Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?
According to NAR, the Pending Home Sales Index (PHS) is:
“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”
In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.
Why is this rebound important?
With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph below):This jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, Chief Economist at NAR mentioned:
“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”
But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:
“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”
As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.
Bottom Line
If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Reach out to a local real estate professional to determine your best move forward.
Wondering when the ideal time to sell your Southern California home is? The answer could be right now. We always want to help you make the smartest decisions when it comes to your real estate investments, and that’s why it’s important to know that right now is the absolutely ideal time to sell your home because of our current seller’s market. Inventory is low, prices are rising, and pent-up demand alongside low mortgage rates has the market flooded with homebuyers.
Low housing inventory
This April, inventory fell to its lowest level ever recorded for the month across the country according to the National Association of Realtors®. A seller’s market in real estate is defined by 3 months of inventory or less, and inventory across Southern California just reached 3 months. This limited supply keeps prices high as buyers compete to get a deal. Pending and sold transactions have just begun rising so the sooner you list this summer, the less competition there will be for you, equating to a very high probability of getting multiple, quality offers on your home.
Prices have continued to rise
Across the board, U.S. home prices have continued to rise despite coronavirus, gaining 5.5% in April according to NAR data. The major bottleneck in inventory, and a tremendous amount of buyer interest, is supporting this price growth. Speaking of which…
Buyer demand is off the charts
At the beginning of June, home-buying activity rose to about 88.9% of where it was before lockdowns disrupted the market according to data from realtor.com. This is thanks in part to historically low mortgage rates that have fallen as low as 3.13%. This was also pent-up demand from an unusually slow spring, rebounding along with the real estate market now that our country begins to open back up.
Low mortgage rates
According to our Weekly Mortgage Watch, rates have hit historic lows and they’re projected to remain low amid Coronavirus. This creates a huge incentive for buyers who are ready to purchase and jumping into the market today. And as a homeowner, this influx of eager buyers (and multiple offers) creates an opportune time to sell as well. If you’re ready to sell your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today.
Low mortgage rates also ensure you can sell your home and get an amazingly low rate on your dream home, making it more affordable now than ever.
Obviously everyone’s individual situation is unique, but for the majority of homeowners, this marks a particularly advantageous opportunity to cash out big when you sell your home and secure a low mortgage rate for yourself to buy your dream home. If you’re unsure, click here to check your home’s current value.
Varios sitios en California ofrecen comidas gratis debido al cierre de escuelas, para que los estudiantes tengan acceso a alimentos nutritivos
Un gran número de familias en California dependen de las escuelas a las que asisten sus hijos para que estos reciban al menos un alimento completo, pero con las escuelas cerradas a causa del coronavirus, este beneficio también ha sido suspendido.
Afortunadamente, hay sitios escolares con comidas gratuitas para niños en todo el estado. El Consejo de Productos Lácteos de California, en colaboración con la Junta de Procesadores de Leche de California y el Senador Estatal de California Dr. Richard Pan, creó un sitio web donde las familias pueden encontrar una lista de lugares con comidas gratuitas disponibles, proporcionadas a través del servicio de comidas escolares.
“Durante estos tiempos difíciles, millones de niños y sus familias que viven en comunidades de California necesitarán apoyo y acceso a alimentos nutritivos”, comentó Shannan Young, Directora del Programa de Acceso a Alimentos de Dairy Council of California.
La página informativa Sitios de Comidas Escolares que Ofrecen Comidas Gratis para Niños en Todo California, está destinada a servir como un recurso de referencia para encontrar ubicaciones actualizadas de servicios de alimentos en todo California. Considerado un servicio esencial, los servicios de nutrición escolar permanecerán abiertos incluso con órdenes de no salir y permanecer en casa.
“Los niños son el corazón de las familias y nuestra población más vulnerable”, dijo Steve James, Director Ejecutivo de la Junta de Procesadores de Leche de California. “Al transmitir la información sobre la disponibilidad de comidas escolares gratuitas y nutritivas en todo California, podemos mitigar la incertidumbre que las familias pueden sentir y ayudar a garantizar que ningún niño se quede sin ser alimentado”.
“Asegurar que todos los niños tengan acceso a comida es una alta prioridad”, expresó el Dr. Richard Pan, Senador del Estado representando el área de Sacramento. “Ningún niño debe de irse a dormir con hambre. A través de la colaboración con socios comprometidos con mejorar la salud de los niños y las comunidades de California, podemos trabajar para dar a los niños acceso a alimentos nutritivos durante este tiempo desafiante”. EC
During times of distress, homeowners should be aware of a common fraud known as “foreclosure rescue fraud.”
In this scheme, someone may offer false promises of being able to save your home from foreclosure or guarantee a loan modification with a reduced mortgage payment. Common elements of this fraud include the fraudster:
Review information from the CDC to keep you and your family safe
Requiring you to sign the title to your home to them.
Asking you to sign unfamiliar documents and/or share your personal information.
Charging you rent to stay in your home and /or potentially promising you that you can purchase your home back when your financial situation improves.
Loan modification scams may operate similarly as fraudsters collect an upfront fee and promise to work with your loan servicer to obtain a modification with a reduced payment on your behalf.
If you have been contacted by someone other than your loan servicer (the company listed on your mortgage statement) who is offering to provide mortgage assistance, do not provide your information.
To help avoid fraud:
Spot imposters. Scammers can make any name or number appear from anywhere in the world either via phone or internet.
Be suspicious. If someone has contacted you asking for personal or sensitive information, do your homework to verify the validity of the request by researching the person or the company.
If you have been contacted by someone claiming to represent Freddie Mac, report it here. Freddie Mac will never reach out to offer a refinancing opportunity or new loan over the phone.
If Freddie Mac owns your mortgage and you are a homeowner that has been affected directly or indirectly by COVID-19, mortgage relief options are available.
These local restaurants offer discounts on takeout orders and gift card promotions. Here’s your chance to support O.C. businesses while switching up the menu at home and doing your part to help stop the spread of the coronavirus that causes the respiratory disease COVID-19.
DISCOUNTS
➜ Greenleaf Costa Mesa What: Get a free skinny margarita with the purchase of a family meal, which includes a protein, salad, brown rice, and your choice of side ($40) How: Pick-up or free delivery within a 5 mile radius Order: 949-200-3950
➜ Crawfish Cave Fullerton What: Family pack deal with two pounds of shrimp, corn, potato, chicken tenders, rice, and drinks ($48.25) and 20 percent off three pounds of shrimp, corn, and rice, and $1 oysters How: Pick-up or delivery through Ubereats, Postmates, or Grubhub Order: 714-879-2073
➜ Old Brea Chop House Brea What: “Dine at Home” three-course meal with starter, entree, side, and dessert for $60; 50 percent off bottles of wine, plus bonus $50 gift card with purchase of every $250 in gift cards How: Pick-up or delivery through Ubereats, Postmates, or Grubhub Order: 714-592-3122
➜The Yellow Chilli Tustin What: 20 percent discount off phone-in takeout orders How: Pick-up or delivery through Ubereats, Postmates, or Grubhub Order: 714-389-5280
➜ Andrei’s Conscious Cuisine Irvine What: 15 percent off a la carte menu and family packages that can serve as many as eight, plus 25 percent off bottles of wine How: Curbside pick-up or delivery through Postmates, Grubhub, or DoorDash Order: 949-387-8887
➜The Winery Restaurant & Wine Bar Tustin What: Take-out menu that is priced 15 percent off regular menu How: Curbside pick-up or delivery through Postmates and Grubhub Order: 714-258-7600
➜Farmhouse Corona del Mar What: 10 percent discount on takeout orders. Orders must be placed by 12 p.m. to be ready for pick-up by 4 p.m. How: Curbside pick-up Order: 949-640-1415
➜Five Crowns Corona del Mar What: 20 percent discount on takeout orders How: Curbside pick-up Order: 949-760-0331
➜SideDoor Corona del Mar What: 20 percent discount, wines by the bottle are also available How: Curbside pick-up Order: 949-760-0331
➜ Sushi Roku Newport Beach What: Free delivery and 50 percent off wine and sake by the bottle How: Curbside pick-up or delivery through Postmates, UberEats, DoorDash, and GrubHub Order: 949-706-3622
➜ Mix Mix Kitchen & Bar Santa Ana What: 10 percent discount on pick-up orders How: Pick-up Order: 714-836-5158
➜Selanne Steak Tavern Laguna Beach What: 15 percent discount on pick-up orders; free delivery and a 20 percent discount for diners 65 and older within a 5-mile radius; raw meats from the butchery are also available for purchase How: Pick-up or in-house delivery only Order: 949-715-9881
➜ Harley Laguna Beach Laguna Beach What: 10 percent off takeout orders more than $100 How: Curbside pick-up or delivery through Postmates, DoorDash, and UberEats Order: 949-715-1530
➜ Vine Restaurant & Bar San Clemente What: A complimentary $25 gift card for future use with takeout orders How: Pick-up, Delivery through DoorDash Order: 949-361-2079
➜ Olea Newport Beach What: A complimentary $25 gift card for future use with takeout orders How: Pick-up, Delivery through DoorDash Order: (949) 287-6807
➜ Ironwood Laguna Hills What: A complimentary $25 gift card for future use with takeout orders How: Pick-up, Delivery through DoorDash Order: (949) 287-6807
➜ Twenty Eight Restaurant and Bar Irvine What: 10 percent discount on takeout orders How: Curbside pick-up and delivery Order: (949) 287-6807
➜ Falasophy Irvine What: 15 percent off delivery and first-time pick-up orders How: Pick-up or delivery through GrubHub, UberEats, and Postmates Order: 949-536-5008
➜ On The Hook Brea What: 15 percent off takeout orders How: Curbside pick-up Order: 714-671-5886
➜ Ten Asian Bistro Newport Beach What: 20 percent off all call-in takeout orders How: Pick-up, Delivery also available through GrubHub (without discount) Order: 949-660-1010
➜ Red O Newport Beach What: 15 percent off takeout orders How: Curbside pick-up and delivery Order: 949-718-0300
➜ 21 Oceanfront Newport Beach What: 20 percent off pick-up and takeout orders How: Curbside pick-up and takeout Order: 949-673-2100
➜ Bayside Newport Beach What: 10 percent off takeout orders, including wine How: Pick-up Order: 949-721-1222
➜ Jan’s Health Bar Multiple O.C. locations What: $10 off when your order four entrees or more How: Pick-up Order: Laguna Beach, 949-371-0023; Huntington Beach, 714-536-4856; Costa Mesa, 949-650-4856; Corona del Mar, 949-675-2520
➜ Bosscat Kitchen Newport Beach What: $20 off direct call-in takeout orders How: Curbside pick-up, Delivery also available through GrubHub, DoorDash, and UberEats Order: 949-333-0917
➜Royal Khyber Santa Ana What: 15 percent discount on pickup orders and 15 percent off e-gift cards for future visits How: Discount for carry-out only but delivery also available through Postmates, GrubHub, and UberEats Order: 714-436-1010
➜Oliver’s Osteria Laguna Beach What: 10 percent off $100 or more How: Takeout or delivery Order: 949-715-0261
➜Broken Rice TRADE Food Hall, Irvine What: One free kids meal (for kids 2 to 10 years old) with a purchase of a regular bowl How: Pick-up Order: Online at eatbrokenrice.com
➜Curry Up Now Irvine What: Use code DELIVERUPNOW for $20 off your next four delivery fees. First-time app users can receive $5 off your first order with code CURRYUP5 How: Pick-up or delivery Order: Curry Up Now app or call 949-932-0153
➜SAJJ Mediterranean Irvine What: Buy one entree and get one free through April 1; Feast For 4 deal which includes falafel, chicken shawarma, rice, hummus, tzatziki, mixed green salad, lentil soup, pita bread, and house sauces ($30) How: Pick-up and delivery Order: SAJJ Street Eats app or call 949-336-4404
➜Slater’s 50/50 Huntington Beach & Anaheim Hills What: Kids eat free with the purchase of an adult entree through March 27. How: Pick-up Order: 714-594-5730 (Huntington Beach), 714-602-8115 (Anaheim Hills), or at slaters5050.com
➜Daphne’s Irvine, Tustin, Quail Hill, and Lake Forest What: Receive $5 off the Family Feast for takeout with code FAM500 and $2 off adult entrees with code LS444 How: Curbside pick-up Order: Online at daphnes.biz
➜Mama Tieu’s Garden Grove What: 1 free order of egg rolls with a purchase of $45 or more using code word “community”; Buy 5 banh mi bites, get 1 free How: Curbside pick-up or delivery through Grubhub Order: 714-590-8478 or through Yelp
GIFT CARD AND RETAIL DEALS
➜ The Harbor Grill: Get $10 added value to a card for every $50
➜ Driftwood Kitchen: Purchase a $100 gift card for $85 or a $200 gift card for $165.
➜ The Winery Restaurant & Wine Bar: $50 gift card with a purchase of a $300 gift card; $100 gift card with a purchase of a $500 gift card thewineryrestaurants.com
➜ Portola Coffee Roasters: free coffee with a purchase of a $25 gift card; $5 gift card with a purchase of a $50 gift card, a $20 gift card with a purchase of a $100 gift card portolacoffee.com
➜ High Tide Coffee: small drink with a purchase of a $30 gift card, plus 20 percent off all beans online using code: CABINFEVER hightidecoffeeco.com/roasted-coffee
4th Street MarketDowntown Santa Ana, 201 E. 4th St., Santa Ana 714.486.0700 4thstreetmarket.comCurbside pick-up available through various mobile ordering apps. A Market201 E 4th St, Santa Ana, CA 92701949.650.6515 amarketnb.comAlta Baja4th Street Market, 201 E. 4th St., Santa Ana 714.783.2252 altabajamarket.com In-store special pricing on items including freshly prepared and pre-packaged food and beverages, all available for take-out. Tue-Sun 8 am – 7 pm, Mon. 8 am – 5 pm Andrei’s Conscious Cuisine & Cocktails2607 Main St, Irvine, CA 92614 949.387.8887 andreisrestaurant.com Offering curbside pick-up and delivery options with a limited a-la-carte lunch and dinner menu and family meal packages. All family packages and a la carte menu items are available Monday – Saturday, 11am – 7:30pm. Please call to place your curbside order. AnQiSouth Coast Plaza, 3333 Bristol Street, Costa Mesa, CA 714.557.5679 anqibistro.com “Our culinary team and staff at AnQi privelidged to be of service to our dear community during this difficult time. Despite not being able to offer our dine-in service, we now offer our pick-up & delivery service— AN the GO, available at AnQi.” Specially curated family meals available daily. Check website for more info and menu. Bosscat Kitchen & Libations4647 MacArthur Blvd, Newport Beach, CA 92660 949.333.0917 bosscatkitchen-newport.com Currently offering direct call in takeout orders and delivery via 3rd party platforms. All direct call in takeout orders will be given 20% off their bill. We will be handing out takeout orders curbside. Check website for more info and menu. Cafe Sevilla – TEMPORARILY CLOSED1870 Harbor Blvd, Costa Mesa, CA 92627 888.738.4552 cafesevilla.com At Cafe Sevilla, the well-being of our guests & team members is of utmost importance to us. In light of the COVID-19 virus in our community and recent local & national announcements, we are temporarily closing operations in all locations until further notice. In the meantime, check out our “Travel to Spain With Us” Series HERE! You might not be able to travel there by plane, but you can take a virtual tour of Spain with us! Chelas Mexican Grill29975 Alicia Parkway, Unit 10 Laguna Niguel, CA 92677 949.542.4606 chelasmexicangrill.comClay Oven Indian Cuisine15435 Jeffrey Rd., Irvine, CA 92618 949.552.2851 clayovenirvine.com Offering takeout and delivery of the entire menu, including wine and beer, plus some of the nightly specials available to go for the first time such as the Rack of Wild Boar, Wagyu Hanger Steaks, and Tandoor-Roasted Avocado! They also introduced two new Family Meal options (serves up to 4). Curbside and take out orders can be placed by phone or delivery orders through Grubhub, Postmates, and Doordash. Check website for menu. Lunch: Tues-Fri 11am – 2pm, Dinner: Mon-Sun 5pm – 9pm Dory Deli2108 W. Oceanfront, Newport Beach, CA 949.220.7886 dorydeli.comHelmsman Ale House beer is available in 16 oz. crowlers to-go at Dory Deli. Electric City Butcher4th Street Market, 201 E. 4th St., Santa Ana 714.474.9096 electriccitybutcher.com Special pricing in-store on all pre-cut and pre-packaged proteins. Buy fresh, high-quality daily-butchered meats from Electric City Butcher. Tue-Fri 11 am – 6 pm, Sat-Sun 10 am – 6 pm. Farmhouse2301 San Joaquin Hills Rd, Corona Del Mar, CA 92625949.640.1415 farmhouserg.comFive Crowns3801 East Coast Hwy, Corona Del Mar, CA 92625949.760.0331 TheFiveCrowns.comIl Dolce1902 Harbor Blvd, Costa Mesa, CA 92627 949.200.9107 – Call for takeout or delivery ildolceoc.comIssé305 N State College Blvd unit b, Fullerton, CA 92831714.519.3831 issefullerton.comThe KroftAnaheim Packing District 440 S. Anaheim Blvd., Anaheim, CA 92805 714.635.5900 The kroft.com Pick-up and delivery options available at the Long Beach location through the website or The Kroft app powered by ChowNow. Currently serving poutines and sides from 11am – 6pm. Offerings change daily. Please refer to our social platform to see current offerings. Lazy Dog Restaurant & Bar13290 Jamboree Rd, Irvine, CA 92602 714.731.9700 lazydogrestaurants.com Offering free delivery through our website every day on orders of $25 or more. Curbside Pick-Up as a takeout option in almost all of the restaurants. Mozambique will be the site of a Food Truck Drive-Thru1740 S Coast Hwy, Laguna Beach, CA 92651 949.715.7777 mozambiqueoc.com Food Truck Drive-Thru Hours of Operation: Monday – Friday 4 pm-9 pm, Saturday – Sunday 11am-9 pm Featuring: Greek Mediterranean Cuisine Truck – Nostimo, Burger Truck – Burger Monster , Mexican Food Truck – Montoya’s. Also selling beer, wine and liquor bottles TOGO at discounted prices. Drive-Thru ONLY. During our Food Truck Drive-thru hours, we will have a Gift Card Promotion available. Purchase a $100 gift card, and receive $20, purchase a $50 gift card, receive $10. Pascalpascalrestaurants.com949.673.0033 They have set up a food stand at their kitchen backdoor. Daily specials are available for pick up and delivery. Playa Mesa428 E, 17th St., Costa Mesa, CA 949.287.5292 playamesa.comThe Quiet Woman Restaurant3224 East Coast Highway, Corona del Mar, CA 92625 949.640.7440 quietwoman.comOffering a curbside pick-up and take-out menu starting today. Rusty Pelican2735 West Coast Highway, Newport Beach, CA 92663 949-642-3431 RustyPelican.com Offering all of the to-go menu items online as well as beer, and cocktails to-go. 50% off any bottle of wine with an entree purchase. Check out their amazing wine list on their website. Check website for menu. Seasons 523333 Bristol Street, Suite 2802 Costa Mesa, CA 92626 714-437-5252 seasons52.com Offering curbside takeout and free delivery within 20 minutes of the restaurant. Wine is also available with orders. Options for grocery kits also available. Hours of operation are 12:00 to 8:00pm, daily. Check menu on website. “100% fresh. 100% to go. Please call to place your order for signature favorites or our Family Style Dinner for takeout.” SideDoor3801 East Coast Hwy, Corona Del Mar, CA 92625 949.760.0331 SideDoorCdM.comSummit House Restaurant2000 E. Bastanchury Rd. Fullerton, CA 92835 714-671-4111 summithouse.com Curbside service for lunch and dinner. See menus on website. Currently taking phone orders only. Online ordering and delivery coming soon. Sundried Tomato American Bistros & CateringCall 949.661.1167sundriedtomatobistro.com20% off curbside pickup on any items ordered and available from our All Day Menu and Kid’s Menu. Noon-7pm everyday. 30% Off bottles of wine. Special family meals available. Gluten Free Penne or Angel Hair Pasta $50, ADD Grilled Chicken $15 Blackened Chicken over Bowtie $65, ADD Baby Green Salad or Caesar $15 ADD Sundried Chopped Salad $25 Creamy Sundried Tomato Soup (qt) $12 Mac ’n Cheese $15 Chicken Strips $15 Bowtie Pasta, Marinara or Butter $20 Toasted Cheddar Cheese Sandwich $20 (Curbside pickup only) Tangata RestaurantBowers Museum, 2002 N Main St, Santa Ana, CA 92706 714.567.3623 Tangatarestaurant.comCurbside pick-up and delivery. Tue-Fri 11-2pm Ten Asian Bistro4647 MacArthur Blvd, Newport Beach, CA 92660 949.660.1010 Open for curbside takeout and delivery. Also offering 20% off takeout placed directly with the restaurant. tenbistrooc.comToast Kitchen & Bakery1767 Newport Blvd, Costa Mesa, CA 92627 949.873.5057 toastkitchenbakery.comVitalyThe Camp, 2937 Bristol St B103-B100, Costa Mesa, CA 92626 714.662.5500 vitaly.netThe Winery2647 Park Avenue, Tustin, CA 714.258.7600 thewinerytustin.com Curbside Take Out in Tustin at 15% off menu pricing, Gift Card Promotion, Groceries. Check website for menu or call for more info. Wine Sale with great wines up to 50% off! To receive lists and make appointments contact: Newport Beach: Dustin@thewinerynewport.com or by calling 714-317-4237, Tustin: William 949-292-8427 Prime Rib Dinner To Go Thursday and Friday: Available Thursday and Friday only. Pick up time is between 4-6pm. $79 for 2 or $155 for 4. Pre order 24 hours in advance.
Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’
Costa Mesa
ORANGE COUNTY TRENDS 