OC Neighborhoods – Page 16 – Connecting Locals and Visitors

Costs Buyers Forget About When Buying a Home

Property Taxes – depending on what time of the year you buy and your lender you may have to come up with more than a year of property taxes for an impound account. In addition, there’s some areas in Orange County that require you to pay Mello Roos Taxes.

Lender Fees – Fees for a loan can range from 2-3% of the Loan amount and if you want to obtain that really low interest rate, be prepared to pay a discount point. Otherwise you can opt for a zero point loan that likely has a higher interest rate.

Remodeling – It is not uncommon for buyers to modify their new homes to their tastes and that can cost a good sum of money.

Private Mortgage Insurance (PMI) – Mortgage insurance fees are triggered for those who want to purchase a home with less than 10% down. Since Orange County is considered a high-cost area by lenders with the average home price just above $652,000 (per Zillow May 2016), many buyers today want to put down the least amount they can on a home.

If you’re looking to make the minimum down payment on your home, you’ll need to obtain mortgage insurance (PMI). Buyers can pay for their mortgage insurance in full in one payment for the full twelve months, or it can be added to their monthly mortgage payments. Speak to a local lender about that.

Ways to Reduce Your Closing Cost
If you’re buying a home from a seller who does not have any other offers, and has an urgency to close the deal, you may be able to have your closing costs paid by the seller. However, it’s important to know that in that situation, you should offer close or the full price. If you’re buying in a high demand seller’s market, the seller might receive offers above their asking price and even have backup offers. Therefore, don’t expect them to pay for your closing costs.

People overlook the cost of insurance on a home and do not think twice about it. That is a bad decision as rates will vary from one company to another. Homeowners insurance is much more expensive than renter’s insurance and could be an unpleasant surprise.

Data Points to Faster Home Sales with Staging

With the economy under the microscope, many financial industry experts say the housing market needs to show stable signs of robust sales. The reason is because when the real estate market is strong so many other elements of the economy.

According to research by the Real Estate Staging Association, 73% of homes sell faster on average, that are staged than homes which are not staged.

Why Home Staging is a Great Choice

Your options to get your home sold fast are few. You can just sell it cheaper than similar homes in your local neighborhood. Result is you receive less cash proceeds at closing.

A second option is to make expensive home improvements before you decide to sell or list your home for sale. However, tens of thousands of dollars are most likely needed when upgrading the kitchen or bathroom. Moreover, there’s no guarantee that more buyers will make an offer.

A third, and usually better approach is to “stage” your home for sale. The practice of home staging is familiar to many homeowners compliments of reality tv shows. If you don’t know what it is, home staging is the art of prepping a home for sale.

A professional home stager is an expert in the art of preparing homes for sale. Since most homebuyers begin their home search online, having a home staging professional can be extremely important drawing in prospective buyers.

A home that utilizes no staging comes across as less desirable in photographs compared to a staged home. Statistics also show that staged homes obtain more foot-traffic. Home staging oftentimes includes placement of furniture, artwork, and home accessories for a short-term.

What’s the Cost of Home Staging?

Professional home stagers are paid either by the hour or paid a flat fee for their service. As is the case with most real estate industry professionals, an estimates can be obtained at not cost. The average fee to stage a home is just under $700; and the temporary furniture or accessories will have an additional cost.

Don’t let this deter you. The return on investment is many times well worth the initial cost as you’re only investing a few hundred dollars to generate a return of thousands of dollars more. It can make a huge difference on your net proceeds when selling a home in Rancho Santa Margarita, Laguna Hills, or adjacent cities.

Here are some obvious and affordable staging practices that may yield big returns.

Painting: New paint can cover up home odors while significantly brightening up a room
Carpeting: New carpet brings with it a sense of being in a new room and cleanliness
Decluttering: Getting rid of “junk” from rooms, closets, and cabinets, and drawers creates instant attraction} and makes it look more roomy.

If hundreds of dollars is too much at the outset, try these low cost home staging tips under $50. First impression is always important so why not make it your best if you’re a motivated seller.

Invest in a new welcome mat, which may run you just $15.
Buy a few mirrors and hang them in rooms that are dark, or are small, to make them appear more roomy. Placing the mirrors adjacent to or directly across from a window, helps them bring in more sunlight.
Arrange Tables and Counters for Entertaining – Just put out some napkins, wineglasses and a set of plates in the dining area.
Buy some canvas paintings or prints that are scenery of landscapes, modern shapes, travel locations, or floral motifs and replace any personal pictures on your walls. Typically these can be bought for under $50 at stores such as Michael’s or at Bed, Bath & Beyond.
Make your bathroom area more inviting with all-white linens.

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.

The Most Affordable Cities in South Orange County

1. ALISO VIEJO

Located in-between Laguna Niguel, Laguna Hills, Laguna Beach and Laguna Woods is the city of Aliso Viejo. A perfect place for residents and those who enjoy the ocean, since it is just 15 minutes from the beach, and close to freeways.

There’s a little over 50,000 people living in one of the most family friendly cities in Orange County, with low crime rates, and median housing prices of $533,800, which is far less than the $591,000 median price for Orange County as a whole. The city’s excellent schools include Wood Canyon Elementary School, Aliso Niguel High School just to name a few are in the acclaimed Capistrano Unified School District.

Over 57% of Aliso Viejo’s population has obtained a bachelor’s degree. Its Town Center features the Edwards Multiplex 20 cinemas, Barnes & Nobles, and plenty of shops and restaurants for socializing. The Grand Park in the summer provides free movies, concerts, and amazing performances at the performing arts center at the peaceful Soka University.

Outdoor recreation keeps going at Aliso and Wood Canyon Wilderness Park where you can bike and hike. The city has a modern aquatics center, and a golf course at Aliso Viejo Country Club. There’s also the Marriott Renaissance ClubSport a fitness resort.

www.cityofalisoviejo.com

2. RANCHO SANTA MARGARITA

Located upon rolling hills and a master planned community, Rancho Santa Margarita, is another family friendly city where the crime rate is low and where just under 48,000 people reside. The city of Rancho Santa Margarita was incorporated on January 1, 2000 in Orange County.

The median home value is $590,600 among several neighborhoods. Dove Canyon is a private guard-gated residential community located in eastern RSM, with all single family residences, a golf club designed by Jack Nicklaus, swimming pool, tennis, a horse trail, and a kids park. It is a neighbor to the affluent Coto de Caza gated residential community. Coto de Caza contains only single family residences and is near the intersection of Plano Trabuco Road and Dove Canyon Drive.

The public schools of Cielo Vista, Trabuco Mesa, Robinson Ranch, Arroyo Vista, Melinda Heights, and Tijeras Creek in this area have performed very well statewide with test scores ranking very high.

Outdoor activities include the 4,000-acre O’Neil Regional Park with a great deal of options for biking, hiking, the Starr Ranch Sanctuary, the Tijeras Creek Golf Club, as well as RV or tent camping. Additionally, there’s a community center, dog park, and skate park. Local restaurants favorites are Pizza e Vino (among the best pizza restaurants in Orange County), Tutto Fresco, and for movies the Cinepolis Luxury Cinemas.

www.cityofrsm.org

3. MISSION VIEJO

This large city of nearly 100,000 is set in rolling hills with lush green landscaping on the parkways. There’s a lot families can do such as a good jog or walk around beautiful Lake Mission Viejo, a freshwater lake, or you can fish, boat, sunbathe or even swim there. There are 52 parks within Mission Viejo’s borders.

Things to do include going to the Shops of Mission Viejo, an upscale indoor mall, swimming at the Montanoso Recreation Center or Marguerite Aquatics Complex, Marguerite Tennis Center, or events and courses at the Norman P. Murray Community Center or Saddleback College.

With consistently highly rated schools belonging to the Capistrano Unified and Saddleback school districts and low crime make the city a great location for families and couples.

source: cityofmissionviejo.org

Best Public High Schools in Orange County

1.) Troy High School
2200 East Dorothy Lane
Fullerton, CA 92831
– A public magnet school that has 2,720 students in grades 9-12. According to state standards, 92% of students at this school are considered proficient in math and/or reading.
– Ranked 3rd in CA overall
– The median home value in 92831 is $581,200. 92831 home values have gone up 9.0% since 2015. and Zillow predicts they will rise 1.4% within the next year.
with 20% down & 4.25% interest rate, loan of $464,960, the estimated payment to buy is $2,287 Principal & Interest, $544 taxes,$165 insurance.
– Current rents for the same single family home are $3,250.
– By deducting the $19,760 per year in interest, it is more than renting.

2.) Oxford Academy
5172 Orange Ave
Cypress, CA 90630
1,152 students in grades 7-12
According to state standards, 98% of students at this school are considered proficient in math and/or reading
– Ranked 12th in CA
– The median home value in 90630 is $588,600. 90630 home values have gone up 8.7% over the past year and Zillow predicts they will rise 1.8% within the next year.
with 20% down & 4.25% interest rate, loan of $470,880, the estimated payment to buy is $2,316 Principal & Interest, 551 taxes,171 insurance.
– Current rents for the same single family home are $4,485
– By deducting the $20,012 per year in interest, it is more than renting.

3.) Northwood High School
4515 Portola Parkway
Irvine, CA 92620
– holds 2,017 students in grades 9-12. According to state standards, 91% of students at this school are considered proficient in math and/or reading.
– ranked 13th in CA
– The median home value in Irvine 92620 is $811,300. 92620 home values have gone up 7.2% over the past year.
with 20% down & 4.25% interest rate, loan of $649040, the estimated payment to buy is $3,192 Principal & Interest, $760 taxes, $236 insurance.
– Current rents for the same single family home are $3,916
– By deducting the $27,584 per year in interest, it is more than renting.

4.) Orange County School of the Arts
1010 North Main St
Santa Ana, CA 92701
– A public charter school that has 1,915 students in grades 7-12. According to state standards, 88% of students at this school are considered proficient in math and/or reading.
– 17th in CA
– The median home value in 92701 is $394,400. 92701 home values have gone up 6.9% over the past year.

5.) University High School
4771 Campus Dr
Irvine, CA 92612
– has 2,402 students in grades 9-12. According to state standards, 88% of students at this school are considered proficient in math and/or reading.
24th in CA
– The median home value in 92612 is $663,200. 92612 home values have gone up 1.5% over the past year.
with 20% down & 4.25% interest rate , the loan $530,600, the estimated payment to buy is $2,610 Principal & Interest, $621 taxes, $193 for insurance.
– Current rents for the same single family home are $3,300-15,000.
– By deducting the $22,548 per year in interest, it is more than renting.

6.) Arnold Beckman High School – A+
3588 Bryan Ave
Irvine, CA 92602
The school has 2,554 students in grades 9-12. According to state standards, 83% of students at this school are considered proficient in math and/or reading.
– 36th in CA
– The median home value in 92602 is $881,400. 92602 home values have gone up 13.0% over the past year.
with 20% down & 4.25% interest rate the estimated payment to buy is $3,467 Principal & Interest, 825 taxes, 257 insurance /month.
– current rents for the same single family home are $4,500-8,500.
– By deducting the $54,242 per year in interest, it is more than renting.

7.) Corona Del Mar High School – A+
2101 E.Bluff Dr
Newport Beach, CA 92660
has 2,548 students in grades 7-12. According to state standards, 83% of students at this school are considered proficient in math and/or reading.
– 38th in CA
The median home value for Newport Beach in 92660 is $1,502,500. 92660 home values have gone up 10.9% over the past year
with 20% down & 4.25% interest rate the estimated payment to buy is $6,327 Principal & Interest.
current rents for the same single family home are $8,375.
By deducting the $54,242 per year in interest, it is more than renting.

8. ) Laguna Beach High School – A+
625 Park Ave
Laguna Beach, CA 92651
– has 829 students in grades 9-12. According to state standards, 90% of students at this school are considered proficient in math and/or reading.
– ranks 52nd in CA
– The median home value in 92651 is $1,592,800. 92651 home values have gone up 9.4% over the past year.
with 20% down & 4.25% interest rate the estimated payment to buy is $6,327 Principal & Interest.
– current rents for the same single family home are $5,495-9,000.
– By deducting the $54,242 per year in interest, it is more than renting.

9.) Woodbridge High School
2 Meadowbrook
Irvine, CA 92604
– has 2,431 students in grades 9-12. According to state standards, 84% of students at this school are considered proficient in math and/or reading
– ranks 56th overall in California.
– The median home value in 92604 is $710,500. 92604 home values have gone up 5.1% over the past year.
with 20% down estimated payment to buy is $2794 Principal & Interest
– Current rents for the same single family home are $2,850
– By deducting the 24,140 per year in interest, it is more than renting.

10.) Fountain Valley High School
17816 Bushard
Fountain Valley, CA 92708
– has 3,699 students in grades 9-12. According to state standards, 82% of students at this school are considered proficient in math and/or reading
– 82nd in CA
– The median home value in 92708 is $711,800. 92708 home values have gone up 6.8% over the past year
with 20% down & 4.25% interest rate,a loan of $569,400, the estimated payment to buy is $2,801 Principal & Interest.
– current rents for the same single family home are $8,375
– By deducting the $24,199 per year in interest.