Is it a good time to purchase a home? Yes, and please allow me to explain why. Let's compare the current housing market to American Psychologist Abraham Maslow's Hierarchy of Needs Pyramid.
The national conversation around real estate commissions reached a crescendo in the last week since the National Association of REALTORS® announced a settlement agreement that would resolve litigation brought on behalf of home sellers related to broker commissions. Brokers and agents have their own questions about what comes next for their businesses, while at the same time trying to answer consumer inquiries. And many headlines aren’t separating fact from fiction, feeding misinformation to you and your clients.
In the last 14 days, Silicon Valley Bank and Signature Banks crashed, Credit Suisse was saved by Swiss National Bank, Federal Reserve and Bank of England raised interest rates, Deutsche Bank and UBS Bank stocks plummeted. and there is fear of another global financial crisis.
💥 Whether you're buying or selling a home, navigating the market can be tricky. Buying or selling a home involves a complex process, and the real estate market can vary based on location, economic conditions, and other factors. I put together some general tips for individuals looking to buy or sell a home today.
The real estate market in California is currently experiencing a slowdown, with home prices remaining high but sales and inventory declining. This is due to a combination of factors, including rising interest rates, affordability concerns, and economic uncertainty.
What Is Going On In The Real Estate Market Today?
Cupertino, California is primarily known for being the headquarters of Apple Inc. and is a major hub in the heart of Silicon Valley. It's also renowned for its excellent public schools, thriving tech community, and proximity to Silicon Valley jobs. The city attracts a highly educated and diverse population.
Although the real estate market has cooled down due to higher interest rates, there are opportunities for those interested in purchasing a home today.
Here is a key example of how a real estate professional can identify an opportunity to help a homeowner, especially during challenges economic times.
Black mold is a fungus that may cause your immune system to react. Common symptoms include sneezing, coughing, congestion and eye irritation. It rarely causes serious illness or death but may worsen asthma symptoms.
It is important to take action quickly if mold is spotted – this means dry up any sources of moisture and then use disinfectants such as bleach or vinegar for cleaning and prevention. Taking care of black mold in its early stages can prevent problems from getting worse down the line.
Plants can cause damage to the foundation due to their frequent need for watering. If you have to water your plants regularly, the soil around your foundation will expand due to high moisture levels. This will put pressure on the foundation walls and cause cracking.
One more point. I forgot to mention how roots can grow near the home and damage the foundation as well!
While the time frame for a California short sale seller is highly dependent on many factors, here is a generalized summary of what the timeline looks like in most cases:
No.1. CA Short sale lender conducts the third party authorization: 3-5 business days.
No.2. The Mortgage Assistance application and all supporting hardship documentation is submitted to the CA short sale bank: 1-2 weeks.
No.3. After consistent follow up from the short sale processor, the lender confirms receipt of the mortgage assistance package and begins to process the documentation: 7-30 business days.
No.4. The realtor puts the home up for sale on the MLS: 1-2 weeks.
No.5. An offer on the property comes in: 30-60 days.
No.6. The complete offer package is put together by the CA short sale company, then submitted to the lender: 3-7 business days.
No.7. Review of the offer package: up to 30 days by law, but when a short sale is negotiated by a professional processor, it normally takes 3-10 business days.
No.8. Getting a short sale approval letter from the lender: 3-5 business days.
No.9. Settlement: 30-45 days.
Don't base your decision on choosing the real estate agent to work with solely based on the number of years they have had their real estate license. Being licensed for many years and/or working with one type of real estate doesn't mean the agent is well versed in various types of real estate such as residential, commercial, land, International, second homes, vacation property, investment property, house boats, short sales, probate, and land acquisitions, to name a few. Be sure to ask the agent about their qualifications, credentials, and special training they may have completed, and so forth. Asking an agent about why you should choose them is wise and normal practice.
If you live in a community with a homeowners' association, you must comply with the rules set out in the Declaration of Covenants, Conditions, and Restrictions.
If you buy a home, like a single-family home, in a planned, covenanted community, you'll most likely be part of a homeowners' association (HOA). The rules of the HOA community are described in the Declaration of Covenants, Conditions, and Restrictions, also called "CC&Rs." The goal of CC&Rs in real estate is to protect, preserve, and enhance property values in the community.
Most of the time, the rules make sense and are easy to accept; it's pretty easy to agree with a covenant that requires you to mow your lawn and keep it weed-free. But other rules might interfere with your plans or seem unreasonable to you.
Perhaps you want to park your car in the street and turn your garage into a home office. The HOA might require you to keep your car in the garage or restrict what you can do with the garage space. Maybe you want to put up a fence around your yard. After reading the CC&Rs, you find the community doesn't allow fences.
If you violate the CC&Rs, you could face various penalties, including fines.
Real estate listing agents have to list homes on MLS for a few reasons:
❖ To reach the widest possible audience. The MLS is a private database that is used by real estate agents and brokers to list properties for sale. It is the most comprehensive database of homes for sale in a given area, and it is accessed by millions of potential buyers each year. Listing a home on the MLS gives sellers the best chance of reaching a large number of potential buyers quickly.
❖ To comply with industry regulations. Most MLSs have rules that require all homes for sale to be listed on the system. These rules are designed to ensure that all real estate agents have access to the same information about homes for sale, and that buyers have a fair and equal opportunity to see all available properties.
❖ To get the best price for the seller's home. Studies have shown that homes listed on the MLS sell for more money and sell faster than homes that are not listed. This is because the MLS gives sellers access to a wider pool of buyers, and it also allows buyers to compare properties side-by-side.
Welcome to this episode of All Things Real Estate where Mohsen Salehi, licensed real estate advisor and Certified International Property Specialist (CIPS), talks about a Deloitte Weekly Global Economic Update on the United States Inflation, and it continues to decelerate.
California could pay homeowners $40,000 to build a tiny home in their backyards. It's 'vital' for increasing the housing supply in the state, one researcher said. 😲
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers.
If you somehow misplaced that winning Powerball ticket, you will probably have to finance that dream home. Formulating your budget can be a daunting task. But that’s why I am taking the time to share a few tips with you to help you make educated decisions when making your dream home a reality.
There are a few different rules of thumb that people use to determine how much of their income should go to their monthly mortgage. The most common is the 28% rule, which states that your mortgage payment should be no more than 28% of your gross monthly income. So, if you make $10,000 per month, your mortgage payment should be no more than $2,800.
Another rule of thumb is the 36% rule, which states that your total debt payments, including your mortgage payment, should be no more than 36% of your gross monthly income. So, if you make $10,000 per month, your total debt payments should be no more than $3,600.
It's important to note that these are just general guidelines, and your actual mortgage payment may be higher or lower depending on your individual circumstances. For example, if you have a lot of other debt, your mortgage payment may need to be lower than 28% of your income. Or, if you have a high income and a low debt load, you may be able to afford a mortgage payment that's higher than 28% of your income.
Here are AI’s Pick for Top 21 Best Places to Live in the Greater San Francisco Bay Area and the Pros and Cons of Living in These Areas.
We all know that the San Francisco Bay Area is a beautiful and diverse region with a lot to offer residents.
With so much data available on the net today, I thought I would ask AI what the top 21 best places to live within the Great San Francisco Bay Area was. And as a result, I was given 21 places.
So then, I then asked what the pros and cons are for living in those areas, and here is what AI gave me.
There are many reasons why it is a great time to purchase a home in California today, and here are a few:
❖ Home prices are starting to come down. After reaching an all-time high in May 2022, home prices in California have been on a downward trend. This is due to a number of factors, including rising interest rates and a decrease in demand.
❖ Mortgage rates are still relatively low. While interest rates have been rising, they are still relatively low compared to historical averages. This means that you can still get a good deal on a mortgage, even if home prices are coming down.
❖ There is still inventory available. While the inventory of homes for sale has decreased in recent months, there is still a lot of inventory available. This gives you more options when you are looking for a home.
❖ The California economy is strong. The California economy is one of the strongest in the country. This means that you are less likely to lose your job if you buy a home in California.
There are many reasons why it is a great time to purchase a home in California today, and here are a few:
❖ Home prices are starting to come down. After reaching an all-time high in May 2022, home prices in California have been on a downward trend. This is due to a number of factors, including rising interest rates and a decrease in demand.
❖ Mortgage rates are still relatively low. While interest rates have been rising, they are still relatively low compared to historical averages. This means that you can still get a good deal on a mortgage, even if home prices are coming down.
❖ There is still inventory available. While the inventory of homes for sale has decreased in recent months, there is still a lot of inventory available. This gives you more options when you are looking for a home.
❖ The California economy is strong. The California economy is one of the strongest in the country. This means that you are less likely to lose your job if you buy a home in California.
There are many reasons why it is important to have a nice interior. Here are a few:
❖ A nice interior can make you feel happier and more relaxed. When you come home to a space that is well-designed and inviting, it can help to reduce stress and improve your overall mood.
❖ A nice interior can increase the value of your home. If you ever decide to sell your home, a well-designed interior can make it more appealing to buyers and fetch a higher price.
❖ A nice interior can make you more productive. If you have a home office, a well-designed space can help you to focus and be more productive.
❖ A nice interior can make you feel more confident. When you have a home that you love, it can give you a sense of pride and accomplishment.
Many communities are fortunate to have many beautiful amenities including creeks of varying sizes. Not only do our creeks provide crucial habitat for wildlife, they’re also an integral part of your local stormwater drainage system.
Did you know that homeowners are responsible for maintaining the stormwater drainage systems on their properties to keep creeks healthy and unpolluted and to prevent flooding and erosion? It’s true. As with most cities (including unincorporated Contra Costa County) property owners with a creek on their property, or property owners fronting a creek, must maintain the creek and abutting vegetation, including removal of any trash accumulated by the creek.
So, what Is the Situation with Home Owners Insurance Today? Why are home insurance companies leaving California and what should new home buyers do when looking to purchase home insurance?
Home insurance companies are leaving California because of the increasing risk of wildfires and the rising cost of home repairs. These factors have made it more expensive for insurance companies to do business in California, and some companies have decided that the risk is too great.
What are Green Mortgages?
A green mortgage is a way of raising finance to buy a property that meets certain energy efficiency standards and so is considered to be environmentally friendly. Importantly green mortgages will usually be offered with lower interest rates than a standard mortgage from the same provider, but only if the home is eligible through having a good enough eco rating.
You could qualify for a green mortgage by renovating your home to make it more eco-friendly or buying a home with a better eco rating.
Be sure to speak with a mortgage professional about these types of loans and options.
Here is why I believe that all data is good data.
Prior to joining eXp Realty, I talked with a large number of residential and commercial brokerages, commercial agents, and investors, and while this sort of information may seem negative, it is positive for people like investors. In fact, the majority of multimillionaire investors wait for such moments to purchase and add more properties to their portfolios.
Everyone has a different view of such data, but I assure you that this sort of data is not false and is meant to be informational. Moreover, I can forward you numerous articles and sources that inform us that credit card debt in America is at a historic high today.
Here are Four Common Ways for Homeowners to Obtain Capital to Make their Homes Nicer.
1. Home equity loan or line of credit: A home equity loan or line of credit is a type of loan that uses the equity in your home as collateral. This means that if you don't repay the loan, the lender can foreclose on your home. Home equity loans typically have fixed interest rates, while home equity lines of credit have variable interest rates.
2. Renovation loan: A renovation loan is a type of loan that is specifically designed to finance home improvement projects. Renovation loans typically have lower interest rates than home equity loans or lines of credit, but they also have stricter eligibility requirements.
3. Credit card: If you have a good credit score, you may be able to use a credit card to finance your home improvement project. However, credit card interest rates are typically very high, so you should only use this option if you can repay the balance in full within a few months.
4. Personal loan: A personal loan is a type of loan that is not secured by any collateral. This means that if you don't repay the loan, the lender cannot take any of your assets, such as your car or your home. Personal loans typically have higher interest rates than home equity loans or lines of credit, but they may be a good option if you don't have enough equity in your home to qualify for one of those loans.
Are You or Someone You Know Shopping for a $5M+ Luxury Home in Los Angeles County? If So, Have You Heard of Measure ULA aka the Mansion Tax?
Measure ULA, also known as the "Mansion Tax," is a new tax on the sale of high-value real estate in Los Angeles County. It was approved by voters in November 2022 and went into effect on April 1, 2023.
The tax applies to all properties located in Los Angeles County that are sold for more than $5 million. The rate of the tax is 4% for properties sold for between $5 million and $10 million, and 5.5% for properties sold for $10 million or more.
The tax is in addition to the regular transfer tax that is imposed on all property sales in Los Angeles County. The regular transfer tax is 0.56% of the sale price.
The purpose of Measure ULA is to raise money to fund affordable housing and homelessness programs in Los Angeles County. The tax is expected to generate an estimated $100 million per year.
Buying a home in California can be a challenge, but it's definitely possible if you're prepared and willing to work hard. By following these tips, you can increase your chances of finding the perfect home for your needs and budget.
Here Are 8 Ways To Afford A Home Today.
Let's Talk About How the U.S. Debt Ceiling Could Impact on Real Estate.
First, let's review what the "debt ceiling" means. The United States debt ceiling is the maximum amount of money that the federal government is allowed to borrow. If the debt ceiling is not raised, the government will not be able to pay its bills and could default on its debt. This would have a significant impact on the real estate market in California, as well as the rest of the country.
So, why is establishing good credit is essential to financial success in the U.S.?
Good credit plays an important role in your financial life. Not only is it essential for obvious things like qualifying for a loan or getting a credit card, but also for less obvious things like getting cellular telephone service, renting a car, and perhaps even getting a job.
Managing your credit will also help you save for a rainy day. A strong credit history, reflected in good credit scores, will let you qualify for lower interest rates and fees, freeing up additional money to set aside for emergencies, retirement, and other smaller unexpected expenses. Decreasing debt and increasing savings reduces stress and leads to greater financial freedom.
The good news is that having good credit is not difficult. Simply follow these five fundamentals of good credit management and you will build and maintain a credit history that will enable you to get the credit you need, when you need it.
Good credit plays an important role in your financial life. Not only is it essential for obvious things like qualifying for a loan or getting a credit card, but also for less obvious things like getting cellular telephone service, renting a car, and perhaps even getting a job.
The Silicon Valley Bank (SVB) Collapse and Implications for Businesses.
The worst of the banking crisis appears to be over, but stress in financial markets remains as uncertainty over additional shoes to drop looms large. Policymakers and regulators have assessed the causes of the crisis and are considering steps to prevent a similar crisis from occurring again. This update provides the latest on key metrics to watch amid the crisis and consideration of new risks to banks that might be just around the corner.
Let's take a look at the current real estate market as well as the economy.
On March 10, 2023 the American banking system suffered the second biggest bank collapse in its history. How did this happen? In this post we examine the reasons behind the collapse of Silicon Valley Bank (SVB), which caused tremendous jitters in the financial markets and forced the authorities to step up to prevent a contagion effect and restore confidence. We examine the bank’s investment decisions and show how interest rate hikes can expose an institution to adverse shifts, particularly those like SVB that have used its deposits to invest heavily in long term assets with long durations.
Homes that are inherited are typically those that are passed down from one generation to the next. Inherited homes can be excellent opportunities, but they can also be a problem. Some inherited homes need upgrades and care.
While the home inherited may contain memories and have sentimental value, few people know what to do with a home they have been given. Every choice will be different depending on resources and circumstances.
Whether you move into your inherited home or sell it to a We Buy Houses For Cash dealer, it can take time to decide. Let’s take a closer look at a few things you can do with your inherited home.
In the last 14 days, Silicon Valley Bank and Signature Banks crashed, Credit Suisse and UBS Banks were saved by Swiss National Bank, Federal Reserve and Bank of England raised interest rates, and there is fear of another global financial crisis.
Homes that are inherited are typically those that are passed down from one generation to the next. Inherited homes can be excellent opportunities, but they can also be a problem. Some inherited homes need upgrades and care.
While the home inherited may contain memories and have sentimental value, few people know what to do with a home they have been given. Every choice will be different depending on resources and circumstances.
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