Orange & Los Angeles County Living

Feb. 15, 2017

Making Your Home an Attractive Buy in Orange County

The real estate market in Orange County is quite complex. If you own a home here and are thinking of selling, you do not want to invest in the wrong real estate agent to help you make this sale happen. Instead, you need a local agent that can help you to navigate one of the highest-priced real estate markets in the country to ensure that your home sells for the highest rate possible. The good news is now is an excellent time to list that home for sale. With the right conditions, you’ll find now can be the ideal time to list.

Custom Home in Corona Del Mar

Custom Home in Corona Del Mar | Image Provided by CRMLS

Conditions Matter

The value of homes being sold in Orange County is high and growing. At the start of 2017, the median home sale price was over $745,000. That means that, if you plan to list your home for sale, you’ll need to ensure your property is worth that amount. This market has some of the most demanding buyers. They are willing and able to spend that amount of money on a home, but they expect the highest quality of home at the same time. If you hope to see that type of dollar value of your home, you’ll need to invest wisely.

Conditions of your existing home will make a big difference. Keep in mind that many of the home buyers in Orange County are looking for a home they can make their own. They will invest significantly in a property to do that. That makes it a bit different for you to make upgrades before listing your home for sale. Make changes only that most people will find beneficial. Otherwise, you may be missing out on key buyers.

The most important step you can take is to list your home with an Orange County real estate agent that knows the market well. They need to be able to help guide you through one of the most competitive markets in the area. Contact Neal Prochoren today to discuss your property, and what it could sell for in today's market.

Feb. 10, 2017

Is It Possible to Buy an "Affordable" Home in Orange County?

Orange County has long attracted home buyers. The area has so much to offer including excellent quality of life and outstanding local amenities. It is no wonder that so many people want to live here! However, with that in mind, you also have to consider how affordable (or not) it is to live in this area. One thing is for sure. It is likely that you will spend more to buy a home in Orange County. That being said, most people who do so find that the area is well worth investing in for many reasons.

Orange County Condominium

Orange County Condominium | Image Provided by CRMLS

Orange County Homes And Pricing

In 2016, there was a significant rebound for the housing market in Orange County. Home values are growing again, rebounding from the Great Recession era and real estate market crash. Yet, with prices increasing once again, it is becoming increasingly difficult to find a home that meets your needs and fits your budget in this area. That is at least the outward appearance.

It’s clear that home prices are high in the area. In fact, the median price home in the area is about $745,000. Yet, what do you get for that? Of course, you get a fantastic location, but you also get an outstanding opportunity to see your home’s value grow. For those who are looking to find a home in the area, it is important to also consider the higher rate of pay in the area. You’ll also find that interest rates on loans are affordable. These factors contribute to a much more manageable financial situation than what appears on the surface.

If you have thought about buying a home in Orange County, but believed that it was simply too expensive to do so, take a closer look now. You will find some communities are comparatively affordable. In fact, check out this list of Orange County homes under $500,000. You will also find opportunities to get into low-interest loans and, of course, the value of living here has never been better. Contact us today to discuss what you are looking for in an Orange County home, and how we can assist with financing to minimize payments.

Feb. 3, 2017

How Long Will It Take for Your Orange County Home to Sell?

If you are thinking about selling your Orange County home, now may be the time to do so. It is very common for homeowners to plan to sell their home in the spring months, but listing now, when the number of homes on the market is fewer, could prove to be lucrative for many of today’s sellers. Still, homeowners want to know what to expect if they do list their home.

Mediterranean Style Home in Newport Beach

Mediterranean Style Home in Newport Beach | Image Provided by CRMLS

Tighter Market Conditions Can Mean Faster Sales

The good news is that Orange County’s real estate market is doing well, and homes are selling at a rather fast rate. Two years ago, in 2014, it took about 84 days to sell a home. In 2015, that number dropped to 72 days. And in mid-November of 2016, it took about 62 days to sell a home. This decreasing duration on market is indicative of the tightening competition between buyers, and reduction in available inventory. What’s more, if conditions in the area remain tight, this duration is likely to contune to decrease.

There’s Less Supply Available

In Orange County, the number of homes listed for sale has fallen significantly. In some areas, a six percent drop in the number of homes for sale has occurred. And, there are more people building homes than before. This has also changed the dynamic of the real estate market. It is also important to know that, if you plan to list your home for sale and buy a new Orange County home, this limited supply could mean it takes you a bit longer to find the home you are looking for.

The Orange County real estate market is heavily competitive. And, as a result, it is always wise for home buyers to work closely with a local real estate agent to ensure they have the best opportunity to find a home that is right for their unique needs. Contact Neal Prochoren today to discuss your Orange County real estate goals.

Jan. 24, 2017

Orange County's Inventory Is Tightening: What It Means for Home Buyers

Over the last few months, real estate agents in Orange County have noticed a drop in the number of homes available for sale. In fact, according to the numbers, the number of local homes listed fell by 11 percent in the month of November 2016, and four percent on the year. The area has about 5,600 homes for sale. Of course, the drop in homes on the market is not equal across the county – some areas have not seen any drop, in fact. But, what does this indicate for home buyers?

Orange County French Country Estate

Orange County French Country Estate - Image Provided by CRMLS

Is Supply Really Lower?

Declining inventory is occurring heavily in some areas, as much as 19 percent in the more limited areas. Of course, there are still properties available, but buyers may feel that their options are more limited. 

With fewer homes for sale, home buyers do need to invest heavily in the real estate process. Here are some concerns and considerations to think about:

• There’s likely to be more competition for homes. This may mean that buying a home requires making a decision to bid sooner. The market has not yet reached a point where bidding wars on properties are the norm, but competition is likely to increase.

• Home values will rise as they have been, and may even increase faster if inventory volume does not begin increasing.

• Working with a local real estate expert is going to be even more important than ever. An agent that can quickly locate available properties that match your criteria, and help you navigate through the purchasing process, will be invaluable to you

With increasing home values and increasing competition, the price of what is considered an "affordable" Orange County home will increase as well. When it comes to buying Orange County real estate, there is certainly ample opportunity. Buyers simply need to know where to look, and need to be ready to act fast if a property is available that matches their needs. And, for those who hope to sell soon, this could mean getting a bit higher for your home than you would have.

Jan. 19, 2017

Thinking of Buying a Home in Laguna Beach?

If you were thinking about buying real estate in Orange County, one thing is for sure. You’ll find that home values are on the way up. That is good news for home owners who hope to sell in the current market conditions, but for buyers it means paying significantly more. And, in fact, areas like Laguna Beach are seeing an incredible amount of home value growth. If you are thinking about buying a home here, it’s important for you to know what you can expect.

Laguna Beach View

Laguna Beach Sunset View | Image Provided by CRMLS

The Laguna Beach Market Has Buyers

There are more people interested in buying homes in Laguna Beach now than there have been. An increasing demand for high-quality homes is good news for both buyers and sellers as it means new opportunities exist for home values to grow. As of the end of 2016, the median selling price for a home in Laguna Beach was $1.753 million. When you consider the same homes in 2008, you would pay about $1.5 million. That is also a significant gain of nearly 17 percent. Additionally, the average price per square foot in Laguna Beach at the end of 2016 was about $1100, while median rent was about $5,000/month. 

Of course, the sale prices for homes in Orange County are up overall. Across the county, the median sale price for a home was $640,000. That is a significant 42 percent up from the same time in 2008. Of course, it is important to look at the whole picture, which simply shows that this area is in high demand. 

For those considering an investment in some form of Laguna Beach real estate, it is important to work with a local market expert. In a competitive market like this, working with an agent whether buying or selling can be very important to achieving your specific goals. A market with high demand and low inventory means you need to act quickly when your dream homes come on the market. Contact Neal Prochoren today to discuss the various properties currently available to you in Laguna Beach.

Jan. 11, 2017

Why You Should Move to Orange County Right Now

There is always going to be a lot of draw for moving to California from across the United States. The climate, the relaxed atmosphere, and the high-quality lifestyle really do make this area, especially Orange County, very appealing. But, let’s put aside all of the Hollywood talk and think about financials first. Is moving to California a good idea for you? And, if so, what can you expect from this area when it comes to home values and the real estate market in general?

Backyard View of Newport Coast Home

Backyard View of Newport Coast Home | Image Provided by CRMLS

What You Should Know About Orange County Real Estate

Orange County is seeing a significant amount of interest from home buyers, with most of those buyers coming into the area from other California cities. That being said, a large portion of buyers move from out of state, especially for employment opportunities in certain industries. With an increased number of people looking to buy a home here, there is more demand. And, with that demand comes higher real estate prices.

Depending on where you plan to buy a home in the area, you could see home values ranging from $400,000 up to several million on average. Overall, Orange County’s median sale price for 2016 was about $640,000. Of course, there are many areas where home values are significantly higher than this. Those looking for Orange County's more affordable housing options can likely find properties to fall in love with in Stanton, Santa Ana, or Anaheim

So, should you buy a home here? There are plenty of reasons to consider a move to California and Orange County in general. There is plenty of opportunity to find a job. There’s a great deal of diversity here as well, and high-quality education is available throughout Orange County and the state in general. When it comes to the affordability of the area, Orange County isn’t going to be the least expensive. However, it is likely to see home values grow in the long term. This can make it an ideal place to live. Additionally, wages and salaries are typically higher in the Orange County area as well, offsetting the increased home values for those moving into the area for work. 

Does Orange County sound like it could be someplace you call home? Contact Neal Prochoren today to discuss your real estate goals, and what you're looking for out of a home in this area. 

Jan. 3, 2017

A Look at Orange County Real Estate for 2016

As we work to see what 2017 will bring in terms of Orange County real estate values and opportunities, it is important to take a closer look at what was present in 2016. It was a trying year for the country, with both turmoil from the presidential election, and a continued slow recovery in wages, jobs, and overall home values. Orange County real estate did very well however, topping many expectations and providing new opportunities for today’s buyers and sellers.

Huntington Beach Home at Sunset

Huntington Beach Home at Sunset | Image Provided by CRMLS

Well What Happened?

The median price for a new construction home in Orange County brought with it an incredible value. In October, it rose to a high of $934,250 as a median price. That’s a record, and an increase of 3.8 percent from the previous year. New construction did well this year as well. A number of mixed-use developments sprouted up catering to the needs of today’s Millennial home buyer – those who want smaller homes within walking distance to amenities. A number of high-rise developments were also constructed. And, with the average asking rent for an apartment in the county rising to $1,781, which is yet another increase from the previous year, there is no doubt that home sales are growing as a result.

What is Next for Orange County Real Estate?

There is no way to predict exact figures for 2017, but most real estate experts remain impressed, and maintain high expectations for the coming year. It is likely that home prices will continue to increase across the county as demand for homes in this area continues to rise (especially if rents continue to go up). And, with a competitive marketplace present, home sellers are likely to benefit most. For those who plan to buy a home or sell a home in Orange County, it pays to work with a local real estate agent that can help you find the perfect area and home without all of the trouble of this market. Contact Neal Prochoren and Sell CA Realty today to discuss your real estate goals.

Dec. 7, 2016

What to Expect from a $900,000 Investment in Orange County

Home values are on their way up in Orange County. The community is seeing an increasing number of homes for sale offering incredible property values and exceptional features. If you are thinking about buying a home here, it helps to know what each community or region can offer to you. You’ll find a significant amount of difference between one area to the next. You may have heard that in October of 2016, the median sale price of a home here was well over $900,000. Keeping that in mind, let’s take a look at what that amount of money can get you in a home here.

Modern Newport Beach Home

Modern Newport Beach Home | Image Provided by CRMLS

What To Buy and What To Expect

When it comes to today’s market conditions in Orange County, expect to spend a bit of time looking at your homes and a good chunk of change buying the best property for you. First, consider what you can expect to get for $900,000 if you are buying in three of the hottest real estate markets in the Orange County area.

• If you spend that amount of money in Santa Ana, a thriving community with truly character-driven homes, you’ll get a charming, smaller Craftsman home. Expect these homes to be well cared for and filled with modern upgrades, but perhaps in a smaller footprint.

• If you spent that amount in Fullerton, you might get much more. Expect to find a ranch style home with a moderate level of space and a traditional American suburban community. It’s the family style area that draws many to this community.

• Buying the same amount in Newport Beach will likely get you a town home, though it is likely to be a larger, three bedroom home. This is the Millennial-specific style that many are looking for.

No matter what you plan to buy or where, or how much you plan to spend, work with an Orange County real estate agent that knows the area well. Neal Prochoren can help you identify your goals, and find a property that meets them.

Nov. 18, 2016

Orange County's Real Estate Market

When it comes to Orange County real estate, things are looking up in many areas. Recent reports indicate that October’s real estate numbers were promising, and overall, the county saw the largest gain in five quarters over the summer months of 2016. If you are a home buyer, that may mean there is more competition for homes and a bit higher of a price to pay. For home sellers, this may mean a bigger offer on your home.

The local real estate market in Orange County is moving ahead, though not at a pace as rapid as it once did. In the third quarter, the home value index saw a rise of 1.2 percent over the previous three months. That is the largest quarterly gain that has occurred in the area since 2015’s second quarter. Overall, though, home prices are lower than they were about a year ago overall.

Home in Lake Forest, Orange County
Home in Lake Forest, Orange County | Image Provided by CRMLS

What factors are affecting the Orange County Real Estate Market?

• People are buying a homes. In fact the number of homes sold has risen about 0.1 percent in the third quarter and about 2.6 percent from the previous year.

• New construction is not doing as well. While there are homes being built, this area is seeing ups and downs throughout the quarter and the year.

• Home values are on the way up overall. These prices rose about 1.5 percent in the third quarter of the year. It is up 6 percent on the market overall for the year.

Keeping this in mind, also realize the benefits of buying now. Mortgage interest rates are a bit higher today than they were a year ago, but they remain highly competitive and very lucrative. More so, there are existing homes for sale in most areas.

As you consider each of these facts, ask yourself, “Is now the time to buy or sell?” The good news is it may be. Work with a local real estate agent to find your ideal home.

Nov. 14, 2016

Staging Your Orange County Home for Sale

Though Orange County is large, it is often seen as a single, massive real estate market. You will find some very luxurious real estate sectors here. You will also find many communities that are much more affordable and easier to get into as a home buyer. At the same time, though, you have to consider what it will take to sell your home here. Most people who plan to buy also have a home they plan to sell. Should you consider selling now? And, if so, should you stage that property?

Homes on a Hill in Laguna Niguel

Laguna Niguel Homes

Demand for Homes in Orange County is There

While your Orange County home may not sell in days, and you may not receive dozens of offers on it, there is a strong housing market present in the area. This means that there is good reason for you to list your home for sale – you are likely to sell it for more than you would have been able to a year ago. Although the demand is there, prospective home sellers still have to lure buyers in.

Staging Considerations

Staging a home for sale is often very important in Orange County’s more competitive marketplaces. In some areas, where inventory is high or there is a longer on market timeframe, it becomes essential to properly stage your home. Staging refers to the measures property owners can take to make their home as appealing and presentable as possible, allowing your potential buyers to see your home in its best light. You are essentially highlighting what they need to see in order to know the home is right for their needs. Staging helps to make the buyer more comfortable in your space, and also allows them to see themselves living there. Because of this, it can help to give you a better opportunity to get an offer on your home.

Are you thinking of selling your Orange County home? Contact Neal Prochoren and the Sell CA Realty team today to learn what steps you can take to sell your home for the highest possible value.