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The Dangers of Overpricing Your Orange County Home

Whether you’re in Newport Beach, Laguna Beach, Corona del Mar, or elsewhere, the dangers of overpricing your home are the same: It just won’t sell. Simple enough, no? Well, if you’re still curious, then read on to explore the reasons that pricing your home too high for the coastal Orange County market is perhaps the worst thing you can do when trying to sell.

Say you love the old tile smattered over your split-level floor plan. You feel the pool you installed for six figures was an excellent investment. Your afternoon naps simply wouldn’t be the same without those blaring trains. You love everything about your home, so it must be worth a little extra, right? Not necessarily.

An all-too common mistake by those selling a home in coastal Orange County (and literally everywhere else) is that they overvalue their property. Maybe they want to recoup their investment on costly improvements. Maybe their personal taste doesn’t match with market trends. Maybe they did some misguided research, or maybe they’re just going with their gut. Whatever the reason for an unrealistic sense of their home’s value, they can all be deadly to a listing’s chances.

Inevitably, a portion of sellers will heed poor advice from agents who will say anything to sign a listing. Others may scorn the advice of a good agent. But what really happens when a home is overpriced?

More is Less

Ironically, if your listing is overpriced, it’s more likely to sell for less than if you had priced correctly at the outset. Buyers are often reluctant to offer a “lowball” price to an overpriced listing, for fear of wasting their own time or possibly offending the sellers. Sure, some bold buyers might decide (or be convinced by their agent) to bid low, but many more of them won’t even bother.

When a listing is priced too high, buyers will move on to spend their time and energy on the reasonably priced listings in the area. They don’t want to waste their effort. That leads to decreased competition for the overpriced listing, and in the end a lower sales price. Good agents can spot an overpriced listing from a mile away. When they spot one, they will know that their clients needn’t worry about getting stuck in a bidding war. A seller who has overpriced should expect to see lower bids and fewer of them.

Losing Steam

Your first days and weeks on the market are the most crucial. When your listing goes live on the MLS, it triggers a cascade of events meant to help drum up interest in your property. Notifications are sent to buyers and agents through automated MLS alerts and search websites like Zillow, when a home that meets their criteria hits the market. If your listing is overpriced, those alerts won’t get a second look. In fact, if your pricing is way off, those alerts won’t even go to the “right” subset of buyers at all. Either way, you’ve wasted an opportunity.

As soon as your listing goes live, open houses and broker tours will populate on search sites, and your agent’s marketing plan should be in full swing. Snail mail, email, social media, agent networking—everything is full-speed ahead to supercharge your entry into the market. But, if you’ve priced too high, then you’ve stymied that effort from the get-go. Overpricing is an exercise in self-sabotage.

Going Stale

Once the initial marketing period is over, an overpriced listing will continue to linger on the market. And linger. And linger. And linger… you get the point. “Going stale,” in industry lingo, means being confronted with two options. First, you can simply wait. Perhaps you have the time to wait for conditions to improve. You’re not in a rush, and at the very least inflation will catch up to your unrealistic expectations eventually, right? Some sellers choose to pull their home off the market, but many don’t have that kind of time to spare, or they don’t want to live in listing limbo.

Your second option is a price drop. Sometimes, a price drop is a perfectly reasonable course of action; if it’s spurred because of a shift in market conditions, then you’re at least somewhat insulated by the fact that everyone else is floating in the same ebbing tide. However, if you must drop your price due to your own initial mistake, then you’ll turn into easy prey. Much like the lion that hunts the sickly gazelle, buyers will identify your listing as fundamentally weak. Offers will come in low, and buyers who see multiple price drops will just wait around for the next one.

Hitting the Sweet Spot

The dangers of overpricing highlight the importance of finding an agent who you trust. You deserve a real and honest discussion. At the Stavros Group, we apply our experience in Newport Beach, Laguna Beach, Corona del Mar and beyond to fit your needs, and we offer guidance based on the realities of the market—good or bad, up or down. We are your trusted advisor in selling or buying a home in coastal Orange County. If you’re considering making a change, reach out to start the no pressure conversation and we’ll discuss all your options.

The Importance of Interest or: How I Learned to Love the Fed

The year is 1984, and despite Orwellian predictions to the contrary, nothing seems to be going poorly at all as you amble down your tree-lined street. A neighbor cheerfully hollers across the road, but with Purple Rain cranking through your Walkman, you can’t quite make out what he said. Nudging the headset off one ear, you hear him repeat, “Howdy neighbor!” Well, howdy, yourself!

You’ve rented here for quite a while. It’s a sleepy little suburb with friendly folks and good schools. For years, you’ve saved diligently with the goal of making an offer on one of the charming homes for sale that you see every day on your walks. Browsing the Yellow Pages and consulting with friends, you finally found a real estate agent who you can trust. Now all that’s left is to get approved for a mortgage! Considering your outstanding credit, the lender is willing to make a deal—thirty years fixed at a low rate of just fourteen percent!

Today’s Rates are Hard to Beat

It may seem crazy to young homeowners and aspiring buyers, but throughout the 1980s the national average mortgage interest rate was well into the double digits. Recession and inflation starting in the late 70s prompted drastic measures from the Federal Reserve who cranked up interest rates to even as high as twenty percent. Since then, and especially after the financial crisis of 2008, the average rate has seen a precipitous decline. After years of wavering around four percent, the notion of a thirteen or fourteen percent mortgage is unthinkable to most new and would-be homeowners.

Let’s compare an average 30-year fixed-rate mortgage in August 1984 with August 2019:

Loan of $200,000, 30-yr fixed
- August 1984 avg rate: 14.47%
  - Total cost over lifetime of mortgage: $879,962
- August 2019 avg rate: 3.62%
  - Total cost over lifetime of mortgage: $328,154

In 1984, your mortgage would cost over four times the amount borrowed over the course of the loan. Whether you’re bearish or bullish on the economy as a whole, with a little perspective it’s abundantly clear that home buyers have it very, very good these days. As an extreme example, the stark contrast illuminates how important interest rates are in a home purchase.

Using more recent and normal examples, the current average still beats recent rates including just last year. In August 2018, an average fixed-rate loan of $500,000 would cost you $917,389 over 30 years. One year later in August 2019, you would save nearly $100,000, at $820,386 over 30 years. That’s a huge difference and huge savings after a rate drop of less than one percent (4.55 to 3.62%).

Use Low Interest Rates to Your Advantage

So what does this all mean? First off, it’s clear that buying a home when rates are low is the most effective strategy to ensure that you’re getting a good deal. Both buyers and sellers benefit when rates are low, as buyers can afford to borrow more money for less overall cost. When buyers can afford bigger and better homes, competition is increased across the market, listings garner wider interest, and ultimately sellers receive higher offers and closing prices. All at essentially no extra cost to the buyer, because their money simply went further at a lower interest rate.

This also means that homeowners who purchased recently could be eligible to save big by refinancing an existing mortgage above current rates. According to analytics firm Black Knight, four out of five mortgages originating in 2018 are at least 0.75% higher than today’s rates. Additionally, they found that most mortgages from before 2004 could have rates lowered by about 1.75%, leading to massive savings.

We’re Happy to Help

Inevitably, the Federal Reserve will raise interest rates and the market will retract to some degree. Of course, nothing about the economy happens in a vacuum, and there are always countless extenuating factors. So we’ll skip making bold predictions. Instead, we will simply recommend this sage old advice: “Get while the gettin’s good.” Rates are nearly as low as they can be, and real estate is entering its most active time of year. If you’ve been thinking of buying or selling, now is an excellent time to do so! Give us a call to find out how we can help.

How Does Smart Home Technology Affect the Sale of My Home?

In the 1950’s, homeowners were wowed by dreams of the future, with flying cars, self-baking ovens and automated vacuums. Many of these concepts have come to life with smart home technology, though not necessarily in the way they were once imagined.

Smart homes today revolve around making life easier, letting you adjust everything from temperature to lighting from anywhere in the world. These types of improvements do a lot to attract millennial buyers who have grown up with technology and look forward to its integration into the home.

A Little Does a Lot

Having access to tech in a home office, kitchen and bathroom will set your home apart from other houses without such modern conveniences. Fortunately, unlike completely remodeling major portions of the building, adding value to your Orange County home with smart tech won’t break the bank.

Spending around $1,000 before putting your Newport Beach house for sale, a paltry sum where renovations are concerned, will result in significant gains on the housing market. Though these aren’t always monetary, it can result in a faster sale since these features are very attractive to buyers that would be interested in installing some of the same units themselves.

Doorbells and Detectors

Many tech tools don’t take much of a time investment when it comes to installation but provide a host of benefits that you and future homeowners will inevitably enjoy. Some of the most common items that will help craft the perfect smart home include:

Video Doorbells – Security is always a major concern, and being able to keep an eye on your front door while at work or even in the shower makes a home feel that much safer.

Smart Locks – Another front-door option, these take a little more effort to install but the added security and keyless entry options make it a worthwhile addition.

Smoke Detectors – Knowing anytime when there’s a fire or batteries need changing is a definite boon, and the cost of multiple detectors can be offset by smart devices that listen for the alarms already present in your house.

Thermostat – The first real integrated smart device, this can ensure your home is always at the correct temperature and can even respond to voice commands when you’re relaxing on your couch!

Light Bulbs – Lamps on timers have been a mainstay of vacationers for decades, but smart bulbs will turn on with your phone, and many can even adjust color and brightness on a whim!

Smart Speaker/Hub – Alexa and Echo, Amazon and Google’s smart-home supermodels, are just two examples of units that respond to your voice and tie all of your tech together into a cohesive unit.

These simple upgrades will transform your home, and even though they seem like superficial additions they let possible buyers see your house as more than building. Safety and security are just as important as comfort and convenience, and when it’s all integrated it becomes one irresistible package!

Room to Improve

While all of this technology does wonders for your home, you also need to consider which rooms will benefit most from electronic additions. Every area can be upgraded, but certain tech fits more easily in specific locations.

Living rooms or gathering spaces are definite spots to create a centralized hub for technology. Having your smart hub where everyone congregates makes it much easier to control and monitor the house while entertaining, and hose-shoppers will take notice when the primary living space is set up to be a control room for all of their toys.

Another space that benefits from these upgrades is the kitchen. While a smart refrigerator is more expensive than other options, adding high-tech appliances to the most complex room in the house makes it that much more alluring. Even something as simple as adding receptacles with USB ports by the nightstand can be a deal-maker!

Selling My Home With Savings

It’s not just a fancy screen on a dryer that makes it a big selling point. Making your home smarter also makes it energy efficient. If lights turn off when you aren’t home and thermostats regulate heat and cooling efficiently, homeowners are going to see a drop in their energy bills. High tech security also looks good to insurance companies, so fire alarms and video doorbells are a definite win for you and potential buyers.

Getting your house ready for the Orange County real estate market is never easy, but make sure you keep smart home technology in mind as you prepare to put your Newport Beach house for sale. The added value comes in a variety of ways, and if spending around a thousand dollars helps you make the sale more quickly, it’s an investment any homeowner can get behind!

If you find it time to buy or sell your home in Orange County, I hope you’ll think of me!

The Best Newport Beach Neighborhoods: A Look at West Newport

You’ve decided to make the move to Orange County and you’ve even started browsing some houses for sale in Newport Beach. If you’re new to the area, the next step in your house hunting journey you may be thinking, “What is the best neighborhood for me?” We’re here to help!

Welcome to the next edition of our Neighborhood Spotlight Series, where we provide a little insight into some of the best neighborhoods Newport Beach, Laguna Beach and Corona del Mar have to offer, so you can feel more comfortable in the purchase of your new home in Orange County.

This month we will be featuring West Newport, a neighborhood in Newport Beach that boasts over two miles of coastline and some of the best beaches in Newport. West Newport is ideally located where the coastline splits into the mainland and Balboa Peninsula, giving it a ‘beach city’ culture. This means West Newport residents enjoy the best of both worlds, with the convenience of quick access to the rest of Newport Beach, as well as the restaurants, shopping, and attractions that the peninsula offers.

We have created an infographic to provide a quick glimpse into some of the housing and residential statistics that a potential homebuyer may be interested in. We hope you find this information helpful!

We happen to have a beautiful property currently on the market, that’s located on the edge of West Newport, but in a prime oceanfront location. This spacious multi-unit property at 2212 W. Oceanfront totals approximately 3,200 square feet and includes a 2-bed double-master unit with 3 baths upstairs, as well as a 3-bed, 2-bath unit downstairs. Both the upper and lower units feature a chic updated interior and stellar ocean views. The prime waterfront location provides convenient access to hip shops, restaurants and bars. Wake up with a stroll along the shore and an espresso at Urban Cup, pop in for lunch at local favorite Dory Deli, or enjoy a night out at newly-opened Fable & Spirit nearby. Whether you choose to rent both units or keep one for yourself, one thing is for certain: your residents will love waking up to the beach right outside their door.

We know that trying to settle on the right Newport Beach neighborhood as you’re looking at homes for sale in Orange County can be tricky, but here at The Stavros Group we’re here to provide a helping hand and make the process of buying the Newport Beach home of your dreams as easy as possible. Please do not hesitate to give us a call!

How to Improve Your Credit Score for an Orange County Home Purchase

When you are looking to buy a home in Orange County, the first step in the process should be evaluating your finances to determine just how much house can I afford? If you haven’t always had a clean payment history or have significant debt, you may be asking how to improve your credit score. Because a credit score is extremely important to lenders, this is an area for immediate attention. Credit scores affect lending rates, the amount you are eligible for, and often the payment terms. With a low score, you will be at a disadvantage when looking to secure funds for a new Laguna Beach or Newport Beach home.

While there are many prospects when considering Orange County homes for sale, the reality of the situation is that the cost of living in California is high and the better your credit, the higher budget you will most likely have to work with. When consulting with a real estate agent, like myself, we will try to get you the most for your max allowance in terms of a price point, but you need to be certain that you will be approved for the needed funds. There are few things you can do to improve your overall credit score before looking to buy a home in Orange County.

Avoid Late Payments

Your overall score is determined by several areas, but the history of how you pay your bills is the most significant impacting factor. Your bill payment history is equal to about 35% of your total credit score. Making monthly payments for outstanding debt on or before the due date will do a lot to increase your score.

Check Your Credit Score

There are several sites that offer free credit score reporting, and by staying on top of the activity, you will know how to address any problems. This can keep your score from developing errors.

Correct Errors in Reporting

If your score has dropped, look at the different areas and find out why. You can sometimes contact your company and ask them to remove reported late payments. You can even open disputes on items that are incorrect.

Reduce Your Level of Debt

The second largest area making up your credit score is the debt ratio. This is equal to about 30% of your score and takes several factors into consideration. This will look at the number of open accounts you have and the amounts that have been utilized for each account. The rule of thumb is to keep your credit accounts 30% or below the available limit.

Keep a Strong Credit History

As the saying goes, there are many things that improve with age, and your credit score is one of those things. The longer your accounts remain open and in good standing, the higher your score will go. It is hard to keep something on your history, such as a car or house that has been paid off, but some of your revolving credit accounts can be of help to your financial situation. This category determines approximately 15% of your total score.

Balance Your Types of Credit

Install loans and revolving credit are the two types of accounts reported. By having both loan types on your credit, it displays a sense of familiarity with the lending and payment process. This improves your score and establishes credibility for lenders.

Reduce Credit Inquiries

Every time you open a new account or apply for financing, it puts a mark on your credit score. These marks will drive down your score. It is suggested to only make an inquiry once every six months or so.

Use a Personal Loan

If you are looking for a quick way for how to improve your credit score, getting a personal, secured loan might be the answer. With a lump-sum loan, you can pay off higher-interest debt accounts and manage payments. This still leaves you with credit history but allows you to remove negatively impacting accounts.

By improving your credit score, you become desirable to lenders. Not only will they provide a favorable loan rate, you will have increased access to higher limits and offers. This extension of funds will go a long way in ensuring you are able to purchase the Orange County home of your dreams. If you’d like to discuss your options in the Orange County real estate market, please feel free to give me a call!

Newport Beach Luxury Homes for Sale and Recent Updates

Summer is already starting to draw to a close, but temperatures are just beginning to pick up….as is the market!

We have a unique selection of Newport Beach Luxury homes for sale available at the moment — from a gorgeous luxury farmhouse to an ocean view duplex on Balboa Peninsula to a custom Santa-Barbara influenced home within walking distance to the beach. Whether you’re looking for some additional income or the perfect property for yourself, we strive to offer some of the best possibilities Orange County has to offer. And it has some stunners!

In other news, REAL Trends just released their 2019 America’s Best Real Estate Professionals list, and we are so honored to have been added to this list!

According to Steve Murray, the president of REAL Trends, “Those individual agents and teams who make up the 2019 America’s Best Real Estate Professionals represent less than 1.5 percent of all Realtors® in the country yet account for over 12 percent of the closed transactions and more than 22 percent of all the sales volume closed last year.”

What an amazing statistic to be a part of — our goal is to keep this momentum going and continue to perform our best for the best clients. I once read the following quote and it seems fitting:

“Don’t work for recognition, but rather do work worthy of recognition.”

This is what we strive to accomplish every day we come into work! Numbers are great, but a satisfied client is lasting.

We’ve had a few new spectacular properties come on the market recently that I must share with you!

Looking for an investment opportunity in Newport Beach, or just need a multi-unit property for you and your family? We’ve got a great one for you.

This ocean view dual complex home at 216 21st St. is a great income-producing property. This property comes fully furnished, and you can immediately enjoy rental income from existing short term rental bookings. The upper owner’s unit features 3 bedrooms and 2 baths, a large master, vaulted ceilings and open floor plan. The downstairs unit features 2 bedrooms and 2 bathrooms with a rear private patio. Both units completely remodeled with new cabinets, travertine floors, granite countertops, recessed and cable lighting, tankless water heaters and stainless steel appliances. Exterior and interior freshly painted. Newer windows and doors. Located close to Newport Beach Pier, restaurants, shopping and night-life. All utilities have been separated, making this the ideal income property.

And we can’t get over this gorgeous luxury farmhouse-style home at 2101 Leeward Ln. that was just reduced by $220,000! Completed in 2019, this exceptionally appointed home in Newport Beach’s Dover Shores community showcases on-trend style and state-of-the-art smart-home technology. Curb appeal is off the charts, with Modern Farmhouse architecture complementing a soft-contemporary interior with 6 bedrooms, 4 baths and a bonus room in approximately 4,226 sq.ft.

As always, do not hesitate to reach out with any real estate questions or needs! We hope to hear from you!

Do I Need a Realtor When Buying a New Construction Home in Orange County?

Buying a home is a big decision with a lot of money on the line so it’s important to make sure that you are always protecting your own interests throughout the process. While most house hunters make use of a realtor when browsing Laguna Beach or Newport Beach homes for sale by owner, in order to receive assistance in finding just the right fit, buyers contemplating new construction homes in Orange County sometimes think that this means they don’t need a realtor. This is not the case.

A realtor’s work in your house hunting process is about a lot more than simply finding the home you are looking to buy. Your realtor is an expert in the field, capable of helping during every step of the process, many of those steps still present even when you’re buying one of the new construction homes in Orange County. Hiring the right realtor can help you avoid a big mistake and save you money on the right decision. Below we’re breaking down some of the important reasons that you may want to take into account before jumping into buying new construction!

All Representation is Not Equal

The main reason buyers opt to forgo a realtor when buying new construction is to save money, however, this is a mistake. Many builders’ model homes have real estate representatives working for them and although it may sound tempting to just work with this person throughout your home buying process, there are some things you should know. When you opt to work with a builder’s representative, you are working with someone who is representing the builder rather than you. This means that they have the best interest of the builder in mind, not the buyer. Deciding to hire your own real estate agent is electing to have someone that looks out for your best interest, working to get you the best value while making the process a stress-free one for you. That’s exactly what you get when you work with me.

They’ve Seen it All Before

There are lots of little details to consider and small problems to keep an eye out for, even when buying new construction homes in Orange County. A professional realtor, like myself, can bring their years or even decades of experience to the table to help make sure that nothing slips by and comes back to bite you.

They Can Help Catch Warning Signs

A realtor’s most valuable asset when you want to buy new construction homes in Orange County is their experience. Because I have no doubt seen hundreds of homes and encountered innumerable problems in those homes, I know when something which seems small can be a sign of a big problem. There’s nothing more disheartening than thinking you’ve found the right home only to have it fall apart during contract because inspection reveals problems you missed the first time. You get your hopes up for nothing and waste time chasing down a doomed-to-fail option.

Negotiations Can Make or Break You

When shopping for new construction homes in Orange County you’ll ultimately end up at the same point as if you were buying from a previous owner when you reach negotiations. It is vitally important to have a professional working on your behalf when submitting bids and counteroffers in order to make the best possible decisions.

They Can Help Find Financing

The benefits of choosing a realtor don’t end just because you enter contract when buying new construction homes in Orange County. I have connections in the home financing field who we can put you in contact with. This allows you to get a trusted financing partner and helps to simplify the process of searching.

Expert Eyes For Inspections

Just as I have specific financiers that I would recommend working with, I can also offer you assistance during the inspection as well by serving as another set of eyes to look out for troubles which were missed during your pre-purchase tours. By calling on my prior experience of problems, which have been found in homes my clients were in contract for, I have a long internal list of red flags that I can help check for to avoid unfortunate surprises after you move in.

New construction homes in Orange County are an excellent real estate opportunity for home buyers, allowing you to truly make a home your own by being its first resident. If you find yourself in the position of contemplating buying a new construction home in Newport Beach or Laguna Beach, then I hope you’ll think of me to assist you in this venture. With my years of experience and savvy negotiation skills, I promise to leave no stone left unturned, working tirelessly for your best interest until you’re comfortably settled in your brand new home!

The Best Bold Kitchen Trends for Your Orange County Home

They say that the kitchen is the heart of the home. It’s where traditionally families come together to cook and eat the majority of their meals. Now, due to the recent trend of open concept in Orange County homes, it has become one of the focal points of the home and a place where people spend much of their time, serving as the hub of the home. While all white has dominated the kitchen decor market for some time, there seems to be a recent trend to the opposite side of the spectrum in darker colors. Recently, homeowners are getting bolder in their choices of design features and even bringing back some vintage trends. Whether on the hunt for a new home in Newport Beach or making updates before putting your Laguna Beach home for sale, we’re sharing some of the latest bold Orange County kitchen design trends that could give your cooking space a whole new style.

Get Creative With Backsplash

Backsplashes have been popular for a while now, but the way homeowners are using them to vamp up their kitchen is evolving. Rather than just a small slab behind the counter, people are becoming adventuresome by extending them all the way up the wall. The portion of the wall in which tiles are used isn’t the only thing increasing in size — we now see larger slabs of tiles as well as a variety of textures and patterns taking over. If you’re looking to add a pop of color to your cooking space, this may be the way to do it, as you can pick from virtually any color tile to complement your kitchen area. Large slabs, such as quartz, marble, wood, glass, and stainless steel, are also becoming increasingly popular. With the endless amount of color, texture and material options, it’s no surprise that backsplashes are causing such a big, well, … splash.

Darken the Mood

Another decor trend that provides a multitude of options to be creative and have a little fun with is with paint colors. Slowly we see homes doing away with all traditional beige or grey walls, instead leaning towards more darker, moodier colors like navy, black and dark green. Check out our recent blog post about some of the hottest paint color trends to help spur your inspiration. Although pristine white kitchens are still popular at the moment, we’re seeing more and more people get in touch with their darker side, as well. If you’re looking for a bold update to your kitchen space, try a dark green wall or navy cabinets with gold hardware. It’ll surely make your space pop.

Add a Pop of Color

Remember the days that having all stainless steel appliances was the new, modern craze? Though their popularity still remains high, as they provide a sleek, modern look, some homeowners are becoming a bit more daring and opting for bold colored appliances such as red or blue. This 70’s era trend may not be for everyone, but for those looking to liven up their kitchen area a bit, going with one or even a few bolder appliances may provide the pop that you are looking for. Have fun with it a little and start with a blue or green toaster. If you find you like it then take the next step by replacing one of your larger appliances. One thing to remember, though, is that you want to ensure that your love for that red refrigerator will remain intact for the life of the appliance!

What are your thoughts on where kitchen trends are going? Do you like the bolder, more textured and patterned designs that are taking place or do you prefer the sleek, white, clean kitchen aesthetic? Whatever your preference, here at the Stavros Group, we aim to locate the perfect home for you, complete with either the kitchen of your dreams or a space you can envision once you add your personal touch. If and when the time comes for you to buy or sell, we would love to be of service!

The Best Apps to Make Your Orange County Home Search Easier

With over 3,000,000 people living in Orange County, the competition for homes for sale in Orange County is high. This constant struggle for housing means that the old ways of looking for properties are out. Looking for signs in the yard or reading the local paper no longer gets you the house you are looking for, and house hunters have now turned to technology to aid in their search.

As your Orange County real estate expert, it’s our mission to match you with the perfect home. That’s why we scour the market every day, attend private tours, and maintain a wide professional network of local realtors. We understand that sometimes during the house hunting process it’s only natural for buyers to want to browse the market themselves. There’s no doubt that looking through the gorgeous Laguna Beach or Newport Beach oceanfront homes for sale is exciting. With all kinds of real estate apps available these days, it makes it easy for our house hunting clients to browse through the inventory and bring ideas to us. Although nothing replaces the knowledge, experience and personal customer service that you gain from working directly with a realtor, there are some benefits in utilizing these apps in conjunction with your agent.

Since you may be inclined to browse the market in your spare time, we’ve listed some of the key features of the most popular home-search apps. Have a look:

Zillow

Many people consider Zillow to be the best home searching app. Zillow provides what it calls a Zestimate, which allows you to see the estimated worth of the property you are interested in. (Read a comparison we did on a few online home value estimators.) Bear in mind that this is just an estimate, so it’s always smart to work with a realtor to come up with the most accurate home value based on the current market and your needs. Tools on this app also give you the opportunity to look up various statistics and even search properties based on certain specifications, such as property type, price, region, and features. You can create your own account on Zillow to keep track of your searches and the information you gather.

Redfin

This app is helpful because of its holistic nature. The app updates every 15 to 30 minutes to keep you on top of the game. You can also draw a box around the area you are searching, and only see homes within that perimeter. Search on Redfin for homes for sale in Orange County, and get a thorough list of short sale alters, foreclosures, and sale-by-owner properties. Discuss your favorites with friends, family or your realtor by using the sharing tools that the site provides.

Realtor.com

The National Association of Realtors designates this app as its official search engine. Additionally, the organization has various connections with Multiple Listing Systems, meaning the app updates faster and lists more properties. Connect to your Google Chromecast through this app and stream information to your television. Filter your search based on price, square footage, or even schools in the area.

Trulia

This app is a great choice for those actively seeking to buy an Orange County home. The tools that the app provides have the sole purpose of helping you find the perfect home to purchase. One tool, for example, allows you to filter for very specific features, such as type of flooring. You can also utilize the mortgage calculator as you become more serious about a property, as well as take a thorough look at the home through the various photos and immersive video tours.

LoopNet

This option is great for those looking for properties with multiple units. It provides a wider range of detail about these properties than many of the other apps. LoopNet offers data on traffic, financial details, street views, and geography of Orange County real estate. The app allows the opportunity to consider these commercial or multi-unit properties whether you live in the area or not.

HomeSnap

This app is especially useful for buying a home with your partner or getting input from family and friends. HomeSnap has special features specifically designed for sharing and messaging not only home listings but also home features and details. The app also has the capability of displaying details of a home from just a quick photo of the exterior. Take a picture and see the estimated home value, related schools and ratings, taxes, interior photos, and more.

While nothing compares to the personalized experience you get from working with a seasoned Orange County real estate agent, in certain situations utilizing these apps may be beneficial in helping you get ideas on the type of home, price range, and the area you want to target. Having an idea of what you are looking for, whether it be one of the gorgeous Laguna Beach ocean view homes for sale or a brand new Corona del Mar home, although not a requirement, often makes the job of the real estate agent easier in locating your dream home, as well. Whatever step you are at in your house hunting process, we are honored to help you get you where you want to be. Please don’t hesitate to contact us today so we can discuss your home buying plan and get you into the Orange County home of your dreams!

When Is the Best Time to Buy a Home in Newport Beach?

As an Orange County real estate professional, I am often asked when the best time to buy or sell a home in Newport Beach is. It is no secret that the Spring and Summer months are when the real estate market booms — with, statistically, the most homes being purchased and sold in the month of May. There are many reasons for this, including the warmer weather, longer days and kids being out on summer break, that lead to a spike in real estate in these months. While these ‘prime’ months are no doubt a great time to make your big move in the real estate arena, this time of year isn’t the only good time to put your Laguna Beach home on the market and even purchase one of the beautiful Newport Beach oceanfront homes for sale you’ve been dreaming of. There are a variety of considerations that you should factor into your decision that are specific to each family, before determining when is the appropriate time to embark on the next chapter of your lives. We’re breaking down a few of the notable factors you should take into account before making this big life decision.

Finances

Thinking about where you are financially may be one of the biggest driving forces in determining when the right time for you to buy or sell is. When thinking about buying a new home in Newport Beach, some of the questions you may want to ask yourself are:

-Do I have the income and credit score I need to qualify for the loan I want?

-Do I have a down payment saved?

-Can I afford the extra costs that come with homeownership, like property taxes and maintenance?

Another thing to consider are the costs that come along with moving. You may want to take into account whether you’re just moving from one home in Newport Beach to another, or if you’re moving cross-country to a new home in Orange County. According to the American Moving and Storage Association, the average cost of a move within the state is $2,300, while moving across states costs, on average, around $4,300. Buying a home is a major life decision that should carefully be thought out so that you’re not starting out the new chapter of your life on the wrong foot.

Major Life Changes

However hard you try, it’s not always possible to precisely calculate when you plan to buy a home in Newport Beach. Life often gets in the way, and sometimes plans get disjointed. But what is the right homebuying process or timeline for one family might not be the perfect one for you, which is why it’s critical to take all matters into account and think through if your family may be going through any major life changes in the near future. Some such life events include:

-A new baby: do we need more room to accommodate a growing family? (Or on the flip side, do we want to downsize for the retirement phase?)

-A new job: will I be required to move to be closer to my new job and if so, will this be my forever home or just a temporary position?

-Relocating to provide better schooling opportunities for my children

-Relocating to be closer to relatives in need

Seasonality of the Real Estate Market

As mentioned before, the Spring and Summer months are statistically when most people tend to buy and sell homes. The days are longer, the weather is generally warmer, you’ve recently been issued your tax returns, and kids are out on summer break. Due to these reasons, there is typically a flock of buyers on the hunt during these months, making it a slight seller’s market. However, the fact that sellers may have a slight advantage shouldn’t dissuade buyers from coming out during these months, as there are also numerous benefits to buying during this time. Because of the high demand, there, in turn, are also generally more homes on the market, as well. Depending on the market you’re in, buyers could actually have some bargaining power if the saturation of homes is great enough.

Generally speaking, the winter months tend to be a slight buyer’s market, as there is not as much demand during this season, giving the buyer a bit more advantage. If you are extremely flexible about when you are able to sell your home and/or buy a new home in Orange County, then taking these seasonal trends into account might be key for you. However, life typically makes things a bit more complicated, so while it may be beneficial to take note of these trends, it shouldn’t be your driving force.

Local Market Trends

One of the final factors a potential seller or buyer should take into account is what the real estate market looks like in your area. Interest rates are unpredictable and are a factor you should probably not make your decision based solely on, however, can be a beneficial (or unfavorable) factor in your decision, so should be considered in the process. Are interest rates at an all-time low and expected to rise in the next year? If so, it might be the time to buy property in Orange County! Or vice versa. Interest rates may be extremely high and are predicted to improve over the next year or two, so you’ve been holding off on your home purchase dreams.

Whatever considerations you take into account, the best time to begin house hunting will be unique to each potential homebuyer. If you find that now is the best time for you and your family to buy or sell a home in Newport Beach, Laguna Beach or Corona del Mar, then I’d love nothing more than to help you accomplish your real estate goals, obtaining the best profit on your home and placing you in the new home of your dreams. Please contact me today so we can discuss a plan that best fits your family.