GREAT! You found the right HOUSE.

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Buying your FIRST HOME it is a very emotional process for most of homebuyers. However, don’t allow your emotions to get the best of you! You may fall into a number of common and high costly home buyer’s mistakes.

It’s important to keep your emotions in check to make the best possible decision. Once you’ve fallen in love with a particular home, it maybe hard to go back. Avoid the temptation to get in over your head financially, or the disappointment of feeling like you’re settling for less than you deserve. Start your search at the low-end of your price range, and see what home will satisfy your priorities.

Even when you have a long list of must-haves, there are probably several homes out there that can meet your needs.   Be open-minded, so you don’t run away from good deals. However, don’t buy a fixer-upper that’s more than you can handle in terms of time, money or ability, and definitely out of your budget. If you have been looking for a while, and still not seeing anything you like, don’t get desperate by overbidding excessively to get into your new house.

In a HOT REAL ESTATE MARKET it may be necessary to pull the trigger very quickly if you find a home you REALLY like. However, you have to balance the need to make a quick decision in this kind of market, make sure the home will be right for you, without neglecting important steps like making sure the neighborhood is appealing to you, and it feels safe at night and during the day, investigating also possible noise issues like a nearby train, airports, among others. Taking the time to consider your decision will also give you a chance to research how much the property is really worth and offer a reasonably price for it!

HAPPY HOUSE HUNTING!

Sandy Flores   Broker/Realtor (714)963-7462

Sandy Flores Broker/Realtor
(714)963-7462

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UP to $125,000. to Purchase your First Home?

Yes! There are programs to assist First Time Buyers to purchase a home.  These programs are available to homebuyers that have not owned/held interest in a principal residence in the past three years.

These  Programs provide First time buyers a differed 30 years second mortgage loan that vary from $40,000. and up to $125,000. depending on what  city you’re applying and  availability of funds. Funds are available until used up…First come First served!

For these  homeownership programs, applicants must complete a pre-purchase homebuyer counseling program.

All applicants must be pre-qualified with the pre-qualification lender assigned to the property if they are interested in purchasing. However their first mortgage can be from any lender as long as the loan meets program requirements.

This First Time Homebuyer Program is being funded by the U.S. Department of Housing & Urban Development HOME Program. GREAT time and BEST opportunity!

 

 

 

More financial opportunities for same-sex marriage when purchasing a home!

viewimageThe Supreme Court decision making same-sex marriage legal nationwide will boost the mortgage demand as it provides gay and lesbian couples with more financing opportunities and stronger joint property rights.

The Supreme Court decision could spur not only more purchase lending, but also more refinancing, line of credit, among other helping to them to plan and build wealth.

Married same-sex couples also will have more access to the Department of Veterans Affairs mortgage program, said Gary Boyer, a mortgage loan officer at a brokerage in Portland, Ore.

“This has big implications as far as federal agencies. The VA, for example, has honored a same-sex spouse in states where marriage was legal, but did not honor same-sex spouses in states where it was not yet legal. Any veteran will now be able to have their same-sex spouse on the mortgage with them,” he said.       Congratulations!

http://www.sandyflores.com

Home sales hit fastest rise in more than a year

Home sales hit fastest rise in more than a year

buying-a-home11Sales of existing-homes rose by 1.5% in October according to the National Association of Realtors (NAR). Last October previously-owned homes reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen for a long time.

This numbers also represents the first yearly gain since October 2013. The median existing-home prices posted as well an increase compared to October 2013. From the previous year, October’s median price of $208,300 was up 5.5%, marking the 32nd straight month of yearly improvement.

The National Association of Realtors tracks completed transactions of single family homes, townhomes, condominiums and co-ops each month, dubbing this group “existing-home sales.” As the housing market crashed back in 2008, NAR also began tracking the share of home sales that were distressed (foreclosures and short sales).

In October distressed home sales declined to 9% of the total, hitting the single digits for the third month in 2014. One year ago, distressed sales accounted for 14% of the market. Foreclosures account for 7%, and short sales 2% total average. The share of homes purchased for all-cash buyers in October accounted for 27%, compared to a 31% in October 2013.

First-time buyers remain a smaller slice of the market than the historic norm, at 29% in October for the fourth straight month. First-time buyers have represented less than 30% of the buyer pool in 18 of the past 19 months.

Inventory levels declined by 2.6% in October to a supply of 2.22 million existing-homes available for sale the lowest level since March, but 5.2% higher than a year ago, when there were only 2.11 million existing-homes for sale.

We still need an increment on housing inventory. However, Government-sponsored enterprise Freddie Mac has projected a 20% gain for inventory between 2014 and 2015, which will help supply. Let’s make it happen.

Sales of Existing Homes Increase, however not enough

Sales of Existing Homes Increase, however not enough

Sales of previously owned homes rose in September to the highest level in a year, adding to signs that residential real estate will be a plus for the economy.

National Association of Realtors reported today in Washington that closings on home sales advanced 2.4 % to 5.17 annual rate, and purchases rose 1.9% from the same month last year before adjusting for seasonal patterns.

Why this is a great time to sell your home?

Why this is a great time to sell your home?

On the way, easier lending standards and faster wage gains would attract even more buyers, including those making their first entrance to homeownership.

Sales of existing single-family homes increased 2% to an annual rate of 4.56 million in September from the prior month, also the fastest pace in a year. Purchases of multifamily properties including condominiums rose 5.2% to a 610,000 pace.

Of all purchases, cash transactions accounted for about 24%, down from 33% 12 months earlier, Investors, 63% of whom paid cash 14% of the market last month, in September 2013, they accounted for 19%. And First-time buyers accounted for 29% of the market for a third month in September. Distressed sales, accounted for 10% of the total

We are aware that residential real estate market has definitely gotten better; however it has not fully recovered. There is a lot more to be done!

Homeowners Pay Less for  Mortgage than Renters for Rent

Homeowners Pay Less for Mortgage than Renters for Rent

Paying a mortgage is cheaper than paying rent. But owning a home costs more.  The never ending debate…Is better to buy or rent?  This could be answered only after considering all of the expenses that contribute to homeownership.

The Bureau of Labor Statistics (BLS) says it’s cheaper to own. It has become less expensive to own. From 2009 to 2012, fueled by falling interest rates, ForRentForSalehomeownership has become more affordable, while renters saw costs go in the opposite direction, according to the BLS.

A recent report by Zillow found that current U.S. home buyers can expect to pay 15.3% of their incomes to a mortgage on the typical home – down considerably from the 22.1% of income homeowners had to budget in the pre-bubble years but renters pay today over 29.5% of their income to rent, compared to 24.9% in the pre-bubble period.

The main reason for the budget disparity is the income gap between owners and renters. At the end of the second quarter, the Census Bureau reported the median annual income in the U.S. was $53,216. But among homeowners, median salaries were $65,514 per year, while the typical renter’s income was just $31,888.

Propietarios de Casas pagan menos por hipoteca que inquilinos por alquiler.

Propietarios de Casas pagan menos por hipoteca que inquilinos por alquiler.

Pagar una hipoteca es más barato que pagar alquiler. Pero ser propietario de una Casa cuesta más que rentar. El debate interminable de que es mejor ¿Comprar o alquilar una Casa? Se puede determinar después de considerar todos los gastos que contribuyen al mantenimiento de una casa.

La Oficina de Estadísticas Laborales (BLS) afirma que es más barato comprar que rentar. Es más económico ser dueño de una propiedad que rentarla.  ForRentForSaleDesde el 2009 al 2012, impulsado por la caída de las tasas de interés, ser propietario de una vivienda se convirtió en una posibilidad más asequible, mientras que los inquilinos vieron los costos en las rentas en dirección opuesta, según la BLS.

Un reciente informe de Zillow encontró que los compradores de vivienda actuales de Estados Unidos esperan pagar un 15,3% de sus ingresos en una hipoteca sobre una vivienda típica por debajo de los inquilinos que pagan hoy sobre 29,5% de sus ingresos para alquilar.

La principal razón de esta diferencia en presupuesto, es la brecha de ingresos entre propietarios e inquilinos. Al final del segundo trimestre, la oficina del censo informó que el ingreso anual promedio en los Estados Unidos fue $53.216. Pero entre los propietarios, los sueldos promedio está entre $65.514 anuales, mientras que el ingreso típico del arrendatario era sólo $31.888.

Relief to millions of borrowers who were victimized by predatory mortgage lenders and servicers coming soon!

A new Legislation would open a bigger credit box for millions of homebuyers. The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a new path to homeownership for millions of Americans currently, shut out by mortgage limagesCAQEZEKYending restrictions.

These changes are part of a large shift in mortgage finance reform to open the credit box wider for potential homeowners. Some of the changes in this legislation would remove settled debts, remove negative reports after four years instead of seven, and would extend the removal of student debt defaults in private debts after a consumer makes nine consecutive, on-time payments.

Credit reports will no longer be used exclusively by lenders in making a credit decision. According to the Federal Trade Commission, one in five, or roughly 40 million consumers, have had an error on one of their credit reports, and about 10 million consumers have errors that could increase the cost of credit available to them.

The House Financial Services Committee will discuss U.S. Rep. Maxine Waters’ bill, the Fair Credit Reporting Improvement Act of 2014, on Wednesday afternoon at 2 p.m. ET.

Buying a fixer upper home: FHA-203(K)

Buying a fixer upper home: FHA-203(K)

Homebuyers and the FHA – 203 (K) Loans…What this means for you?

IfPhoto11 you are in the market to buy a home but it needs lot of repairs, then the FHA-203 (K) is the perfect loan for you.

These especial loans allow you to buy and repair a property that needs rehabilitation, such as roof, room addition, or any structural repair.

Lenders currently instituted additional offerings of loan programs like the FHA 203(k) home improvement program to include renovation expenses in their loan amount. One-time-close loans streamline the purchase and financing of new constructi

Mortgage rates fell for sixth straight day today

Mortgage Rates fell modestly for an impressive sixth straight day today.

Mortgage imagesCAE30UQZrates are driven by movements in financial markets-most directly by MBS (mortgage backed securities) which actually dictate how much mortgage debt is worth to investors. MBS are always trading with some level of correlation to broader bond markets where 10yr Treasuries are one of the best big picture reference points.