5  Beginner tips for first timers buying a home in los angeles

5 Beginner tips for first timers buying a home in los angeles

 

By Sandy Flores Broker

5 BEGINNER TIPS FOR FIRST TIMERS BUYING A HOME IN LOS ANGELES, CA

In the past three years, prices of homes in Los Angeles have soared by 30 percent. In many areas, you’ll find a seller’s market. Only a three months’ supply of home available with 5,538 properties (single family homes and condos) sold in the past 6 months. Experts predict a seller’s market in 5 months’ time in Los Angeles and you can expect prices to go higher in coming years. So, if you’re still waiting to buy a home in Los Angeles, don’t wait too long.

But jumping in hastily isn’t recommended either. It’s possible for first time buyers to get too excited about the home buying prospect and rush in. Follow these 5 tips to avoid first time home buyer mistakes when buying a home in Los Angeles:

  1. How much house can I afford?

How much can you really afford? You need to determine how much of the monthly mortgage payments you’ll be comfortable with. Apart from meeting with a lender and reviewing your finances, there should be some soul-searching. Experts advise against going for the most expensive home you qualify for, unless you can truly bear the costs that come along with it.

  1. Be prepared

As a first timer, buying a home in Los Angeles presents you with so many options, yet you need to be prepared for rigid competition. If you are not paying cash, you should get a pre-approval from your lender before you proceed with buying a home in Los Angeles. Cash buyers tend to be more attractive to sellers because then the seller wouldn’t have to wait for the lender to approve a loan. You will need to have a down payment that’ll cover at least 20 percent of the selling price, and you may still face a bidding war for the home of your dreams.

  1. Check the down payment assistance program

Before you buy, check to see if you qualify for one of the down payment assistance programs. In Orange County, a family of four may qualify for state and federal assistance, even with an income as high as $108,350.

  1. Research The Neighborhood

Your knowledge of the area shouldn’t just be based on what your realtor told you. Research the neighborhood yourself during the day and at night. Converse with the locals at “Mom-and-Pop” stores, cafes, restaurants, markets, etc.

Immersing yourself into the neighborhood as a “local” will help you catch information that will not be disclosed by your realtor. This will give you a pellucid picture of the area.

  1. Choose the best Realtor

The truth is; agents deal with enormous amounts of problems and stress. Most of them are expert problem solvers, have “insider” information about properties/areas and can get you a great price on your home through great negotiation skills.

But just like in virtually any vocation, there will be the good and the bad. An inexperienced agent will set you back in time, money and can decrease your likelihood of getting the property you truly want. You need the best hands when buying a home in Los Angeles as a first timer, Give me a call 714.963.7462. Let’s find your dream home!

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Morosidad en Pagos Hipotecarios disminuye a nivel nacional pero continua alto relación con la década de 2000

El Centro Urbano del Instituto Financiero de la Vivienda publicó recientemente en su reporte del mes de Septiembre que las ejecuciones hipotecarias continúan disminuyendo con la recuperación de la vivienda, pero sigue siendo alta en relación a la década de 2000.blog25

En particular, el reporte muestra que los atrasos de más de 90 días  de morosidad así como las ejecuciones hipotecarias incrementaron a un 3.1 por ciento en el segundo trimestre de 2016. Esto constituye una disminución de 9 puntos bases sobre el 4.0 por ciento para el mismo trimestre del año anterior.

A partir de julio de 2016, el reporte indica que 1.30 por ciento de la cartera de Fannie Mae y 1.11 por ciento de la cartera de Freddie Mac fueron afectados con pagos atrasados, comparado al 1.63 por ciento para Fannie Mae y 1.48 para Freddie Mac en julio de 2015.

En general, las ejecuciones hipotecarias  continúan disminuyendo, con un promedio de 34.356 por mes en el primer semestre de 2016 frente a 37.970 por mes en el mismo período hace un año.

Buen indicador que el mercado de Bienes Raíces se mantiene estable, y aun mas considerando que los intereses se encuentran en los niveles mas bajos facilitando la compra y refinanciación a muchos propietarios para que puedan obtener pagos hipotecarios mas asequibles.

“Aunque comprar una propiedad en un mercado hipotecario de vendedores puede presentarse con muchos desafíos, es posible asegurar una casa que te va a encantar”  Sandy Flores Broker, Liderando el camino a tu Casa Propia!

Big Win for Future Homebuyers!

front entranceOnce again the voices of the REALTORS® were heard loud and clear on Capitol Hill, and we scored a big win for future homeowners! Thanks to the more than 139,000 REALTORS®, or 15% of our members, across the nation, the Housing Opportunity through Modernization Act of 2016, or H.R. 3700, passed the U.S. Senate by unanimous consent, and was signed into law by President Obama on July 29, 2016.  This legislation:

  • Solves a number of concerns regarding FHA’s condo rules:
    • Reduces the FHA condo owner occupancy ratio to 35%, unless FHA takes alternative action within 90 days.
    • Directs FHA to streamline the condo re-certification process.
    • Provides more flexibility for mixed use buildings.
    • Mirrors the Federal Housing Finance Agency’s (FHFA) rules regarding private transfer fees for FHA condo lending.
  • Provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service (RHS) loans.
  • Makes reforms to federally assisted housing programs to streamline the programs.

On behalf of the NAR Leadership Team, we would like to thank you and your colleagues for this amazing grassroots effort and for all your support for this national Call for Action.  Our state and local association partners did a great job in leading the efforts to get the U.S. Senate to act on this critical legislation.   This victory was made possible by the collective efforts of the NATIONAL ASSOCIATION OF REALTORS®, and our state and local association partners. When REALTORS® speak in a single unified voice, Congress listens.

How Do we improve the air quality in our Homes?

 Usually the most effective way to improve indoor air quality is to eliminate individual sources of air pollution or to reduce their emissions. Some sources, like those that contain asbestos, can be sealed or enclosed; others, like gas stoves, can be adjusted to decrease the amount of emissions. In many cases, source control for air quality is also a more cost-efficient approach to protecting indoor air quality than increasing ventilation because increasing ventilation can increase energy costs.

Most home heating and cooling systems, including forced air heating systems, do not mechanically bring fresh air into the house. Opening windows and doors, operating window or attic fans, when the weather permits, or running a window air conditioner with the vent control open increases the outdoor ventilation rate and serves as a simple form of air cleaners. Local bathroom or kitchen fans that exhaust outdoors remove contaminants directly from the room where the fan is located and increase the outdoor air ventilation rate.

It is particularly important to take as many of these steps as possible while you are involved in short-term activities that can generate high levels of pollutants–for example, painting, paint stripping, heating with kerosene heaters, cooking, or engaging in maintenance and hobby activities such as welding, soldering, sanding, model making and gluing.

However, remember that for most indoor air quality problems in the home, source control is the most effective solution.

ARE WE ON THE RIGHT TRACK?

ARE WE ON THE RIGHT TRACK?

foreclosure-montageEight national banks,  Bank of America, JPMorgan Chase, Citibank, HSBC, OneWest Bank, PNC, U.S. Bank, and Wells Fargo  saw the performance of their first-lien mortgages improved in the fourth quarter of 2014, while the delinquency rate on those mortgages and the foreclosure activity continued to decline, according to a quarterly report on mortgage performance by the Office of the Comptroller of the Currency (OCC) released Friday.

The mortgages covered in the report comprised about 45 percent of all outstanding residential mortgages in the United States – about 23.1 million mortgages with principal balances totaling about $3.9 trillion as of December 31, 2014.

Foreclosure inventory dropped by 39.7 percent year-over-year in Q4 down to 315,022, and Home retention actions, which included modifications, trial period plans, and shorter-term payment plans, totaled 195,577 in Q4, a decline of 19.5 percent year over year.

What do you think…

1.2 Million Borrowers Nationwide Regained Equity in 2014

1.2 Million Borrowers Nationwide Regained Equity in 2014

 

On today’s new analysis released by CoreLogic, leading global property information, analytics and data Price-Income_Featured-f084f5services provider, reported that 1.2 million borrowers regained equity in 2014. Nationwide, borrower equity increased year over year by $656 billion in Q4 2014. Borrowers with near negative equity are considered at risk of moving into negative equity if home prices fall. In contrast, if home prices rose by as little as 5 percent, an additional 1 million homeowners now in negative equity would regain equity. The calculations are not based on sampling, but rather on the full data set to avoid potential adverse selection due to sampling, and only data for mortgages residential properties that have a current estimated value is included.

Visit me at http://www.sandyflores.com; More information call me (714)963-7462

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Best season to sell a Home? Winter!

Best season to sell a Home? Winter!

Many home for sale real estate signs and one reading Sold in a bIn an updated analysis completed by Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014 showing that February is historically the best month to list, with an average of 66 percent of homes listed and  selling within 90 days. The winter season officially takes place between Dec. 21 and March 20 and  brings in more focused  sellers and buyers.

Listing during those four winter months has resulted in higher percentages of above-asking-price sales than listing during any  months, other than April and May. Winter’s market also shows less competition for sellers since many people tend to wait until the spring to list. The smaller inventory of active listings help sellers get more attention from buyers.

Also nearly 80 percent of the real estate professionals surveyed by the National Association of Realtors NAR said that more serious buyers emerge during the holidays, and 61 percent say less competition from other properties makes winter an ideal time to sell.

Mortgage Rates slightly higher

Mortgage Rates slightly higher

Finding-a-refinance-rate-for-your-homeMortgage rates are higher today, leaving September as one of only 3 months this year with noticeable upward movement.

And today was an exception to that recent trend, but it’s tempered by the fact that yesterday’s gains were the best of the month.

The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today.

These movement considerations may be small scale compared to what lies ahead.  Several big tickets events are coming up in the second half of this week and they stand a good chance to increase the level of volatility.