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Diane Gross, DRE Lic. #01217299
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    Years of Experience: 18

    Re/Max Hall of Fame Award Recipient

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Orange County CA Market Changing! ?

Tuesday, May 22nd, 2012
Finally a recognizable and ongoing change in the Orange County, CA housing market!
I hate to feel like, when I give you information about the market that it feels like I’m pushing you into making a decision to buy a home sooner than you’re ready, but I also feel I should keep you informed on what I’m seeing and hearing about the Orange County, CA housing market.  Ultimately, it’s your choice when you’re ready to buy.
 
I’m hearing that because the stock market appears to be performing better that interest rates might go up.  Historically, as long as I’ve been watching (about 20 years), rates tend to be higher around June 8 and Dec 8, and lower closer to April 8 and October 8.  My concern, given how low they’ve been for so long, is that they’ll go up, and maybe not come back down as low as they are right now.  Though, given it’s an election year, I can’t imagine any political party wanting higher interest rates; but, then again, it might show strength in the economy and give the Democrats a boost.  Obviously, I have no crystal ball, but it does concern me.
 
I recognize that many buyers are still hoping to purchase a short-sale enabling a purchase at a more affordable price in any one particular area of choice.  Just so you are aware, there are fewer and fewer short-sales, and since the standard sales are beginning to push prices up, short-sale prices will follow the upward trend.  I saw numerous short-sales that closed only a few months ago priced at $579k that are currently selling for as much as $100,000 higher and there are 6 families waiting at the door to see the home.  SOUND FAMILIAR?
 
When I moved here in ’95 and got my license in CA in ’96 there were no short-sales left.  Coming from Kansas, I didn’t even know what a short-sale was…  And, that downturn started in ’91.  This one has already been 6 years old.  I’m not claiming to know what will happen, just historical facts that it might be helpful for you to be aware of. You might wonder if this is another politically motivated false start; however, unlike previously, the Government has not put out any particular incentives to get the Orange County, CA market moving again.
 
A month or two ago, Aliso Viejo was lagging behind other OC communities.  This past weekend showed me that it is definitely catching up!  No longer are there 50% gains to be had off of the highest priced sales from ’06.  When sending information yesterday to one of my buyers, I was seeing less than a gain of $200k on homes currently priced in the $600k range.  Even still, should a buyer make $200,000 it’s no slouch!!  Buyers — better in your pocket than the sellers!!  Sellers — your time is coming!!
So, if you’ve been waiting on the fence for a sign… this may well be it!  If you’d like to discuss this further or to begin your home search, call me at 949-929-6343.  You can also visit my website by clicking here.
As always, I’d love your comments, and be sure to sign up below to begin to receive notices of future Blog entries.

 

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Posted in Buy a House, Community, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, MLS, Mortgages, Neighborhood, Real Estate, Real Estate Agent, The Right Time to Buy, The Right Time to Sell | No Comments »

Attn: Buyers and Sellers in Orange County, CA

Wednesday, January 18th, 2012

Is it too soon to evaluate the 2012 housing market?  How about the economy?  Signs are pointing to … up.  WAIT!  Don’t stop reading just because you don’t agree!  Did I mention?  After the holidays, keyword after, the movie lines were all the way across the parking lot.  The wait to be seated at CPK for dinner was 20 minutes and that was before 6 pm!

I believe there is a willingness for people to go back out and spend again.  They got a taste of it during the holidays and it didn’t stop afterward.  Yes, some businesses are laying off … many are hiring.  And, several are hiring in large numbers.  Don’t get me wrong.  It’s definitely still a mixed bag – 2 steps forward 1 step back. but that’s better than the other way around.

What does this have to do with the housing market?  Lots.  Unfortunately, for the consumer, what is one’s politics determines how one feels about the economy.  Also, it determines one’s outlook on life.

I’ve said it before and I’m sure I’ll say it again – you must be in the middle of it to know exactly what is going on.  This is the time of year in the normal ebbs and flows where real estate begins to pick up.  If my readers/clients insist on reading other people’s projections, make certain who you are listening to and that they are not just saying what you want to hear because they’re matching your own belief system.  In other words — know your source!  Is the writer really in the field and literally out there working with Buyer’s and Seller’s all over Orange County, California?   The fact is, what I’m saying won’t be the case everywhere; and this is why you need your Realtor; but, here goes:

This is what I’m already seeing this year:

  • Inventory is down.  Check!
  • Buyers are out there.  Check!
  • Interest rates are low.  Check!
  • Pricing is down.  Check!
  • Multiple offers abound.  Check!
  • People are tired of waiting.  Check!

Sounds to me like a comeback…

If you agree; and you’re ready to begin working toward either a sale or a purchase of Real Estate, visit my website by clicking here!

As always, I’d love your feedback; and, to receive notice of my future postings, sign up below.

 

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Posted in Builders, Buy a House, Community, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Neighborhood, Property Investment, Real Estate, Relocation, Selling a Short Sale, The Right Time to Sell | 1 Comment »

Orange County, CA Housing Market

Tuesday, November 29th, 2011

I Want to Give You Helpful Information…

Why don’t you take me up on it?

I’ve just reviewed my Google Analytics Report to see what type of information I provide is reaching the majority of my readers.  There were two articles I wrote that received the most attention from you:

1)  SB458 Didn’t work the way it was intended, and

2) You can still buy a condo with only 5% down.

As a Realtor, I perceived all of my other topics to be extremely helpful information to both buyers and sellers alike; and, according to the comments received, they were found to be well written and good information.  However, for whatever reason, they are not causing you to spend a lot of time on my site when compared to those two topics above.  Does this indicate that the majority of the information I provide is not useful to you?

Next month, I complete 20 years of working as a Realtor.  Having been in the industry all that time, I should have the ability to communicate to you just about anything you would want to know about Real Estate.  And, what I don’t know, I can find out for you.  The time I spend writing my Blog is significant and it should count for something.  I’d certainly like to have an open dialogue about my topics, and want to hear from you about what information you would be most interested.

So that you can track how successful this request is in receiving my reader’s suggestions, or to get an answer to your own burning question(s), sign up below to receive an automatic notice of new Blog entries.

 

If you’re interested in allowing me to assist you with your Real Estate needs, don’t hesitate to contact me at 949-929-6343 or, click here to see how I work.

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Posted in Being Foreclosed On, Buy a House, Community, Condos, First Time Home Buyers, Foreclosures, Homes for Sale, Housing Market, Luxury Homes, Neighborhood, Preparing the Home to Sell, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Selling a Short Sale, The Right Time to Sell, Townhomes | 1 Comment »

Orange County California Real Estate

Monday, November 21st, 2011

Are you as confused about the current housing market in Orange County, California as I am?  You should be because I’m confused and I should know more about what’s going on than you do!

Here’s a bit about why I’m confused.  I’m fairly up about what seems to be happening, or about to happen, but I’m always a bit more optimistic than most.  I come by this naturally because even though I’ve been in Real Estate since 1992, this is the first down market I’ve been involved in as a Realtor.  Because I know this about myself, I’m always checking myself by asking servers in restaurants I frequent how their business has been.  They’re still disappointed but I’m seeing the bars at say, Islands full instead of being the only one there.  I’m also aware that openings for employment positions are on the rise.  I try not to listen to national news because it’s usually not pertinent to our market and it’s always a downer, whether accurate or not.  I keep track of the inventory as reported in our weekly office meetings and I see inventory dropping; and, I listen to how other Realtors are conversing, and I make a determination by how busy they are and I am.  I’m hearing and seeing that loans are getting a bit easier to come by.  There are again a lot more options than just the 20% down slam dunk loan.  So, even the Banks are becoming a bit more aggresive.

Believe it or not, since May, I’ve averaged twice as many transactions per month as typical, but my income matches years’ passed.  That’s the cunundrum!  Business is up, interest is down, sales are up but prices are still dropping and interest remains among the lowest in history.  Typically, when this happens in our area, prices begin to jump up and they’re still falling … even with multiple offers.

I’ve also attempted to evaluate the type of buyers that are out there.  There are beginning to be a lot more first time buyers; but it’s difficult for them to compete with the investor/cash buyers, and it’s this type of buyer that is waiting to jump until the prices become low enough for them to see a property as an investment.  Also, we’ve gotten far enough removed from when many first started short-selling for those previous owners to be back in the market.  An even more interesting factor is I have more listings than usual demonstrating that Sellers are again willing to test the market.

At this point, given all of the above, I’ve got to say that the market in Orange County, CA is coming back…  What do you think?  Be sure to send your comments.  I’d love to hear from you. 

To contact me or to learn more about how I work, visit my website by clicking here.

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Posted in Buy a House, Community, First Time Home Buyers, Homes, Homes for Sale, Housing Market, Property, Property Investment, Relocation, The Right Time to Sell | 1 Comment »

SB458 Causes Havoc as Predicted!

Tuesday, August 16th, 2011

A few months ago, just when doing a short sale was getting a little more organized, SB458 was voted on and passed.  You may need to read my post just previous to this one wherein I predicted issues regarding SB458. 

To recap, SB458 is Senate Bill 458 and seemingly, but not in reality, it was designed to help borrowers complete short sales on their homes and come out of it without owing any remaining deficit to either the First or Second mortgage, or Equity line holders. Unfortunately, the outcome of this Bill, because it did not address deficits should the home owner be foreclosed on, allows the Second mortgage and/or Equity line holders to ask for so many dollars during the short sale that the First mortgage holder could not possibly agree, whereby forcing the home into foreclosure!  In reality, this is the result the Second mortgage and/or Equity line holders want.  This way, they can make agreements with the borrower to have their debt paid in full, if so desired.  And, why wouldn’t they want this?  So, in reality, the SB458 is having the exact opposite effect that was intended.

First some good news:  It’s my understanding, though not confirmed yet, that SB458 will be edited, hopefully, as soon as the end of September.  Probably before lots of people called in, I was originally told it could be the end of the year before it is edited.  Honestly, I don’t care how long it takes as long as Governor Brown freezes foreclosures until SB458 is edited appropriately.

It’s my guess that SB458′s edit will include some protection for those that will be or have been foreclosed on and it will be retro-active similarly to the original writing of SB458; and, the edit will encourage the banks’ work together to make short sales happen, and happen more quickly. Somehow, everyone is going to have to come to agreement on some percentage, I say 10%, that the First Mortgage will set aside for the Second or Equity Line.

Now the bad:  As I see it, if foreclosures are not frozen and homes do foreclose between now and the edit, borrowers may have to hire attorneys to go against the Banks that rushed the foreclosure to beat the edit.  Attorneys may also be required to adjust borrowers’ credit to show the sale as a short sale in lieu of foreclosure.  First mortgage holders will be out additional funds it costs to do a foreclosure in lieu of a short sale, and those banks could even go after the other banks for reimbursement.  The Realtors caught in the middle who have listed the home, sometimes for years at a time, will not be paid for work performed to save the Borrowers; and as what probably happens all the time, the Realtors with the Buyer can go directly to the bank with that ready, willing and able buyer and help them purchase the home directly from the bank, cutting out the Realtor that did all the work.

I wonder if the Government recognizes that short sales are already being halted on homes that were already approved by its lien holders because of omissions made on SB458 now giving lien holders the right to pursue their debt by way of a foreclosure?

The saddest part of all of this, as the negotiator put it at USAA, is that Veterans, who have already been through enough, are now losing their homes, their credit, and therefore, as I understand it, their ability to achieve security clearances.  In addition, all those buyers, Buyers’ Agents and Listing Agents currently waiting on a short sale to be approved are waisting their time.  At this point, it’s doubtful they will close unless their chosen property only has one loan, or possibly if both loans are at the same bank.  And, just when we don’t need it, more foreclosures will lead to BIG price reductions and contribute to a further weakening of our economy.

We can avoid all of this IF Governor Brown would Freeze Foreclosures until this issue is settled.  This needs to happen today!  Please help me get the word to Governor Brown. It’s very important we get this message in front of Governor Brown today!

To discuss this further, do not hesitate to comment, or contact me at 949-929-6343. To see how I work visit my website by clicking here.

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Posted in Being Foreclosed On, Buy a House, Community, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Mortgages, Real Estate, Selling a Short Sale, Townhomes | No Comments »

California’s SB458 Works Opposite of Intent

Thursday, July 28th, 2011

Ut Oh, California’s new SB458 bill that was passed a couple of weeks ago was intended to keep borrowers from having to repay their deficiencies on both their First and Second or Equity Line loans in the case of a short sale.  Unfortunately, it appears that it will work in the reverse.  Instead of protecting consumers from having to repay deficiencies after a short sale; it appears the banks will shut down negotiations for short sales altogether and opt for foreclosure instead.

The bill’s written perfectly for those that sold short already.  It’s no longer limited to purchase money loans; and it no longer excludes Second loans or Equity Lines of Credit.  SB458 specifies, in my interpretation (though you should discuss this with your attorney), for any lender on a property of 1-4 units whose loan is solely collateralized by the property is compensated by means of a short sale; they are no longer able to seek remedy for the deficiency afterward.

Just when some of the major banks like Bank of America; and now Wells Fargo, or any bank utilizing Equator as an organizational method, have finally hired (almost?) enough staff and stopped losing paperwork; and are actually accomplishing the completion of short sales in a more reasonable amount of time; this law unintentionally cut everyone off at the knees.

In Southern California, it’s customary for the First Loan to offer the Second an approximate $3,000 settlement for short sales; and, in most cases, it was accepted. I’m guessing this was because the Second/Equity Line of Credit holder could eventually pursue compensation through the courts with a deficiency judgment.

The author seemingly missed an unintended loophole.  A foreclosure still allows the lenders to seek a deficiency judgment.  What would be the incentive for either the First or the Second/Equity lender to choose a short sale any longer when they can still go ahead and foreclose and still have the right to pursue a deficiency judgement.  Unless this previously unnoticed omission in the Bill is quickly corrected to include protection for the consumer against a deficiency judgment in the case of a foreclosure, we may well have seen California’s last short sale.  The only way around this, to my knowledge, would be for these homeowners to take bankruptcy.  Then no one is the winner.  It leads to the consumer having ruined credit (worse than with a short sale); the Realtor’s are out of business unless you have an in with the banks to sell foreclosed properties (don’t even get me started on this); the banks expenses go up as a foreclosure is more expensive to close than a short sale; and my understanding is the banks are not allowed reimbursment of a deficiency judgment.

One can only imagine what this would do to the housing market, eh?  I’m working on a short sale right now.  After losing seven buyers all for different reasons, we finally have someone who will stay in the deal.  Unfortunately, the First and Second loans are not at the same bank.  Even though the First is offering $10,000 to the Second, the Second wants $27,000+.  I wonder where they think all that money’s coming from!  They already cut the Realtor’s commissions, they’re getting more from the First than usual and the Seller doesn’t have the money.  Unfortunately, these Seconds think the Buyers should pay it on top of the purchase price.  Does anyone out there think the home will appraise for those additional funds on top of the purchase price?  Even if the Second had incentive before the new law, they certainly don’t have any now.

Maybe all those folks that keep saying the banks have these stockpiles of foreclosed properties they’re waiting to release will be right after all…  YIKES!!

If you’d like to review SB458, click here.  To sign up to receive notice of future blogs, be sure to sign up below.

 

As always, I’d love to hear from you on how you feel about this topic and any other.  To see how I work or to hire me as your Realtor click here.

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Posted in Being Foreclosed On, Buy a House, Community, Foreclosures, Homes, Homes for Sale, Housing Market, Mortgages, Property, Property Investment, Real Estate, Real Estate Agent, Selling a Short Sale | 3 Comments »

A Thank You and a Warning to Home Owners

Monday, July 11th, 2011

I cannot thank my readers enough for all the wonderful comments I’ve been receiving.  They do not go on deaf ears!  I’m thankful that I could be of help to you!!

To show my appreciation and just to simply inform:

Lately, I’ve been hearing from my clients that their loans that are recasting have not been done correctly.  If you have the type of loan that recasts, be sure to review your note, or have someone else that you trust review it, and make certain that your new payment has been calculated properly; and most importantly, that it is really time for your loan to recast!

One of my clients had a loan that was not to recast until year 10 or until they owed 125% of the original loan amount.  They currently owe about 107% of their loan amount and it is currently only the 5th year.  Imagine how surprised they were when their payment incurred a significant increase and they were lucky… they knew it wasn’t correct.  They still had to pay the new figure or it would have gone against their credit; and it took a LOT of effort talking to their Realtor, Financial Advisor, previous lender, and numerous calls to the bank to get it reversed.  They were finally successful; but it wasn’t pretty!

I simply DO NOT want some of you unsuspecting, wonderful people out there to have the same thing happen to you and have it go unnoticed.  You could be over paying on your loan by over a thousand dollars monthly.

As far as the current market is going in Irvine and Orange County, CA as a whole–it seems fairly status quo when compared to the last quarter of 2010.  I have noticed properties over a million dollars are creating more interest.  There have been lots of sales since March in the Northwood VI (Pointe) tract.  In general, for me, since May I’m having one of the busiest summers ever with both listings and buyers.

Again, in the Orange County, CA area; REO (foreclosed properties) listings are down.  The banks ARE becoming more cooperative on modification work outs and especially have become more streamlined when handling short sales.  I never thought you’d find me saying this; but, Thanks Bank of America and Wells Fargo for using Equator!

For those of you investors out there; take note!  What I’m noticing is the younger families/first time home buyers are leasing for shorter terms hoping to save enough to buy.  What’s better?  Do you take them because they have better FICO scores; or the sophisticated homeowner who’s FICO scores are destroyed, but will live in the home longer while repairing their credit?

I would love to hear from you as to what you’re seeing out there, how I can assist you with your current loan issues, or to discuss whether this is the right time for you to modify or sell your home or become landlords…

To sign up to receive notice of my next post be sure to fill out the form below:

 

Hopefully we can get a discussion going on what you believe the current housing market to be in Irvine and Orange County, CA.  To learn more about how I work click here.

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Posted in Buy a House, Community, First Time Home Buyers, Foreclosures, Homes, Housing Market, Mortgages, Neighborhood, Property, Property Investment, Questions and Answers, The Right Time to Sell | 15 Comments »

A Realtor with Heart — Part 2

Tuesday, June 14th, 2011

PART 2

It literally pains me to be working under these current economic circumstances.  I went into this business to help others personally when purchasing their most important investment in their lifetime.  As many of my clients will probably admit, that comes with a lot of personal and familial counseling.  To top this off, as my Business Slogan says:  to “Build Your Wealth Through Real Estate.” wherein many would become financially independent.  For the first time in my Real Estate career, many clients are not financially better off than they were when they bought their home. 

Often, my Title Rep will come by and ask me how I’m doing.  My willingness to share more than most, I told her that it was not a good day.  I had just received a phone call from another of my clients telling me that they thought they were not going to be able to keep their home.  My Title Rep reminded me that my clients need me to help them for this too; not only do I recognize this, I’m completely capable of doing so.  I simply wish it were not to assist them in this way. 

I NEVER looked at Real Estate as a Job.  It was a joy!  I knew I was improving my clients’ situations and that’s what I wanted from my life’s work.

When I first moved to California in the mid-90′s, I assisted a top realtor in Irvine, CA while getting my California license.  I didn’t understand the depression all around me because I came from a market that was thriving.  Now I get it, but I wish I didn’t!

There was one bright light about that time period in the mid-90′s.  It’s because the prices had decreased that my family and I were able to move from the mid-west and afford to purchase a home in Irvine, CA.  Just like 15 years ago; today, lots of people who otherwise would not have been able to buy a home in Orange County, California can buy something.  I have faith that those who have been pushed out of their homes will be able to, and will want to, buy again.  In the meantime, I’m here to help you make your way through it… whatever direction that might be!

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As always, I’d love to hear your comments and questions!  Should you require assistance in these tough times with the disposition of your home, or you’re not sure which direction to turn, click here to schedule a phone conference or evaluation session.

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Posted in Community, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Preparing the Home to Sell, Real Estate, Real Estate Agent, The Right Time to Sell | 2 Comments »

Can I Still Buy a Condo with 5% Down?

Tuesday, June 7th, 2011

A loan for condos with 5% down might disappear!

I was reviewing what subjects people were looking for when they came to my blog and far and away the most popular topic was whether they could buy a condo with 5% down.  As a reader, you’re probably even wondering if you should invest in a condominium at all because of rumors that a condo is not a good investment.

First, I need to define what a condo is in Irvine California, as well as Southern Orange County, California.  Many relocating to the area are accustomed to condos being only ‘stacked’ living, or one unit directly on top of another.  In Irvine and Orange County, condominiums can even be detached homes.  Typically, even town homes are referred to as ‘condos.’  The label has more to do with the way the builder designated the unit when it was built, than it does the type of property it is and the rest has to do with some (important) legal mumbo jumbo.

What I’ve noticed is, if you buy a Condo in an area that contains a lot of condominium units, for instance, in Irvine’s Woodbridge Association, where a greater than 50% of the properties are condominiums; then they tend to hold their value as well as detached homes.  I have also noticed a much longer time on the market to sell a condo in Laguna Niguel, for instance, where there are far fewer condominiums.  In Irvine, when a property has all the same aspects as a detached, single family residence; except it’s attached, you might see a price difference of about $100,000.  What you need to understand in this circumstance is you’ll also be selling it for about $100,000 less.

Another not well known fact is that lenders charge about an 1/8th of a point higher interest rate for a condo. In most cases, that does not affect the payment by that great of an amount and when property values are in the range they are here in Southern Orange County, it enables buyers to purchase more space for a more affordable price in a highly desirable area with a highly rated school system wherein all four of its high schools are rated in the Top 10 in the State; and, Irvine is typically listed in the Top 10 safest US cities for its size.

Another factor about which a condominium buyer needs to be aware has to do with FHA purchases or non-cash purchases, especially in the lower price ranges throughout Orange County, CA. It will be much more difficult to get a loan if there is a large area home owner’s association delinquency, a large number of non-owner occupied homes, etc.  These condos tend to sell for cash if they do not qualify for low down purchases. On the other hand, you may want to consider whether a purchase in this area is a smart move. If you require more information on this, be sure to contact me at 949-929-6343 or visit my website and email me by clicking here.

Going back to the initial question of your ability to buy a home with 5% down or less, depends first on your lender and second on your FICO (credit report) scores.  This is why FHA loans are so popular; but you need to keep the issues above in mind.  Unfortunately, the amount down currently allowed to purchase a home or condo might be about to change. The government is considering enforcing a nothing less than a 20% down rule. You’ll need to stay informed through this Blog by signing up below to receive an email notice of new blog postings.

 

As always, I look forward to your comments or questions!

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Posted in Buy a House, Community, Condos, First Time Home Buyers, Mortgages, Questions and Answers, Real Estate, Relocation, Townhomes | 30 Comments »

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