We filmed Ruben Rodarte, Prudential California Realty in Anaheim Hills, at Taps on August 26. He outlined a number of key points indicating that this is a prime time for the right buyer to take advantage of lower prices, tighter inventory, tighter lending practices and a lack of investors to compete against.
A total of 33,024 new and resale houses and condos were sold statewide in May.That was up 6% from April and down 10% from May of last year.Southern California sales volume from Ventura County to San Diego County was 16,917 as compared with 19,874 a year ago. Orange County’s total number was 2,266 which was a 15% downturn from May ’07.The median price went from $635,000 to $485,000.Yes there was another jump in California foreclosure activity. Souther California had a total of 65,309 Notices of Default issued the first quarter of 2008. Orange County had 7,082 which when compared with Los Angeles County at 20,339 and Inland Empire at 26,171, doesn’t seem so bad. Allo fo these numbers for Southern California, broken down by county are available to you. Simply call me and I will get them to you. (Source:Dataquick)
This is not a market for the inexperienced.I am here to answer your questions regarding selling your home or buying another one or entering into real estate investments.There was a lot I didn’t get to cover this month.Like the fact that agents are seeing multiple offers out there, particularly on bank owned properties.They are discounted so heavily to move them off the banks books that they are at fire sales levels.You may lose a home you really would like to buy because you try to low ball the already low price when 10 other offers are also vying for the property.There was a great article about in the Wall Street Journal, “Where Home Prices Are Holding Up” that stated cities, real cities, are hedging the market fairly well. (Answer: Boston, Chicago, New York, and San Francisco)Los Angeles was not mentioned because it is an urban sprawl, as is Orange County. If you would like a copy of this article or another WSJ article on bank owned properties just give me a call.But we may find a great silver lining, which is our weather, labor pool, diversified economy, and best of all; we are nearly built out on space.I predict supply and demand will make a comeback.
Residents who bought their home in Orange County in the past 3 years may find themselves with the somewhat good news of a temporary reduction in their property taxes. The county is allowing homeowners who believe their actual value is less than the assessed value to go through an informal review in order to possibly lower their taxes.
The form is available from the county, or clicking on our link for the Request for Informal Assessment Review. The deadline is quickly approaching - March 30, 2008!
A few things to remember:
1. Your assessed value may already be below the market value depending on when you purchased your property or had it significantly reassessed due to remodelling, etc. Find your assessed value at the county’s Tax Collector page.
2. Any victory will be short lived. Your property will jump back to the earlier (higher) assessed value when property begins to climb again. You will not be able to enjoy the cost of living maximum allowance of 2% per year dictated by Prop. 13.
Here is Dataquick’s chart showing the property taxes for a Prop. 13 home versus the median sales price home in Orange County in just seven years.
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