Orange County – McVeigh Properties

3 Must-Do’s When Selling Your House in 2024

Editor — Mon, 22 Jan 2024 18:41:28 +0000

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home. Keep these three best practices in mind when you’re ready to sell.

1. Price Your Home Right

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. Experienced Real Estate Broker, Sheralyn McVeigh can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years.

This is much more than what used to be the norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says: “Buyers want to easily envision themselves within a new home and home staging is a way to showcase the property in its best light.”
If you’re considering selling your house, contact Sheralyn 714-746-7088 so you have help navigating the process while prioritizing these must-do’s.

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The Top Reasons for Selling Your House

Editor — Tue, 07 Feb 2023 16:45:51 +0000

The Top Reasons for Selling Your House

Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains:

“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”

So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:

As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.

If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.

What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.

Bottom Line

When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.

What Experts Are Saying About the 2023 Housing Market

Editor — Tue, 10 Jan 2023 18:32:42 +0000

What Experts Are Saying About the 2023 Housing Market

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.com, adds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.

Wondering How Much You Need To Save for a Down Payment?

Editor — Tue, 03 Jan 2023 18:29:03 +0000

Wondering How Much You Need To Save for a Down Payment?

If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don’t let a common misconception about how much you need to save make the process harder than it could be.

Understand 20% Isn’t Always the Typical Down Payment

Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):

Learn About Options That Can Help You Toward Your Goal

If saving for a down payment still feels like a challenge, know that there’s help available. A real estate professional and trusted lender can show you options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.

Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

To understand your options, be sure to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.

Bottom Line

Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. You’ll also want to make sure you have a trusted lender so you can explore your down payment options.

The Ins-and-Outs of Home Inspections

Editor — Wed, 14 Dec 2022 18:00:35 +0000

The In’s and Out’s of Home Inspections

The Ins-and-Outs of Home Inspections

Home Inspections are crucial for real estate transactions. Home buying is stressful as with any large investment. No house is perfect. There will always be items to fix. Maintenance with all homes is never ending. Setting expectations with all parties is key for the inspector and realtor on either side. Most homes have minor issues while some have significant deferred maintenance that can be costly. The home price should reflect the difference between turn-key and fixer. Problems arise when a home’s value does not reflect this accurately. A bad house price can kill any deal, especially if there are significant costly defects that need to be addressed.

A good home inspector should provide an overall assessment condition of the home and find items that need service. Home Inspectors are generalists, they are evaluating thousands of components within a few hours of time. Buyers and sellers should expect the Inspector to find items that need service. A good inspector will provide an overall assessment and have photos ready in the report that can be reviewed by all parties.

Inspection Day – What to Expect?

Your inspector should encourage your attendance. Buyers should be encouraged to ask questions and review house components with their inspector. The inspector should show clients where the main electrical panels are located, the water and gas shut off locations, etc. and anything else significant in regard to defects or potential safety hazards.

Inspectors love vacant homes however this is not always the case. The seller or tenant will usually leave the property during the inspection, however some like to linger. No real estate transaction is alike when you add personalities into this. Take advantage of the situation. Don’t be shy to ask the sellers or tenants about the history of the property, repairs completed, neighbor relationships, etc. You would be amazed what information people like to share.

Buyers are entitled to investigations of the property. Ask any questions on your mind. Tell the inspector you want a thorough tour of the home that satisfies any anxieties, stress, and curiosity. A full understanding of the home should include the good with the bad. Knowledge is power.

Inspection Reports – How to Read Them

After your inspection is completed, you should expect a thorough pdf. file report with photos. As boring as it can be, read the entire report. Do not skip pages. A Summary report with Need Service items is common, however for a full understanding read the entire report.

Most buyers are concerned about costly repair items that will need to be prioritized. Significant safety issues should also be addressed.

Further evaluations by licensed trade professionals recommended are common. Electrical, plumbing, heating/AC, roofs, etc. the list of components can feel endless since homes have thousands of components. If the home inspector finds issues, they may refer you to consult with a specialist. The specialist within your contingency period can provide estimates and further opinions. This can impact a client’s decision to move forward with purchasing or back out of a potentially bad investment.

Every buyer and agent should feel comfortable reaching out to their inspector to explain the report in further detail. This is crucial because repair costs and defects can be complicated, and most clients are not construction experts. Your inspector should always encourage questions and offer lifetime home maintenance advice.

About the Inspector:
Justin Watts, owner of American Dream Home Inspection is an International Code Council Certified Residential and Commercial Building Inspector has provided thousands of real estate inspections throughout Southern California. He is a Court qualified Expert Witness and has testified in cases involving construction defects, home inspection standards of care and landlord/tenant disputes.

Justin D. Watts

American Dream Home Inspection

Direct: (949) 331-2602

website: www.americandreamhomeinspection.net

E-mail: americandream1@cox.net

Questions To Ask Your Orange County Realtor

Webmaster — Mon, 02 Apr 2018 18:25:53 +0000

1. Are you a full-time professional Realtor®? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.

2. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. They typically work on a referral basis, and, as their businesses grow, they must be able to deliver the same or higher quality service to more people.

You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?

3. Do you have a Website that will provide me with useful information? Can I have your URL address? Who responds to emails and how quickly? What’s your email address?
Many homebuyers prefer to search online for homes because it’s available 24 hours a day and you can do it in the privacy of your own home. By searching your real estate agent’s Website you will get a clear picture of how much work you would be able to accomplish online.

4. Will you show me properties from other companies’ listings?
Some real estate companies do offer their buyers’ agents a higher commission if they are able to sell “in-house” listings. In such circumstances, there can be added incentive to limit the range of homes you are shown. This may impact your home search and how much your buyer agent’s fee will be.

5. Will you represent me or will you represent the seller? May I have that in writing? How will you represent me, and what is the direct benefit of having you represent me?
The goal here is to ascertain to whom the real estate agent has legal fiduciary obligation, which may vary from state to state or even locale to locale. In the past, agents always worked for sellers. Then the listing broker was responsible for paying the agent or sub-agent that brought a suitable buyer for the home. And even though the buyer worked ‘with’ an agent, the agent still represented and owed their fiduciary duty to the seller.

10 Super Quick Tips To Sell Your Home Faster

Webmaster — Tue, 27 Mar 2018 02:53:17 +0000

Get familiar with the market
Get a home estimate or consider an appraisal
Think about how much the sale will cost you
Check your credit reports
Review state tax records
Hire a realtor
Paint and repair
Take note of simple home upgrades
Clean, clean, clean
Utilize a photographer

8 tips for first-time homebuyers in Orange County

Webmaster — Sun, 04 Mar 2018 18:53:38 +0000

The first-time homebuyer has become near extinct in Orange County. With the spring homebuying season now in full swing (March through June are the year’s four busiest months), here are 10 tips for first-time homebuyers:

Determine what you can afford – The first step is to meet with a lender, review your own finances, and see what you can afford with a downpayment. If you can only realistically afford a home at $400,000, do not waste your time looking at a home that is $700,000. As a real estate expert, we often warn not to shop for the most expensive home you can qualify for, unless you can truly live with the payment that comes with it.
Check for down-payment assistance – As a first time homebuyer, check to see if you qualify for one of the down-payment assistance programs. In Orange County, a family of four can qualify for state and federal assistance even with an income as high as $108,350, said Karla Lopez del Rio of NeighborWorks Orange County, a HUD-approved housing assistance agency. Do not assume your income is too high.
Get pre-approved – Getting a lender to pre-approve a loan before you shop. This can make your offers more attractive, and protect you from keeping deals from falling apart. Additionally, get all the documentation you’ll need for the loan process. Speak to your lender about what you need. When home shopping, be sure to avoid taking on new credit at that time. Keep your credit card balances below 30% of your credit line.
Pick an agent who is right for you – Look for an agent with whom you can communicate with. Feel free to take on an interview approach. Keep in mind that an agent works for you and needs to be concerned with your best interests. Make sure that you find someone who you can trust and is informed and knowledgeable.
Find a home you can afford – Make a wish list of where you want to live and what you want to have in your home. But, don’t fall in love with a home without acknowledging its flaws. Move on from a home if the asking price is unrealistic or if the seller is being unreasonable…or if the bidding rises beyond your budget. Be willing to research and discover multiple properties prior to committing to one.
Scope out the neighborhood – Your agent should provide you with local information about the neighborhood. Then, walk and drive the neighborhood, meet people, and get a feel for what it would be like to live in the community. Spending time around the area will help you find out if it’s truly a place you can live.
Make a realistic offer – While buyers have limited negotiating power in the current market, be savvy with your asking price. Be willing to place an offer a little over the asking price but always keep it within your budget. With that, you might run into trouble getting a loan if your offer is higher than the lender’s appraised value of the home. Lenders won’t approve the loan if the appraisal is less than the loan amount.
Find a good home inspector – Be aware of deadlines during escrow. And respond in a timely manner to the home and termite inspections, seller disclosures and the preliminary title report so you don’t miss your chance to opt out if a problem arises. Read your loan documents or get someone you trust to help you understand what’s in them. The two most important things to look for in your loan packet are the settlement statement (listing all the costs and fees of the loan) and the note (the actual loan contract).

5 Upcoming Neighborhoods to Buy in OC

Webmaster — Sat, 03 Mar 2018 17:35:59 +0000

Orange County is a unique area often considered to be the suburbs of Los Angeles or even San Diego. That being said, there is plenty of personality, charm, events, and character that make OC stand out amongst others. It’s no wonder that housing prices have steadily risen over the past few years.

There might not be many secrets due to the area’s recent notoriety, but here are five neighborhoods you may not have previously considered as excellent places to live in Orange County.

1. 1. 1. Aliso Viejo – With new homes, interesting architecture, and plenty of space, Aliso Viejo is an up-and-comer. Considering homes next door in Mission Viejo are regularly exceeding $1,000,000, this area still remains relatively lower cost with growth potential. The city has done an excellent job of drawing the right type of people to the area and progressively building a tremendous community.
    2. Seal Beach – The city is often considered old (currently), but the existing infrastructure and shoreline location means big things for this city. Seal Beach maintains a beautiful and private section of the Pacific Ocean exclusively to itself. With restaurants and shops covering all interests, this area could quickly become a tourist haven or a smart place to invest in right now. The median home price is nearly a quarter of most beachfront property located in and around Orange County.
    3. Santa Ana – Near downtown, or the artist’s village, you can find plenty of buzz swirling around activity and passion. Coastal locations often get the most recognition, but Santa Ana has dramatically upgraded within the past year. The community was regularly considered rough for many years. Yet, in a very short amount of time, the change has been dramatic and non-stop. Young people have spent much time and energy to help move this city forward. Due to their efforts, among others within the community, Santa Ana now boasts a variety of hip restaurants, pubs, and events. This place has suddenly become a hotspot for young professionals and students.
    4. Fullerton – California State Fullerton has always given this community some life, and has frequently infused energy and excitement into the local establishments. The mix of student community and professionals has a perfect blend that creates an excellent balance. Typically, we consider a level of risk when thinking about a college town that can support the party scene. In Fullerton, the student population does not seems to cultivate a great sense of community and sustain a strong sense of morals and values. You can find relatively affordable housing throughout Fullerton. Savvy home-hunters and investors can still find bargain condos that be turned into rentals and starter homes.
    5. Stanton – The smaller city of Stanton is certainly overlooked, but the homes are significantly lower. While Stanton might be very lowkey, you can head to Anaheim for baseball games or head to Disneyland. The location, itself, makes the city very valuable and likely to attract the right kind of people to it. The median home is priced at $400,000 and that will not last for long. The homes have already experienced a steady increase over the past few years. This is an area worth considering as it grows.

March Events in Orange County

Webmaster — Thu, 01 Mar 2018 15:11:49 +0000

Orange County lays claim to a variety of annual festivals and events. Whether you are looking for things to do this weekend or searching for an event later this month, there is always something for you to do. Check out the upcoming activities for this month (March):

47th Annual Festival of Whales (March 3rd to 11th, Dana Point)
The 2-hour whale watching trip is simply the best. During the festivals, whale watching excursions depart every hour from 8 AM to 4 PM. In between watch trips, you can spend time experiencing an array of other included events.

Cirque Du Soleil: LUZIA (March 1st to 25th, Costa Mesa)
LUZIA takes you to a reimagined Mexico. Full of surrealistic visual surprises and striking acrobatic performances, LUZIA delivers multiple places, faces, and sounds that are both traditional and modern to Mexico.

Dana Point Fine Arts Outdoor Art Show (March 3rd to 11th, Dana Point)
Dana Point Fine Arts Associations hosts their annual fine arts show at the Harbor Boardwalk. Experience award-winning artwork varying from watercolor to acrylic. Proceeds go to Dana Hills High School Art Program.

OCWineFest (March 10th, San Juan Capistrano)
Come celebrate the oncoming of spirits at the historical grounds of A Stones Throw Winery. Guests will have the opportunity to learn and sip on award-winning wines from around the globe and from California. Not to be forgotten, OCWineFest has included an array of tasty beers from local breweries around Southern California. The goal is to bring wine and people together in a way that blends fun, exploration, and education.

St. Patty’s Day Party (March 17th, Newport Beach)
St. Patty’s Day yacht party is full of Irish libations, authentic cuisine, and evening dance. 3-hours worth of fun in one of Orange County’s most beautiful locations.

OC Chili Winter Trail Run (March 24th, Trabuco Canyon)
Heat up your winter with the OC Chili Winter Trail Run. With 5, 7, and 10-mile jaunts and a post chili cook and campfire. Stay fit and well fed!

Zedtown (March 31st, Costa Mesa)
Orange County residents prepare for an impending zombie invasion experience at “Zedtown,” on March 31st at the Orange County Fairgrounds. Armed with only their foam blasters, thousands of Orange County defenders are invited to battle together to make it to the final stand in this post-apocalyptic adventure of Survivors vs. Zombies.