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Real Estate Market to Boost National Economy During 2013

by The Domis Team

There is optimism among economists for real estate and the national economy during 2013! According to a recent article by CNNMoney, home building activity is expected to be the largest positive influence to the economy this year. Other positives include an expected increase in consumer spending and increased domestic energy output.

Economists are forecasting about 1 million housing starts this year, which translates into an increase in well-paying construction jobs and increased demand for appliances, home furnishings, and related goods and services. The snowball effect also helps retailers, restaurants and businesses of all types.

The upbeat views of economists are echoed by an increase in consumer confidence about the housing market. A survey conducted by PropertyShark shows that 71% of respondents expect home prices to remain stable and rise this year. When home prices increase, American consumers have a greater sense of wealth, which fuels spending.

2012 real estate activity ended on a strong note. The National Association of REALTORS® reported that 2012 home sales reached their highest level in 5 years at 4.65 million units. National home sales were up 9.2% from 2011.

Where will this put California real estate during 2013? Since we were ahead of the rest of the country in home price gains during 2012, it’s reasonable to expect a similar pattern this year, so long as the economy remains stable. However, our sales volume may struggle due to a lack of home inventory. California has limited buildable land, and we cannot rely on new construction to fill the imbalance between home demand and supply.

Contact us for the latest news in the Whittier housing market, and find out how home sales are doing in your neighborhood! Whether you are buying or selling a home, we have the local expertise you can trust!

The Domis Team
Prudential California Realty
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Move-Up Home Buyers Expected to Influence California Sales Trends

by The Domis Team

Speedy home sales are likely to remain an aspect of California real estate for the foreseeable future! Our current market trends are being boosted by very low mortgage rates. As of Jan 17, Freddie Mac shows 30-year fixed rates at 3.38%, and 15-year fixed rates at 2.66%! This has sparked a flurry of refinance activity as well as new home purchases.

The window of super-low rates isn't expected to last, because once the Federal debt ceiling debate is resolved, the bond market will shake off the jitters and probably climb back up. Mortgage rates are closely tied to the bond market. So, if you've been holding your breath for lower interest rates, they're here - for a limited time!

Low rates are also spurring purchase activity among move-up home buyers, and this trend will be with us throughout 2013 as more homeowners recover equity. The Los Angeles Times reports that Southern California home sales between the $300,000 and $800,000 price range increased 31.4% from 2011 to 2012. Sales of homes $500,000 and up soared by 40.0%! Home priced more than $800,000 saw sales increases of 36.3%.

Lower-priced homes posted weaker sales during 2012, but caution should be used in interpreting this data. The number of homes that sold below $200,000 dropped 28.1% while those below $300,000 fell 18.2%. This doesn't necessarily mean there is less demand for these price levels. More likely, prices escalated enough during 2012 that home inventory in these price levels seriously declined. This may be especially true as the number of foreclosures - and therefore the number of discounted properties - fell during 2012.  

All market activity is highly localized, and we will be happy to tell you about your neighborhood price trends! Contact us for the latest sales reports in the Whittier housing market

Whenever you are thinking of buying or selling a home, get the local expertise you can trust! Let the Domis Team show you the wonderful real estate opportunities available in our markets today! Whether you need information about your current home value, or you just have a few questions, you can always expect the best in courteous, professional service!

The Domis Team
Prudential California Realty
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6 Mortgage Mistakes Whittier Home Buyers Should Avoid!

by The Domis Team

Everyone knows that getting a mortgage can be tricky nowadays, but some Whittier home buyers may not realize how tricky it is to keep your mortgage approval valid through closing! Here is what you should know!

Lenders will re-verify all of your information prior to closing, including your employment, banking info and credit file. There is no such thing as a "good change" in this data in the lender's eyes, as it changes their risk evaluation.

Even a change of employment that provides higher pay is "bad" because a new job is a worse credit risk than long-established employment!

With this logic in mind, here are the missteps to avoid, according to Realty Times:

1. Opening new credit. Your mortgage lender will assume you're about to rack up a bundle.

2. Closing any existing lines of credit. This can actually lower your credit score. It's better to leave inactive accounts alone.

3. Missing any payments. One payment past due 30 days can put your credit score into a tailspin.

4. Making a large purchase using credit. This affects your debt-to-income ratio, which is carefully calculated as part of your ability to qualify for the mortgage.

5. Making large balance transfers between bank accounts, or withdrawing or depositing large amounts of cash. Believe it or not, cash can be a problem because lenders want a paper trail of where your money is coming from, and where it's going, and why. Mortgage fraud and other criminal activities have made lenders skittish of unexplained cash.

6. Co-signing for someone else. Even though you are not the primary account holder, you could be held liable for the entire balance if the primary signer defaults. Naturally, your mortgage lender will assume the worst.

It's a good idea to keep all this in mind before you apply for your mortgage, and especially after you win your initial approval! And while it's frustrating to walk on financial eggshells, remember that this level of scrutiny is only temporary.

Want to know more about obtaining a home mortgage in Whittier? We can refer you to reliable mortgage professionals who will be happy to talk to you!

Whenever you need information about the Whittier real estate market, we're here to help you! Contact us for the latest market reports, trends in home prices and new listings! We will always provide you with the best in courteous, professional service!

The Domis Team
Prudential California Realty
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Lean Home Inventories Expected to Boost Home Values in California

by The Domis Team

According to the Wall Street Journal, the real estate story of 2013 will be about shrinking home supply in the face of increasing buyer demand. Nationally, foreclosure inventories are down 20% from a year ago!

The bulk of the remaining "shadow inventory" is located in states where foreclosures have a lengthy judicial procedure, such as Florida, New York, and New Jersey. In these states, home values are expected to remain depressed because of the backlog in foreclosures.

Meanwhile, states like California, Arizona and Nevada have seen a better-than-expected improvement in home values during 2012 because the statewide foreclosure inventory significantly dropped.

According to the California Association of Realtors, distressed home inventory accounted for 46% of the Los Angeles County real estate market in November 2011.

In November 2012, the distressed home inventory for Los Angeles County was down to 33%. Simply put, Los Angeles County absorbed distressed property sales at a faster rate than they occurred. It's practical to expect this rate of absorption to accelerate in 2013 as home demand remains strong but the supply of homes for sale remains limited. In turn, this will boost home values!

To balance the market, we need to see more homes for sale in Whittier, La Habra and La Mirada! Homeowners in Los Angeles and Orange County who have equity in their homes will have good selling opportunities in the months ahead!

Are you thinking of selling your home? Contact us for the latest sales reports in the Whittier housing market! We will be happy to share the latest home sales data for your neighborhood!

Whenever you are thinking of buying or selling a home, get the local expertise you can trust! Let the Domis Team show you the wonderful real estate opportunities available in our markets today! Whether you need information about your current home value, or you just have a few questions, you can always expect the best in courteous, professional service!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

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Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
Whittier Homes for Sale | La Habra Homes for Sale
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