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Orange County CA homes sales and median selling prices were up last month during February 2013.
Home Sold Prices Median at Orange County CA- during February 2013
Resale Homes – $529,500 – up 16.4 percent as compared with January 2013
Resale condominiums – $325,000 – up 30 percent from last month
New Homes – $676,000 – up 21 percent from last month
All homes – $477,000 – up 22 percent from last month – also up as compared with one year ago
Homes sold at Orange County CA – during February 2013
Resale Houses – 1,424 homes sold – up 2.4 percent from January
Resale condominiums – 679 homes sold – up 6.8 percent from January
New Homes – 149 homes sold – up 75 percent from January
All homes – 2,252 homes sold – up 6.7 percent from January – also up from one year ago
It's not surprising that the Orange County CA home selling market continues on a rebound and has lots of qualified and motivated buyers and not enough sellers.
However, the small number of homes listed for still as compared with last year limits options for buyers. This results in big-time buyer competition for homes and multiple offers, which drives prices and sellers expectations upward.
Even though this Orange County housing market is very favorable for sellers, I expect that the selling price upward movement should stablize and level off as home selling supply goes up and gets closer to buyer demand.
Source of information is DataQuick News and OCRegister.com.
Professional REALTOR® agent and broker representation - for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.
People ask us about strategy for listing and selling Orange County CA homes and real estate.
People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.
Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978. 
Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year. (This assessed value can be increased by as much as two percent per year by the county assessor.)
Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.
If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house - while taking advantage of transfer of Proposition 13 property tax basis.
California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).
Proposition 60 was a constitutional amendment approved by the voters of California in 1986.
This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met. This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.
The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:
a) Both the original property (former residence) and its replacement must be located in the same county. If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.
b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.
c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.
d) The replacement dwelling must be of equal or lesser value than the original property.
e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.
f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.
g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.
h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.
Professional REALTOR® agent and broker representation - for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.
People ask us about strategy for listing and selling Orange County CA homes and real estate.
In those very limited situations where borrowers qualify, a letter from the lender would be sent to the borrower spelling out the conditions of the "offer of mortgage debt forgiveness".
Because of possibility that such a lender letter could be a fraud or a hoax, title companies will need to do serious diligence in order to clear or eliminate the prior trust deed from title. Until completion of title company due diligence, there would not be a recorded reconveyance of a prior deed of trust.
Title companies must verify that the "offer of mortgage debt forgiveness" is valid, and that the borrower has not opted out and has in fact accepted the lender's offer.
Some borrowers are expected to decline such an "offer of mortgage debt forgiveness" because of significant tax liability on phantom income – and receiving a 1099 from the lender for the amount of the debt forgiveness.
In order for title company to verify all of the essential these facts, a third party authorization and full cooperation will be required from the borrower and lender.
If you as borrower receive such a letter "offer of mortgage debt forgiveness", be very careful. Contact the lender and determine all necessary facts, including contact information for the person at the lender making decisions. Then consult with an experienced real estate attorney or income tax professional about your decision whether to accept the offer.
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Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
People ask us about strategy for listing and selling Orange County CA homes and real estate.
Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.
Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.
Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.
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Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Buyers can search by city or address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.
“Millions of dollars go unused every year because home buyers are unaware of the various buyer assistance programs available to them,” said C.A.R. President Don Faught. “With California Mortgage Resource Directory, REALTORS® and buyers can quickly connect with any number of home buyer resources without having to search within each municipality individually.”
California Mortgage Resource Directory helps bridge the down payment gap for homebuyers and connects them with resources that they may not have otherwise known existed. The new directory is powered by Down Payment Resource, the nation’s only web-based aggregator of home buyer programs.
“With real estate-related searches growing more than 200 percent over the past four years, it’s clear today’s buyers are increasingly using online tools to find financial information,” said Rob Chrane, president and founder of Workforce Resource, creator of Down Payment Resource. “We’re excited to work with C.A.R. to deliver this valuable information to REALTORS® and home buyers alike.”
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Down Payment Resource, winner of the 2011 Inman News Innovator “Most Innovative New Technology” award, helps potential home buyers become qualified buyers by connecting them to hard-to-find down payment assistance funds. The tool was developed by Workforce Resource (www.workforce-resource.com) and is made available through Multiple Listing Services, REALTOR® associations, and nonprofits.
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Source of information is California Association of Realtors, February 19, 2013
Professional REALTOR® agent and broker representation and help for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
1,075 Newport Beach homes sold last year during 2012 – an average of almost 90 homes sold per month.
Average sold price of homes at Newport Beach last year was $1,439,382.
651 of the sold homes at Newport Beach during 2012 were to all cash buyers – so almost 60 percent of Newport Beach homes sales during 2012 were to cash buyers who used no purchase money loans.
It's not surprising that Newport Beach home sales were up last year – and that its home owner/sellers are getting happy again.
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Professional REALTOR® agent and broker representation – We help property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
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Top Things for Orange County CA home sellers to consider prior to listing for sale. 
1. Clean and uncluttered is key for your seller success. Buyers always like to see clean and uncluttered homes.
2. Staging for showing and sale - Interior new paint and replacement furniture and furnishings could be the perfect improvement for your home to show off for buyers. Contact an experienced local Realtor agent for information on your choice of staging contractors.
3. PRICE IT RIGHT - See and used closed sale property comp data as key for success. 
Buyers will always look at the comps. When it comes to price, the market’s opinion on sold homes is what matters and will indicate range of value.
4. Preview other homes in the neighborhood. Real estate is local, and character and attractiveness of your home for buyers will depend upon how other properties show.
5. Consider possible renovations and improvements, which would bring you home up to community expectations and help it sell quickly.
6. Prepare your property and list your home for sale now and as soon as possible before start of springtime. You will want to list and market your home while others are on sidelines and before other sellers compete for your buyer.
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Professional REALTOR® agent representation – help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Broker Steven Thomas at his www.ReportsOnHousing.com said again this week that Orange County simply doesn't have enough homes on the market.
Orange County homes that are priced correctly and placed on the market these days are selling very quickly.
Number of homes sold last month January 2013 at Orange County is down from last year, because REALTORs® and brokers don't have enough homes to show and sell.
Number of active listings at Orange County – 3,271 homes – is close to number of pending sales – 2,887 homes. This shows big buyer demand.
Average market time for Orange County home selling - from list date to conclusion of sale – is very fast and favors sellers big time.
Orange County home owners who want to sell should know: Now is the best time for Orange County sellers to get going, list for sale and price properties correctly. Owners should contact experienced local REALTORs® and get their homes listed for sale now and as soon as possible.
Source of information is www.ReportsOnHousing.com.
Professional REALTOR® agent representation - help for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
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Source of some information is OCRegister.com and commentary by Joel Kotkin.
Professional REALTOR® agent representation - help for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Contact us for information about buying and selling Orange County CA homes and real estate.
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