Archive for the 'Scott Bingham' Category

Orange County Real Estate Market Update 7/6/16

Great news to begin your holiday weekend, soon you’ll be able to finance or refinance your love shack with a 30-year fixed for under 3 percent! Thirty-year mortgage rates have never been that low in the 45 years since Freddie Mac began tracking them in 1971. It appears that the economic fallout from ‘Brexit’ will at least have one upside for American home owners and for home buyers requiring financing.

This week the 30-year fixed averaged 3.48 percent, a whopping 8 basis points lower than last week’s 3.56 percent. That’s the lowest rate since May 9, 2013. The 15-year fixed settled in at 2.78 percent, 5 basis points better than last week’s 2.83 percent, and the five-year ARM (an adjustable-rate mortgage that’s fixed for the first five years) fell to 2.70 percent. Both also are at three-year lows!

The recent economic turmoil has left many wondering if the housing market will soon decline. The chance of a widespread drop in local or statewide home prices in the next two years is practically nil, according to a new forecast from a private mortgage insurer. Arch MI’s quarterly housing reports pegs the risk of a price drop based on a host of real estate trends, credit market factors and economic patterns. Recent economic turbulence has raised questions about the durability of housing’s rebound from its collapse and the Great Recession.

Based on first-quarter data, Arch calculated the risk of price drops in all of California – as well as in Orange, Los Angeles, Riverside or San Bernardino counties – at a “minimal” 2 percent vs. 5 percent nationwide. A year ago, California’s price-drop risk was 8 percent, equal to the national risk level in 2015’s first quarter. “We see no housing bubble in Southern California,” says Ralph DeFranco, chief economist for Arch MI’s owner, Arch Capital. “Even though homes feel expensive, they are supported by the amount of income people have.”

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25082 Champlain Road, Laguna Hills | JUST SOLD $700,000!

IMG_7459where he represents the Sellers in this real estate transaction. The home was on the market for only 12 days before accepting an offer and opening escrow! The home was listed for $714,900 and ended up selling for $700,000! The home is a 4 bedroom, 2 bath, 2 car garage, with 2,500 square feet of living space. The home upgrades including an open floorplan, remodeled granite kitchen/new cabinets, wine fridge and breakfast bar. The home also features fresh paint throughout, upgraded bathroom, crown molding, double pained windows, a new AC unit, new water heater, newer carpet, mature fruit trees, large backyard which can easily accommodate a pool, and RV parking/access. The community has two parks are both in walking distance and include tennis courts, a playground, and lots of open space to run around. No HOA or Mello Roos! If you’re looking for a home in Laguna Hills or anywhere in Orange County give Scott a call 949-412-3515.

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See what’s currently for sale in Orange County at our website Ladera Ranch Real Estate!

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Orange County Real Estate Market Update 3/1/16

The National Association of Realtors said that its seasonally adjusted pending home sales index fell 2.5 percent to 106 in January. The decline comes after the sales index averaged 108.9 in 2015, its highest level since 2006. The number of signed contracts decreased in the Northeast, Midwest and West. Prospective sales improved slightly in the South. But a shortage of listings has weighed down the potential for sales increases akin to last year’s increase. Steady job growth and low mortgage rates have bolstered demand for housing from the recent lows caused by the Great Recession. Yet the greater demand largely failed to bring more properties onto the market. The number of listings on the market in January fell 2.2 percent from a year ago, the Realtors said in a report last week.

Offsetting some of the price pressures are mortgage rates near historic lows. Mortgage buyer Freddie Mac said the average rate on a 30-year, fixed-rate mortgage was 3.62 percent last week, below its 3.80 percent mark a year ago.

 

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South Orange County Real Estate Market Update 8/6/15

Home sales topped $11 billion in Orange County in the first half of this year – the most in a decade. The median sale price hit $629,500 in June, the highest since the housing market peaked in June 2007. Rising employment and economic confidence, a tight supply of homes for sale and low mortgage interest rates have all fueled buyer demand. Foreign investors have played a role, too, real estate agents say, especially where the most dramatic leaps in prices and sales occurred, in the priciest third of the market. There, the median home sale price shot up nearly 22 percent. With equity rising, distressed sales are a distant memory, or, as housing analyst Steven Thomas notes, “nothing more than an asterisk.” In the first half of 2015, he says, equity sellers represented 95 percent of home sales. In the last few weeks the inventory of homes has increase a great deal in some Orange County cities. In Ladera Ranch for example the inventory has increased 45% in the last month.

So what’s going on with home loan rates? From Freddie Mac’s weekly survey: The 30-year fixed dropped below 4 percent for the first time in nearly two months, landing at 3.98 percent. That’s 6 basis points lower than last week’s 4.04 percent. Ditto for the 15-year, dropping 6 basis points to 3.17 percent from last week’s 3.23 percent. What’s the bottom line? Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year’s rate of 4.12 percent and payment of $2,019 is $33 more than this week’s payment of $1,986.

 

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