Financial analysts warned us for years that as we approached a recession Newport Beach real estate prices and the price of homes throughout the United States would have to find a natural ceiling within a very short period. Put simply, people have less money to spend on housing as the cost of living has increased. Owning Newport Beach homes became less a priority for many families because of this which has helped decrease property values as the demand for Newport Beach homes decreased significantly.

This is, of course, bad news for any homeowners that need to sell Newport Beach homes. However, for those that have put off buying homes in Newport Beach due to the cost… wait no longer! Newport Beach condos, homes, and other property types have reached record lows this year making the dream of owning beach property a reality for many families in Orange County.

If you have always dreamed of owning homes in Newport Beach be sure to give us a call and we’d love to help you determine your buying power (the amount you are able to borrow for your home loan) and help you find a Newport Beach home that fits your specifications and family needs.

Paying points simply means making a lump sum payment up front, which will significantly lower the interest rate on your fixed rate mortgage in Newport Beach. Typically each point will cost 1% of the entire amount of the mortgage. The more points you buy, the lower your interest rate and the lower your repayments will be. So which would be best for you? Buy more points and pay a lower rate or buy fewer points and pay a higher rate?

When trying to decide consider whether you can afford to make a significant up-front payment to buy points now.  If you are able to make a significant payment up front this will save you money in the long run. Take into consideration the length of the mortgage; the longer the duration of your Newport Beach mortgage the more it will make sense to buy points now, because you will benefit from those points for a fairly long time.

You really should seek the advice of a professional Newport Beach Realtor and Morgage Broker who will be able to help you decide which is best for you. A wrong decision can leave you paying far more for your Newport Beach home than you should have. A Newport Beach Realtor with Harbor Realty will be able to advise you on mortgage types and how points work, they will also be able to help you with the mortgage application process and make the whole house purchase process much quicker and simpler.

Fixed Rate Mortgage – In this type of Newport Beach home loan, the interest rate remains the same across the life of the mortgage. This is generally the safest, most common, and in most cases, the smartest type of home loan to use when purchasing Newport Beach homes. Since the interest rate does not fluctuate over the course of your mortgage life you’re less likely to find yourself in a situation where you are unable to pay your monthly mortgage payment.

Adjustable Rate Mortgage – An adjustable rate mortgage has an interest rate that will vary over time which will change the monthly payment or alter the life of the mortgage. This can be an excellent option for homebuyers that do not plan to stay in their home for an extended period. For example, if you are in the military and move often or transfer locations regularly, an adjustable rate mortgage might be the right option for you when purchasing Newport Beach homes. Talk to a Newport Beach Realtor with Harbor Realty today to find out if an adjustable rate mortgage is the way to go.

No Down Payment – This type of mortgage does not require the borrower to hold an amount of money for use as a down payment. Interest rates are often higher with this type of mortgage. Of course, these days loans are rarely, if ever, offered with no down payment. If you are serious about purchasing Newport Beach real estate it is certainly in your best interest to begin saving for a down payment.

Jumbo Loans – This is a type of loan that is valued above the general conforming loan limits. As a non-conforming mortgage, interest rates can be somewhat higher than other types of Newport Beach home loans.

Interest Only Loans – With this type of mortgage, only the interest is actually paid, at the end of the mortgage term the borrower has the option of paying the principal sum in full, or possibly starting a fresh mortgage.

Talk to a professional Newport Beach Realtor as well as a Mortgage Broker to discern which type of mortgage is right for you and your family; a wrong choice can cause severe financial problems down the road. While a Fixed Rate Mortgage is the right choice for most people purchasing Newport Beach homes, there are certainly some that should consider other types of home loans.

Closing is a word that is used to define the final part of the entire chain of events that has lead to the successful sale of a property in Orange County. Closing will be scheduled for a specific day, and on this day your property will change hands.

Funds will be exchanged, contracts will be signed and keys will be handed over, this is the final process that sees you saying goodbye to your old home and taking hold of your new home in Orange County. Usually the funds will have been deposited into an escrow service, and your agent or Newport Beach Realtor would have taken care of the specifics.

On day of closing you will also need to physically move out of your home if you are the seller, this means arranging with a moving company to have your goods picked up and moved to your new house, or moved into storage if you have yet to complete closing on your new Orange County home.

In the past, closing day was a stressful time, when both parties carried concerns over the deal going bad at the last minute. These days there are very few problems with the closing of a sale; problems can be further reduced by employing the services of a Newport Beach Realtor to handle most aspects for you.

When a potential purchaser makes an offer on your Newport Beach home for sale, do not consider it set in stone. Most offers are made on the low side, and some debate is always expected. When you do receive an offer, consider how the offer was made; is it making fair comment over the valuation? Is it so low, that even after negotiation will still see you selling below your asking price? Consider whether you are in a buyers or sellers market as well.

If you feel there is room for negotiation, you will make a counter offer. This could simply be a request to raise the value of the offer, or it could include some more complicated issues such as pledging to repair something that has been found faulty, or even offering to share some of the costs of purchase with the buyer if the offer is increased.

Once you have received an offer you feel you can accept, and then simply let your buyer know, usually via your agent, that you are willing to go ahead with the sale. Again, if you are using the services of a Realtor at Harbor Realty, we will handle the subsequent paper work for you, alleviating much of the stress involved with the pre-sale process.

If you are thinking of selling a home in the Newport Beach area, you should consider taking advantage of the resources available at Harbor Realty. We have whole range of information and tools which can help you come up with a proper valuation for your property.

Ask for a Competitive Market Analysis (CMA). In simple terms, this is a professionally produced report that will analyze property sales and purchases in your area, which can be used to deduce a true valuation for your property based on recent market statistics. Harbor Realty, or one of our Newport Beach Realtors, would be able to arrange one of these for you, and it could stop you from undervaluing your Orange County property or setting the price too high; two mistakes that will cost you either way.

You may also like to check out any planned improvements to your local neighborhood. If these are due for completion before you expect to sell your property, then they too could positively affect the value of the house you are trying to sell.

Our best advice is to utilize the services of a professional Newport Beach Realtor to help you gauge the true value of your Orange County home before you place it on the market.

Exterior – A simple and cost effective way to make a property more attractive in the eyes of homebuyers, and thus allow you to raise the asking price, is to give the exterior a coat of paint. If you did this only a couple of years ago it may already be in good shape. Ask one of our Newport Beach Realtors for advice!

Garden – Get rid of any old littler lying around, we all tend to hold on to broken lawn cutters, old children’s toys and other paraphernalia that we ignore because we see it all the time. Clean up your garden, remove the junk and help your home look the best it can. Even if you don’t have a green thumb your local gardening center can give you advice on what plants can add beauty and withstand harsh conditions at a low cost to you.

Interior – Much like the garden, remove the clutter, keep everything tidy and clean, and make sure that somebody viewing the house sees it at its full potential. Remove unnecessary items from kitchen and bathroom counters, put your laundry away, and keep the floors spic and span! It’s also a good idea to paint the interior of your home if it’s been more than a few years. Save money by painting yourself!

Negatives – Do not try to distract from negatives such as rotten woodwork by trying to hide it, nothing is more likely to plant suspicion in the mind of a potential purchaser than badly hidden problem areas. If the problem is costly and you are unable to fix it before the purchase be sure to disclose this to your Newport Beach Realtor.

So there we have it, some simple tips to help you get more for your property. Remember to always try and be honest and forthcoming with anybody viewing the house. They will no doubt take out a professional survey before they make an offer, so no point hiding the truth.

Newport Beach Home Sellers

If you use the services of a professional within the real estate industry, such as a Newport Beach REALTOR®, you will be expected to pay for their services as a home seller. Your Newport Beach REALTOR® will receive a percentage of the commission received by the brokerage, typically 3%-4%.

Always try to remember that it is in the best interest of your Newport Beach REALTOR® to make sure your property deal is handled professionally and quickly. The cost of advertising your home during the search for a buyer is handled completely by your REALTOR®.

While some will still operate upon a flat fee the vast majority of Newport Beach REALTORS® work on a commission basis. REALTORS® paid a flat fee generally do not take care of all of the details of the selling process for you such as advertising. It is then your own responsibility to advertise your Newport Beach home for sale within your own advertising budget. This can be quite the headache for the inexperienced. What you save by using a flat fee Realtor is essentially used to advertise your home anyway. The services you receive from flat fee REALTORS® will vary from agent to agent. Whereas the services you receive from a REALTOR® paid by commission will not fluctuate. You’ll receive the full service of your REALTOR® from start to finish.
As a seller, it is generally in your best interest to utilize the services of a Newport Beach REALTOR® paid by commission because they will handle all the details of the home selling process for you.

Newport Beach Homebuyers

As a homebuyer it is always in your best interest to use the services of a REALTOR® to help you find homes in Orange County. However, it’s not a bad idea to start your search for that agent and home online. Becoming familiar with Orange County real estate markets such as Newport Beach will give you a good understanding of the current market conditions helping you find a neighborhood that is suitable for your family in price and amenities. As a buyer, the commission of your agent is paid by the home seller. This leaves no reason to not utilize the services of a professional Newport Beach REALTOR® who can properly guide you to the city and neighborhood that is most suitable for your family.

• An Orange County REALTOR® will be able to help you work out how much you can spend and what you’re buying power actually is.

• They have access to resources that the general public does not.  Many Orange County properties may be for sale, but not advertised, an Orange County REALTOR® can help you find these homes.

• Professional advice is given, not just about individual properties, but regarding the area the property is in, such as education, local facilities and other information required to help you choose the right location.

• The process of negotiation during a property deal can be a minefield for the unwary.  By allowing a professional to negotiate on your behalf, you are assured that everything will be handled correctly and no stone left unturned.

If we take a long hard look at the facts, it is hard to understand why anyone would consider dealing with their own property purchase.  Expert service is available to ensure your home purchase goes smoothly and is executed as swiftly as possible.