Preview Orange County Real Estate Blog

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years.  Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality.  

Here’s a look at the projections from Freddie Mac for this year: 

Q1 2022: 3.4% 

Q2 2022: 3.5% 

Q3 2022: 3.6% 

Q4 2022: 3.7% 

As the numbers show, this jump in rates is in line with the expectations from Freddie Mac. And what they also indicate is that mortgage rates are projected to continue climbing throughout the year. But should you be worried about rising mortgage rates? What does that really mean for you? 

As

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After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest home price insights report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released. 

 

As the graph shows, appreciation has remained steady at around 18% over the last five months. 

In addition, the latest S&P Case-Shiller Price Index and the FHFA price index show a slight deceleration from the same time last year – it’s just not at the level that was expected. However, they also both

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If you’re following along with the news today, you’re probably hearing a lot about record-breaking home prices, rising consumer costs, supply chain constraints, and more. And if you’re thinking about purchasing a home this year, all of these inflationary concerns are likely making you wonder if you should wait to buy. Investopedia explains that during a period of high inflation, prices rise across the board. And while home prices aren’t immune from this increase, here’s why inflation shouldn’t stop you from buying a home in 2022. 

Homeownership offers stability and security 

Home prices have been increasing for quite some time, and experts say they’re going to continue to climb throughout 2022. So, as a buyer, how can you protect

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As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition. 

1. Know your budget 

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: 

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” 

Showing sellers, you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your

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 When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago. 

Here’s a look at why that isn’t the case. 

1. There are fewer homeowners in trouble this time 

After the last housing crash, over nine million households lost their homes to a foreclosure, short sale, or because they gave it back to the bank. Many believed millions of homeowners would face the same fate again this time. 

However, today’s data shows that most

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As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022. 

Odeta Kushi, Deputy Chief Economist, First American: 

“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.” 

Danielle Hale, Chief Economist, realtor.com: 

“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first

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Real estate, like most industries, has a season where more homes are sold during a specific time of the year. The number of homes sold in the spring is almost always much greater than at any other time of the year. It’s called the spring buying season. Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off. 

During 2020, however, that seasonality didn’t happen. The outbreak of Covid and subsequent slowing of the economy limited sales during the spring market. The home sales last fall and winter saw a dramatic increase in home sales over previous years. The only thing that held the market

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Exquisite contemporary with breathtaking 270-degree ocean views. Recently remodeled, with panoramic ocean views to the north laguna coastline, Catalina Island, and south to the montage rock. Tastefully landscaped, this unique home features 2 newly remodeled en suite full baths and a powder room on the main floor.

Downstairs primary suite with large walk-in closet & primary bath. The fourth bedroom downstairs makes the perfect office/bonus room or primary suite lounging area with amazing ocean views and a separate entrance. Brazilian cherry wood flooring, travertine and porcelain tile, granite, and quartzite countertops flow throughout the house. Euro kitchens custom cabinets and high-end stainless kitchen appliances complete the designer touches.

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More remote work means a greater need for home offices 

The rise in remote work is changing what many American homeowners want in their homes. Many large companies are not reopening their offices and keeping their employees remote full-time, and so that means today’s buyers are looking for homes with more space to support their work needs. 

As a seller, if you no longer need the extra room you have in your home, there are buyers who want your extra space. 

Remote work remains a reality for many Americans. A recent poll from Garter, inc. This shows many organizations have not yet returned their offices: 

“. . . 66% of organizations are delaying reopening their offices due to new covid-19 variants.” 

And a

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If you’re trying to decide when to sell your house, this winter may be your best chance.  Selling at this time means you can take advantage of today’s strong sellers’ market when you make a move. 

Win when you sell 

Right now, conditions are extremely favorable for current homeowners looking for a change. If you sell now, here’s what you can expect: 

Your house will stand out – while recent data shows inventory may increase this coming winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home. 

Your house will likely get multiple offers, buyers have to

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