Tim Lorenz

90 Percent Of Orange County Home Prices Moved Down

It is sad to see that the Orange County has suffered with 90 percent of the home have lost value when their prices have moved down. Data Quick 2010 and 2011 calender years our median price of $480,000 is down 6 percent. It is even worse news for condo owners with an 8 percent drop.

Only two zip codes had a positive up turn in both price and number of sales in the year 2011 and that was Newport Beach 92662 and Orange 92869.

The numbers are sad that we have lost 34 percent of the value since 2007.

When someone tells you the market is getting better I ask where and how that is happening.

Mision Viejo Realtor Tim Lorenz, Area Market Report 2/12/2012

This weeks market report for Mission Viejo and surrounding areas from Mission Viejo Realtor shows that Orange County Median Prices for the resale homes were down 5.3 percent, for new homes it is up 16.4 percent and for resale condos down 5.8 percent. The sales volume is down for resale homes 5.7 percent and down 5.7 percent on condos and down 28.1 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are down 4.7 percent and the sales volume is up 62.1 percent.
• Mission Viejo Zip Code 92692 sales prices are down 7.2 percent and the sales volume is down 25.8 percent.
• Aliso Viejo sales prices are down 18.7 percent and the sales volume is down 19.7 percent.
• Laguna Niguel sales prices are down 0.9 percent and the sales volume is down 3.1 percent.
• Rancho Santa Margarita sales prices are down 14.3 percent and the sales volume is down 5.6 percent.
• San Clemente Zip Code 92672 sales prices are down 19.5 percent and the sales volume is down 25.0 percent.
• San Clemente Zip Code 92673 sales prices are up 9.1 percent and the sales volume is down 22.5 percent.

The last 3 weeks has been a roller coster ride.

5 Tips For Renters

If you are a renter and you were one of the folks that got crushed in the mortgage meltdown. You went through a short sale or foreclosure. You probably can get back into the market. Or if you are a renter and you have not decided to purchas a home or condo lets talk.

Here are 5 tips for renters to become a buyer of a home:

• Check with a Realtor and find out the amount you will need to purchase a home. Some can get a one half percent down payment of the value of the home purchase price. ($900 -$3000) depending on the home value. If you do not qualify for that it could be 3.5% to purchase.
• Look at properties with a Realtor in person. The agent will get you into properties you qualify for and help you to actually evaluate the property. If you look on line you are purchasing based on the photographer's skill.
• In a lot of the cases it is cheeper to buy than it is to rent. Low down payments and low prices make it easier to purchase today than in the last 3 years. Most renters have not looked to see what they can do for themselves.
• If you have never owned a home you are not aware of the tax write off on your income taxes. It is substantial. Think of this you can own a home and pay (in most cases) less than rent and get a tax break in addition.
• Our current market conditions exists only a few times in a life time, low value of home and low interest rates. With the current conditions some are woried they may pay to much for their new purchase. We have shown in other blogs that for the past 3 months we have been increasing in the number of sales. The increases in home value normally follows. More importantly the speed of increase in interest rates going up is substantial. If you wait and interest rates go up smaller cheeper homes will cost more per month.

Remters this is you time to own a home lets go shopping.

Mision Viejo Realtor Tim Lorenz, Area Market Report 2/5/2012

This weeks market report for Mission Viejo and surrounding areas from Mission Viejo Realtor shows that Orange County Median Prices for the resale homes were down 2.3 percent, for new homes it is up 22.9 percent and for resale condos down 6.5 percent. The sales volume is down for resale homes 6.5 percent and up 1.0 percent on condos and down 21.1 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 19.4 percent and the sales volume is up 80.6 percent.
• Mission Viejo Zip Code 92692 sales prices are down 7.4 percent and the sales volume is down 11.9 percent.
• Aliso Viejo sales prices are down 2.9 percent and the sales volume is down 1.4 percent.
• Laguna Niguel sales prices are down 1.4 percent and the sales volume is down 0.0 percent.
• Rancho Santa Margarita sales prices are down 12.1 percent and the sales volume is down 13.1 percent.
• San Clemente Zip Code 92672 sales prices are down 1.6 percent and the sales volume is down 18.8 percent.
• San Clemente Zip Code 92673 sales prices are down 3.6 percent and the sales volume is down 9.1 percent.

Here Is This Months Four County Snapshot

For Southern California