Buying a Home? Be Prepared!

If you’re thinking of purchasing a home, being prepared to deal with the current environment of low inventorywill limit your frustration. Listed below are 5 tips from real estate experts to give you a jump-start over the competition:

• Get pre-approved (and preferably underwritten) before searching for a home.
• Determine which of your requirements are critical and which are optional.
• Check out target neighborhoods first to assess school districts, commute times, amenities.
• Determine style (and condition) of homes you prefer – remember, flexibility increases your options.
• Take notes on each house you visit and find out sale price (after they sell) so you can learn about value in that neighborhood.

Click on the link below to read more on this topic.

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Selling Your Home? First Impressions Make a Difference!

You get once change to make a good first impression.  When selling your home you’ll want potential buyers to be “wowed” at their first glimpse – that’s where preparation comes in. Thoughtful preparation can increase your selling price and decrease your time on market.  Listed below are 5 recommendations for increasing your home’s “wow” factor:

1. Highlight the key areas of your home (living room, kitchen, master bedroom, dining room) by professionally staging.
2. Create “open” space by clearing out clutter.
3. Remove personal items – family photos, children’s toys and pet items.
4. Make the house appear lighter, brighter, and larger by opening (or removing) drapes and blinds.
5. Last but not least, the house must be thoroughly and professionally cleaned. You’ll want potential buyers to see that your home has been well-maintained.

Click on the link below for more details.

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We Can’t Blame the Housing Market for the Next Recession

Although many agree that an economic slowdown will occur in the near future, experts believe that the real estate market will not be the cause as it was in 2008. The housing market and financial conditions that existed a decade ago are very, very different now so the next recession won’t look anything like it did in 2008. Click on the link below for more details.

https://tinyurl.com/yx9m3gxj

Home Ownership is Emotional Equity

In a recent survey conducted by Bank of America, owning a home makes people happier than if they were renting. Aside from the financial benefits, most home owners say their quality of life is much improved and they wouldn’t go back to renting. Click on the link below for more details.

https://tinyurl.com/y3v8qe8b

It’s Still a Seller’s Market!

Even with the housing market stabilizing in the Bay Area it’s still a seller’s market. It’s taking a bit longer for homes to sell but there are still active buyers out there competing for homes. If you are thinking of selling, here are the top reasons real estate experts believe now is the time to make that move.

• Buyer demand is still strong. The inventory of homes continues to be under the 6-months supply needed for a market “in equilibrium”.  Comparing 2019 to 2017, Santa Clara County currently has a 1.5 month inventory of available homes, in 2017 the inventory was less than 1 month of inventory.  Roughly the same relationship exists in the city of Los Altos.
• Home prices are expected in increase 5.4% in the next year so if you are planning to upgrade, you will end up needing a higher down payment and see higher mortgage payments.
• Interest rates are still at an all-time low (under 4%).

Recession? Calm Down, This is Not 2008!

According to a recent survey more than 50% of all potential home sellers and buyers are concerned about aneconomic recession which is expected to occur in the near future. They remember the recession of 2008 and fear that this one will be just as bad or worse. But real estate experts point out that the circumstances that caused the 2008 recession don’t exist today. In fact, conditions are pretty much the opposite. In 2008 there were many buyers taking out risky loans they couldn’t afford. Current economic conditions as well as checks and balances are different, we have a shortage of homes for sale and buyers are more financially qualified and conservative. Click on the link below to read more on this topic.

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Interest Rates at Near-Historical Lows

According to real estate experts, home buyers are currently reaping the benefits of the lowest mortgage interest rates since 2016.  Rates have, in fact, dropped over 1% since late 2018! But, interest rates can (and do) fluctuate up or down and impact your monthly mortgage payments, so if you’re in the market to buy a home, now would be a great time to talk with your financial advisor to help you keep an eye on the interest rates and advise you of the best time to make that move. Click on the link below for more details.

https://tinyurl.com/y6ted5gz