Articles tagged with: Real-Estate

Here’s How to Pick Art for Your Home When Staging, According to the Pros

Here’s How to Pick Art for Your Home When Staging, According to the Pros

Check out the recent Redfin article we were featured in!

Deciding to finally put your home on the market can be both an exciting and daunting experience. And, with an increasingly competitive housing market, a well-staged home can make all the difference in placing your home on a buyer’s “must-have” list.

Artwork plays a critical role in adding the finishing touches when prepping your home for sale, and you’ll want to make sure you’re picking the right kind to create a polished look.

To help present your home in the best light possible, Redfin reached out to us and other design experts from Seattle, WA, all the way to Cambridge, ON for our top tips for choosing wall art when staging a home.

Check out what we had to say on picking the right artwork. Here’s How to Pick Art for Your Home When Staging, According to the Pros

The Coming Change

The Coming Change

Sharp rise in mortgage rates from 2.65% during first week of January to 3.09% today is just the beginning of rising rates

The Los Angeles Lakers reached the playoffs 10 years in a row between 1995 and 2004. They hoisted the Larry O’Brien Championship Trophy three times between 2000 to 2002. The team was stacked and included Kobe Bryant, Shaquille O’Neal, Derek Fisher and Rick Fox. What happened in 2005?

Shaquille O’Neal was traded to the Miami Heat and Derek Fisher signed as a free agent with the Golden State Warriors. The Lakers won only 34 games and missed the playoffs for the first time in 11 years. In sports, phenomenal teams do not last forever.

Housing is in the midst of its own playoff run and has been a hot seller’s market since June of last year, nine months straight. It is the longest since the 16-month streak that ran from March 2012 through July 2013. What happened in the summer of 2013 to end the run?

The market decelerated because of higher mortgage rates. In 2013, there was very little supply, and low mortgage rates were juicing demand.

Doesn’t that sound familiar? A low supply and a truck load of demand?

The difference between 2013 and 2021 is that the supply of available homes to purchase today is even lower and demand is a bit higher due to even lower mortgage rates.

The Orange County active inventory in 2013 had reached its lowest level since tracking began in 2004, starting the year with 3,161 homes. It remained at the low level until April when it finally began to rise. Mortgage rates were at 3.34% in January 2013 and had increased to 3.63% in March. In June, rates increased to 3.9%, and they reached 4.37% in July.

The active inventory increased from 3,208 homes at the end of March to 5,522 to start August, a 75% rise. Typically, the inventory peaks between mid-July and the end of August. The 2013 peak did not occur until October at 6,350 homes, a 98% rise from the low levels of March.

Orange County Housing Summary

  • The active listing inventory decreased by 17 homes in the past two weeks, down 1%, and now totals 2,349, its lowest level since tracking began in 2004. In February, there were 6% fewer homes that came on the market compared to the prior 5-year average, 209 less. Last year, there were 4,159 homes on the market, 1,810 additional homes, or 77% more.
  • Demand, the number of pending sales over the prior month, increased by 152 pending sales in the past two weeks, up 5%, and now totals 3,110, its strongest mid-March level since 2012. The ultra-low mortgage rate environment is continuing to fuel today’s exceptional demand. Last year, there were 2,398 pending sales, 23% fewer than today. Keep in mind, it was the start of the pandemic too, which negatively affected demand.
  • The expected market time, the number of days to sell all Orange County listings at the current buying pace, decreased from 24 days to 23, and extremely hot seller’s market (less than 60 days) and the strongest reading since tracking began in 2004. It was at 52 days last year, slower than today.
  • For homes priced below $750,000, the market is a hot seller’s market (less than 60 days) with an expected market time of 17 days. This range represents 30% of the active inventory and 41% of demand.
  • For homes priced between $750,000 and $1 million, the expected market time is 14 days, a hot seller’s market. This range represents 16% of the active inventory and 26% of demand.
  • There were 2,283 closed residential resales in February, 12% more than January 2020’s 2,044 closed sales. January marked a 1% rise over January 2020. The sales to list price ratio was 98.8% for all of Orange County. Foreclosures accounted for just 0.09% of all closed sales, and short sales accounted for 0.17%. That means 99.74% of all sales closed were good ol’ fashioned sellers with equity.

Annual shredding event Saturday, April 3

Annual shredding event Saturday, April 3

We hope you can swing by to say hello on Saturday, April 3 during our annual shred event.

All CDC health and safety guidelines will be adhered to

When: Saturday, April 3
Time: 10 am to noon

Contact us for location details! 

All materials will be shredded in view, giving you peace of mind knowing your personal information is disposed of properly.

The 2021 Forecast: A hot year for housing

The 2021 Forecast: A hot year for housing

The year 2020 was going to be one of the hottest years on record for the U.S. economy. That all came to an abrupt halt in March due to Coronavirus Pandemic.

With a national emergency and stay-at-home orders across the country, the U.S. was thrown into a recession. Yet, this was not like any other recession.

Recessions are typically caused by one sector of the economy dramatically turning negative, which pulls down the entire country to negative territory.

This time it was a forced shutdown of the economy to save lives from a once-in-a-lifetime pandemic.

Every economic chart was impacted, from consumption to unemployment to equities, nothing was spared.

The Federal Reserve did everything in their power to mitigate the damage to the economy, and Washington, D.C. provided major relief packages to aid the unemployed and small business owners.

The GDP had its worst quarter over quarter reading in the history of the U.S. during the second quarter, followed by the best quarter over quarter reading during the third quarter.

The economy has dramatically improved, but there is still a long way to go.

It will take a bit more time due to the slow rollout of the recently approved vaccines. The low interest rate environment will continue and will be a tailwind that will not only aid the recovery to the economy, but it will also continue to fuel the incredible run on housing in 2021.

As a result, the local housing market is going to be HOT in 2021. Bottom line, 2021 will continue where the second half of 2020 left off, HOT.

It will be a hot seller’s market from the start of the year through the summer market. Multiple offers and bidding wars will be the norm for home priced below $1.25 million. Once again, the market will heavily favor sellers.

Buyers will have to pack their patience to isolate their piece of the American Dream and take advantage of record low mortgage rates.

From mid-August on, the beginning of the autumn market, housing will evolve into a slight seller’s market, where sellers still get to call more of the shots, but home values do not change as much.

Buyers will be willing to stretch prices from January through July, if sellers do not over-price, but cautiously pricing will be even more important during the second half of the year.

How does Prop 19 impact California residents? Watch this video

We've heard people asking about Proposition 19 in California, and this new legislation is getting a lot of attention and press in our real estate community.

This video provides a quick "in a nutshell" look at Prop 19. The upshot of Prop 19 could be negative depending on where you are, or positive.

Most notably, Prop 19 allows any California resident over 55 to take their current tax base with them anywhere in California. The new property can be in any California county and listed for equal, or even greater value.

Prop 19 also changes rules so far as inheriting a home from parent to child. Essentially, if a child inherits a home that was their parents' primary home and the child makes the home his or her primary home, the child may keep the parents' tax base. If the child makes it an investment or rental property, the tax base will be reassessed.

While we're focusing on the bigger picture of Prop 19, there are loop holes and caveats to consider. Contact us if you have questions about your specific real estate situation or need help buying or selling real property.

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