Preview Orange County Real Estate Blog - The Aaronson Group

Is It Time to Move to Your New Home?

How long have you been in your current home?  If you have been in your home for more than five years, you are like many other people across the country.

According to the management company, First American, homeowners are staying longer in their homes than usual.

As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has doubled to ten years. The housing industry refers to this as your tenure.  To understand tenure, it is helpful to find out what drives a person to sell their home.

An article from real estate magazine, The Balance, further explains.  

“People who move for home-related reasons might need a larger home or a house that better fits their needs.  Financial…

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How to Think Strategically as a Buyer in Today's Market

The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search. 

Pre-approval: the best opening play to make as a homebuyer 

It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step but what exactly is pre-approval and what benefits does it provide you? 

As Freddie Mac puts it: 

“The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan…

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5 Homebuying Acronyms You Need to Know [Infographic]

Learning the lingo of homebuying is an important part of feeling successful when buying a home. Take a look at some of the most common acronyms that will come up along the way and what they mean when you hear them.

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Why Now is a Great Time to Sell Your House?

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles. 

In fact, recent data from realtor.com shows a larger share of homeowners is planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too. 

According to George Ratiu, Manager of Economic Research at realtor.com: 

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey…

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What's Causing Today's Competitive Real Estate Market

• This year's strong sellers’ market is due to the high demand to buy and low supply of inventory.
• Low mortgage rates and generational trends have created an increased demand for homes. At the moment, the slower pace of new home construction and homeowners staying in their homes longer have both led to today’s low supply.
• If you’re thinking of selling, contact The Aaronson Group at 949-388-5194 or email us at info@previewochomes.com and we can help you take advantage of today’s housing market and understand your current living area.

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What's Happening With Home Prices?

There are many unanswered questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Let's take a look at the answers to all three of these questions. 

How much have home values appreciated over the last 12 months? 

According to the latest home price index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below): 

The increase in the rate of appreciation that’s shown by CoreLogic coincides with data from the other two main home price indices: the FHFA home price index and the…

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Should You Renovate or Move?

Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for the third quarter of 2021. The survey revealed the following:

• 70% of respondents want more outdoor living space
• 69% of respondents want a home office (48% wanted multiple offices)
• 46% of respondents want a multi-function room/flexible space
• 42% of respondents want an au pair/in-law suite
• 39% of respondents want an exercise room/yoga space

If you currently own a home you have two options: renovate your current house or buy a home that has what you desire. The decision you make could be determined by factors like:

1. A desire to relocate
2. The cost of a renovation versus a purchase
3. Designing a new home or buy something…

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If You Rent, This May Be the Time to Buy!

According to reatlor.com, rent rose by 8.1% then where it was last year.  Usually, there is less than a 1% increase per month.  Rent is rising at a record pace!  The rise in rent over time clearly shows one of the major advantages home ownership has over renting: stable housing costs.  Renters face increasing costs every year. One cannot usually control the cost of their rent.  When you purchase your home, your mortgage rate is locked in for 30 years, meaning your monthly payment stays the same over time. That gives you peace of mind and predictability for many years ahead.

The graph below shows how the average mortgage payments are lower than the average rent price.  Rental prices vary by state, especially in California.

There are many…

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Numbers Don't Lie, It's Still a Great Time to Sell

Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors  (NAR) says.

The housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.

• Feeling motivated? If you’re ready to sell and capitalize on today’s market, partner with The Aaronson Group!
• Contact us at 949-388-5194 or Email: info@previewochomes.com

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Why Waiting A Year to Buy A Home Could Cost You More

If you are a renter looking to purchase a home or a current homeowner waiting to buy until 2022, ask yourself these two questions:

1. What will home prices be like in 2022?

2. What will the mortgage rates be in 2022?

What will home prices be like in 2022?

Three major housing industry institutions project continued home price appreciation for 2022. Here are their projections:

• Freddie Mac: 5.3%
• Fannie Mae: 5.1%
• Mortgage Bankers Association: 8.4%

What will the mortgage rates be in 2022?

Today, the 30-year fixed mortgage rate is levitating near historic lows. However, it is believed that rates will rise as the economy continues to recover. Here are the forecasts for the fourth quarter of 2022 by the same three major…

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