Waiting for the right home? Don’t Wait Forever!

  • Happy House HuntingEveryone has a dream home, however there’s always something that we do not quite like in each house that we view. The key to finding the right home is setting realistic expectations.  Make a list of your dream features and amenities before you start house hunting, at the same be willing to let some of those features go once you start looking at properties. It helps to score each feature on a scale of 1 to 10 to really see what each home has to offer.Once you’re house hunting, it can be nearly impossible to decide when you’ve looked at enough houses. Keep in mind that if you view a lot of homes it may result on the chances of getting confused as to what actually you are looking for. It will be a good idea to make a list of each property’s strengths and weakness, like’s and don’ts, and then get ready to compromise.

    Set realistic expectations and look at more than a few houses, it’s time to start making some tough decisions. Just make sure you’re not compromising on something you’ll regret later.

    If you’re in a sellers’ market, homes can go quickly and you might just be missing the window of opportunity.

    Happy House Hunting!

     

     

Advertisements

Love your kitchen forever!

Don’t DO a Home Inspection, unless

What Homeownership means?

What Homeownership means?

 Homeownership means you no longer pay monthly rent for the roof over your head. When you leave, you can sell it to recoup the purchase price and earn any profit that you may have accumulated through your appreciation in value.

But don’t kid yourself. Homeownership comes with a slew of disadvantages, responsibilities, and downright headaches. So before going any further, consider whether your lifestyle and finances make home buying a smart move for you.

Except in a roaring real estate market, it usually doesn’t make sense to buy a home you’ll stay for less than three or four years, because the cost of the process of buying and selling your property means that you could lose money  from your equity.   On the other hand, you will not pay capital gain taxes if you’re in the property for at least of 2 years.

One key question is whether it costs more, on average, to rent or own in your area. The rule of thumb is that if you pay 33% in rent than you would for owning  including the monthly mortgage, property taxes, and any homeowner’s fees,  then it’s smarter to own a home then renting it.

As always, get your finances in order before committing to buy a home, and stay informed of all the options, alternatives and programs that will fit your needs.

Get help, and call a Realtor…Call me  714-963-7462.   Leading your way home!

facebook-logo-transparent1 

Real Estate? Yes, it is for Real!

Real Estate? Yes, it is for Real!

SOLDSpring’ season gains are good news for Housing Market. New home sales spiked by nearly 20 percent year-over-year in March up to about 481,000, according to a report from HUD and the U.S. Census Bureau. It was the highest level the market has experienced since 2008.

Existing home sales also jumped in March, by 6.1 percent, the largest monthly increase since December 2010, according to the National Association of Realtors.

The NAR Pending Homes Sales Index increased by 11.1 percent year-over-year in March and has been gaining momentum hitting into its highest level in nearly two years.

Real Estate, Is it for Real?

HELOCs the next thing home credit product? Home prices, including distressed sales, rose year-over-year by 5.9% in March, according to data released Tuesday by CoreLogic.

The CoreLogic Home Price Index report found that March was the 37th consecutive month to feature year-over-year increases in home prices across the country. Month-to-month, home prices also rose by 2%, including distressed sales.

CoreLogic’s HPI Forecast estimated that prices will continue to increase month-to-month in April by 0.8% when including distressed sales and 0.7% without these properties

House Price Index Up 0.3 Percent in January

House Price Index Up 0.3 Percent in January

Prices-going-up-graphic-2U.S. house prices rose in January, up 0.3 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The previously reported 0.8 percent change in December was revised downward to a 0.7 percent change.

The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. From January 2014 to January 2015, house prices were up 5.1 percent. The U.S. index is 3.5 percent below its March 2007 peak and is roughly the same as the December 2005 index level.

Mortgage Rates plummeted today after Fed’s announcement

While the average improvement of 0.10% might not look like much at face value, it’s the biggest Finding-a-refinance-rate-for-your-homeone-day drop we’ve had in 2015, and in a league with very few other players historically.

With today’s improvement, the most prevalently-quoted conventional 30yr fixed loan for top tier borrowers falls back to 3.75%.   Some lenders will remain at 3.875% today, but many feel that  those lenders held back from passing on the full effect of the market movement not an uncommon occurrence after a volatile swing like today’s.

$10 Million in Grants to Aid Homeownership

$10 Million in Grants to Aid Homeownership

construction-spending-misses-expectations-falls-06The U.S. Department of Housing and Urban Development – HUD announced Wednesday that it is awarding $10 million in grants to four non-profit organizations that will create homes for hundreds of families.

These grants are known as “Sweat Equity” grants, which combine efforts and labor from volunteers and homebuyers themselves.   The non-profit organizations recipients of these grants are: Community Frameworks  ($540,000),   Habitat for Humanity International   ($6.21 million),   Housing Assistance Council   ($1.56 million), and   Tierra del Sol    (Western States Housing Consortium, $1.68 million).

Homebuyers are required to contribute a minimum number of “Sweat Equity” hours toward the building and development of their own homes as participation for this self-help homeownership programs, according to HUD. The minimum sweat equity requirement is 100 hours for a household consisting of two or more persons and 50 hours for a household consisting of one person.

Community volunteers labor participation is also required. Sweat equity and volunteer labor includes any number of activities related         to the construction of a home such as painting, carpentry, foundation work, drywall, trim work, roofing, or siding, among others.

New Mortgage guidelines in effect since December 1st !

New Mortgage guidelines in effect since December 1st !

WASHINGTON-MAY 23: Fannie Mae's mortgage portfolio shrank at 19%Fannie Mae and Freddie Mac launched their new mortgage guidelines that went into effect last December 1st, now requiring a much lower down payment. From the previous 5% to 3% in what lenders hope will be a good kick start from a sluggish housing market that we have seen lately.

Now the brain trust at WalletHub has released its 2014 Mortgage Insurance Report to help low-down-payment home buyers save up to $12,000 on their decision between a Federal Housing Administration loan and private mortgage insurance.

On the other hand FHA premiums, unlike private mortgage insurance, continue to be assessed throughout the life of a loan, even if the loan to value ratio drops below 80%. This creates a huge cost disparities over time, between private mortgage and the FHA option.

New mortgage guidelines are expected to significantly increase the availability of more new purchases.