Real Estate News About The South Orange County Coastal Communities of Laguna Beach, Dana Point, San Clemente, Newport Beach, Corona del Mar, Newport Coast.
Thursday, April 7, 2022
APRIL 2022 ORANGE COUNTY REAL ESTATE NEWS
Horton Team Real Estate Newsletter
April 2022
The spring real estate market is showing slowly increasing inventory. The market may be experiencing a shift. Contact us to start your sell or buy process. We welcome the opportunity to be your guide! Below find an article relevant to buying right now. Contact us for more tips and expertise. All the best, Amanda, Pamela & Jace
4 questions to ask yourself in a tight real estate market
Getting an offer accepted on a personal or investment home is challenging across much of the country. Here are four questions to ask yourself when buying in a tight real estate market:
1. Are my finances lined up?
Availability is close to historic lows, and offers higher than asking price are common. Amid the surge of buyers, you’ll have to move quickly — and that means having your finances ready to go. Consider the following:
Budget. Be realistic about how much you can afford — and stick with that plan.
Credit score. Higher credit scores could help lower your interest rate.
Down payment. A larger down payment will reduce your monthly mortgage payment and potentially make your offer more attractive to the seller.
Mortgage pre-approval. This tells sellers you’re serious about buying and have the wherewithal.
2. Is this the right purchase for me?
Finding a property with every detail you want may be more difficult, but you can still find one you feel excited about. Ahead of time, define your priorities and compromises to focus and streamline your efforts.
3. Am I comfortable with the ongoing expenses?
Beyond the actual sale price and closing costs, you’ll need to factor in recurring costs:
Property taxes
Insurance
Maintenance
Updates or remodels
Association fees (if applicable)
Unexpected expenses could always arise, such as replacing a furnace or uncovering a plumbing or electrical issue. Consider maintaining an emergency cash reserve for at least three to six months of living expenses to help in these types of situations. Your financial advisor can also recommend a specific amount appropriate for your situation.
4. Can I make a competitive offer?
“Housing-market fundamentals remain very much in the favor of current owners, to the detriment of prospective owners,” says Ameriprise Financial Chief Economist Russell Price. “This imbalance is likely to remain in place for quite some time — possibly years.”
Prepare to bid competitively to make your offer stand out. But remain pragmatic and know your limits — both financially and risk-wise. Here are strategies buyers have been leveraging in some areas of the country:
Offers above asking price
All-cash offers
Waiving the home inspection
Accommodations for the seller’s closing date or move-out timeline
Sellers in certain areas might prioritize all-cash offers. If appropriate for your situation, a margin loan or pledge loan could provide you with the necessary liquidity.
Get ready to make your move
Securing a new property can be even more rewarding when you feel confident about your choice.
Contact Amanda, Pamela or Jace! Let us guide you through your purchase from start to finish.
CURRENT LISTINGS
Laguna Beach
JUST LISTED 1071 Baja St Laguna Beach 3 bedroom front-row-view Arch Beach Heights home Listed for $2,695,000 1071Baja.com
JUST SOLD
Orange County
4501 Wayne Rd Corona Del Mar 4 bedroom remodeled Cameo Highlands corner lot home Sold for $4,800,000 Represented Buyers Secured this home for our buyers despite multiple offers!
JUST SOLD 9 Baya Rancho Santa Margarita 2 bedroom La Ventana condo backing to greenbelt Sold for $620,000 Represented Sellers - Multiple Offers Over Asking! 9Baya.com
JUST SOLD 13 CASTILLA Rancho Santa Margarita 4 bedroom end unit condo in the desirable Tesoro Trails community Sold for $875,000 Represented Buyers We secured this home for our clients despite multiple offers!
MARKET STATISTICS
Laguna Beach - April 2022
Active - 60 (up 15% vs March) Pending - 38 (down 14% vs March) Sold in March - 47 (up 47% vs February) Under $1,000,000 - 0 $1,000,000 - $2,000,000 - 8 $2,000,000 - $3,000,000 - 17 $3,000,000 - $5,000,000 - 12 $5,000,000 - $10,000,000 - 9 $10,000,000 - $20,000,000 - 1
