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Home Buyers Should Not Look in the Rear View Mirror

Home Buyers Should Not Look in the Rear View Mirror

According to economist, Steven Thomas, home buyers in Laguna Niguel and Dana Point “should NOT look longingly in the rear view mirror.” Why would they be tempted to look back? Because home prices went up from 15 to 20% year over year from June 12, 2012, to June 13, 2013. Also with the increase in interest rates the cost of purchasing a median-priced home is up by 25% from summer of 2012. The good news is that the inventory is up and the interest rates are still great and have lowered a little in the last couple of weeks. Considering there are more homes to look at and some home sellers may now be getting more motivated, I still think it is a great time to buy. If home buyers are going to stay in their home for five years or longer they will most certainly be thrilled with their interest rate compared to what might be available in a couple of years. Remember that South Orange County is truly a Mediterranean climate which attracts buyers from all over the world. Also some sellers that have anticipated more price increases and overpriced their summer listings may now be ready to deal. In most cases buyers will not be battling multiple offers. Overall inventory in Orange County has doubled since January of this year. The total number of active listings in Laguna Niguel is currently 211 compared to about 100 in the spring. Of those 211, there are 121 detached homes for sale and 63 of those (52%) are over $1 million dollars. Today there are NO bank-owned properties and...

Large townhome with main floor bedroom

This fine three bedroom town home is in the gated community of Windflower which is right across the street from the Aliso Viejo Town Center. Living here with wonderful neighbors and the security of a gated community you can stroll over to the town center for dining, movie or just shopping. The other amazing thing about this end unit town home is the bedroom configuration which consists of one large bed and bath down and two master bedrooms with private baths upstairs. All of the bathrooms and kitchen have new porcelain tile that resembles dark walnut wood plank. There are green belt views from the living, dining, kitchen and bedrooms. The home has a two car attached garage and new black appliances. Competitively priced at $460,000 this could be your next home or a great investment...

New in Rancho Niguel

My wife and I raised four kids which was a full time job. We lived in several houses over the years. We even had a quarter acre lot one time. Guess where the kids played? In the cul-de-sac. That is one reason I am partial to cul-de-sac homes. The other reason is that there is far less traffic. That is true of this gem of a home at 24862 Vista Magnifica in Rancho Niguel. It is on the best street in the tract. A small, quiet cul-de-sac with just a few homes and no traffic. This three bedroom home is in immaculate condition and boasts a remodeled kitchen and pristine back yard. The price is $654,000. The award winning Bergeson Elementary school is just a few blocks away and the Club at Rancho Niguel with its 3 pools, spa, indoor racquetball, 8 tennis courts, sports courts and gym is also within walking distance. This is the proverbial “must see” home. Call 949-456-0505 for private...

Home closing and afterward

The home closing process and afterward. In any business, but especially real estate, it is possible to take for granted that the customer knows some basic things that Realtors deal with every day, but is not generally well known by those who only buy a home once every 5 to 10 years. Before coming back to Orange County I sold residential real estate in a state that did “table funding” where both buyers and sellers were at the closing table. Buyers would bring a cashier’s check for the down payment and all paperwork was handled by the title company closer. Keys were usually transferred at that time. California is an escrow state. The escrow officer is a dual agent who represents both sides of the transaction and handles all paperwork and communicates with the title company. The title company is the one who pays off the existing notes and records the new deed with the county. On the east coast there are attorneys involved but not in CA. “Real estate closing” in Orange County consists of the buyers signing all documents (including note and deed of trust), buyer’s money being wired to title or escrow, the loan amount being wired in by the lending institution and last of all electronic recording of deed and other docs at the county. Orange County allows same day electronic recording if all funds are into title early enough. If funds are late (after 2 pm generally) then the property does not record (close) until the next day. The deal is not done until it records. After closing a few other things happen. The...