How is the market doing in Yorba Linda California?

Asked by Vikash Shah, 48098 Wed Oct 3, 2007

Prices in the past 6 months? Credit crunch effecting individuals to buy homes?

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20
Brad, , Yorba Linda, CA
Wed Feb 9, 2011
January 2011 was almost identical to Jan 2010 with regard to closed escrows in Yorba Linda, but the great news is that new pended sales jumped to the highest number since April of 2010 with almost 20% more homes on the market too. This tells us that the buyers are out there and starting to buy. The charts show a steady upward trajectory in new sales activity since November of last year for Yorba Linda. Additionally the $1,000,000+ price range is showing a lot more activity with January being the highest new pended sales over 1 mil month since April 2010. The activity in our Prudential California Realty Yorba Linda Branch reflects this as well with some great early momentum for 2011. With rates having edged up a little and prices appearing to be stable with buyers hitting the streets, it appears that it is a great time to buy. The numbers tell the whole story. Stats obtained from Trendgraphix Inc. through Jan 2011.
1 vote
Mary and Mic…, Agent, Yorba Linda, CA
Wed Dec 22, 2010
Yorba Linda is a unique and exceptional city, drawing and supporting higher property values than some of the surrounding communities. Having lived here since 1959, and serving the community with my professional real estate services since 1976, I have personally experienced the town's tremendous growth. During the most recent six months, our average sales prices have hovered between approximately $575,493 to $703,347, reflecting a price per square foot averaging between $240-272. Inventory levels are currently reduced from mid-year, but significantly higher than last year at this same time. Sold homes are averaging 76-101 days on the market. Being a fairly affluent, primary residence city, our distressed properties only represent about 27% of housing inventory. Overall, it's an excellent time to purchase a home in Yorba Linda!
1 vote
Ron Siegel, , 92807
Sat Dec 25, 2010
Vikash-

I always recommend getting great advice from a local Real Estate Agent. I would recommend you call either Matt Luke (714) 779-0230) or Melinda Johnson (714.863.5485)

- Ron Siegel
0 votes
Patti Lyles, Agent, Scotts Valley, CA
Wed Dec 22, 2010
What would motivate your Yorba Linda buyers to come out of the woodwork and start writing offer? Example: would lower interest rate do it? A further 10% decline? Do you have less prospect this time of year compared to same time last year?
0 votes
Peter Teatai…, Agent, Carlsbad, CA
Tue May 11, 2010
CORRECTION- A resale home should not be worth more than a brand new homw
0 votes
Peter Teatai…, Agent, Carlsbad, CA
Tue May 11, 2010
Here's a helpful link that might answer some questions to your home buying decisions.

http://www.city-data.com/housing/houses-Yorba-Linda-Californ…

You will see that the housing chart reflects a gradual but still downward spiral in home prices.
I agree that real estate is local, however it is important to remember that the overall market affects local markets to to a certain degree. It is also important to remember that employment and consumer confidence play significant roles in the movement of markets. Yes, unemployment is over 12 percent but if you combine that with the under-employment numbers, that total number comes to just over 24 percent. One has to address the underlying potential problems in order to arrive to a more realistic conclusion.
Now having said that, let's look at some reasons why the housing market has been they way it's been.
Let's begin with th root of the problem. The financial institutions including the Fed came up with a solution to put people into homes without or with minimum of their own money. The OPTION ARM and the ALTA-A loans are born. We all went crazy on a gambling spree on home equities, then BOOM, the Fed raised the interest rates and ALL HELL BROKE LOOSE. Then came the Government Bail Out. A crazy thing happened, they took our tax money and bailed out the Wall Street banks who started this whole scheme. They were supposed to loosen up the credit market but instead these banks used our money and went out on a spending spree in buying other troubled banks to build up their own wealth. Where was the homeowners bail out. The loan modification programs didn't go anywhere because banks were not required to do it. The HOPE program DESIGNED TO HELP troubled homeowners became the HOPELESS program. Then came the new government foreclosure measures such as HAMP. The Fed and Government started buying Mortgage Backed Securities to keep interest rates down, the FIDIC started a Public Private Investment fund with a CAP of 500 billion to hedge against the expected tsunami wave of toxic loans that's already begining to recast . Home values went down dramatically often turning brand new housing communities into ghost towns..just look at Merced. The housing market was not really going anywhere until BOOM, FHA was back in the market ...the bottom end markets began to see activites, short sales picked up, then the First Time Home Buyers tax incentives kicked in and suddenly FHA was back as the Primary choice of mortgage with now a 40 percent share of the market and continuing to grow. Now that the bottom tier makets are moving the mid tier markets are barely doing anything. Then came the 2nd Time Home Buyer tax credit this time combined with new home tax incentive. Sales activities picked up. These are all great short term infusions to kick start the market but the big question is, WHAT IS THE LONG TERM EFFECT. I am not an economist but as a real estate investor I still see signs of trouble ahead. My number one clue is that of jobs. If this is not present, they can do all the propping up they want to the economy, eventually all that money will run out, inflation kicks in, interest rates rise to hedge against inflation and BOOM, the housing market is at a disaster point again.

My fellow agents may be asking as to why I am responding to questions on Yorba Linda. Well I am actually looking at investing in the areas and have been doing due diligence on the market. The house I have my eyes on is fairly new and in a fairly new community. Now here's my problem, a resale home I'm interested in buying is a short sale and listed almost twice the price of that of brand new homes in the same subdivision. Now that alone does not jive with me. A resale home should not be worth more than a resale. These banks think that the homes are worth more when they don't know the precise nature of the market. They are sitting out in Ohio or some distance place thinking that what they see on their computer is actually the right value....food for thought
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Tue May 11, 2010
P. S. As of March 2010, Yorba Linda's unemployment rate was only 6.7 percent (some of the lowest numbers in the state) and the median average income for Yorba Linda residents was $89,000 in 2009 while the rest of the state had a median average income of only $59,000. The median average for Yorba Linda was higher than in 2008, so it looks like a recovery is occurring in Yorba Linda too! So credit crunch or not, Yorba Linda is seeing recovery as Jerry noted below. Good news for the Orange County area!
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Tue May 11, 2010
Hi everyone!

Considering that Vikash wrote this post three years ago, it was, at that time, just the start of the credit problems in California. We were seeing short sales occurring more often in areas like parts of Southern California and around Sacramento and Stockton. I can say with assurance that, since that time, things have been drastically better for many home buyers. At present, we are looking at some of the lowest interest rates in history and home prices at historic lows. However, in many parts of California home prices have increased as much as 25 percent from their lows of 2008, so housing is finding resurgence as well as strength in today's market.

With all due respect to Peter, the credit crunch, if not over, certainly has found a "level." While I'm certain that interest rates will rise and down payments will be required to go up to at least 10 percent for even the FHA first time home buyers plan (203b), we are still looking at credit being available by many major lenders. What we are not seeing, however, is "free flowing" cash from 2007 and prior that led to the foreclosures of today, and home buyers seeking mortgages must have traceable income as well as documents to prove their credit worthiness. And, in my opinion, that is how it should have worked all along.

It's always easy, if not highly enticing, to incorrectly cite information with the intention of creating panic. We see it so often here on Trulia--home buyers hoping for further housing crashes and supporting those theories with (often) quite impressive mathematical gymnastics and home sellers hoping to "time" an entry into the market--that it's become common to see serious questions often answered with overly encouraging or discouraging information. Unfortunately, again, with a State as large as California and with economies varying greatly by region, each area will have different selling and buying characteristics, so determining how many foreclosures will come on the market is discrete to each location. Loans, statewide, however, are still available.

California is certainly not like other parts of the country and with a state as large as ours, we do have specific regional differences which contribute to healthier economies in the Bay Area and parts of LA and San Diego, while also experiencing far less economically stimulating situations in other pockets of the State. Admittedly, we are experiencing slightly higher unemployment than the rest of the country at--NOT 22 percent unemployment--12.6 percent (as of March 2010) statewide, but there has been great job retention and far less loss (based on percentage of population) than may have been experienced in other states.

So to learn about the market in any part of California, it's best to speak with a trusted real estate professional in the area. If you were to speak to me of Santa Clara County, we'd have to say that the market here is vigorous and that our inventory is down to 1 and1/2 months with shorter selling cycles, multiple offers on many homes, and an increase in prices of about 10 percent from the start of the year, so it is a good market in our area. This is not to say that this same situation is occurring everywhere in California, but certainly many parts of the State are enjoying a robust real estate market now.

Good luck in your home search, Vikash, and I'm hopeful you have sold your old home and purchased a new home by this time!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
0 votes
Peter Teatai…, Agent, Carlsbad, CA
Tue May 11, 2010
Oh boy....Is the CREDIT CRUNCH really over. How can it be when the unemployment rate is 22 plus percent here in California. The State of California is BROKE, over 20 Billion but still borrowing to fund the housing tax credits eventhough sales tax revenues continue to decline. Personal income had gone backwards from the years prior to 2007 as families members lost jobs and now living on a single income. More Option ARM loans and including the ALTA - A loans are begining to adjust. These types of loans were popular in the upper tier markets, 600k plus, the portion of the market where the sales activites were sluggish inspite of the recent government home buying incentives, most people can not refinance their homes since we all know very well that the values are not there to support an 80 percent loan to value, previously modified loans are redefaulting, Fannie Mae's operating reserves had fallen below the Fed requirement of 2 percent, the reason why it's requesting billions more from our TARP money to replenish their coffers, banks are controlling the flow of inventory into the market or at least on the MLS, one just need to view there own websites to see the number of foreclosed homes they hold that had not yet been listed with an agent. This will not last for long as the foreclosure damn is about to burst between now and the next 4-5 years, 8 million people are expected to go into foreclosure over the next 4 years. For those of you who had attended B of A's short sale webinars, why do you think they are pushing for short sales......... Mr or Ms Consumer do your own research and get educated - look at the facts before you decide to buy. What are the chances of home values dipping again. Well simple economics.... based on the above information, it is highly possible
0 votes
Jerry Reed, Agent, Yorba Linda, CA
Wed Mar 10, 2010
Vikash, Inventory is low in Yorba Linda. Lower priced homes have multiple offers. Starting to see the short sales move into the higher priced houses. It is a great place to live. I have been here 37 years. Raised our children here.
0 votes
David Alex W…, Agent, Newport Beach, CA
Tue Feb 16, 2010
I offer free weekly updated market conditions on http://www.wrightrealtyservice.com, buyers, sellers and agents can use this data.
0 votes
Kurt, , Anaheim Hlls, Anaheim, CA
Sun May 10, 2009
Hello Vikash.....

I am a bank representative/foreclosure listing agent:

1) FHA loans are a sure way to LOSE out to the other buyers you are competing with when buying a foreclosure property in this market....the bank will look 1st to the largest down payment.....combimed with the highest offer...by definition a 3% FHA down payment will LOSE every time........

2) REO/bank-owned homes are bought AS-IS.......FHA loans have requirements AS-IS properties cannot AND WILL NOT meet.

3) Most listings are in some kind of legal stage of foreclosure.....

4) You MUST have an agent that is an INSIDER and who knows EXACTLY what the banks think

5) There are specific reasons banks expect a FULL PRICE offer....which also means you GET A DEAL!

If you would like a roadmap through the foreclosure maze...I will share my secrets with you..AT NO COST AS A BUYER.

I look forward to helping you.

Kurt Steinhebel/Jason Rowland
Century 21 FORECLOSURE SPECIALISTS
Orange County
714-365-6135
kurt.century21@yahoo.com
0 votes
Maury Loomis, , Orange County, CA
Sun May 10, 2009
Check out my website for the Yorba Linda Market Index chart with Median Price graph and Market Index (current rate of sales vs. current inventory). Based on this information, it is a buyers market and pressure on price to continue to drop is strong. The median has droped over $100K in the last 6 months. The credit crunch is very much affecting purchases, however, the FHA guidelines are really the way to go with the low 3% downpayment.
0 votes
Ray Chen & C…, Agent, City of Industry, CA
Sat Jul 12, 2008
go to dqnews.com for sold data or check for sold data here at truila.com
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Tue Feb 12, 2008
Here is the average SOLD price per square foot for the past 6 months...

08/2007 $360
09/2007 $352
10/2007 $343
11/2007 $327
12/2007 $312
01/2008 $350

So far, for February the average is $310. Between 2006 & 2007 price per square foot was down approximately 7% in Yorba Linda.

I think the slow down has more to do with everyone wanting to buy "at the right time" than the "credit crunch". There is still plenty of money available for home loans. You just can no longer "state" that you make money, when you don't...

Homes are still selling, they just need to be aligned to market conditions (which I can help you do, it actually involves much more than just slashing the price, call me at (949) 278-4807).

08/2007 578 - 52 (homes available - #sold)
09/2007 580 - 40
10/2007 557 - 42
11/2007 549 - 35
12/2007 454 - 37
01/2008 449 - 32

There are 442 homes on the market with 4 closed sales so far, for the month of February. You can compare how Yorba Linda is faring in contrast to other Orange County Communities/Cities by clicking on the Web Resource below.

This will take you directly to a post with a City by City Guide on what happened to prices in Orange County over the last year as well as how Orange County compares to other Counties in Southern California.
0 votes
Tom Pelton, , Yorba Linda, CA
Sat Jan 26, 2008
It's a great time to buy in Yorba Linda. Lots of inventory to choose from and motivated Sellers. Prices have been declining in Yorba Linda over the past 6 months, but great homes still sell quickly and for top dollar. The "credit crunch" has definately effected the ability of buyers to purchase homes in Yorba Linda. Things could change dramatically in this high end market place when the President's stimulius package raises conforming loan limits over $700,000.
Web Reference:  http://www.PeltonTeam.com
0 votes
Walter 'Skip'…, Agent, Brea, CA
Mon Jan 14, 2008
Hi Vikash,
Let me sum it up: GREAT time to buy, not so good time to sell!
Web Reference:  http://www.ocnorth.com
0 votes
Tiffany Muel…, Agent, Yorba Linda, CA
Mon Jan 14, 2008
Yorba Linda, as with almost every city in Orange County, has seen a decrease in prices. From October of 2006 to December of 2007 the "median price" for homes/condos went from $850,000 to $656,000 in. The average "sold price" went from $940,000 to $748,000 over that same time frame.

Depending on what area of Yorba Linda you are looking at, prices have decreased more in some areas as opposed to others. The east end of Yorba Linda has sustained the downward turning market slightly better than the west end of Yorba Linda.

My mother and I specialize in the cities of Yorba Linda and Anaheim Hills. While we service all of Orange County and know it well, those two cities are what we are most knowledgable on. We have both lived here most of our lives, and have seen the market in its ups and downs over the years. Yorba Linda has always been a good city to purchase in however, as it seems to hold its prices much better than other Orange County cities.

Please let me know if you would like any more information on the market in Yorba Linda, or any other cities throughout the Orange County area. Hope this has helped. You can also access our website below for additional real estate advice as well as our contact information.

Sincerely,

Tiffany Mueller
Prudential California Realty
0 votes
Kurt, , Anaheim Hlls, Anaheim, CA
Sun Oct 28, 2007
Yorba Linda came out on top this year nationally as the city with the highest per capita income in the nation....I would love to Email you the prestigious Watt Report which details this current market ...and puts it in historical context...ALSO....I would like to Email you current market data for Yorba Linda so you have facts and stats to base your opinion on....Let me know how I can help....!!
0 votes
Orange County…, , Laguna Niguel, CA
Tue Oct 16, 2007
Yorba Linda is a nice area. The western part of Yorba Linda is older while the eastern part of Yorba Linda is newer. Condos and starter homes have been hit the hardest, while most of the high-end homes have taken just a little hit. The credit crunch, for the most part has passed. We are back to "normal" lending now. The crunch has hurt people who cannot document their income, the most. For those that can document their income, then it's a great time. Buyers have the power to negociate great terms, most sellers have the equity negociate at a discounted price, and interest rates are in the high 5's to low 6's. With a 2-1 Buydown 30 year fixed, rates in the low 5s high 4's are possible. If you'd like to talk, please feel free to call. I have a number of clients thoughout Yorba Linda.

Josh Dart
800-997-1976
0 votes
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