Orange experienced an encouraging start to the Spring real estate market, prior to the social distancing guidelines initiated mid-month. Median sales price for March increased over 23% from February, and the number of homes sold was 1 less than in February. Days on market of 47 suggest that sales were under contract well before the coronavirus outbreak. 15 homes came on the market in March, a decrease from February’s numbers (new listings from March 2019 were 12). Due to social distancing guidelines, real estate activity towards the end of the month has been severally curtailed. Open house activity has been limited to by appointment only and limited to 1 person in the home at a time. Most sellers have stopped showing their homes altogether, concerned with having visitors in their homes. This slowdown may continue for the next several months. On the brighter side, the fed lowered interest rates in an effort to stem the economic slide. The 30-year fixed rate dropped to 3.33% by months end, leading to a jump in refinancing activity. Do you know anyone looking for more information about their real estate market? I’d be happy to help.
12 Month Sales Activity
Housing Stats
(change from previous month)
| Median Sale Price: | $425,000 |
| change: | 23.73% |
| YTD change: | 25.00% |
| Units Sold: | 7 |
| change: | -12.50% |
| Active Listings: | 43 |
| change: | 0.00% |
| New Listings: | 15 |
| change: | -25.00% |
| Days on Market: | 47 |
| change: | -50.53% |
| Months of Supply: | 3.40 (Seller's Market) |
| change: | 3.03% |
Real Estate Related Covid-19 News:
Congress Passes $2 Trillion Stimulus Package – On March 26th, President Trump signed the coronavirus stimulus package, providing relief with direct payments for eligible Americans (starting early April), an increase in unemployment benefits (including freelancers), paid sick leave, suspended interest on federal student loans, penalty-free withdrawals from retirement accounts, suspended required minimum distributionsloans for retirees, extended tax filing deadlines, loans for small businesses, funds for large companies and mortgage forbearance and foreclosure protection.
Mortgage Forbearance- There is a lot of talk about lenders postponing mortgage payments in the wake of the coronavirus pandemic. While it is true that banks may suspend payments temporarily, it is not a guaranteed thing, and some lenders have been imposing penalties. It is very important to speak with your lender about any program that may be available and and whether or not you qualify. Mortgage payments must still be made unless specifically approved by the lender.
Americans Are Still Optimistic About Buying- According to a survey by Point2 Homes given between 3/23-3/26, 34% of respondents said they are determined to buy a home in the next six months, while 22% said they will stop searching until the outbreak is over. By age group, 45-54 year olds were the most optimistic about buying now, while respondents over age 65, on the other hand, showed more reluctance. Many are continuing their house hunt but using virtual tools to do it.
Homeland Security Declares Real Estate ‘Essential’- Federal guidance has included real estate in a list of essential services that are deemed critical to public health and safety, as well as economic and national security. These cover settlement services and government offices that conduct title searches, notaries, and mortgage and recording services, as well as construction. State and local officials, however, have been issuing guidelines that could prevent normal business operations for real estate professionals in some areas.
Changes To Mortgage Requirements- The Federal Housing Finance Agency has issued guidelines which ease the requirements for obtaining appriaisals for a home sale or re-finance. Appraisers will no longer be required to inspect the interior of a home during the appraisal. Lenders are also able to accept less stringent employment verificaiton on loan applications. However, lending standards have been tightened. Verification of a borrowers business being open must be within 10 days of the loan closing instead of the 120 days previously used.
Drive-Through Closings- In some states, in order to keep with social distancing guidelines, closings have been happening without even leaving the car, similar to using the drive through window at a bank. Papers are passed through a window to be signed. Some home inspections have also been taking place with the buyers either outside the house or via video chat.
Be Extra Cautious Of Phone Scammers- Scam artists are reportedly using multiple methods, including spoofing tactics, to try to trick struggling homeowners with offers of financial aid. Freddie Mac warned of a scam where borrowers were receiving fraudulent calls impersonating the mortgage financing giant in offering low interest rates and other false promises. Freddie Mac says it will never reach out to consumers over the phone with a refinancing opportunity or a new loan. Tips to help protect against scammers: If you answer and receive a robocall, don’t press any numbers. Hang up. Never give out any personal, financial, or other sensitive information unless you’ve verified the caller is a legitimate source. Be cautious of numbers on your caller ID since scammers can make any name or number appear.
Congress Passes $2 Trillion Stimulus Package – On March 26th, President Trump signed the coronavirus stimulus package, providing relief with direct payments for eligible Americans (starting early April), an increase in unemployment benefits (including freelancers), paid sick leave, suspended interest on federal student loans, penalty-free withdrawals from retirement accounts, suspended required minimum distributionsloans for retirees, extended tax filing deadlines, loans for small businesses, funds for large companies and mortgage forbearance and foreclosure protection.
Mortgage Forbearance- There is a lot of talk about lenders postponing mortgage payments in the wake of the coronavirus pandemic. While it is true that banks may suspend payments temporarily, it is not a guaranteed thing, and some lenders have been imposing penalties. It is very important to speak with your lender about any program that may be available and and whether or not you qualify. Mortgage payments must still be made unless specifically approved by the lender.
Americans Are Still Optimistic About Buying- According to a survey by Point2 Homes given between 3/23-3/26, 34% of respondents said they are determined to buy a home in the next six months, while 22% said they will stop searching until the outbreak is over. By age group, 45-54 year olds were the most optimistic about buying now, while respondents over age 65, on the other hand, showed more reluctance. Many are continuing their house hunt but using virtual tools to do it.
Homeland Security Declares Real Estate ‘Essential’- Federal guidance has included real estate in a list of essential services that are deemed critical to public health and safety, as well as economic and national security. These cover settlement services and government offices that conduct title searches, notaries, and mortgage and recording services, as well as construction. State and local officials, however, have been issuing guidelines that could prevent normal business operations for real estate professionals in some areas.
Changes To Mortgage Requirements- The Federal Housing Finance Agency has issued guidelines which ease the requirements for obtaining appriaisals for a home sale or re-finance. Appraisers will no longer be required to inspect the interior of a home during the appraisal. Lenders are also able to accept less stringent employment verificaiton on loan applications. However, lending standards have been tightened. Verification of a borrowers business being open must be within 10 days of the loan closing instead of the 120 days previously used.
Drive-Through Closings- In some states, in order to keep with social distancing guidelines, closings have been happening without even leaving the car, similar to using the drive through window at a bank. Papers are passed through a window to be signed. Some home inspections have also been taking place with the buyers either outside the house or via video chat.
Be Extra Cautious Of Phone Scammers- Scam artists are reportedly using multiple methods, including spoofing tactics, to try to trick struggling homeowners with offers of financial aid. Freddie Mac warned of a scam where borrowers were receiving fraudulent calls impersonating the mortgage financing giant in offering low interest rates and other false promises. Freddie Mac says it will never reach out to consumers over the phone with a refinancing opportunity or a new loan. Tips to help protect against scammers: If you answer and receive a robocall, don’t press any numbers. Hang up. Never give out any personal, financial, or other sensitive information unless you’ve verified the caller is a legitimate source. Be cautious of numbers on your caller ID since scammers can make any name or number appear.
Shelter At Home – Things To Know:
Inspiration For Keeping Your Kids Active and Stimulated While Sheltering At Home- Working from home can be a challenge for anyone, especially when our job qualification just received an unpaid promotion to home educator. For a list of websites with helpful information and fun activities you can do with your kids while at home, visit www.peterlamastrorealestate.com/stay-at-home-fun.
Watch Your Home’s Energy Hogs While Sheltering in Place- As everyone settles into their homes to ride out the COVID-19 pandemic, their energy bills will jump, perhaps even skyrocket. Here are some simple things that homeowners can do to curb their costs, particularly as electronics and lights are used. 1) Turn off electronics when not in use. 2) Swap out every incandescent light bulb for an LED bulb. 3) Turn off extra appliances. 4) Clean the dryer vent. 5) Turn off your coffee maker.
It’s Census Day. Responses Are More Critical Than Ever- Wednesday, April 1st was National Census Day, the kick-off of the 2020 Census. This year’s census is more critical than ever, as data will be used to allocate federal pandemic releif support. Due to the crisis, the response deadline has been extended from June 30th to August 14th, and responses can be given online, over the phone or by mail without ever having to meet a census taker.
How To Combat Social Distancing Loneliness- Supportive social networks are key to lessening the stress of our current situation. Some communities and individuals have taken measures to keep up the social interaction while maintaining social distance guidelines. Ideas include: virtual book clubs, playing board games with family members, getting more involved with hobbies, hosting a social distancing block party where neighbors order pizza and eat from thier front steps, writing letters to local nursing home residents, becoming a virtual volunteer (sewing masks and delivering food and supplies for those in need), checking in with friends/family.
Inspiration For Keeping Your Kids Active and Stimulated While Sheltering At Home- Working from home can be a challenge for anyone, especially when our job qualification just received an unpaid promotion to home educator. For a list of websites with helpful information and fun activities you can do with your kids while at home, visit www.peterlamastrorealestate.com/stay-at-home-fun.
Watch Your Home’s Energy Hogs While Sheltering in Place- As everyone settles into their homes to ride out the COVID-19 pandemic, their energy bills will jump, perhaps even skyrocket. Here are some simple things that homeowners can do to curb their costs, particularly as electronics and lights are used. 1) Turn off electronics when not in use. 2) Swap out every incandescent light bulb for an LED bulb. 3) Turn off extra appliances. 4) Clean the dryer vent. 5) Turn off your coffee maker.
It’s Census Day. Responses Are More Critical Than Ever- Wednesday, April 1st was National Census Day, the kick-off of the 2020 Census. This year’s census is more critical than ever, as data will be used to allocate federal pandemic releif support. Due to the crisis, the response deadline has been extended from June 30th to August 14th, and responses can be given online, over the phone or by mail without ever having to meet a census taker.
How To Combat Social Distancing Loneliness- Supportive social networks are key to lessening the stress of our current situation. Some communities and individuals have taken measures to keep up the social interaction while maintaining social distance guidelines. Ideas include: virtual book clubs, playing board games with family members, getting more involved with hobbies, hosting a social distancing block party where neighbors order pizza and eat from thier front steps, writing letters to local nursing home residents, becoming a virtual volunteer (sewing masks and delivering food and supplies for those in need), checking in with friends/family.
Orange Sales Trends: January-March
March Single-Family Home Sales
(OLP: original list price • LP: list price • SP: sale price • DOM: days on market)
| Address | Style | sq ft | BR | BA (f/h) | OLP | LP | SP | SP/OLP | DOM |
| 674 S. Greenbrier Dr. | Ranch | 1,800 | 3 | 3/0 | $459,900 | $439,900 | $425,000 | 92% | 82 |
| 753 Mapleview Dr. | Ranch | 1,510 | 3 | 1/1 | $244,300 | $244,300 | $240,000 | 98% | 8 |
| 786 N. Greenbrier Dr. | Raised Ranch | 2,358 | 4 | 3/0 | $359,900 | $359,900 | $350,000 | 97% | 58 |
| 22 Tyler City Rd. | Ranch | 3,938 | 4 | 3/0 | $449,900 | $449,900 | $455,000 | 101% | 30 |
| 134 Coram Lane | Colonial | 4,042 | 4 | 3/1 | $839,900 | $839,900 | $810,000 | 96% | 88 |
| 61 Hampton Close | Contemporary | 3,085 | 3 | 2/1 | $475,000 | $475,000 | $415,000 | 87% | 47 |
| 306 Sarah Circle | Raised Ranch | 2,228 | 4 | 2/1 | $455,000 | $455,000 | $450,000 | 99% | 6 |
| Units Sold: 7 | $455,000 | $449,900 | $425,000 | 97% | 47 |
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