Yorba Linda Real Estate and Homes For Sale Update - Dec 2009

Yorba Linda, CA Real Estate - We've noticed that there are certain cities in the North Orange County area that have a tremendous amount of opportunity in the upscale home price point. We compare upscale home sales which we roughly define as homes with:

At least 4+ Bedrooms
between $700,000 - $1,000,000
minimum 3+ Full Bathrooms
and a home size of at least 2,400+ sqft

We've really been noticing a lot of good deal on homes in Yorba Linda, CA. Here's the numbers for Yorba Linda homes for sale that fit the above criteria in the last 45 days or so....

22 Homes For Sale
12 in Escrow
10 Closed Sales

We've included these two beautiful examples of homes currently on the market!

Compare this with the nearby city of Fullerton and you'll see what we mean by choices. In Fullerton, your seeing numbers that look like this:

9 Homes For Sale
10 in Escrow
5 Closed Sales

Obviously, Yorba Linda has about twice as many homes for sale in the price range and here is a kicker...........they are averaging nearly 3600 sqft as opposed to just over 3000 in Fullerton...........and the real kicker is 5 of the 9 homes available in Fullerton have lots under 7000 sqft!

Bottom line = Big house, big lot, under a million bucks? You need to take a look and see what Yorba Linda real estate has to offer.

Take a look at our Yorba Linda Homes For Sale page if you have a moment.

Placentia Real Estate Update - Market Conditions December 2009

In the Placentia, CA real estate market there are currently 63 active homes on the market for sale. Of these:

7 are under $300,000

9 are between $300,000 and $400,000

9 are between $400,000 and $500,000

20 are between $500,000 and $600,000

19 are between $600,000 and $700,000

6 are between $700,000 and $900,000

0 are over $900,000

In the past 2 months Placentia has had 63 home sales:

11 under $300,000

9 between $300,000 and $400,000

18 between $400,000 and $500,000

14 between $500,000 and $600,000

11 between $600,000 and $700,000

1 between $700,000 and $900,000

Right now there are 63 Placentia home in escrow with:

7 under $300,000

9 between $300,000 and $400,000

17 between $400,000 and $500,000

12 between $500,000 and $600,000

9 between $600,000 and $700,000

10 between $700,000 and $900,000

Placentia's real estate market is actually pretty consistent across all price points. Consistent for the area and time I suppose. The top selling markets and the ones that appear to be the hottest are those at the $400,000-$500,000 price point. The lower price point is strong as well but inventory is low so the amount of sales will be limited by this. That being said, it is still a market segment that is seeing multiple offers over list price.

Suprising though is the strenth of the $500,000-$600,000 price point. This mid level Placentia home value has actually had quite a few sales and appears strong from a surface glance. Of course, we all know the devil for any market is always in the details. As we are seeing across Orange County, the sales do slide off once we get over teh $600,000 price point but not quite as dramatically as we are seeing in other areas.

Our Tips

For Placentia home buyers - We are seeing quite a bit of opportunity in the $600,000+ price ranges. The bang-for-your-buck factor at this price point is fantastic!!

For Placentia CA homeowners - The timing is actually good for many people looking to move up into the middle and upper middle price ranges if they have some equity to sell. The theory being they can sell in a hot entry level market and buy for a discount in the upper level markets.

Feel free to browse the current Placentia homes for sale to get a feel for the current market.

Orange County Home Sales in the Median Range - Dec 09

Our last couple posts dealt with hot market for entry level homes in Orange County. If we took those same home requirements and bumped it up a bit to be between $400,000 and $500,000 we see something very interesting happen. To refresh, the basic criteria is a single family residence with at least:

3 Bedrooms

2 Full Baths

1000 Sq Ft

2 Car Garage

6000 sqft lot

In all of Orange County, this buyer would now have an additional 175 homes to look at!

If they were to take the price point up to between $500,000 and $600,000, that would mean yet another 200 houses that would fit the price range!

Of worthwhile note is also the fact that the highly desireable cities like Tustin, Fountain Valley, Orange, Rancho Santa Margarita, Fullerton, Yorba Linda, and Mission Viejo start coming into play at this range.

While we wouldn't consider this an abundance of homes by any means, especially when you consider many people will want 4 bedrooms, 3 baths, 2000+ sqft, etc, we think the numbers reveal a much different inventory of homes available to buyers.

Most of our clients are summing this up best with statements like, "Wow, I'm really liking the bang for my buck better at these price points!"

We would have to agree, atleast for now. You can see what is available at these price points by using the quick home search on our Orange County Homes For Sale page

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.

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.

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
  
  
  
  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
  
  
  
  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
  
  
  
  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
  
  
  
  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
  
  
  
  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.

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. :)