orange county – Page 3 – OC Neighborhoods

Home Buying Checklist

When making a home purchase, a lot of excitement and planning can make you neglect significant issues after you move-in. It’s highly recommended that you error on being overly cautious than not. For most people, purchasing a home is the biggest financial choice they will make in their life.

Home Buying Points to Consider:

Location – Always a huge factor. Do you like the neighborhood and its surroundings? Do you think the home will sell for more than purchased it for ? Is the area in need of gentrification or is it currently desirable? Can it maintain its value ?
Neighbors – Are the neighbors friendly? Are they owners or renters? Is their landscaping nice or needs improvement? Bad neighbors can impact your property value, the wrong way. Proximity to neighbors; Some homes offer more distance from next door to another. Check the view from every window and walk the property to be sure.
Amenities – How far are things to do? Are there parks within walking distance or miles away? Large planned communities tend to have local shopping and parks within a couple of miles.
Schools – Are there good schools nearby? If so, it is good sign the neighborhood will retain its value or appreciate.
Utility Bills – Request a copy of the seller’s utility bill for the summer and winter from their agent or the seller. This will help you determine if it’s on par or much higher than you thought.
House positioning on lot – How much natural light a house gets is influenced by its lot position. This can affect the heating and cooling bills. A home that is south-facing usually receives the most natural light. However, a home that is north-oriented may be equally bright if the primary living space is in the home’s rear section and there are plenty of windows throughout. A north-facing home in a hot climate could be more effective if you want to keep your house cooler.
Foundation – In California, you cannot overlook this potential problem. Check for cracks in the walls as it can be a great indicator there are possible settling concerns. Floor cracks should also be carefully examined.
Roads – Is the home you are considering purchasing on a busy road? Roads that are very may require the city to expand it . You need to also assess if the roads are in good shape.
Street parking – Homes in the suburbs or rural areas usually don’t have street parking concerns, but some cities and planned communities in Orange County do have unusual rules, permits, and regulations regarding it. Some places will not allow you to park in front of our own house at night.
Inspection – Many older homes have something wrong during the inspection with cooling, electrical, heating, plumbing, roofing, etc. Even newer homes may not pass tests for Radon, mold, etc. Get a licensed home inspector to check and give you a quote for the cost of the repair.
Size of rooms. Make sure during your walk-through that the rooms are not too big or too small. Visualize your own furniture in the rooms or just measure it if you are able.
Days on market – How long has the home been available for sale and why so long? In most cases, there may not be anything wrong with a home because it has been for sale longer than others.

Prices Return to Highs: It’s Still a Good Time to Buy in OC

With mortgage rates at record-lows, a healthy pool of buyers and an inventory shortage of homes, Orange County home and condo prices have hit the June 2007 price levels which was around the housing boom peak.

In April, Corelogic Data said the median price of a home touched the $645,000 level, helping Orange County become the first county in Southern California to return to their prices prior to the recession.

That may bring back bubble fears, however, today’s housing market is very different from the housing situation of 2007. One big difference now are the monthly home payments are lower by $406 than in June 2007.

Another is the availability of financing such as 100% financing with an option arm or stated income product for someone with credit scores below 600 was ridiculous back then.

A third factor, is one has to factor in some inflation. This means, a home valued at $645,000 in 2007 would equal a home of $744,000 if calculated in dollars today.

One similarity back in the peak years was you had happy sellers and some discouraged buyers. There continues to be concern over the shortage of reasonably priced homes listed for sale.

Because interest rates are very low, a lot of people are trying to purchase a home. Even a home for sale at $600,000 will receive around 7-10 offers in a matter of days.

So, realtors say and know it’s very competitive for the buyers and advise them to stay the course. Some home buyers get so anxious that they are paying over the asking price just to finish the process.

With climbing home prices combined with a low inventory of homes for sale, buyers understandably get frustrated.

However, Orange County home sales have fallen year over year in the past 14 months possibly resulting from buyers who don’t qualify due to income and credit.

At the same time, Orange County’s growth in employment, larger households, and low interest rates are keeping the need for housing ongoing. As a result, entry-level home prices range from $500,000 to $750,000 which keeps a lot of first-time home buyers out of the single family market. They end up going for the alternative which is a condo or townhouse when they are squeezed out of the home market.

In comparison ot Orange County, the prices of home in Los Angeles and San Diego counties is still 5.5 percent less their peak prices from 2007. Further inland it is more noticeable with Riverside County home prices 23.6 percent under their peak level, and San Bernardino County is approximately 28.9 percent under its peak price point.

Although demand is high in Orange County, significant price appreciation is not expected year over year from the indicators mentioned above. Many economists are in agreement that any equity gains will be modest in the upcoming years.

Why is it Important to Have Escrow in a Transaction?

In many real estate transactions in Orange County, California, once there is an accepted offer, which means the purchase contract is signed by both the buyer and the seller, copies should be delivered to escrow.

The reason for this is because, the escrow company acts as a neutral third party for the buyer and the seller. Instead of the seller holding your deposit money, escrow holds it in an account. Their job is to make sure that 1.) clear title is transferred to the buyer, .2) all of the purchase contract terms are satisfied and .3) that the home inspectors, the appraiser, the pest control company, the lender, title insurance company, and the seller’s agent if applicable, and other related parties, are paid their agreed upon fees from the remaining amount the seller receives prior to

accepted offer orange county — orange county home in escrow

the deed transfer.

Among the most important tasks that escrow performs is title research. This is sometimes accomplished by the Title Insurance company, yet many escrow companies are under the same umbrella as the title company. The main objective is to guarantee to the buyer and the lender that the seller has clear and transferable title to the property and that it doesn’t have any additional liens outside of a mortgage like a tax or mechanic’s lien,or a lawsuit that will put a cloud on title. Once title is assured as being free of these negatives, the Title Company can commit to insure both the home buyer and the lender even if detected after closing.

Escrow and title companies have developed into a more customer service focused business in the last decade as evidenced by them having a remote signing agent, which means a person who is a certified notary and will come to your home or work to finalize the final closing documents.

Based on the governing regulations involving real estate settlement procedures, RESPA , the buyer and seller do have the right to choose the Escrow and Title Insurance company for their transaction. Challenges may arise when each party selects a different company and are not under the same company. Therefore, either the seller or buyer may concede the choice and allow the other to select a company that can coordinate with a different department in order to expedite the process. Quite often it just isn’t worth all the fuss, unless there are 100s of dollars of difference from one company to another that one will have to pay.

Among the last vital tasks for you to fulfill prior to settlement is to setup hazard insurance and flood insurance, if required, for your home. Prior to gaining the keys to your homes, you must give the Escrow Officer proof that you have gotten this insurance. A good real estate agent will have you aware of this and other conditions during the process.

SoCal Real Estate: What to Look For in 2016

What can help sell a house in Orange County nowadays are homes with bonus rooms or flexible space that can be turned into a room. This aspect has become increasingly popular with buyers in recent years.

The reason may be attributed to lessen commute times to work from buying a quaint-sized home in Orange County vs. a larger spacious home in Corona or Murrieta/Temecula where employees have to deal with traffic on Ortega highway or use the 91 freeway.

Homebuyers want flexibility in how they can use their home during the last few years. Living space that can be transformed into an office, a guest room, for multiple purposes at any point in time. This has become especially important with the change in family living as aging baby boomers, retirees, and young single adults may choose to live with family members but only if there is a separate independent space.

A lack of square footage is not a deterrent if the home can be redesigned to accommodate areas which can be adjusted to the new homeowner’s objectives. For example, a house with a separate den or dining area can be made into a separate office or sleeping room and the owner can use the living room as a dining area. If the kitchen area is large enough, a den or dining area may not be needed at all.

Seasoned professionals and young adults may find a quicker commute to their jobs in Irvine, a mecca for those working in technology, finance and health industries, if they have a living space in Laguna Beach, Mission Viejo, and other south OC cities.

Buyers may be getting more creative when they view a home for sale. Orange County real estate transactions were at their highest level in a decade. In 2015, 30,337 houses, condos and townhomes were sold that were listed in the MLS. The average price of an Orange County residential transaction rose to $741,109, the highest dating back to the housing crisis in 2007.

Review of 7 Dog Parks in South Orange County

Irvine Central Bark Dog Park
6405 Oak Canyon Rd
Irvine, CA 92618
Open until 10pm for those that work hard, and play hard. There’s water bowls, dog poop bags, and lots of seating
An additional great feature this park is there is an area for small dogs and a separate area for large dogs
A huge park with high ratings but sometimes there were reports of aggressive dogs with owners being very lax.

Laguna Beach Dog Park
20672 Laguna Canyon Rd
Laguna Beach, CA 92652
Well kept and clean park with separate fenced areas for large and small dogs on green real grass. Side street metered parking and closed on Wednesdays are the leading complaints. Doggie bags are available and so is a drinking fountain.

Newport Beach Dog Park
Northeast corner of Avocado Ave and San Miguel Dr.
Newport Beach, CA 92660
PARKING: There’s designated street parking right across at 1441 Avocado Ave at the Newport Coast Pain/Hoag Surgicare building which is directly before you hit San Nicolas Dr. From the parking area, make a right, follow the long path up the hill after you make a curve and then you will see the dog park at the top of the hill.

There are some picnic tables when you reach the top with a beautiful ocean view.
Other reviews are it is a little small and if your dog enjoys running all over then this park may not meet their standards. Also, the grass is fake and there’s not any separate big/little dog areas.

Laguna Woods Dog Park
24400 Ridge Route Dr
Laguna Woods, CA 92637
Reviews are that it is a smaller park so your dog won’t out run you very far and “a place for paws” has artificial grass. Typically smaller dogs come here and the crowd tends to be older.

Mission Viejo Dog Park
Felipe Rd and Fieldcrest Lane
Mission Viejo, CA 92692
Another highly rated park by pet lovers with separate fenced area for large and small dogs and dog fountains. This park in Mission Viejo has real grass, doggy bags and shaded seating area with water fountains for people. Negatives are limited parking as it can get packed after 5pm.

Wagsdale Dog Park
Oneil and Cecil
Ladera Ranch, CA 92694
A well kept, tidy and frequented by friendly dogs and people. The size of the dog park is very good and truly large enough for bigger dogs to really run around or to throw a tennis ball or frisbee. There are separate big and small dog areas and real grass. Residents in Ladera Ranch and adjacent areas are getting a petition signed to stop LAMARC from converting the dog park into a community center.

Coto De Caza Dog Park
Via Pajaro
Coto de Caza, CA 92679
A well-kept park with a large percentage of pet owners are very responsible watching their dogs and picking up their waste which makes it ideal for all dog owners