If there's one thing we all know by now, it's that we are in a buyer's market. We are taking this opportunity to showcase amazing buys around Orange County, particularly in the Foothill Ranch area, and giving readers a quick look at what it would take financially to own one of these homes.
This beautiful townhome in the private community of Portola Hills is on sale now! Enjoy the sweeping views of the canyon from the upgraded kitchen with stainless steel appliances. Take time to play and relax in the spacious backyard with both grass and tile. At night, put your feet up and relax in front of the custom fireplace and custom flooring. 
If you are paying rent on a similar-sized home, consider the financial benefit of owning your own home and taking advantage of the tax benefits, as well as the intrinsic benefits of owning a your living space.
Many other homes like this one are available in Orange County and we are committed to finding the right loan for our clients' particular situations. Please contact us today
Please note that all figures quoted are for estimation purposes only and do not constitute a loan offer. Numbers are based on good credit standing. In some cases a smaller down payment amount may be available.
Find out more about us on our website: www.januaryfinancial.com
The good news for real estate investors: buying a home in Orange County is about as cheap as it was in 2003.
The bad news for real estate investors: competition is fierce and rents are dropping.
We all know that with so many families foreclosing on their home loans, buying inexpensive rental properties is becoming relatively easy for investors. One of the [millions of] side effects of this whole crazy economic downturn is that now those savvy investors are having a hard time finding tenants who can afford the rent.
Rental rates here in Orange County will "only" drop about 3% this year, which is not nearly so bad as Florida. There, rents are expected to drop 10%! (OC Register).
So for any tenants or potential first-time home buyers out there, pay attention and watch for opportunities, either to negotiate lower rent, or find an inexpensive home for which you can afford the mortgage. Investors, make sure you've got a reliable tenant lined up before you head into escrow to sign your closing papers.
Cyara Pott - Market Specialist
We've been hearing a lot lately about the smokin' deals on foreclosures and REO properties that are available. Newscasters rave about cheap homes over which buyers are fighting tooth and nail. In Orange County, however, these "incredible" deals can still seem out of reach to many buyers.
Although home values have dropped considerably in our neck of the woods, we have to remember how high they were in the first place. We then have to remember that 20% of value lost on a home that would sell for $750,000 in the peak of the market is still a hefty $600,000.
Seeing that something is "for sale" doesn't necessarily mean it's cheap, although people often get suckered into that kind of thinking. How many of you out there have gone for a buy-one-get-the-second-half-off deal when you only needed one in the first place?
All that said, when our clients come to us wondering whether they should try to get in the market on a "cheap" foreclosed home, we don't always answer with an enthusiastic "yes!" Often, the financing takes a lot longer to set up on these homes. Banks are less willing to negotiate than an individual seller would be. And other deals are out there with less fierce competition.
The moral of this post is: if you're in the market for a new home in Southern California, make sure you speak with an experienced real estate agent or mortgage broker. You may be a good candidate for an REO home if you have the time and energy to see the deal through to completion. In reality, however, you can probably find a decently-priced home, not owned by the bank, with a lot less hassle and just as much satisfaction.
And when you do get that new home, make sure to invite us to the housewarming party!
Cyara Pott - Market Specialist
Word is out that of every 100 homes on the market in Orange County, 42 are in foreclosure or short sale.
That's the bad news. The good news is, OC's real estate supply vs. demand ratio has improved by 68%. To put it in real number terms, if you had put your house on the market last year, your real estate agent might have told you to expect it to stay on the market for 15 months. Today, however, you can expect a market-time of 4.8 months. That's a big difference!
As we like to say, even if things aren't necessarily moving fast, and some things are moving in the wrong direction, at least they're moving. In this case, the market time stats are an improvement, so we'll take the good news as a reason to smile for the rest of the afternoon.
Anyone else have any good news?
Cyara Pott - Market Specialist
I don't know anyone who would buy a home and not get it insured. So why are so many renters going without insurance for the place they call home?
The OC Register reported today that up to 65% of renters in Orange County go without renter's insurance. Those who have it often get the policy only because it's required by the landlord.
Many tenants are under the mistaken impression that the landlord's insurance policy will cover them in case of a loss, but that simply isn't true. Landlords will typically get enough insurance to cover the structure as well as a small amount of personal property in the home (to cover a washer, dryer, stove, etc.).
A standard renter's policy will cover the insured person's belongings in case of theft or fire, and often has some liability coverage included as well in case the tenant were to get sued. The liability coverage also includes any damage to the home or apartment caused by the tenant (such as a kitchen fire).
The policies are reasonably priced, and shouldn't be more than $100-150 per year. In fact, an insurance broker friend of mine knows one company whose multi-policy discount for car and renter's insurance combined is actually cheaper than the car insurance on its own. Go figure!
Please, if you rent or know those who do, consider bringing up the topic of renter's insurance. Risk to your home and belongings can't be predicted, and being prepared in advance is always a good idea.
Cyara Pott - Market Specialist
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