Most commonly asked question lately...
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“How is buying or selling real estate during COVID?” is a pretty regular question we get asked. And quite honestly, no one anticipated it to be going so well. We have had a nice spike in Orange County real estate. Buyers having a bit more purchasing power while taking advantage of the extremely low-interest rates means more opportunity. And Sellers acknowledging that inventory is still relatively low makes for a good time to list and make the move. If you or someone you know has been flirting with the idea of moving but has been a bit apprehensive about it during COVID, contact us so we can strategize how we can help you achieve your goals safely.
Welcome to 210 Tuberose!
/Have you been waiting to time the market? WAIT NO MORE! This gorgeous 4 BD 3BA DETACHED home is nestled in the serene, tree-lined community of QUAIL HILL boasting sweeping views of mountains, trails & sunsets. This RARE OPPORTUNITY offers a comfortable living space for everyone. A formal living room featuring a fireplace, high ceilings, plenty of natural light & across is a formal dining room perfect for ENTERTAINING. The kitchen is appointed w/ granite countertops, double ovens, kitchen island and french doors that lead to a courtyard ideal for RELAXING or dining al fresco. Separate living areas provide a layout for EASY FAMILY LIVING and plenty of space. CONVENIENT full bath downstairs & direct 2 car garage access makes this floorplan highly desirable. Upstairs master bedroom boasts a Juliette balcony, huge walk-in closest w/ custom built-ins, dual sinks, and secondary balcony to take in fresh air. In addition to four bedrooms, a full laundry room & sink all conveniently located upstairs. The Solstice neighborhood w/in the prestigious hillside Quail Hill community is HIGHLY DESIRABLE & rarely on the market. RESORT-LIKE amenities walking distance w/ pools, gyms, parks, hiking trails, baseball fields, soccer fields & Quail Hill shopping center & only minutes from Irvine Spectrum, Oak Creek Golf Club, UCI & tons of dining & shopping. Irvine is known as one of the SAFEST cities and is also recognized as an AWARD-WINNING school district. OPPORTUNITY is knocking, don't miss out!
Thankful Thursday
/When I first started my business, I thought the best part would be setting my own hours. But today, it goes much deeper. My favorite thing about being a Real Estate Broker is that I get to help my friends achieve their personal homeownership goals. However, this time was even more special for me because my client is one of my dearest friends and also happens to be my accountability partner. I have so much gratitude for this amazing family, and it brings me so much joy to be apart of their journey. I wish them many years of love & laughter in their beautiful new home! THIS is why I love what I do.
Residential Real Estate Now Listed as an Essential Service
/As of Saturday, March 28, 2020, Real Estate has been added to the list of ESSENTIAL Service.
Click Here for the Full Memorandum from US Department of Homeland Security identifying the list of Essential Infrastructure Worker’s during COVID-19
Should buyers wait for another 2008 recession to buy?
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The Orange County Real Estate market has softened and sales volumes are stagnant. According to the OC Register, CoreLogic homebuying stats show 2019’s first six months were Orange County’s slowest-selling first half in over 8 years, since just after the Great Recession ended. Quarter 2 reflects a 13% drop in home sales from 2018. Many expect that Quarter 3 will show an even larger drop. This indicates that home prices are high and due for a correction, which means opportunity is on the horizon.
A component of this slowdown is the trade war between the United States and China as new tariffs lead businesses to scale back on investing and hiring. See Trump’s China tariffs are already hitting the housing industry. Furthermore, Chinese cash that previously flowed into Southern California’s economy, driving up real estate, could dry up.
Although the nature of real estate is cyclical and we may incur a standard recession, there is good news for buyers. Economists have stated that even if there is another recession, the housing marketing will not bring about housing bargains like in 2008. Specifically, “The 2008 recession didn’t cause the housing market to go into freefall. The housing market going into freefall caused the recession.”
It would be a fairly standard recession that has nothing to do with mortgages or the housing market, and its severity is not expected to rival the one in 2008. An upcoming recession would also, encounter a housing market that’s almost the inverse of what it was in 2008: tight mortgage credit instead of loose mortgage credit, housing supply shortage instead of a housing surplus.
Also, keep in mind historic precedent: As far as home prices dropping in the wake of a recession, 2008 is the exception to the rule. During two mild recessions in the early 1980s, for example, home prices actually increased, just as they did in the early 2000s after the dot-com bust. Home prices are less responsive to recessions because housing is an absolute need, and because buyers tend to come from better financial situations that aren’t as damaged by a recession.
The 2008 Great Recession hit the housing market due to mortgage lenders issuing bad loans that were projected to fail and did. Since then, lending guidelines have tightened up, consumers' best interest is standard practice and integrity is the name of the game. Therefore, waiting for prices to drop to 2008 prices is highly unlikely.
It has been a buyer’s market in 2019, and we will continue to see a buyer’s market moving forward in 2019 through 2020
Thankful Thursday
/This kind & loving couple had to make room for the new addition to their family… so we worked together to sell their house and find them a new “NEST” for them to call home. With lots of trust and communication we were able to accomplish both! I’m so honored to be their Realtor. They are such amazing people and I know this house is where dreams came true for a loving and deserving family. Congratulations on everything!!
Thankful Thursday
/What happens when you like the people you work with? You become friends!
There is nothing better than getting an opportunity to spend time working with people you enjoy being around. I am very grateful to have been able to help one of my favorite families find their beautiful home and be apart of something so special!
When experience matters...
/Sometimes homebuyers need to sell first. In these circumstances it is important that you work with someone that is experienced to handle coordinating concurrent closings. In this case, we sold their home in 4 days $16,000 above list price and found them a new home, and closed concurrently $15,000 under list price.
Sell & Buy SMART with The OC Nest.