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Tuesday, November 24, 2009

Entry Level Home Sales - The Hottest Selling Market in Orange County CA (part 2)


By now you've read the market update in part 1 so we'd like to change it up again and profile a second buyer. Same exact criteria, only they have a maximum budget of $300,000 for the same area. This is a very typical buyer today and one that we run across everyday. Often times, they will be looking at getting an FHA loan which will further reduce the available inventory open to them. When we run this buyers criteria (not counting FHA limitations) according to the following criteria:

3+ Bed
2+ Baths
1000+ sqft living space
5,000 sqft lot
2+ car garage
max price $300,000


here is what we get:


(16) Anaheim
(3) Buena Park
(2) Fullerton
(2) Garden Grove
(1) La Habra
(1) Orange
(25) Santa Ana
'(1) Stanton
(1) Westminster


That's right, only 54 homes in all of Orange County that fit this!!!!!

Now if you start factoring in area, neighborhood, home condition, floorplan, and loan type it becomes quite obvious why MOST Orange County home buyers are frustrated with the process.

Still Not Convinced?

Here's another angle that really helps to put it in perspective. Right now, in most of these cities we are working with more buyers than there are homes for sale that fit the criteria!! That's right, just us alone! Now take into account all the other agents and the buyers they represent and the picture starts to become crystal clear as to why we are having bidding wars in the middle of a recession!

2 Possible Solutions For First Time Buyers

Ok, we are not trying to be negative here, we want to work towards a solution. Here is what needs to happen. Buyers with similar criteria need to loosen them by dropping city/bed/bath/sq ft/etc requirements or put the home search on hold. They may never get a house that fits their criteria and their current price threshold but this doesn't mean they'll never own a house.

In the meantime, most of them need to be saving some money for a downpayment (hopefully 20%+) to reduce the potential mortgage payment and increase their price threshold. If the market happens to drop later, we'll, they'll be in an even better position! Either way, they're working towards a position of increased buying power by having more downpayment in the current maket, or working their way up into a less competitive price point with more bang-for-your-buck options available.

The tough part of this is that they'll have to come to terms with not owning a home in the near future. Again, many others will still feel it is their time to buy and for them it will take the simple, but often painful, process of reassessing wants vs. needs and ultimately coming to some sort of compromise.

If you want to reasses your wants and needs, you can search through the homes for sale in Orange County to see if there are any new areas that you may be able to consider.

Monday, November 23, 2009

Entry Level Home Sales - The Hottest Selling Market in Orange County CA (part1)


Many homebuyers are under the impression that the current down market is just begging them to be in it. In many areas and price points this is truly the case; however, it is currently not the case in Orange County, CA at the entry-level single family home price point. The main reason.......Inventory (or rather a lack thereof). Here's what we mean:

Going off our most popular search criteria given by our clients in the last 6 months to a year, we profiled the following hypothetical buyer looking for a single family house with:

3+ Bedrooms
2+ Bathrooms
1,000+ sqft of living space
5,000+ sqft lot
2+ car garage
up to $400,000 max


Here's the Results across ALL of Orange County

# of homes fitting criteria in

(1) Anaheim Hills
(80) Anaheim
(13) Buena Park
(2) Brea
(2) Costa Mesa
(14) Fullerton
(28) Garden Grove
(1) Lake Forrest
(10) La Habra
(7) Orange
(6) Placentia
(84) Santa Ana
(10) Stanton

For a Grand Total of Only 262 Homes in the ENTIRE COUNTY!!!

Of this, there are only 90 or so homes meeting the criteria that are in Orange County and not in Anaheim or Santa Ana!!!

These numbers are rather shocking and the biggest reason we have seen the Orange County CA foreclosure real estate market get scorching hot.

Friday, November 13, 2009

Some Great Areas of Santa Ana CA Home Buyers Should Consider


Santa Ana CA is one of the largest cities in all of Orange County and offers a wide range of properties. There are some really cool old neighborhoods such as Floral Park which provide a cozy ambiance right in the middle of the OC Metro area. Sometimes, Santa Ana is inappropriately labeled by unknowing consumers as being a low income area. While this may be true of some areas, many parts of this enormous city are upper and upper middle income in nature. If your looking for a neat area of Orange County, with good freeway access, low crime rates, and a lot of character, Santa Ana probably has an area for you.

We'd like to highlight one particular area (since we were just there today) on the north/northeast side of Santa Ana known as Park Santiago. The area has an almost rural feel to it with many ranch and bungalow type homes. Here's some examples of homes on the market:




























And here is a map of the general area we are talking about, lots of great homes in good neighborhoods to the east and southeast as well:

















So if you are having a hard time finding a nice home to buy in the areas you are currently looking, maybe it's time to give Santa Ana at try. If so here is a link to our Santa Ana Real Estate and Santa Ana Homes For Sale Tools.



There, you will find some great deals like these homes, the 5 newest foreclosure homes for sale in Santa Ana. Enjoy!
  • $275,000 :: 1501 W Cleghorn Way, Santa Ana CA, 92704

    published on Wed, 11 Nov 2009 19:16:00 GMT

    Property Photo

    4 beds, 2 baths
    Size: 1,319 sq ft
    Lot Size: 8,100 sq ft
    Added: 09/21/09, Last Updated: 11/11/09
    Property Type: Single Family, Residential
    MLS Number: S590046
    Community: Santa Ana South Of First

    This is the home that you have been waiting for!! 4 bedrms, 2 full baths, & garage. Nice Home On A Corner Lot, Cul-de-sac Location, With Pool Covered Patio, Ceramic Tile In Dining Area And Kitchen, Master Bedroom Lot Over 8,000 Sqft.

  • $222,750 :: 4717 W Edinger Ave, Santa Ana CA, 92704

    published on Wed, 11 Nov 2009 12:51:00 GMT

    Property Photo

    3 beds, 1 bath
    Size: 948 sq ft
    Lot Size: 7,245 sq ft
    Added: 11/09/09, Last Updated: 11/11/09
    Property Type: Single Family, Residential
    MLS Number: S595584
    Community: Santa Ana North Of First

    Fantastic Priced 3 Bedroom Home on the Edge of the Beach Cities features Hardwood Floors, Dual Pane Windows, and Tile throughout Kitchen and Bath. The Spacious Back Yard even has a Tree Swing and an Oversized 2 Car Garage. It's missing the kitchen and needs a little work, but at this price, Who Cares!! Unfortunately due to the kitchen, we can only accept cash or FHA 203k.

  • $295,900 :: 1910 E 19th St, Santa Ana CA, 92705

    published on Tue, 10 Nov 2009 18:08:00 GMT

    Property Photo

    2 beds, 1 full 1 part baths
    Size: 1,361 sq ft
    Lot Size: 5,500 sq ft
    Added: 10/07/09, Last Updated: 11/10/09
    Property Type: Single Family, Residential
    MLS Number: P706198
    Community: Santa Ana North Of First

    NOW REDUCED! GET IT BEFORE ITS GONE! Two Bedroom, Two Bath, Attached, Single Level Shady Hollow Patio Home! Located in Santa Ana This Home Features An Open Floor Plan With Spacious Living Room And Airy Kitchen, Tile And Hardwood Flooring Throughout, French Doors Open To Cozy Rear Yard With Access To The Two Car Garage. Easy Access To Costa Mesa Freeway. Great Buy!


  • $230,000 :: 522 S Pacific Ave, Santa Ana CA, 92703

    published on Mon, 09 Nov 2009 13:48:00 GMT

    Property Photo

    3 beds, 1 bath
    Size: 832 sq ft
    Lot Size: 6,435 sq ft
    Added: 10/08/09, Last Updated: 11/09/09
    Property Type: Single Family, Residential
    MLS Number: U9004542
    Community: Santa Ana South Of First
    Tract: Othr

    WELCOME HOME TO THE RICH CULTURE AND HISTORY OF THE CITY OF SANTA ANA. THE PROPERTY IS A SINGLE FAMILY HOME THAT IS SITUATED ON A CORNER LOT AND HAS A LARGER REAR YARD AND A GATED FRONT YARD. THE INTERIOR FEATURES THREE BEDROOMS AND ONE BATHROOM. THE PROPERTY MAY WELL BE ONE OF THE VERY BEST VALUES IN THE AREA, AND WITH YOUR VISION AND GOOD TASTE YOU WILL BE ABLE TO CREATE A NICE HOME. THE LOCATION IS FANTASTIC, YOU ARE CLOSE TO ALL THE GREAT THINGS IN THE AREA; SCHOOLS, PARKS, RECREATION, AND THE SHOPPING OF BRISTOL STREET. SO COME HOME TO SANTA ANA, AND START TO ENJOY THE BEST OF ORANGE COUNTY TODAY. NOTE THAT THE HOME IS PRESENTLY RED TAGGED BY THE CITY.
  • $434,900 :: 2133 Candis Ave, Santa Ana CA, 92706

    published on Mon, 09 Nov 2009 08:42:00 GMT

    Property Photo

    4 beds, 2 full 1 part baths
    Size: 2,171 sq ft
    Lot Size: 6,200 sq ft
    Added: 07/29/09, Last Updated: 11/09/09
    Property Type: Single Family, Residential
    MLS Number: P697279
    Community: Santa Ana North Of First

    Gorgeous home with lots of mature trees and lush landscaping on a tree lined street! Home has an attached 2 car garage, large Family Room, spacious Kitchen, Living Room with fireplace, and 4 bedrooms 2.5 baths. Located near golf courses, Santa Ana College, Block of Orange, Disneyland, 5, 57 & 22 Freeways.

Saturday, November 7, 2009

Update to Housing Stimulus - Tax Credit Extended and Deepened!


It happened!!! Much of this and last week was a buzz about whether or not the previous housing stimulus package, most notably the $8,000 tax credit, would really disappear at the end of this month. Well, it hasn't! The new tax credit changes have extended the credit until April 30, 2010. This means you must have a home under contract by this time and it must close before July 1, 2010 or the credit disappears.

In addition to this tax credit aimed at first time buyers, lawmakers have extended a second credit to "move up" buyers, those moving from one home to another, up to an amount of $6,500.

Finally, the income thresholds for the first time buyer tax credit have been increased from $75,000 (individually) or $150,000 (as a couple) to $125,000 and $225,000 respectively.

The chart off to the right covers all the details and eligibility requirements of the program. Click on it for the large sized version.

It's really nice to see some relief to the multitude of home buyers out there frantically trying to close in the next 20 days. Attn: home buyers, ThIS IS YOUR BREAK, procrastination time is officially over. :)