the end of 2008. So if buying your first home is something that you are considering then we want you to know, It’s Possible!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

Courting Single Women - Take Notice

Have you noticed lately that there is a lot of talk on the streets about courting Single Women and I am not talking about the dating! What’s all the buzz about, Real Estate and Politics, why because the numbers are impressive: Single women are the fastest growing demographics buying real estate today with 22% and then there is the Political arena, where single women compose of 26 percent of voters, that is 1 in 4.

So girls we need to get out there and vote, take a stand and continue on the path to improve opportunities for us and the girls that following. Below is a listing of web-sites and resource that you may find interesting, I know I did!

Women's Voices, Women Vote

Every Women Counts

National Association of Women Business Owners

Women Entrepreneur

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

Benefits of Proper Pricing, When Listing Your Home!

If you are considering listing your home, one of the most difficult decisions you will have to make will be how to price it. Proper pricing is the key to getting your home sold and providing you with the greatest profit.

The first thing to know is your Realtor® does understand that you want the most profit possible. Secondly that it is your “home” so there are a lot of emotions tied to it.

When it comes down to figuring out how to price it your Realtor® will guide you in determining what is happening in your local market. But determining the price is a team effort. Of course the standard, location, amenities and competition all are very important, but there are some intangible aspects that proper price provide that will get the seller with best results.

Benefits of Proper Pricing:

• Faster Sale
• Attracts “cleaner” financing
• Increased buyer response
• Less inconvenience, attracts serious buyers
• Better return on advertising efforts
• Attracts higher offers
• Ultimately providing More money to sellers

Now you may think these points are common sense but they are often not considered as sellers only focus on getting that high price. Resulting in the home sitting on the market, receiving low ball offers, not getting financing approved and ultimately the seller feeling extremely frustrated.

Price it right = $$$$ in your pocket!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, Its Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

Is Real Estate Investing In Your Future?

There is a silver lining in the current Real Estate market that is starting to peak through the clouds and Single Professionals are taking notice. If you have ever thought about taking the steps to become a Real Estate Investor there are some excellent opportunities currently available in South Orange County that have not been available for years. Below is a simplistic, real estate investment scenario for the first time investor.

Assume you are purchasing a 2 bed/2 bath condo in Rancho Santa Margarita (yes, at the time of publishing this home is available) at $241,000 and you have 20% to put down and you will be utilizing a 30 yr. fixed at 6.5%

Sales price = $241,000
Down Payment = $48,000
Loan Amount = $192,800
Estimated Total Monthly House Payment
Principle & Interest = $1, 218, 63
Taxes = $255.00
HOA Fees = $256.00
Total = $1,729.63
Rental Factor:
Estimated Monthly Rent = $1350.00
Estimated Negative Cash Flow = ($330)
Appreciation Factor 5% x 5 years – Sale price of $309,300
Profit Scenario:
$309,300 Estimated Sales Price
$(21,650) Estimated cost of sale at 7%
$287,650 Net Proceeds
$(180,480) Estimated Loan Pay-off
$107,170 Net Sale Proceeds before Taxes
$(6,275) Estimated Capital Gains tax at $15%*
$100,895 Net Cash Out
($53,200) Cash Investment - $48,200 Down + $4820 Closing Cost
$47,875 Net Profit

Return: Divided by $53,200 Cash in – 90.3%

Annualized Rate of Return: $53,020/5 = 18.1%

You may be thinking not in this market when it comes to appreciation but let’s not forget historically what percentage homes have appreciated at. In Orange County, for the last 39 years the average appreciation has been 7%. More importantly if you want to become a true investor then there are characteristics that you must have in mind and that are Strength and Patience’s.

Now there are several other aspects of investing in real estate that can even make this more attractive, which include additional tax write offs, deprecation, etc that you should consider but we went fairly conservatively with the loan amounts and rental amount. Our goal here is to provide you with a simplistic view of what to consider. A prudent investor should independently verify the data and proceed only after consulting an attorney, accountant or financial planner of the buyer’s choice.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It’s Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

New FHA Limits for Orange County!

Great news, the new FHA loan limits were released today, ahead of schedule, with little fan-fair.

• The new limits for Orange County are:
  Single Family Residences: $729,750
  *2 Family Residences: $934,200
  *3 Family Residences: $1,129,250
  *4 Family Residences: $1,403,400
  
• Single Family Limits for San Diego were increased to $629k and for Riverside they were increased to $500k.
  

Now it will take a little time to filter down, but this temporary increase, will certainly help home buyers have access to better jumbo loans, which was previously set at $417,000. As well, this should build some security for investors to increase their demand for these federally insured loans, resulting in jumbo rates coming down!

If you are in the process of re-financing and or considering buying a home, keep in mind not all Lenders are FHA approved. In addition, there are specific requirements a homeowner must meet when selling to a FHA buyer.

Keep in mind this is technically a temporary change till the end of 2008. I wouldn't imagine they will go back down to the previous levels as there is legislation to secure California is a high cost state but you never know.

This change, along with the current inventory level and reduced pricing, we just about have a perfect storm for buyers!

* These are 2-4 units’ investment properties

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It’s Possible!

The above information is provided as a courtesy and is deemed reliable but not guaranteed.

Single Home Buyers - Are you sitting on the fence of indecision?

We have all heard the news it is a Buyers Market (yeah!). However, when I speak with potential single buyers what I am finding is they are stuck, sitting on the fence of indecision!

It is hard to watch the internal struggle and it generally isn’t about the details we here, value, price, etc. There is this dream of homeownership, but that is undefined for the buyer. We watch as they struggle with the difference between a house and an investment, treating a home like a stock. Questioning the family aspects of home. They know in their hearts they want to home. They see the positive impact a home has on one life, but just can’t vision the security it brings both in intangible ways and financially.

As a home buyer, if you are sitting on the Fence of Indecision, here are three aspects of homeownership we want you to take into account. Then call your Realtor®. You are never going to understand the blessings of homeownership until you take the risk and get off the fence.

First: It’s a home! It’s a place to rest your head at night, make memories and call your own and you get the benefit of utilizing it as an investment. But this asset is different from a stock. This is an asset in which you get two bangs for your buck, it depreciates over time yet it grows in market value.

Second: A home is a value asset and rarely will become worthless. Yes, there are declines and there can be catastrophes, but even with those issues your home will keep a major portion of value. The key is to remain calm and stick to your plan, even when there are decreases you have an incredible opportunity to make it back up, you are in control!

Let’s not forget the memories your home has, I have never had anyone tell me their memories were worthless.

Third: Let’s not forget the tax benefits, what other investment can you put in 5 percent of the cost, enjoy all the appreciation. Remember, your investment to start is the down payment yet you are getting a return based on the value of the home.

If you live in the home at least two years, depending on your status you get this other great little opportunity to keep a huge portion of your wealth tax free up to $250k. In addition, let’s not forget the other benefits the government gives us that include: property tax write offs, interest rate deductions and as noted above depreciations.

Hello, what other avenues of investments give you this little upside?

As you are making your decision to get off the fence, though all the above financial aspects are important, in your heart you know the most important answer you are searching for is that feeling a home provides. Focus on this and the rest will follow.

Don’t let this market pass you bye. We have a window of opportunity currently that Orange County has not seen in years: Selection of homes is high, demand is low, interest rates are still low and the government, just made the deal all the more sweeter with the Stimulus Package.

To find out what your best plan of action is contact us today!

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you’re considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It’s Possible!

Don't miss this Seminar -Why Now is a great time to Buy w/Gary Watts!

We have done it again. After great success with our last seminar " Buying Smart in Today's Changing Market" we are excited to have Gary Watts join us and provide consumers with his invaluable insights into the the Orange County Real Estate Market. Rarely is this information available directly to the public, but C21 Superstars has done it again and you won't want to miss this exciting and informative event.

With the current media storm on the housing, it is our goal to get the data out to consumers so they can make their own informative decisions on whether now is the time to make a real estate move. The fact is, buying a home, investment property or move up property is a personal decision, if the numbers work for you and you understand the data behind the current market you will make the right decision for your family. In Southern California there has not been such a perfect storm of opportunity available in years, but that is only an opportunity if the numbers work for you.

This seminar is designed to provide the consumer with an objective view of the current market and plus Gary is just plain fun to listen to. Seating is available through reservation only, so make sure to contact Kelly today if you would like to attend.

Kelly Turbeville is one of South Orange County premier Realtors® focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, Foothill Ranch, Trabuco Canyon, Mission Viejo and Rancho Santa Margarita. Whether she's helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on how to use their equity to step up into a nice home or use it to buy an investment property or finding exclusive properties for the high end consumer. Kelly is committed to making it happen. So if you're considering selling or buying a home in Saddleback Valley, call Kelly to schedule a free consultation. Whatever your dream, with Kelly at your side, It's Possible!

The above information is provided as a courtesy and is deemed reliable but not guarenteed.