Orange County CA home buyers are looking for certain things in a home these days. If you're selling a Orange County CA home, don't make these mistakes when sprucing up to get your home ready to put on the market…

There are a lot more mistakes to avoid when getting your Orange County CA home ready to sell and we can help you avoid them. Contact us for more information and a free, no-obligation consultation about the current Orange County CA real estate market.

Orange County CA economy and home value confidence seems to be on the rise, according to Fannie Mae's April National Housing Survey.

Americans continue to expect home prices to go up, with the projection averaging 1.3 percent over the next 12 months, the highest value recorded.

A high percentage (71%) of Americans still say it is a good time to buy while the percentage (15%) who said it is a good time to sell was up 1 point from March.

Doug Duncan, Fannie Mae's chief economist, says "consumer views of housing market conditions have become more supportive of home purchases, and sustained healthy hiring is required to help realize these improved expectations."

Orange County CA Economy Appears to be Increasing

The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey's two-year history. Still, an even greater 56 percent believe the economy is moving in the wrong direction.

Also, 23 percent of Americans reported their household income is significantly higher than it was a year ago, while 36 percent said their household expenses are significantly higher since the same time period. Both categories rose 2 percentage points compared to March.

The expectation for average rental prices decreased slightly to 3.6 percent; in March, respondents expected rent to go up by 4.1 percent over the next 12 months.

If respondents were to move, 32 percent said say they would rent while 64 percent said they would buy. The percentage of those who said they would rent increased 2 points and reached the highest level since November 2011.

With the Orange County CA economy and home value confidence apparently increasing, would you say things are on the right track, or moving in the wrong direction? We'd love to hear your thoughts.

Flood insurance in Orange County CA is something some people might say is a waste of money, but floods are obviously quite common in low lying areas that are surrounded by water. In these areas, especially around Orange County CA, not having flood insurance is like playing financial Russian Roulette in the event of a serious storm.

Flood Insurance If You're Not Near Water?

What about homes that are not situated right in front of a water source? Do they still need to be insured against the potential for flooding?

Of course they do. As it turns out, there are many claims for flooding that come from some of the most unlikely areas. It's not just a function of simple flooding that puts your Orange County CA home at risk.

First, think about what would happen to your home even if just two or three inches of water covered your floors. How much of your personal belongings touch the floor and how many electrical cords and extension cords do you have throughout your home just an inch or two off the floor, or worse, lying directly on the floor? How many of these things will put your entire home at risk if there was even just a small flood in your home?

Ground water can start to meet the rain water when the ground is saturated. It doesn't take much to start noticing a significant rise in innocuous bodies of waters such as streams and ponds. It doesn't take much for the overly saturated ground to start siphoning off rain water, which in turn creates flooding.

Floods can happen thanks to saturation of the ground just as easily as it can happen when ground water and rain water meet to cause excessive rain runoff which can lead to flooding. No matter where you live, you may very well find that you are suddenly noticing there is an increase in water saturation after heavy rain. Just ask anyone who was in a non-flood plain area in the path of Hurricane Floyd in 1999, or anyone in non-flood prone areas where Hurricane Katrina wrecked havoc.

Every region runs the risk of flood waters these days, even in the Orange County CA area. Flood insurance is not expensive and it is a simple way to protect your home in the event of a serious disaster. It takes very little water to do a tremendous amount of damage that can cost you thousands upon thousands of dollars right out of your pocket if you don't have flood insurance. Flood waters can creep up on you quickly and be right at your front door before you know it. One simple flood insurance policy can mean the difference between being financially wiped out and being able to rebuild.

If you have questions about flood insurance, check out the information at the FEMA website about The National Flood Insurance Program.

Orange County CA housing inventories are down. The National Association of Realtors (NAR) reports that inventories fell by 1.3 percent in March, leaving inventories 21.8 percent below their year-earlier levels.

Home sales have now posted year-over-year gains in each of the last nine months. But in almost all of those months, the number of homes for sale has declined.

3 Reasons to Explain Why Orange County CA Housing Inventories Have Fallen:

1. With home prices down by one-third from their peak, who wants to sell a house right now if they don't have to? That's especially true for the roughly 15% of homeowners who are underwater on their mortgage.
    
2. Banks have decelerated the foreclosure process after they were caught routinely passing off bogus documents to demonstrate ownership. That has slowed the pace at which they're putting Orange County CA homes back up for sale.
    
3. While investors initially were buying up Orange County CA foreclosures that could be fixed and flipped, or resold, for a quick profit, over the past two years, more investors have been buying inexpensive homes that can be rented out. Those homes are, for the most part, out of the for-sale pool for the near-term.

Orange County CA Housing Inventories Down Only Temporarily?

Of these three reasons for Orange County CA housing inventories to be down, the first two would imply that the downturn in listings is artificial, and possibly temporary. But the role of investors in today's market could make the drop more lasting.

The NAR report also showed that the West was the only part of the country to see a year-over-year decline in sales during the month of March. The drop was almost solely concentrated around properties priced below $100,000, where sales were down 19 percent.

Are there any other reasons you can think of that would be causing Orange County CA housing inventories to be unusually low right now? We'd love to hear your comments.

Buying a Orange County CA home presents a major choice right off the bat. Buy a new home, or one that has been previously owned? You may want to consider the following factors when making a decision on this all-important question.

Planning and Design Flexibility

Buying a Orange County CA home that hasn't been built yet provides a greater amount of flexibility and customization options. Buyers who purchase land and build a house from scratch have complete control over the planning, design and finishing of the home, which provides the greatest degree of flexibility and customization.

If you're buying a Orange County CA home sold by a builder or developer, depending on the stage of development, you may be able to choose from a variety of floor plans, exterior finishes, flooring options, paint colors, bathroom fixtures, kitchen appliances, and lighting fixtures.

Buyers of previously owned homes don't have this flexibility, since someone else made all the decisions as to what that particular home would have when it was built.

Buying a Orange County CA Home - Layout and Maintenance

Buyers frequently have a particular layout style in mind when looking for a home, whether it's a large, open floor plan, or a home with distinct and separate living spaces. Newer homes reflect current trends in layouts, including larger kitchen and dining areas, high ceilings, increased closet space and more bathrooms.

Older homes may suffer from functional obsolescence with outdated layout, design and style features. For example, many older homes lack the "flow" that modern homes have, making it difficult to get from one room to the next.

Many older homes may only have one bathroom, regardless of the number of bedrooms. However, the pro's of buying a pre-owned home is, the landscaping is mature, and you don't have to nurse and care for a new lawn, trees and shrubbery.

Those buying a new home often do so with the intention of avoiding time-consuming upkeep and costly repairs. New homes are usually free of the structural defects - such as leaky roofs and cracking foundations - common in older homes. But just because you're buying a new home, you still should have a home inspection done, just to make sure the builder didn't shortcut somewhere that you might not see without a professional who knows what to look for.

All homes require routine maintenance, but a new home should not require any major work for a number of years.

Older homes do require more time and attention, but many buyers feel the extra effort is worth it to be in a home with more charm than newer homes tend to offer.

Warranties When Buying a Orange County CA Home

Builders usually provide warranties on brand new homes, covering any defects in construction. Warranties vary, but most last up to 10 years for certain items. Warranties like this provide a great deal of peace of mind for new home buyers.

Many previously owned homes are also able to get home warranties that will cover certain repairs during the warranty period. Buyers should know, whether new or previously owned, home warranties are limited. They do not cover every defect that might occur in the home. Be sure to read the fine print of your warranty.