Preview Orange County Real Estate Blog

Home Prices Are Back on the Rise [INFOGRAPHIC]

• Looking at monthly home price data from six expert sources shows the worst home price declines are behind us, and they’re rising again nationally.
• If you’ve put your plans to move on pause because you were worried about home prices crashing, this rebound is good news.
• Connect with #theaaronsongroup so you know what’s happening with the prices in your area.  Call 949-388-5194 Email: info@previewochomes.com

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SOLD! Exquisite Contemporary Design Oceanfront Home in Corona Del Mar

Superlatives fall short of describing the exquisite contemporary design of this newer oceanfront residence. The home is light, open, and takes in the unsurpassed views of whitewater, the harbor entrance, Catalina Island, and sunsets. A seven-year project, it was executed with care and consideration and built with the quality, precision, and detail of a fine sailing yacht. The main level is oriented around a generously-scaled great room that opens through retractable walls of glass - creating an even larger indoor/outdoor space. On one side it opens to an oceanfront terrace and on the other, to a secluded outdoor living room complemented by a fireplace and serving kitchen + bar. Inside, the main kitchen is detailed with imported Boffi cabinetry. The…

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Housing Market Forecast for the Rest of 2023 [INFOGRAPHIC]

• Want to know what experts say will happen in the rest of 2023? Home prices are already appreciating again in many areas. The average of the expert forecasts shows positive price growth.
• Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool.
• Even though low inventory continues to be a challenge, experts project 5 million homes will still sell this year. That pace should pick up if rates come down.

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SOLD! Highly Sought-After Twin Home 55+ community of Costa Serena-Oceanside

Welcome to the highly sought-after 55+ community of Costa Serena! This charming 2 bedroom, 1 bath twin home offers the flexibility to serve as either a rental property or comfortable primary residence. The property is being sold AS IS, providing you with a blank canvas to create the ideal living space. Put your personal touch on every room to reflect your unique style and preferences. The west-facing orientation invites you to embrace stunning sunsets and refreshing ocean breezes from the property. The light and bright interior showcases a spacious living room, cozy kitchen with dazzling dining area and a laundry nook equipped with washer and dryer hook-ups and built-in shelves for extra storage. The attached single car garage and additional parking…

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Renting or Selling Your House: What's the Best Move?

If you're a homeowner ready to move, consider using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is an alternative to a hotel, an investment that's gained popularity in recent years. 

While a short-term rental can be tempting, you may find the reality of being responsible for one difficult to take on. Here are some challenges you could face if you rent out your house instead of selling it. 

A Short-Term Rental Comes with Responsibilities 

Successfully managing your house as a short-term rental takes time and effort. You'll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel…

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Today’s Housing Inventory Is a Sweet Spot for Sellers

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s look at the latest information on active listings or homes for sale in a given month as it compares to more normal levels.

According to a recent report from Realtor.com: 

 “On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”

The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):

It’s worth noting that this graph does…

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In Escrow-Highly Sought-After Twin Home 55+ community of Costa Serena-Oceanside

Welcome to the highly sought-after 55+ community of Costa Serena! This charming 2 bedroom, 1 bath twin home offers the flexibility to serve as either a rental property or comfortable primary residence. The property is being sold AS IS, providing you with a blank canvas to create the ideal living space. Put your personal touch on every room to reflect your unique style and preferences. The west-facing orientation invites you to embrace stunning sunsets and refreshing ocean breezes from the property. The light and bright interior showcases a spacious living room, cozy kitchen with dazzling dining area and a laundry nook equipped with washer and dryer hook-ups and built-in shelves for extra storage. The attached single car garage and additional parking…

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Home Maintenance Tips

Here is a list of tasks for inside and outside the home.

Outdoor Home Maintenance-

1. Power Wash Your Driveway and Sidewalks

A great place to start with summer home maintenance is to thoroughly inspect and clean your sidewalks, deck, patio, and driveway. The key to cleaning these areas is to use a pressure washer. Before you start power washing, checking these areas for cracks and weeds is a good idea. Once you have given everything a full inspection, wash away all the dirt, mold, and grime.

If you don't own one, you can check with your local home improvement store about renting a pressure washer.

2. Clean Out Gutters and Downspouts

It is best to do a soft washing for screens, outdoor wood furniture, and cedar, wood, or vinyl siding.…

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Are Home Prices Going Up or Down? That Depends…

Media coverage about what’s happening with home prices can be confusing. The confusion comes from the type of data used and what they choose to draw attention to. For home prices, two methods to compare home prices over different periods: year-over-year (Y-O-Y) and month-over-month (M-O-M) are the data. Here’s an explanation of each. 

Year-over-Year (Y-O-Y):

• This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
• Y-O-Y comparisons focus on changes over one year, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth…

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Home Prices Didn’t Crash After All

During the fourth quarter of last year, many housing experts predicted home prices would crash this year. Here are a few of those forecasts:

Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business:

"I expect housing prices to fall 10% to 15%, and the prices are accelerating on the downside."

Mark Zandi, Chief Economist at Moody's Analytics:

"Buckle in. Assuming rates remain near 6.5% and the economy skirts recession, national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession." 

Goldman Sachs: 

"Housing is already cooling in the U.S., according to July data last week. As…

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