Preview Orange County Real Estate Blog - Infographic

Expert Housing Market Forecasts for the Second Half of the Year

The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate. 

Where mortgage rates will go depends on inflation 

While one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm. 

This year, rates have…

519 Views, 0 Comments

How Your Equity Can Grow Over Time

It’s true that record levels of home price appreciation have spurred significant equity gains for homeowners over the past few years. As Diana Olick, real estate correspondent at CNBC, says: 

“The stunning jump in home values over the course of the covid-19 pandemic has given U.S. Homeowners record amounts of housing wealth.” 

That’s great for your home’s value over the last couple of years, but what if you’ve lived in your home for longer than that? You may be wondering how much equity you truly have. 

The national association of realtors (NAR) has done a study to calculate the typical equity gains over longer spans of time. The data they compiled could be enough to motivate you to move. Just remember, to…

578 Views, 0 Comments

A Key Opportunity for Homebuyers

There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles homebuyers faced during the pandemic were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point. 

As you may have already heard, the number of homes for sale has increased this year, and even more so this spring. As Danielle Hale, chief economist for realtor.com, explains: 

“New listings–a measure of sellers putting homes up for sale–were up 6% above one year ago.…

707 Views, 0 Comments

Here's Why This Housing Downturn is Nothing Like the Last One

As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well. 

All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when the 2007-08 crash caused the Great Recession? 

The short answer is: no. America’s housing market is in far better health today. That’s thanks, in part, to new lending regulations that resulted from that meltdown. Those rules put today’s borrowers on far firmer footing. 

For the 53.5 million first lien home mortgages in America today, the average borrower FICO credit score is a record high 751. It was 699 in…

755 Views, 0 Comments

Home Price Deceleration Does Not Mean Home Price Depreciation

Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a few terms you may hear: 

• Appreciation is when home prices increase. 

• Depreciation is when home prices decrease. 

• Deceleration is when home prices continue to appreciate, but at a slower pace. 

Where Home Prices Have Been in Recent Years 

For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might…

589 Views, 0 Comments

Luxury Homes are in High Demand!

As people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a recent article, they point out that a luxury home isn’t only defined by its price. Location is also an important factor. It could be a condo at a desirable city address, a spacious home on the water, or one with access to luxury activities like arts and entertainment, high-end shopping and dining, and more. The home itself will also boast some of the finest features available. 

According to the luxury market report from the institute for luxury home marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two…

632 Views, 0 Comments

More American Choose Real Estate as the Best Investment

Americans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual survey from Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before. 

The graph below shows the results of the survey since Gallup began asking the question in 2011. As the trend lines indicate, real estate has been gaining ground as the clear favorite for almost a decade now: 

If you’re thinking about purchasing a home, let this poll reassure you. Even when inflation is high like today, Americans recognize owning a home is a powerful financial decision. 

How An Investment In Real Estate Can Benefit You During High Inflation 

605 Views, 0 Comments

Is the Housing Market Correcting?

If you’re following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know. 

The housing market is moderating compared to the last two years, but what everyone needs to remember is that the past two years were record-breaking in nearly every way. Record-low mortgage rates and millennials reaching peak homebuying years led to an influx of buyer demand. At the same time, there weren’t enough homes available to purchase thanks to many years of underbuilding and sellers who held off on listing their homes due to the health crisis. 

This combination led to record-high demand and…

621 Views, 0 Comments

History Proves Recession Doesn't Equal a Housing Crisis [Infographic]

• It’s important to understand history proves an economic slowdown does not equal a housing crisis.
• In 4 of the last 6 recessions, home prices actually appreciated. Home prices only fell twice – minimally in the early 90s and then by nearly 20% during the housing crash in 2008.
• If you have questions, connect with The Aaronson Group to discuss why today’s housing market is nothing like 2008.  Call 949-388-5194 or email: info@previewochomes.com 

715 Views, 0 Comments

What Does the Rest of the Year Hold for the Housing Market?

If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say. 

The number of homes available for sale is likely to grow 

There are early signs housing inventory is starting to grow and experts say that it should continue in the months ahead. According to Danielle Hale, chief economist at realtor.com: 

“The gap between this year’s homes for sale and last year’s is…

588 Views, 0 Comments