Once you’re pre-approved for a home loan…STOP! Homebuyers: Be sure to follow these six simple steps while you’re home shopping and while you’re in escrow. Also, TIP #7: DON’T purchase new furniture, appliances, etc. until after you’ve closed escrow. Want to learn more: http://nexthomebydonna.com/home-buyers-guide/
Whether due to your out-of-town location or the current Covid-19 shelter-in-place restrictions, there’s no reason to halt your search for the ideal home. Many current listing provide a 3D tour but working with me I can take the experience one step further. Let’s plan a Facetime call that allows you to see the home through the eyes of a professional Realtor. We’ll explore and address your questions in real-time. If you like what you see, we’ll move on to the next step of scheduling a safe showing at your convenience. Just another one of the concierge-level services that I provide.
With a shortage of homes on the market, the properties for sale that are priced right are selling at almost full price…and in less than a month! See the latest stats for Sacramento + Placer + El Dorado counties. All data provided by the Metrolist MLS.
Whether you’re a first-time homebuyer, purchased several homes but it’s been a while, or you’re looking to buy an investment property, “Your Complete Guide to the HOME BUYING PROCESS,” can help you explore your options and answer many, if not all, of your questions. This is NOT a 50-page book (who has time for that)? It’s an easy-to-read eleven pages that will be your ongoing reference as you proceed to purchase a residential property.
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Additional Resources: Home Buyer Process Infographic
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As recession fears mount, I wanted to share some information on why home prices are predicted to stay level (from MarketWatch). The last, “great recession” of 2008 was fueled by a series of events happening in sequence that in hindsight were avoidable:
- An explosion in both home-building activity and mortgage credit to home buyers with no income documentation or down payment + 0% introductory loans that allowed them to be over-leveraged.
- Add to that rampant unemployment.
- Very little home equity as it had been leveraged through home equity loans (often to purchase rental properties).
- An unexpected downturn in the housing market as it was flooded with “upside down” rental properties.
- A foreclosure crisis that could not be absorbed by the market, banking institutions, or loan service companies.
With this combination of events you begin to understand how this period of economic downward spiral was fueled by the perfect storm. Unlike the 2008 recession, the current housing market today is not driven by homeowners who are highly leveraged. In fact, the household debt-to-income ratio is at a four-decade low.
Since 1980, the U.S. Housing market has weathered all other recessions. Deputy Chief Economist Odeta Kushi with First America in a recent report is quoted as saying, “In 2020, we argue the housing market is more likely poised to help stave off recession than fall victim to it.” Kushi goes onto share, “With the exception of the Great Recession, house price appreciation hardly skipped a beat and year-over-year existing-home sales growth barely declined in all the other previous recessions in the last 40 years.“
The recent growth in home prices is fueled by: Supply & Demand. While this is making the possibility of homeownership unaffordable for millions of Americans, it also means that countless more homeowners have seen their home equity grow substantially in recent years. This equity decreases the likelihood that they will be underwater on their loan if home prices were to dip and thus serves as a shelter during a downturn.
In terms of the corona virus’ effect on the housing market, Mark Fleming, Chief Economist of First America, states, “This time, housing is a casualty of a public health crisis turned economic, not the cause of an economic crisis.” In his recent post, he charts the differences between the pre-Great Recession housing market and the one at the cusp of the coronavirus outbreak.
“Today, house-buying power is nearly twice as high as the median sale price of home, implying that housing is not overvalued, and is in fact in a much better position entering this potential recession than it was ahead of the last,” continues Fleming.
But homeowners should stay alert for potential red flags! Be cautious of scenarios where:
- A significant number of homeowners begin to take cash-out or home equity loans that will result in a whittling away of their equity and this “safety net” against economic downturn.
- A ripple effect of foreclosures in our region which would cause your home to drop in value.
THERE’S REASON TO BE ENCOURAGED:
- There continues to be a shortage of inventory in the Sacramento & Roseville, California real estate market, so if you’re a seller…this an excellent opportunity.
- If you were thinking of down-sizing this is the time to take advantage of your equity!
- If you’re a Buyer – Interest-rates are historically low so your affordability equation gets a boost.
- For first-time home buyers, there are low interest loans and down-payment assistance programs available to help.
“Many expect the housing market to follow a similar trajectory in response to the corona virus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it, ”
Mark Fleming, Chief Economist of First America
Stay up-to-date on how the real estate market is changing and how it can help you if you’re a homeowner or thinking of making a purchase this year. If I can help, please give me a call/text at 916.770.0210. #yournexthomegirl
Shop at Habitat for Humanity’s ReStore in Sacramento! Have you been looking for building materials to get started on a home renovation? Have a tight budget? Need some pre-loved furniture to bring you home together? Have items to donate? For hours and address go to: www.habitatgreatersac.org
Winter is an ideal time to list your home. According to the Sacramento MLS, our market across the region currently only has 1 month of inventory which means on average your house would sell in 30 days. It’s a SELLER’S Market! If I can help you or a friend, please give me a call at 916.770.0210.
When you’re purchasing a home, be sure to do a final walk-through before your signing. It’s IMPORTANT! Make sure all of the items included in your contract are still in the house, that there are no leftover personal items, and everything is clean, and in tip-top shape. Don’t lose your leverage by waiving your rights to this vital step in the process.
Many homeowners attempting to save money on household projects are turning to DIY projects. But do-it-yourself fixes can be costly, shows a new survey from Clovered, a home insurance company.
Eighty-seven percent of more than 1,000 homeowners recently surveyed admitted to making a mistake while attempting a do-it-yourself home improvement project. The median amount spent on fixing those DIY mistakes was $137.50, the survey showed. Millennials tended to spend the most in fixing their mistakes, spending up to four times as much as baby boomers—$200 versus $50 post-mistake.
The top DIY mistake across all generations was starting a project without the necessary supplies or tools. Gen Xers tended to admit to picking the wrong paint, and millennials were the most often to skimp on materials, the survey showed.
Thirty-two percent of DIYers admit to having to contact a family member or friend to help them finish a home improvement project. Seventeen percent said they then hired a professional contractor to complete the job.
One in four homeowners who attempted to DIY also injured themselves. The most common injuries were “cutting myself with a sharp tool or project material” (74.9%), “hitting myself with a hammer or other tools” (58.4%), and “tripping over materials” (49%).
CREDIT: REALTOR Magazine – October 10, 2019