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.

Rent vs. Buy in 2009

Excellent information for renters who are considering buying their first home. Best time to buy since 2003!


http://www.car.org/economics/currentresearch/2009rentversusbuyanalysis/

A Singles Dream Home

Single home buyers look for something different then the typical family home and this listing has what many singles are looking for. Looking to get into your first home, then check this out!

Coming soon and offers 3 bedroom, 3 full baths, large yard, perfect for a bbq with friends. Located in the great community of Portola Hills, amenities include, Pool, Spa, Clubhouse, Workout facilities, located walking or biking distance to Whiting Ranch.

Priced to sell @ $362,000!

Contact Kelly for a private showing!

Economic Impact on Single Women

Received this great information on the how the current Economy is impacting Single Women and the numbers are surprising. For more detailed information, check out one of my favoriet web-sites www.WVWV.org

Make sure the person and or people you are voting for in your community are taking these figures into account. Personally, I think little has been spoken about Singles and if there has been any discussion it is not normally with Single Women. Yet is is a huge demographic that should not be overlooked.

• Income:
  Unmarried women earn only 56 cents for every dollar that married men make. [Center for American Progress, 4/25/08]
  
• According to analysis of data from the Panel Study of Income Dynamics for individuals 25 to 61 years old, female-headed households have twice the likelihood – 13.5% - of seeing a 50% greater drop in their income than male-headed households’ probability – 6.6% - of such a drop. The probability of a major income drop for female-headed households has risen in the last two recessions. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]Jobs:
  
• Single mothers’ unemployment rate rose from 6.7% in March 2007 to 7.1% in March 2008 – eclipsing the national average. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]
• Retirement Security:
  Single women estimate needing a median amount of $500,000 by the time they reach retirement. However, more than one-third report that they have saved less than $25,000 for retirement, while only one in 10 report having saved more than $100,000. Only 69% of single women who work full-time report that their current employer offers them a 401(k) plan. Sixty-four percent of single women who work part-time have no retirement benefits offered to them by their employer. [Ninth Annual Transamerica Retirement Survey, 9/17/08]Savings:
  
• Female-headed households are at a distinct disadvantage in recessions because they have fewer savings to draw upon. In an analysis by Harvard Professor Mariko Chang of the net worth of all unmarried women, he found that their median net worth was $12,900 – less than half the $26,850 for unmarried men. He found that the wage gap is the primary cause of this inequality of wealth – accounting for 39% of the disparity for never-married households and 18% of the disparity for divorced households. [“Taking a Toll: The Effects of Recession on Women,” Prepared by the Majority Staff of the Committee on Health, Education, Labor and Pensions, 4/18/08]

• Bankruptcy:
  Single women are the most likely demographic group to file for bankruptcy and comprise 40% of all bankruptcy filings. Single women with children are even more likely to file for bankruptcy, at an estimated rate of 21 out of every 1000 families. [Dunleavey, M.P. , “Seven Ways to Fight Off Bankruptcy,” MSN Money]Poverty:
  
• More than half of all poor adult women - 54 percent - are single with no dependent children.
• Twenty-six percent of poor adult women are single women with dependent children [“The Straight Facts on Women in Poverty,” Center for American Progress, 10/08]Housing:
  
• About 43 percent of single women were using more than 30 percent of their income each month on housing payments, compared to the 30% of unmarried men and 25% of married couples who were spending more than 30 percent. [Joint Center on Housing at Harvard University]
  
• Single women have been among the fastest-growing groups of homeowners in recent years. In Baltimore, single women accounted for 40% of home sales in 2006, twice the national average. Nearly half of these mortgages were subprime, according to the National Community Reinvestment. [New York Times, 1/15/08]

Remember, if you have Single Female in need of help, we want to help here. So post your questions, concerns, needs here.

One area we can make an impact in is in the Foreclosure rate, if you currently own a home and want advice on how to keep it, contact Kelly today. Through a Loan Modification may just be the thing to help you save your home and Kelly has added this to her business services with Singles in mind.

Single Home Buyers - The stars are aligning in your favor!

Mortgage Rates Have Dropped Dramatically!

On September 11, 2008, Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®) and report that the 30-year fixed-rate mortgage (FRM) averaged 5.93% for the week end, down from last week when it averaged 6.35%. Last year at this time, the 30-year FRM averaged 6.31%.

The 15-year FRM this week averaged 5.54% down from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 5.97%.

This along with the temporary tax credit and reinstatement of Down Payment Assistance Programs are all great opportunities you will want to tap into if you are considering buying a home.

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.

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.

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.