Dave Labok\’s Blog

Home Prices In Yorba Linda, CA

For specific Yorba Linda neighborhood sales information and current home values call Dave at 714 582-8075. We will email you a FREE current comprehensive neighborhood value report.

The home market activity this year for single family homes (SFR) in the city has been up and down. Active inventory last month compared to 3 months ago increased. The average single family (SFR) home price in Yorba Linda, CA reached the peak sales price approximately 6 months ago. The tables below are accurate to June 2, 2011.

The table of statistics below are for the Single Family Homes in Yorba Linda.

The table below is for the Yorba Linda condominiums and townhomes.

The table below tracks the Average Sales price for both single family homes and condominiums in Yorba Linda CA.

The Average Sales Price is determined by analyzing the final selling prices of the properties sold in a specific market area within a 30 day period. The average sales price should not be taken as the definitive present “fair market value.” There are several qualities to take into consideration, i.e.: square footage, year built, number of bedrooms and baths, location, etc., that will contribute to the actual appraisal value of the home. It is, however, a strong indicator of the trends in a given market area.

As with Active Inventory, fluctuations in the values may be of benefit to either the buyer or the seller. Scarcity of inventory will often coincide with higher average sales prices. When the average sales price starts to drop, the inventory will often increase, thus giving buyers greater leverage when negotiating a transaction.

The chart below tracks the Average Days on The Market for all residential properties in Yorba Linda over the last 12 months.

Days on Market is the period of time from the listing of the property for sale in the Multiple Listing service and either being sold or taken off the market. The Days on Market numbers should be taken into consideration with the Active Inventory and Average Sales Price numbers in order to make an informed decision regarding where the overall market is trending.

A low number of Days on Market indicates that the market is very active because either the prices are very desirable or the inventory levels are very low and the demand for the property is strong. In these circumstances, the average home prices in Yorba Linda CA would tend to rise. High inventory and decreasing average sales price will typically be accompanied by a larger Days on Market number.

The above home prices in Yorba Linda, CA reflect the activity in the entire city. Actual property values and sales trends are dependent on specific location and individual property features. To discover the exact values and trends for a specific property or neighborhood simply click on link below. You will be provided with a current Market Snapshot of your desired area. The report will include current neighborhood market value information, community and school information.

We all find ourselves in perhaps one the most challenging economic environments in the last 25 years. It is probably wise if we all continually stay as well informed as possible. HomeDeals.com is a very helpful website for all things relating to real estate.

If you are considering buying or selling real estate in the near future you will be able to access many informative tools and reports at HomeDeals.com.

For the Home Prices staistics for Yorba Linda’s neighboring cities visit: Home Prices for Fullerton & Home Prices For Brea.

All Yorba Linda CA home price information deemed to be accurate to 6/2/2011

The Fastest Way To Sell A Home

Selling  one’s home can be  the single  most  stressful, but also the most important  and rewarding transaction a person can undertake. Because of the enormous value that your home represents, the sale must be handled with the utmost planning and care. To    minimize the stress that can be involved, there is a long list of time proven tips and techniques that, if properly implemented, can insure that your home sale will go smoothly and allow you to maximize on your investment.

Below are some of the tips, techniques and strategies that will give you the ability to maintain control, maximize profits, shorten the marketing time and alleviate the stress that comes with the home selling process.

Tip 1: Determine the exact reasons for selling. The motivation of why you are selling plays an important role in the process. Underlying reasons can affect everything from determining the asking price to how much investment will be needed to prepare the property for the market.

Tip 2: Go out and shop for homes yourself. Once you decide to put your home on the market, one of the best things to do is become educated about your   competition.   By experiencing ‘first-hand’ which features are enhancements and which are negatives, you will be able to determine how your home measures up to the current competition, and effectively prepare your own home for its best strategic position in the market. An premium spot in todays market can only ensure you the fastest way to sell your home.

Tip 3: Maximize your home’s sales potential. Major corporations continue to invest billions of dollars each year on appealing packaging and product design in order to better attract consumers.  First impressions and appearance are critical to when you’re looking for the fastest way to sell your home. You want todays buyer to fall in love with your home enough to own it.  The more appealing your home is, the more likely buyers will become emotionally attached. You can’t  alter the home’s location but you can  do a lot to improve the appearance. Initially, the price may be what attracts a buyer, but   the look and “feel” is what generates that emotional response.  

Tip 4: Find the right Realtor.  Perhaps the most  critical step in making sure that your home will sell in the fastest time for the most money and with the fewest problems is to find a real estate professional  with the right experience and skill set. You need a Realtor that can combine sales techniques, negotiating  skills and marketing strategies to your suit your individual needs and goals.   The attitude that a “Realtor is a Realtor is a Realtor” couldn’t be further from the truth when picking the professional that will be representing you, your home and your interests.  

Every home sale, like every home, is unique and individual and the right real estate professional will  customize all aspects of your transaction to your specific needs in order to properly guide you through the numerous steps that are required in the eventually successful sale of your most valuable asset.  

 Get A Free Report With 25 More Tips. Click Here: 29 Essential Tips that Get Homes Sold  Fast.

Home Buyers Claiming  Tax Credits Facing Increased Audits  By IRS

The Internal Revenue Service (IRS) in an effort to discover whether or not fraud occurred announced recently that it intends to conduct approximately 200,000 audits this year of people who claimed the home buyer tax credit. To be able to handle the amount of work associated with the investigations the IRS is shifting personnel from other enforcement areas.

For those claiming the $6,500 credit for taxpayers who owned a home previous to their recent purchase they should attach solid documentation that they indeed did own a home for the five out of the last eight consecutive years before their new home purchase to their tax return.  Helpful documents would be records  of insurance coverage, property tax records and the like.

First time buyers claiming the tax credit must enclose a copy of the final settlement statement along with IRS form 5405. The following is a link to a PDF IRS form 5405. Click here for the Form

Orange County Home Buyers Stimulus Program

In a bold effort to further stimulate the Southern California  real estate  market, First Team Real Estate the area’s #1  independent estate  company recently announced a new stimulus program for it’s clients. The Orange County Home Buyers Stimulus Program*, which is exclusive to First Team,  allows home buyers that qualify to potentially save thousands of dollars on their monthly payment by permanently reducing their interest rate 1/4%.

Normally to get a rate reduction, a home buyer taking out a new home loan would be charged several hundred to several thousands of dollars.  To realize the benefits of the Orange County Home Buyers Stimulus Program,  all the qualifying purchaser needs to  do is meet the qualifying criteria.  Once qualified, the buyer will receive a permanent 1/4% reduction in  their interest rate at no cost.    

Although we are currently experiencing some of the lowest home mortgage rates of the last 40 years, the    addition of the Orange County Home Buyers Stimulus Program  offers today’s buyer options which would allow them to reduce their monthly payment or qualify for a higher sales price.

To qualify for the Orange County Home Buyers Stimulus Program:

1. Purchase their home using a First Team agent to represent them throughout the transaction and execute a Buyer Representation Agreement, along with the Program Addendum.
2. Buyers may be current homeowners or first time buyers, and must be purchasing the subject property for the purpose of owner occupancy.
3.  Use the First Team Real Estate family of affiliated Preferred Provider services companies. They are:
   • Bankers Funding (an affiliate of Wells Fargo Home Mortgage) for the buyer’s new loan.
   • Western Resources Title for the title services.
   • Hallmark Escrow or Coastal Cities escrow  for the escrow company in the transaction.
4. Buyer(s) must have an accepted offer on the transaction after August 21,2010 and no later than October 31, 2010, and close escrow and record title by December 30, 2010. Offers accepted or escrow opened before 8/21/2010 are not eligible.
5. Loans are subject to the GSE Conforming Loan Limit for the respective county of the transaction. The loan limits per county are: Orange County & Los Angeles County-$729,750, San Diego County-$697,500 and Riverside & San Bernadino County-$500,000. While the loan amount is limited, there is no limit on the purchase price.

All of the above requirements must be met to receive the permanent interest rate savings.

Below is an example of the savings for a buyer on a 30 year fixed rate conventional loan  in the amount of $400,000.

The Orange County Home Buyers Stimulus Program will also be a major benefit to home sellers.   By offering the Buyers Stimulus Program, First Team will be able to attract more buyers,  thus, significantly improving the exposure of First Team listings. To find out more details about this limited time Home Buyer Stimulus Program go to Buyer Stimulus Info.

Call or email today to  reserve your benefits package.  

*The Home Buyer Stimulus Program is also offered in  Los Angeles, Riverside, San Bernadino and San Diego counties.

Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

The National Association of Realtors reported  that sales rose 9.4% to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million.

The median sales price was $174,900, down 8.5% from a year earlier, and slightly lower than August’s median of $177,300.

The inventory of unsold homes on the market fell about 7% to 3.63 million. That’s a 7.8 month supply at the current sales pace, the lowest level since March 2007. Nationwide sales are up nearly 24% from their bottom in January, but are still down 23% from four years ago.

Sales rose around the country, especially in the West, where they grew 13% from a month earlier. Foreclosure sales are booming in cities like Los Angeles, San Diego and Las Vegas.

First-time home buyers and investors are snapping up those homes and taking advantage of low mortgage rates. First-time buyers can also take advantage of a tax credit of 10% of the sales price, up to $8,000, if the sale is completed by the end of November.

The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn’t close by Nov. 30.

While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn’t over for home values.

Prices could see a double dip because rising unemployment is causing more foreclosures. The jobless rate, currently at 9.8% is expected to rise as high as 10.5% next year, causing more people to be unable to afford their monthly mortgage payment.

Most of the economic data released last week showed that the economy was still a bit of a disappointment. The only real bright spot was an increase in productivity, which will most likely hold off inflationary pressures. The employment report showed a continuing slowing of job losses, but this was offset by a climbing unemployment rate of 9.7%. This is the highest rate since 1983. Lenders have responded by reducing rates .125% to .250%. Hopefully, these lower rates can stick around awhile so we can keep the overall real estate market moving along.

In the news today the level of existing home sales came in better than experts had expected. Realtors on the ground have known for some time that the market for certain price segments have been selling at a fever pitch. Multiple offers on new listings have been common and not the exception. The new positive numbers put pressure on mortgage bonds. Although the level of unsold homes is still high it is the best level it’s been in a year. Overall, the housing market is showing signs of finally stability.

Mortgage rates were on the rise again  this week.  Inthe last 4 weeks this the 3rd time  that mortgage rates have increased. What are some of the reasons for the uptick in rates? There are  many factors at  involved but generally once the economy recovers it™s expected that inflation, and mortgage rates, should rise. The last month of generally positive economic news has probably helped  propel mortgage rates up. Although rates are  rising they are increasing in small steps and not large jumps. Since July 16th the 30 year rate has only  adjusted from 5.14 to 5.29. While this is  a  an increase  it™s certainly not a huge move upward.

We might be seeing the beginning of the  rate increases  that many in the financial industry have predicted. If the economy continues to rebound this could be the beginning of mortgage rates steadily moving up to 10% or higher. This is of course dependent on the continued movement of the US economy out of the current recession. While the government has made some statements about curbing inflation it seems more concerned with making sure the US exists the recession.

In looking at the  3 of the 4 major indexes  moved up this week. The 30 year note rose from 5.22 to 5.29, the 15 year mortgage rose from 4.63 to 4.68 and the 5 year arm rose from 4.73 to 4.75. The 1 year arm fell from 4.78 to 4.72. What is also interesting is that when rates were at their lows a few months ago the 5 and 1 year arm was higher than the 30 year fixed rate, which is highly abnormal. Since the 30 year rate has gone up (and the arms have stayed down) the 30 year rate is now above both arms. And now the spread between the 30 year rate and the arms is back to normal. Below are the rates for the different mortgage products for the last few weeks and for January 15 (6 months ago).

What  suggestions can I  offer to potential buyers looking for a mortgage?  Begin the process of looking for a lender and suitable mortgage as early as you can.    In today’s enviroment aquiring any type of financing is much more difficult than it has been in the past and its good to start the process early so any potential obstacles can be  eliminate (i.e. credit report problems or extra documentation that is needed). Additionally, with a possible spike in inflation looming there is more of a risk of rates rising than falling so it makes sense to lock in early.

Welcome to Dave Labok’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in the Orange County area.