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Pat Owen Realty

Brea Real Estate, La Habra Real Estate, Orange County

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Selling this year could be the most you’ll ever get in your lifetime!

What Record-Low Housing Inventory Means for You

What Record-Low Housing Inventory Means for You | MyKCM

The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”
(See graph below):

What Record-Low Housing Inventory Means for You | MyKCM

What Does This Mean for You?

If You’re a Buyer:

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:

“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”

If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.

Posted in: Uncategorized

Must read info before you decide to sell your home.

3 Must-Do’s When Selling Your House This Year

3 Must-Do’s When Selling Your House This Year | MyKCM

It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.

1. Price Your Home Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s bank will send an appraiser to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the price after the appraisal. A real estate professional will help you set the true value of your home.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):3 Must-Do’s When Selling Your House This Year | MyKCMThis is several years longer than what used to be the historical 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. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line

Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect so you have the help need to navigate through the process while prioritizing these must-do’s.

Posted in: Uncategorized

How to find your new home during a Pandemic…

A New Way to Shop for Homes in a Virtual World

A New Way to Shop for Homes in a Virtual World | MyKCM

In a year when we’re learning to do so much remotely, homebuying is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.

This year, rather than delaying their home purchases, buyers – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside. Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), says:

“People really didn’t buy houses sight-unseen, traditionally. It’s still not a huge number, but it has gone up, and we have definitely seen that trend accelerate.”

According to NAR, throughout the coronavirus pandemic, one in every 20 homebuyers purchased a house sight-unseen.

How Your Real Estate Agent Will Pave the Way

Today, real estate professionals are using digital practices to help homebuyers and sellers walk through many steps in the process virtually. While following the regulations set forth by the CDC and all local guidelines, this year, agents quickly empowered buyers and sellers with virtual tours, 3D floor plans, high-quality photos, videos, online open houses, and more. For those who had homebuying and selling needs in 2020, trusted advisors made it possible in many markets.

Here’s a graph showing some of the digital options buyers found most helpful in their searches this year, as noted by NAR in the 2020 Profile of Home Buyers and Sellers:A New Way to Shop for Homes in a Virtual World | MyKCMThe report also mentions that buyers this year generally searched for eight weeks. Throughout that search, they viewed a median of 9 homes, but not all of them were seen in-person. Yahoo Finance notes:

“Buyers viewed five homes online and four homes in-person during the pandemic, compared to nine homes in-person in 2019, according to NAR. This was the first year NAR asked buyers to specify the number of homes toured virtually.”

In true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they didn’t have to unnecessarily walk into more homes than they needed to see throughout the process. Here’s the breakdown by region:A New Way to Shop for Homes in a Virtual World | MyKCMAt a time when health and safety are top priorities, current technology is making it possible for buyers and sellers to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic. For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process. Safety can come first, and trusted real estate professionals are here to help.

Bottom Line

If you’re ready to make a move, you may not have to press pause on your plans this season. Let’s connect to determine the safe and effective options to buy or sell a home in our area or wherever you’re looking to move.

Posted in: Uncategorized

Working at home is no longer the exception… it’s becoming the norm.

Why Working from Home May Spark Your Next Move

Why Working from Home May Spark Your Next Move | MyKCM

If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.

While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.

A recent study from Upwork notes:

“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”

To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.

The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):Why Working from Home May Spark Your Next Move | MyKCMIn some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:

“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”

Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.

Bottom Line

This has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.

Posted in: Uncategorized

Down Payment Assistance For All Buyers!

How Down Payment Assistance Opens the Door to Homeownership

How Down Payment Assistance Opens the Door to Homeownership | MyKCM

Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.

On top of that, the same survey reports over two-thirds of prospective homebuyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers. Down Payment Resources recently released its Q3 2020 Homeownership Program Index, which explains:

“The number of total programs is 2,340, and over 81 percent (81.1%) of programs currently have funds available for eligible homebuyers.”

Down Payment Assistance Programs Are Not Only for First-Time Homebuyers

Keep in mind, these programs aren’t just for first-time homebuyers, so it’s worth exploring your options no matter where you are in your homeownership journey. For example, if you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Rural areas have mortgages (USDA loans) that don’t require down payments; and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”

If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the assistance program you need might be within reach too.

If you’re interested in learning more about down payment assistance programs, additional information is available through Down Payment Resource. Your real estate advisor can help you decide which option is best for you personally.

Bottom Line

Thanks to a range of down payment assistance programs, affordable options are out there for today’s hopeful homebuyers. It’s important to get the financial education you need to understand the homebuying process and accomplish your real estate goals. Let’s connect today to get you started on the path to your dream home.

Posted in: Uncategorized

Are you ready for Multiple Offers? Check this out.

How to Prepare for a Bidding War [INFOGRAPHIC]

How to Prepare for a Bidding War [INFOGRAPHIC] | MyKCM

Some Highlights

  • With so few houses available on the market today, being ready for a bidding war is essential for prospective homebuyers.
  • From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home.
  • Let’s connect today to be sure you have the guidance you need as the competition for homes heats up this season.

Posted in: Uncategorized

Home Equity Continues To Grow!

Rising Home Equity Can Power Your Next Move [INFOGRAPHIC]

Rising Home Equity Can Power Your Next Move [INFOGRAPHIC] | MyKCM

Some Highlights

  • According to CoreLogic, homeowners across the country are gaining significant equity.
  • Over the past year, the average homeowner gained $9,800 in equity, growing their overall net worth.
  • If you’re ready to sell your house and begin looking for your dream home, let’s connect to plan how your equity can make that possible.

Posted in: Uncategorized

Market Projection

Where Are Home Values Headed Over the Next 12 Months?

Where Are Home Values Headed Over the Next 12 Months? | MyKCM

As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values. After years of rising home prices, would 2020 be the year this appreciation trend would come to a screeching halt? Even worse, would home values begin to depreciate?

Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic).

However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed:

“The only major industry to display immunity to the economic impacts of the coronavirus is the housing market.”

Have prices continued to appreciate so far this year?

Last week, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index. The report showed home prices actually rose 6.5% from the same time last year. FHFA also noted that price appreciation accelerated to record levels over the summer months:

“Between May & July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”

What are the experts forecasting for home prices going forward?

Below is a graph of home price projections for the next year. Since the market has changed dramatically over the last few months, this graph shows forecasts that have been published since September 1st.Where Are Home Values Headed Over the Next 12 Months? | MyKCM

Bottom Line

The numbers show that home values have weathered the storm of the pandemic. Let’s connect if you want to know what your home is currently worth and how that may enable you to make a move this year.

Posted in: Uncategorized

Seller’s Market!

https://patowen.com/wp-content/uploads/2020/09/Ready-to-Sell-Homebuyer-Traffic-Is-on-the-Rise-1.mp4

Posted in: Uncategorized

About Us

BREA’S BEST REALTOR & TOP REO AGENT

Listing and selling real estate since 1990. Pat Owen’s Brea office is located within a few miles of four different county lines: Orange County, Los Angeles County, Riverside County and San Bernardino County. This allows him to service 100’s of cities with ease. He and his staff are well versed in all aspects of real estate listing and sales including: REO, short sales, probate, trustee sales, auctions and standard sales. Call Pat today at 888-PAT OWEN (888-728-6936) for all of your real estate needs. His Newport Beach office specializes in beachfront homes and services the OC coastline as well as South Orange County.

DRE BROKER LIC# 01076539

Serving The Following Cities:

Alhambra, Aliso Viejo, Aliso Viejo, Alta Loma, Anaheim, Anaheim Hills, Arcadia, Arlington, Artesia, Artesia, Azusa, Baldwin Park, Bell, Bell Gardens, Bellflower, Belmont Shore, Bixby Knolls, Brea, Bristol, Brookhurst Center, Buena Park, Cabrillo, Canyon Lake, Carson, Cerritos, Charter Oak, Chino, Chino Hills, City of Commerce, City of Industry, Claremont, Corona, Costa Mesa, Covina, Cudahy, Diamond Bar, Dominguez , Downey, East Los Angeles, El Monte, El Toro, Etiwanda, Federal, Fountain Valley, Fullerton, Garden Grove, Gardena, Glendale, Guasti, Hacienda Heights, Harbor City,
Hawaiian Gardens, Hazard, Holiday, Huntington Beach, Huntington Park, Inglewood, Irvine, Irwindale, La Habra, La Habra Heights, La Mirada, La Puente, La Verne, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Elsinore, Lake Forest, Lakewood, Long Beach, Los Alamitos, Los Angeles, Los Nietos, Mesa Center, Mira Loma, Mission Viejo, Monrovia, Montclair, Montebello, Naples, Newport Beach, Norco, North Long Beach, Norwalk, Olinda, Ontario, Orange, Paramount, Pasadena, Pico Rivera, Placentia, Pomona, Quail Valley, Rancho Cucamonga, Rancho Santa Margarita, Riverside, Rosemead, Rossmoor, San Clemente, San Gabriel, San Juan Capistrano, Santa Ana, Santa Fe Springs, Santa Margarita, Seal Beach, Signal Hill, South Gate, South San Gabriel, Sun City, Sunkist, Torrance, Trabuco Canyon, Tustin, Upland, Villa Park, Vista del Mar, Walnut, Walnut Park, West Covina, Westminster, Whittier, Yorba Linda

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