SoCal Veterans Support

03/03/2021

This is such a beautiful home! Would you want to live in the 2021 HGTV Dream Home? 🤔

See every stunning space from HGTV Dream Home 2021, a grand coastal escape packed with high-end design and located in Newport, Rhode Island.

03/03/2021

Here is a very special shout-out to Gary Sinise for launching a mental health wellness network that provides transformative care, treatment, and training to veterans and first responders!

Gary Sinese launches mental health wellness network to provide transformative care, treatment, and training to veterans and first responders.

03/02/2021

Here is a powerful quote from the legend himself, , that you can use as motivation throughout your workweek. 💪

03/02/2021

Home Prices: What Happened in 2020? What Will Happen This Year?

The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year. Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains:

“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Price Index. Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic.”

Here are the year-end home price appreciation numbers from the FHFA and two other prominent pricing indexes:

-Federal Housing Finance Agency House Price Index Report: 10.8%
-CoreLogic Home Price Insights: 9.2%
-S&P Case-Shiller U.S. National Home Price Index: 10.4%

The past year was truly a remarkable time for homeowners as prices appreciated substantially. Lawrence Yun, Senior Economist at the National Association of Realtors (NAR), reveals:

“A typical homeowner in 2020, just by being a homeowner, would have accumulated around $24,000 in housing wealth.”

What will happen with home prices this year?

Many experts believe buyer demand will soften somewhat as mortgage rates are poised to bump up slightly. Some also believe the inventory challenge will ease as more listings come to market this year.

Based on this, most forecasters anticipate we’ll see strong appreciation in 2021 – but not as strong as last year. Here are seven prominent groups and their projections:

Bottom Line
Home price appreciation will be strong this year, but it won’t reach the historic levels of 2020. Let’s connect if you’d like to find out what your house is currently worth in our local market.

03/02/2021

This is a great article on how to encourage the younger generations to become homeowners! 🏡

Despite what many believe, younger home shoppers do want to become homeowners and they’re excited by the prospect. Here's how the housing industry can help:

03/02/2021

Being informed before entering the home buying process is very important. To ensure that you're well informed on the home buying process, make sure to read this article.

Buying a home might be the first step you take toward building long-term wealth. But before you do, it is essential to understand the pros and cons.

03/01/2021

🏡 Home Buying Tip 🏡

Make the Most of Open Houses 😄

SHARE this post if you found this Home Buying Tip useful 📲

03/01/2021

What Are the Benefits of a 20% Down Payment?

If you’re thinking of buying a home this year, you may be wondering how much money you need to come up with for your down payment. Many people may think it’s 20% of the loan to secure a mortgage. While there are plenty of lower down payment options available for qualified buyers who don’t want to put 20% down, it’s important to understand how a larger down payment can have great benefits too.

The truth is, there are many programs available that allow you to put down as little as 3.5%, which can be a huge benefit to those who want to purchase a home sooner rather than later. Those who have served our country may also qualify for a Veterans Affairs Home Loan (VA) and may not need a down payment. These programs have really cut down the savings time for many potential buyers, enabling them to start building family wealth sooner.

Here are four reasons why putting 20% down is a good plan if you can afford it.

1. Your interest rate may be lower.
A 20% down payment vs. a 3-5% down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage interest rate they’ll likely be willing to give you.

2. You’ll end up paying less for your home.
The larger your down payment, the smaller your loan amount will be for your mortgage. If you’re able to pay 20% of the cost of your new home at the start of the transaction, you’ll only pay interest on the remaining 80%. If you put down 5%, the additional 15% will be added to your loan and will accrue interest over time. This will end up costing you more over the lifetime of your home loan.

3. Your offer will stand out in a competitive market.
In a market where many buyers are competing for the same home, sellers like to see offers come in with 20% or larger down payments. The seller gains the same confidence as the lender in this scenario. You are seen as a stronger buyer with financing that’s more likely to be approved. Therefore, the deal will be more likely to go through.

4. You won’t have to pay Private Mortgage Insurance (PMI)
What is PMI? According to Freddie Mac:

“PMI is an insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%. Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As mentioned earlier, when you put down less than 20% when buying a home, your lender will see your loan as having more risk. PMI helps them recover their investment in you if you’re unable to pay your loan. This insurance isn’t required if you’re able to put down 20% or more.

Many times, home sellers looking to move up to a larger or more expensive home are able to take the equity they earn from the sale of their house to put down 20% on their next home. With the equity homeowners have today, it creates a great opportunity to put those savings toward a 20% or greater down payment on a new home.

If you’re looking to buy your first home, you’ll want to consider the benefits of 20% down versus a smaller down payment option.

Bottom Line
If you’re thinking of buying a home and are already saving for your down payment, let’s connect to discuss what fits best with your long-term plans.

03/01/2021

Great tips for first-time homebuyers in this article! 🏡

If you're a first-time home buyer, you may be feeling overwhelmed or nervous about the process. These are the 10 crucial tips you need to know.

02/28/2021

Here are some significant and common home issues that you shouldn't ignore. This is must-know information for all homeowners! 🏠

Have stinky sinks, scratched hardwood floors or temperamental toilets got you at your wits’ end? Get ready to tackle 15 deceptively simple common home improvement problems.

02/28/2021

🧹Home 'Cleaning' Tip🧹

Dust and Vacuum 😊

LIKE if you found this Home 'Cleaning' Tip useful 👍

02/28/2021

Learn all the ins and outs of real estate investing by reading this article! 🏡

Get involved in a booming real estate market.