Orange County Home Sales Volume and Info

Yeah, there has been a trend over the past ten years or so where many fewer sellers list their home for sale. Here are some numbers:

There are 14,000,000+ residences in California

There are 7.5 million single family residences in California

There were 34,900 homes sold in Orange County in 2020

There were 34,000 homes sold in Orange County in 2019

There were 35,100 homes sold in Orange County in 2018

There were 38,400 homes sold in Orange County in 2017

There were 37,900 homes sold in Orange County in 2016

There were 53,900 homes sold in Orange County in 2003

Can you imagine what a different market we would be in if we were experiencing the same volume of home sales as we were back in the early 2000’s? We most likely will get there again, but it could take many years to do so.

I, for one, am ready for more properties to be made available for sale!

Prepping for the Home Inspection

Even in a seller’s market here in Orange County, it is a good idea to prepare the home inspection. It will make for a smoother transaction by removing any potential roadblocks or hiccups on the way to close of escrow. Preparing can give you peace of mind, and put your buyer’s mind at ease, too. They will view your home as in good shape and in good repair, adding value in their mind. It could even increase the amount buyers are willing to pay for your property.

Here are a few things you, as the seller, can do to prepare for a home inspection:

Exterior

  • Clean debris from gutters and drains
  • Re-caulk around exterior windows & doors
  • Repair damaged masonry on walkways & steps
  • Repair minor defect in exterior wall materials
  • Replace damaged and missing shingles
  • Seal driveway cracks

Interior

  • Repair leaking faucets and fixtures
  • Repair cracked and broken window panes
  • Have a professional electrician inspect receptacle & switches, then make necessary repairs
  • Re-caulk around bathtubs & sinks
  • Arrange service for your HVAC
  • Replace batteries in smoke & carbon monoxide detectors
  • Loosen any windows that are hard to open and close

Inspection Day

  • Clear entrance to storage sheds, attic, crawl spaces, basement, and garage. Clear paths of debris.
  • If the buyer will be present, then be away from the house for the duration of the inspection.
  • Keep pets in a safe location or remove them from the property if necessary.
  • Move objects away from water heater, furnace and air conditioner.
  • Provide all keys for any locked doors.

Disclosures

  • Disclose past fires, floods and major repair work.
  • Provide building permits or plans for any major renovations.
  • Provide invoices & warranties for major improvements like roofs, furnaces, and appliances.

This is not all-inclusive nor do you HAVE to do any of these items (possible exception of making sure your smoke detectors and carbon monoxide detectors are in working order). However, these items usually come up on home inspections, and buyers usually have questions about them and may ask that they be repaired/addressed prior to close of escrow.

Even if you don’t address any of these items, maybe inspect your home for yourself ahead of time so you know where you stand in regard to repairs.

Historical Interest Rates

I receive interest updates from several sources all the time. Recently, one source posted some historical interest rates along with the current interest rates. Thought I would share.

Currently, a 30-year fixed Mortgage rate is 2.77%, 3 basis points lower versus last week! 15-year fixed rate is 2.1%, unchanged versus one week ago.

Now for the historic interest rates:

  • Average 30-year Interest Rate in the 2010’s: 4.1%
  • Average 30-year Interest Rate in the 2000’s: 6.9%
  • Average 30-year Interest Rate in the 90’s: 8.1%
  • Average 30-year Interest Rate in the 80’s: 12.7%

Interest rates have an affect on home prices, as you might expect. When I purchased a home in the early 1980’s in South Orange County, it cost $157,000. That’s about what I could afford with a 12% interest rate! If rates were lower at the time, I, along with thousands of other buyers, could afford more home! It would most likely have driven up home prices (supply and demand).

In Escrow! 102 Plateau in Aliso Viejo

Barely had time to blink before we got this wonderful property into escrow.

This single family detached home located at the end of a cul-de-sac features three bedrooms, three baths and 1439sf of living space. Super floor plan that has great flow, spacious rooms bathed in light, and nicely updated and maintained throughout. Super private yard and garden, beautiful curb appeal and views from the serene master bedroom. Great home has so much to offer and at a great price! Listed at $722,000.

Call for more info or if you are ready to buy or sell 949-525-5905.

In escrow! 102 Plateau in Aliso Viejo