Summer Fun Contest Winners!!!!!  JonRon Team

Top cash prize winners - Ami McGloon  $225,  William Anderson $150,  Celeste Gonzalez $105.

$20 In and Out Burger Gift Cards: 

Joanne Fitz, Rosie Flores, Lyle Radeleff, TJ Van Dusen and Carole Wood.

 Wasn’t that fun?  Enter our next contest soon - “Back to School” by mail or on our website - JonRonTeam.com.

THE BEST BUYS ALWAYS COME WHEN OTHERS ARE NERVOUS OR CAN’T BUY. 

Check out this mortgage advice.  See the linked article on mortgage rates and new loan regulations.  Apparently some banks are offering “deeds in lieu” to more distressed homeowners.  For most short sales are a good option.

When you are ready to buy or sell be sure to call the JonRon RE Team at Keller Williams Realty.

BE THANKFUL FOR YOUR FREEDOMS THIS WEEKEND AND BE THANKFUL TO THE ONE WHO GIVES THEM.

(Reuters) - Demand for loans to buy U.S. homes shriveled to a 13-year low last week, following the expiration of federal tax credits, while near-record low mortgage rates stoked refinancing, the Mortgage Bankers Association said on Wednesday.

Yes there was a rush to get into escrow before the April 30 deadline for the tax credit.  But while that was a great bonus, there are a lot of buyers still looking for the right home at the right price.  They are not going to rush.  We think it is a buyers’ market in the sense that rates are super low right now.  Remember that one percent increase in rate means you have to buy the house 10% less to have the equivalent payment.   However in the OC we continue to see low housing inventory.  The low inventory definitely favors the Sellers.  That is why we would characterize the market as a BALANCED MARKET overall.  Remember that the market is spotty.  Some price ranges are hot and some neighborhoods are hot.  Call the JonRon Real Estate Team for real world, boots on the ground expert advice.

Existing home sales strengthened in March to 5.35 million, up 6.5 percent from February and 16 percent from last March. This is the ninth consecutive month of year-over-year increases. According to Lawrence Yun, NAR chief economist, the “home-buyer tax credit has been a resounding success,” increasing demand and stabilizing the market. In March, 44 percent of sales were from first-time buyers.

YIPPEE ! GOOD NEWS!

Mortgage Rates

Although mortgage rates continue to hover close to 5 percent, experts anticipate rates will increase to between 6 and 6.5 percent by the end of the year, since the Federal Reserve will need to raise them as the recovery gains traction to prevent inflation.

Affordability

Affordability remains near record levels, supported by the lowest mortgage rates in decades, low home prices, and the first-time home buyer tax credit. The home price-to-income ratio continues to remain well below the historical average of 25 percent. The ratio now stands at 14.7 percent.

BUY YOUR DREAM HOME NOW, before the rates go up.  CALL THE JONRON TEAM.

COMPLIMENTS OF THE JONRON TEAM and Fidelity Title.

Eat healthy - buy at the Farmer’s Market.

DON’T BE FOOLED BY STATISTICS or by the advice of Friends.

Listening to the news will mislead you.  Talk to a local Realtor.  Listening to your friends will mislead you.  Talk to a local Realtor.  Time and time again I am amazed at just How Local the real estate market is.  I just visited my daughter in Mid-Town Manhattan.  Talk about a unique local market!!!  In Orange County each city is different and each price range is different as far as real estate sales go. 

Consumers are smart but inventory is fairly low.  If you look at homes in escrow compared to the number active for each city it appears to range from 2 weeks supply to 7 months supply along the coast.  One always has to take into account the number of short sales that are showing pending sale status.  They do not clear out each month but linger from 2 to 10 months so in Aliso Viejo we see 240 pending sales and only 159 active listings.  A bank owned REO property came on in Laguna Niguel on Saturday listed at $816,000 with a new kitchen and panoramic views and by Tuesday there were 8 offers on the property.  This is because inventory in that move up price range is very low and the REO property can close quickly. 

For those of my friends living in the subdivision of Rancho Niguel in the city of Laguna Niguel there are only 13 properties for sale out of about 1100 homes.  That is a very low inventory for this time of year.  Total active listings today in Laguna Niguel for all prices is 293 and total active listings in the city of Mission Viejo today is 348.  Those are low numbers.

For real time market knowledge call a Realtor.  Actually call Jon Buck or Ron Buck the father son team at Keller Williams Realty (third largest in the USA).

NO NOT OC HOME BUYERS.  SPECTRAL TARSIER PRIMATES!  They live in Indonesia and hunt bugs at night.  Kind of like taking a second job at night to make that payment.

Sorry I couldn’t resist.  They are cute but “their eyes are bigger than their brains” according the the LIFE series currently on TV.  Now home buyers who bought in 2005 and 2006 might be feeling that way themselves.  Just remember that there are only 5 Mediterranean climates in the world and Orange County CA is one of them.  People will always want to live here.  I do.

Try to hang on.  The OC Register today said that “In Orange County the median home price was up 12.2 percent as selling prices increased in three-fourths of the local ZIP codes last month.  Just six of O.C.’s 83 ZIP codes had price gains in March 2009.”  The numbers of home sales have also increased for 21 consecutive months.  A ray of hope for home owners.

We track housing inventory in the MLS for four local cities (Laguna Niguel, Aliso Viejo, Mission Viejo & Dana Pt.) and we have yet to see any appreciable increase in available home inventory in April.  Numbers of “Active” homes went up about 10% in March but seem to be holding steady now. In the ”old days” spring was the big listing time for sellers.   We see the short sales running about 55% of all actives under 600K, so you have a chance as an equity seller to get top dollar right now because many buyers don’t want to wait it out.  For more information call the JonRon Team at Keller Williams Realty.

Great home for sale on a safe cul-de-sac with a PANORAMIC VEIW.  $734,900

New Kitchen & Baths plus a single loaded cul-de-sac.  This home has one bedroom/office downstairs and three up with an awesome canyon and city view from the master bedroom. Taxes are a low 1% with no Mello-Roos bonds.  The home is located in the Rancho Niguel Subdivision. Did we mention the ”Blue Ribbon” schools?  Everyone living in Rancho Niguel has the use of “The Club” which boasts a 8 tennis courts, 2 indoor racquetball courts, sports courts, weight room, kids pool and year around heated lap pool.  The club is guard gated and open 6AM to 9PM.

THE BAD NEWS IS YOU ARE LATE ON YOUR TAXES IF YOU HAVEN’T FILED YET!

The GOOD NEWS is that you have two weeks to open escrow on a new home and get the $8000 tax credit toward this years taxes.  If you miss that date there is a new California Tax Credit which is $10,000 taken over three years.  Even if there were no tax credit remember that the real estate taxes and the interest on the loan are tax deductible.

Now Realtors are not supposed to practice law or accounting so check with your tax professional.  Meanwhile contact the JonRon Real Estate Team to get a great home in Orange County.

Congratulations to the winners !

1st Place Cash Prize - Norbert & Aileen Deogracias 
2nd Place Cash Prize - Chris Sleeth                            
3rd Place Cash Prize - Nicole & Cliff Steel                
4th Place In-N-Out Gift Certificate - Sheri Feinberg
                                                              - Pete and Diana Hayes
                                                              - John and Maureen McNamara
                                                              - Kathy Pawlina
                                                              - Maggie Schmitz