Housing market news
16 pages
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres

Description

949.769.1599. OC Housing News utilizes advanced search capabilities based on proprietary cost of ownership calculations and housing market analysis.

Sujets

Informations

Publié par
Publié le 04 septembre 2014
Nombre de lectures 2



OCHN Property
Search Guide



Learn advanced property
search techniques

HOUSING MARKET NEWS ! ! OCHN!Property!Search!Guide !
Methods(of(Property(Search(................................................................................................................................................(3!
Browsing(or(Searching(..........................(3!
Filtering)Unsuitable)Properties)................................)4!
Full)Page)Search)Versus)Quick)Searc)h .............................................................................................................)4!
Map)Search)Versus)Other)Search)Method)................................s...)5!
Community)Research)..............................................)5!
Registered(User(Account(Management(...........................................................................................................................(6!
Profile)............................................................................)6!
Favorite)Listings).......................................................................................)6!
Saved)searches)...........................................................................................................................)7!
MLS(Property(Search(Filters(...............................................(7!
Search)Box)...................................................................................................)7!
Asking)Price)................................................................)7!
Beds)and)Baths)..........................................................)8!
Rating).............................................................................................................................................................................)8!
Valuation)......................................)8!
Income,)Down)Payment,)and)Financin)g.........)9!
Cost)of)Ownership).................................................................................................................................................................................)10!
More)Filters)..............................)10!
Property)Types).......................)10!
Square)Feet)...............................................................................................................................................................................................)11!
Lot)Size).......................................)11!
Parking)and)Garage)...............................................................................................................................................)12!
Year)Built)...................................)12!
Keyword(s))..............................................................................................................................................................)12!
Listing)Facts).............................)12!
Investor)Filters).......................................................)12!
Net)Income)...............................................................................................................................................................)13!
Cap)Rate).....................................................................)13!
Cash)Flow)..)13!
Cash)Return)..............................................................................................................................................................)13!
Flip)Margin)...............................................................)13!
Multi]city)selection)...............................................................................................................................................................................)14!
Zip)Code)or)MLS)Number(s)).............................)14!
Radius)Search)..........................)15!
Polygon)Search).......................................................................................................................................................................................)15!
!
info@ochousingnews.com! ! 949.769.1599! ! !! ! OCHN!Property!Search!Guide !
Methods(of(Property(Search(
The!OC!Housing!News!provides!six!methods!for!finding! properties:!
• Browse!special!categories!of!new!listings!
• Browse!by!city!and!price!range!
• Quick!Search!on!top!of!website!
• Full!property!search!page!
• Custom!map!search!
• Non NMLS!foreclosure!search!
Browsing(or(Searching(
Browsing!for!property!is!quick!and!easy,!allowing!house!hunters!to!view!many!properties!in!one!area!or!of!similar!
character,!benefitting!those!who!are!first!exploring!the!area!and!uncertain!about!what!they!want.!Browsers!find!
three!hot!lists!of!properties!at!the!top!of!the!sidebar:!dream!homes,!family!homes,!and!investment!best!buys,!
providing!oneNclick!access!to!detailed!property!profiles.!These!hot!lists!contain!newly!listed!properties!possessing!
superior!financial!qualities!and!high!ratings.!Below!these!hot!lists!are!links!to!community!pages!where!house!
hunters!can!browse!through!lists!of!all!MLS!listings!in!each!city!in!Southern!California!and!narrow!the!results!to!
certain!price!ranges.!Browsing!by!city!quickly!reveals!the!type!and!quality!of!housing!available!at!different!price!
levels,!and!it!offers!opportunity!to!explore!other!city!characteristics.!
Searching!for!properties!allows!house!hunters!to!set!precise!property!filters!to!eliminate!unsuitable!properties!
from!search!results,!saving!review!time!for!experienced!searchers.!The!quick!search!with!its!various!parameters!is!
at!the!top!of!the!website,!and!the!other!property!searches!are!available!from!the!property!search!menu.!Property!
search!works!best!with!site!registration!because!registered!users!can!save!searches!for!later!update.!Property!
search!takes!additional!time!to!set!up,!but!house!hunters!save!time!later!because!they!don’t!need!to!review!as!
many!unsuitable!properties!as!they!would!if!they!were!browsing.!!
info@ochousingnews.com! 949.769.1599! Page!3!of!16!! ! OCHN!Property!Search!Guide !
FILTERING(UNSUITABLE(PROPERTIES(
Property!filters!rely!on!measurable!or!quantifiable!property!characteristics!such!as!size!of!the!house!or!number!of!
bedrooms.!House!hunters!can!specify!minimum!or!maximum!acceptable!values,!or!both!if!the!searcher!wants!to!
create!a!narrow!range!of!values;!only!properties!that!meet!the!criteria!will!be!displayed!as!search!results.!For!
example,!a!house!hunter!may!want!to!see!properties!between!1,500!and!2,000!square!feet!(a!range),!with!at!least!
3!bedrooms!(a!minimum!value),!with!asking!prices!below!$500,000!(a!maximum!value).!All!search!filters!are!off!by!
default,!and!the!dropNdown!box!generally!displays!whether!the!filter!accepts!a!minimum!or!maximum!value.!If!
both!a!minimum!and!maximum!is!provided,!searchers!can!specify!a!range!of!values!between!the!two.!
FULL(PAGE(SEARCH(VERSUS(Q UICK(SEARCH(
The!top!of!the!website!has!a!
quick!search!box!with!most!of!
the!search!functions!found!on!
the!fullNpage!search.!Further,!
the!quick!search!updates!the!
number!of!search!results!as!
each!filter!is!added;!however,!
only!the!fullNpage!search!allows!
house!hunters!to!select!
multiple!areas!at!the!same!
time,!a!significant!advantage.!
Some!users!also!prefer!the!
stepNbyNstep!approach!to!
setting!filters!provide!with!the!fullNpage!search.!
info@ochousingnews.com! 949.769.1599! Page!4!of!16!! ! OCHN!Property!Search!Guide !
MAP(SEARCH(VERSUS(OTHER(SEARCH(METHODS(
Map!search!is!preferred!by!visual!thinkers!and!those!who!like!to!plot!their!search!areas!precisely.!The!primary!
advantage!of!map!search!is!the!ability!to!define!custom!search!areas!using!circles!and!multiNsided!polygons.!The!
polygon!search!features!allows!house!hunters!to!very!precisely!map!out!a!search!area!to!include!only!those!homes!
in!the!area!they!want!to!live!in.
!
COMMUNITY(RESEARCH(
House!hunters!often!start!their!search!by!browsing!properties!in!certain!cities!to!get!an!overview!of!the!quality!of!
housing!available.!As!people!browse!they!begin!to!wonder!why!houses!cost!what!they!do.!What!makes!one!city!
more!desirable!and!more!expensive!than!another?!Looking!at!houses!doesn't!reveal!information!on!demographics,!
info@ochousingnews.com! 949.769.1599! Page!5!of!16!! ! OCHN!Property!Search!Guide !
schools,!weather,!or!crime,!yet!house!hunters!want!this!information!to!learn!more!about!the!communities!they!are!
considering!moving!to.!To!meet!this!need,!the!OC!Housing!News!com munity!pages!each!have!a!series!of!links!to!
another!site!with!this!important!data.!
The!top!link!leads!to!an!overview!of!the!
community!with!summaries!of!34!
different!types!of!data.!The!five!images!
provide!links!to!the!most!common!data!
summaries!for!demographics,!schools,!weather,!crime,!and!registered!sex!offenders.!
Registered(User(Account(Management(
Registered!users!gain!many!special!benefits!including!access!to!the!exclusive!OC!Housing!News!guides!and!monthly!
housing!market!reports.!In!addition!registered!users!can!establish!a!profile,!save!favorite!listings,!and!save!searches!
to!run!again!at!a!future!date.!
PROFILE(
The!user!profile!contains!the!standard!information!provided!at!sign!up,!plus!house!hunters!can!put!in!their!home!
address,!which!is!useful!for!finding!directions!to!properties.!The!property!details!page!has!a!tab!labeled!
“Directions.”!If!users!put!in!their!current!home!address,!the!system!will!show!the!best!travel!route!from!their!
current!home!address!to!the!selected!property.!
FAVORITE(LISTINGS(
Users!can!save!favorite!listings!to!review!again!later!or!email!to!others.!If!a!house!hunter!finds!a!good!property!
during!a!search,!saving!it!as!a!favorite!makes!sure!the!property!can!be!found!again.!
info@ochousingnews.com! 949.769.1599! Page!6!of!16!! ! OCHN!Property!Search!Guide !
SAVED(SEARCHES(
The!ability!to!save!and!recall!searches!is!one!of!the!most!powerful!features!of!the!site,!and!it’s!one!of!the!main!
reasons!users!who!are!serious!about!finding!a!home!should!register!with!the!site.!It!takes!time!for!house!hunters!
to!set!up!a!good!search!with!many!filters!to!deliver!a!list!of!the!most!suitable!properties.!Saving!this!search!allows!
users!to!repeat!the!search!again!later!without!needing!to!reprogram!all!the!filters.!
MLS(Property(Search(Filters(
Following!is!a!detailed!discussion!of!every!search!filter!available.!Many!of!these!filters!are!proprietary!based!on!
calculations!only!found!on!the!OC!Housing!News!site. !
SEARCH(BOX(
The!search!box!appears!at!the!top!of!the!website.!It’s!the!main!feature!of!the!quick!search!area.!It’s!quick!because!
it!allows!users!to!enter!city,!area,!zip!codes,!addresses,!school!districts,!builder!codes,!or!any!other!geographic!tag!
found!in!the!MLS.!House!hunters!see!suggestions!as!they!type,!and!after!just!a!few!letters,!they!can!often!find!
exactly!what!area!they!are!looking!for.!The!total!number!of!listings!in!the!system!is!displayed!by!default,!but!as!
filters!are!added,!this!number!will!change!to!reflect!the!number!of!results!a!house!hunter!will!see!when!they!
pressed!the!“show!me”!button.!
ASKING(PRICE(
The!asking!price!filter!is!the!most!common!filter!on!property!search!sites.!It!provides!a!min!and!a!max!function!to!
allow!house!hunters!to!specify!a!range.!This!feature!is!most!useful!to!moveNup!buyers!that!know!how!much!equity!
they!can!bring!from!the!sale!of!their!existing!home!to!combine!with!a!loan!based!on!their!income.!For!firstNtime!
homebuyers!and!those!with!limited!savings!or!equity,!the!new!income!and!down!payment!filters!explained!below!
provide!better!tools!for!filtering!properties.!
info@ochousingnews.com! 949.769.1599! Page!7!of!16!! ! OCHN!Property!Search!Guide !
BEDS(AND(BATHS(
Beds!and!baths!are!two!common!filters,!with!bedroom!count!being!the!most!common.!Many!sites!provide!these!as!
a!min!and!max!function,!but!most!house!hunters!aren’t!concerned!about!having!too!many!bedrooms!or!
bathrooms,!they!are!concerned!about!not!having!enough.!The!OC!Housing!News!doesn’t!provide!a!maximum!filter!
as!other!filters!tend!to!weed!out!properties!with!high!bedroom!and!bath!counts.!
RATING(
The!OC!Housing!News!provides!a!powerful,!proprietary!rating!system!t hat!considers!valuation,!rent!growth,!and!
home!price!appreciation.!Highly!rated!properties!tend!to!be!those!with!good!priceNtoNrent!ratios!in!neighborhoods!
showing!strong!rent!and!price!growth.!For!more!information!on!the!rating!system,!download!our!guide!on!
understanding!and!interpreting!OCHN!monthly!housing!market!reports. !
VALUATION(
Valuation!is!the!most!important!component!of!rating,!but!it!stands!alone!as!a!property!filter.!The!basis!of!valuation!
is!the!current!relationship!between!the!cost!of!ownership!and!the!cost!of!rent.!The!current!asking!price!may!be!
above!or!below!rental!parity.!The!system!measures!how!far!above!or!below!the!property!is!priced!and!compares!
that!to!the!historic!valuation!of!properties!in!the!area.!Based!on!the!asking!price,!if!the!cost!of!ownership!relative!
to!rent!is!below!the!historic!norm!for!the!area,!the!property!is!considered!undervalued.!!
The!valuation!filter!allows!house!hunters!to!seek!out!only!those!properties!that!are!properly!valued!relative!to!
historic!norms.!The!filter!starts!at!20%!overvalued!and!ends!at!80%!undervalued.!The!filter!will!only!display!
properties!more!undervalued!than!the!filter!setting.!For!example,!if!a!house!hunter!sets!this!value!at!N20%,!the!
results!will!only!show!properties!20%!or!more!undervalued.!This!is!confusing!to!some!people!because!it’s!a!
maximum!filter!but!it’s!filtering!for!negative!values.!
info@ochousingnews.com! 949.769.1599! Page!8!of!16!! ! OCHN!Property!Search!Guide !
INCOME,(DOWN(PAYMENT,(AND(FINANCING(
House!hunters!can!filter!properties!based!on!their!income!and!down!payment!savings.!This!is!a!major!
advancement!in!real!estate!search,!an!OC!Housing!News!exclusive.!These!filters!are!designed!to!hel p!firstNtime!
homebuyers!and!those!taking!their!first!step!up!the!housing!ladder.!For!those!two!groups,!income!and!available!
down!payment!are!the!primary!restrictions!limiting!how!expensive!of!a!home!they!can!obtain.!!
House!hunters!that!use!these!filters!do!not!need!the!asking!price!filter.!One!of!the!biggest!problems!with!using!an!
asking!price!filter!is!that!people!don’t!really!know!how!much!they!can!afford.!Also,!even!if!they!have!an!idea!of!
how!much!they!can!finance,!sometimes!a!property!in!their!price!range!is!not!affordable!because!it!has!high!HOA!
dues!or!other!costs!of!ownership!that!would!reduce!how!much!a!lender!would!loan!them!to!purchase!the!
property.!The!OC!Housing!News!filters!for!income,!down!payment!and!financing!type!were!designed!to!replace!th e!
asking!price!filter!and!more!accurately!show!house!hunters!what!they!can!really!afford.!
To!set!up!this!filter,!the!house!hunter!must!specify!whether!they!plan!to!use!conventional!or!FHA!financing.!
Typically,!firstNtime!homebuyers!use!FHA!financing,!and!first!moveNup!buyers!use!conventional.!The!default!is!
conventional,!but!those!who!do!not!have!large!down!payment!saved!up!may!not!be!able!to!use!this!kind!of!
financing!as!it!requires!a!20%!down!payment.!In!Coastal!California!even!starter!homes!can!begin!at!$500,000,!
requiring!a!$100,000!down!payment.!That’s!a!lot!of!money!for!the!typical!renter!to!save!to!qualify!for!conventional!
financing.!As!a!result!most!firstNtime!homebuyers!opt!to!use!FHA!financing!that!only!requires!3.5%!down.!
Unfortunately,!this!form!of!financing!is!expensive,!and!it!increases!the!income!requirement!to!qualify!for!the!
mortgage.!
Once!the!type!of!financing!is!specified,!the!house!hunter!can!select!their!income!from!the!income!filter!and!the!
amount!they!have!saved!in!the!down!payment!filter.!The!search!results!will!show!any!property!where!both!the!
income!requirement!is!below!the!borrowers!income!and!the!down!payment!is!lower!than!the!amount!of!available!
savings.!!
info@ochousingnews.com! 949.769.1599! Page!9!of!16!! ! OCHN!Property!Search!Guide !
House!hunters!like!to!fantasize!about!what!they!want,!but!these!filters!show!them!the!reality!of!what!they!can!
afford.!
COST(OF(OWNERSHIP(
Another!filter!that!relies!on!the!type!of!financing!is!the!cost!of!ownership!filter.!One!of!the!major!advancements!of!
the!OC!Housing!News!search!is!the!ability!to!find!properties!with!a!cost!of!ow nership!homebuyers!feel!comfortable!
with.!Some!homebuyers!don’t!want!to!maximize!their!debt,!and!they!want!to!limit!their!monthly!cost!to!a!certain!
maximum!or!range,!often!comparable!with!the!rent!they!are!currently!paying.!This!filter!is!designed!for!just!this!
purpose.!
The!filter!allows!both!a!minimum!and!a!maximum,!but!most!often!only!the!maximum!is!required!because!other!
filters!tend!to!weed!out!minimum!threshold!properties.!Based!on!the!type!of!financing,!because!conventional!and!
FHA!financing!differ!considerably,!the!filter!shows!only!those!properties!meeting!the!specified!criteria.!
It!is!important!to!note!that!the!cost!of!ownership!is!not!the!monthly!outNofNpocket!cost!of!owning!the!property.!
Lenders!evaluate!monthly!cash!outlays!when!determining!how!much!they!will!loan!(monthly!cash!outlays!equals!
lender!PITI).!The!monthly!cash!outlays!are!adjusted!for!a!number!of!items!to!determine!the!actual!cost!of!
ownership:!tax!savings,!principal!amortization,!opportunity!cost,!and!maintenance!and!reserve!expenses.!!
MORE(FILTERS(
The!quick!search!box!has!a!link!for!more!filters.!House!hunters!can!press!this!link!to!drop!down!an!extended!list!of!
filters!outlined!below.!
PROPERTY(TYPES(
The!property!type!filters!have!two!dropNdown!menus!plus!a!number!of!selectable!options.!The!first!dropNdown!
menu!allows!users!to!select!which!database!of!properties!to!search!for,!resales!or!rentals.!The!second!dropNdown!
info@ochousingnews.com! 949.769.1599! Page!10!of!16!