Real Estate Information Archive

Blog

Displaying blog entries 1-7 of 7

Make Your Best Offer First When Buying a Whittier Home!

by The Domis Team

Whittier home buyers face tough competition in the market. Cash buyers can be hard to compete with when it comes to making a successful offer. Home buyers with deeper pockets can also outbid first-time buyers who are limited by their mortgage amount.

As home inventory remains lean and California home prices keep climbing, you will need a good strategy in order to successfully buy a Whittier home!

Fortunately, it's fairly simple: make your best offer first.

In a market as competitive as ours, you may get only one chance to get your offer in front of a home seller, because multiple offers are becoming the norm. Sometimes you get a chance at a second round of negotiation, but sometimes you don't. This is why some aggressive, and financially empowered home buyers offer more than the asking price right off the bat - it puts their offer at the top of the heap.

Of course, this isn't realistic for everyone, and we are not suggesting that you overpay. But you should obtain the latest sales data from us for the areas you are interested in, so you can see what the market is doing and plan your offer accordingly. You should also:

1. Have copies of your mortgage approval letter from your lender, ready to submit with your offer.

2. Keep your contingencies to a practical minimum.

3. Make your offer clear, simple, compelling, and easy to say "yes" to.

Naturally, market conditions vary from one area to another, so there may be instances where your strategy should be adjusted. There are also times when you may need to add certain contingencies to protect yourself. But in a seller's market, you need to make your offer as attractive and hassle-free as possible while staying within your own limits. 

Above all, work with real estate professionals who can guide you through the home buying process and help you write a successful offer!

Need help with home buying? Turn to the Domis Team for expert, professional assistance for Los Angeles and Orange County real estate! Let us be your guide to the newest home listings and the latest market activity. Contact us today - we will be glad to help you!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

Rising Home Prices Pressure Whittier Home Buyers

by The Domis Team

Whittier home buyers face tough decisions these days: buy a home now, before home prices rise higher and mortgage rates increase? Or, wait for better home inventory and risk paying a bit more?

According to industry analysts, the rise in home prices, especially in California, will not slow down anytime soon. The New York Times reports that sunbelt states are seeing double-digit increases in price rates from a year ago, with hot markets like San Francisco and Phoenix setting examples.

What keeps California home prices on the rise? In addition to our improving economy and employment outlook, homes in California are a popular choice for retirees, vacation home buyers, and international buyers and investors. We are also seeing an uptick in corporate relocations.

In other words...if you don't buy a Whittier home that's on the market today, someone else will! We should see some improvement in home inventory in the upcoming months, but we are unlikely to see a glut of homes on the market. As long as home demand remains strong, prices will push higher.

Meanwhile, mortgage interest rates are expected to gradually climb higher, from the 3.50% we are seeing today for 30-year fixed rate mortgages, to 3.75% or 4.00% in the next 12 months. Slow growth in the economy will keep mortgage rates behaving, but unexpected market shifts and global events can influence rate hikes.

The biggest challenge for first-time California home buyers who face escalating prices, involves staying qualified for a mortgage as rising rates and home prices affect debt-to-income ratios. Home buyers who are in the entry-level price ranges, who qualify for a mortgage today, are the least equipped to gamble with what the market could bring tomorrow!

Need help with your home buying questions? Turn to the Domis Team for expert, professional assistance for Los Angeles and Orange County real estate! Let us be your guide to the newest home listings and the latest market activity. Contact us today - we will be glad to help you!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

Los Angeles County Home Sales Post Gains in December

by The Domis Team

Whittier home sellers who are hoping for more good news may not have long to wait! According to the California Association of Realtors, California home sales posted gains in home prices during December 2012. 

The median price of a California home increased to $366,930 in December, up 5% from November and an increase of 27% from December 2011.

The big story in California real estate is the shrinking home supply. The unsold inventory index slipped to 2.6% in December.  This is a further decline from the November index of 3.1%. A year ago, the index stood at 4.3%

We’re using a lot of numbers to tell you that California’s home selection is low and prices are rising! Let’s zero in closer to home and look at the Los Angeles Metro. Average prices here are near the state average, with December’s median home price standing at $333,140. This is a 1.6% price increase from November, and a 25.3% increase from a year ago!

If we widen the net just a bit, Los Angeles County shows average home prices of $367,400 as of December 2012, an increase of 9.0% from November and an increase of 19.7% from a year ago.

Orange County has a much higher median home price of $582, 930. This price reflects a gain of 3.2% from November and 20.3% from a year ago.

There is a note of caution in these figures. Sales of homes priced above $500,000 were unusually strong towards the end of 2012, as affluent home sellers rushed to sell before any “fiscal cliff” tax impacts. This could have driven up the averages and provided an unseasonal boost to home activity. Then again, California has caught the eye of institutional land investors, and real estate is once again trading strong on Wall Street.  It would be unrealistic to expect a moon landing when it comes to 2013 home prices, but we won’t be skating along the bottom either.

How is the market in Whittier?  Take a look at our featured listings and you’ll see the story for yourself! Homes priced below $500,000 are scarce, and we are selling, selling, selling! In fact, we need more listings for our first-time home buyers and our move-up buyers!

If you are a Whittier homeowner who is thinking of selling, consider the opportunities you have in the market today!  You have little competition and plenty of motivated buyers. Why not get a free comparative market analysis and see what your home could do on the market? You might be pleasantly surprised!

When you are selling a home, get the local expertise you can trust.  Let the Domis Team show you how we obtain top dollar for your home! Whether you need information about your current home value, or you just have a few questions, we’ll be here to help you! Contact us today!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

California Housing Market Holds Positive Outlook

by The Domis Team

Housing data from Realtor.com shows that California homes are flying off the proverbial shelves! When compared to the pace of home sales nationwide, California dominates the list for shortest days on market. Here are the California cities with the fastest home sales pace:

  • Oakland, Calif.: 21 days on market
  • Stockton-Lodi, Calif.: 26 days
  • Sacramento, Calif.: 32 days
  • San Francisco: 44 days
  • Fresno, Calif.: 44 days
  • San Jose, Calif.: 47 days

Statewide, home inventory remains stubbornly low, and home prices are rising in most areas of California. But is it a sign of another housing boom?

Not according to Kenneth T. Rosen, chairman of the University of California, Berkeley, Fisher Center for Real Estate and Urban Economics. Rosen predicts that the housing market in California and throughout the country will see steady growth next year - but not the rapid climb some home sellers are hoping for.

Rosen points to stingy mortgage lending practices as part of the problem. High consumer credit scores are required by lenders, shutting out nearly 40% of potential home buyers. He also speculates that any future tax increases could keep the reins on home sale activity.

While these issues are not show-stoppers, they could keep our housing markets from showing a true boom. This said, home demand in California is showing no signs of backing off. The outlook for California real estate in 2013 remains positive, though economists are watching "fiscal cliff" scenarios closely.

Our local market trends in Whittier continue to show low home inventory and strong demand! If you are a home buyer in Los Angeles County or Orange County, you can give yourself an advantage by working with the Domis Team! We will keep you up-to-date with the latest home prices and market activity, and tell you about new listings in the area! 

At the Domis Team, we have the Whittier real estate experience you need for home buying success! Contact us today for the best in friendly, professional service!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

California Market Direction and Whittier Real Estate

by The Domis Team

Looking for direction on the future of Whittier real estate? The California Association of Realtors® (C.A.R.) has released market projections for 2013, and we have the highlights for you! But first, let's take a quick look at how 2012 is expected to wrap up.

Statewide, a total of 523,300 home sales should be completed by the end of 2012. This would represent a 5.1% increase over 2011 volume.

The median home price in California is expected to be $317,000 by the end of the year; this would be a 10.9% gain over 2011 prices. While there's more progress to be made in the housing recovery, the improvements of 2012 are encouraging for Whittier!

What's ahead for 2013? C.A.R. expects our state to see 530,000 home sales, while median home prices  should increase by 5.7% to $335,000. Mortgage interest rates are expected to increase to 4% for a 30-year loan. However, there are several variables to watch during 2013 that could affect our markets, namely:

  • Federal monetary policy
  • Federal housing policies
  • State and local housing policies
  • Overall economy and employment conditions
  • Home inventory and ratio of distressed property volume
  • Purchase activity by foreign investors, cash buyers and first-time buyers

These projections are helpful, but the most important information to you is what's happening in our Los Angeles and Orange County markets when you're buying or selling a home! At the Domis Team, our local market experience gives you the professional guidance you need to make your real estate plans a success!

When you need a comparative market analysis for your home value, or you're interested in Whittier homes for sale, we are here to help you! Contact us today for the best in Whittier real estate service and expertise!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

Whittier Real Estate Market Updates

by The Domis Team

The real estate markets for California and Whittier continue to show positive trends, with a shrinking inventory of distressed properties. The California Association of REALTORS® reports that 59.5% of home sales in July of 2012 were equity sales. Short sales accounted for 22.6% of the market, and bank-owned homes (REO) held just over 17% of the market.

Statewide, distressed home inventory declined measurably from a year ago. In July 2011, short sales represented 18.8% of all home sales and REO's accounted for 28.6%.

Not only are distressed sales declining, but during 2012 we have seen short sales outnumber foreclosures. Since short sales use current market value, they allow for better stability of home prices than discounted bank foreclosures.

Closer to home, Los Angeles County short sales and REO sales combined accounted for 40% of the market in July 2012, in line with statewide trends. Orange County is ahead of the curve, with only 29% of July home sales involving distressed properties.

What about Whittier? Glad you asked! All the above translates into rising home sale prices at the local level. The reduction in distressed properties, along with a limited inventory of homes for sale, are resulting in median listing prices 22.6% higher than a year ago.

However, Whittier home sellers need to remember that over-pricing a home for current market conditions can backfire. Homes that are priced correctly for their condition, amenities and location will draw the most buyer attention and result in the strongest offers!

Looking to buy or sell a home in Whittier? Look no further! At the Domis Team, we have the local expertise and the friendly, professional service you can count on. Whether you need a comparative market analysis to find your home value, or you want a closer look at Whittier homes for sale, we are here to help you! Contact us today and find out more about the opportunities in Whittier real estate!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

7 Steps to Home Ownership in Whittier!

by The Domis Team

Home buyers have good bargains in front of them, according to David Crowe, the chief economist for the National Association of Home Builders. During an interview last week on NBC, Crowe stated that the favorable combination of low mortgage rates, bottoming home prices and home builder discounts would not last forever.

While home demand is on the upswing, there are still buyers on the fence who may be uncertain about their ability to qualify for a mortgage. Or, they are discouraged by the reduction of home inventory on the market. At the Domis Team, we understand the challenges facing home buyers today, and we're here to help you!

The best way to prepare for Whittier home ownership is to organize your home buying plan. Here is a 7-step checklist to get you started:

1. Know what you want. Condo? Single-family home? 2 bedrooms, or three? Take a long-term view. If you plan on growing your family, an extra bedroom could make sense. If you enjoy the convenience of apartment living, but want the benefits of ownership and the tax breaks, you might enjoy a condo.

2. Know where you want to live and why. Is being close to your child's school important? Do you need a shorter commute? Would you like to be in walking distance to the neighborhood park, or would you rather be closer to shopping and dining?

3. Prioritize. Once you know the type of home and location you desire, start narrowing down the "must-haves" from the "wants." For example, an older home may not have all the amenities you would like, but it may have a terrific location - and a lower price. 

4. Prepare your credit. Pull a free copy of your credit history from AnnualCreditReport.com. Get your credit score from MyFico.com. Contact the reporting agencies about any errors or discrepancies that may exist in your report.

5. Prepare your down payment. You may be able to qualify for an FHA mortgage with as little as 5% down! If you have nothing put aside yet, start a practical budget that includes regular contributions to savings.

6. Talk to a mortgage lender about your financing options, and fine-tune your home ownership plans.

7. Work with your local real estate professionals, the Domis Team! No matter what point you are at in the home buying process, we can help you! We have the latest home sales data, and we can alert you to new listings as they come on the market! We can also help you connect to industry professionals such as mortgage lenders and home inspectors.

Whether you are a first-time home buyer, or looking for your next home in Los Angeles or Orange County, we have the local expertise you can count on! Contact the Domis Team for the best in friendly, professional service!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

Displaying blog entries 1-7 of 7

Syndication

Categories

Archives

Share This Page

Contact Information

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

Contact the Domis Team

Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
Whittier Homes for Sale | La Habra Homes for Sale
Lake Park Brea Senior Community | Lake Park La Habra Senior Community

© Keller Williams is a real estate franchise company. Each Keller Williams office is independently owned and operated.
Keller Williams is an Equal Opportunity Employer and supports the Fair Housing Act.