Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors […]Read More 6 Simple Graphs Proving This Is Nothing Like Last Time
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 […]Read More Home Prices: What Happened in 2020? What Will Happen This Year?
If you’re planning to buy a home, an appraisal is an important step in the process. It’s a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. […]Read More What’s the Difference between an Appraisal and a Home Inspection?
It makes sense to refinance a home when it will save you money or make paying your monthly bills easier. Some experts say you should only refinance when you can lower your interest rate, shorten your loan term or both. But it depends on your situation. Some homeowners may need short-term relief from a lower […]Read More When Should I Refinance?
In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):When you continually hear how rates are […]Read More Will Mortgage Rates Remain Low Next Year?
From: Realtor.com When the coronavirus pandemic gutted the strongest U.S. economy, many assumed another recession would bring rock-bottom home prices along with it. Instead, home prices defied logical assumptions—and soared to new heights. Paradoxically enough, one of the biggest drivers of the double-digit price hikes is the very same record-low mortgage interest rates that put […]Read More Why Are Home Prices Rising So High? Blame Record-Low Mortgage Rates
One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down. A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home […]Read More Do You Have Enough Money Saved for a Down Payment?
Changing leaves, ripe pumpkins, crisp apples and spooky attractions signal that fall has arrived in San Diego, but this year will be different in the COVID era BY MONICA GARSKE • PUBLISHED SEPTEMBER 21, 2020 • UPDATED ON SEPTEMBER 22, 2020 AT 2:43 PM – NBC & San Diego Sept. 22 marks the first day of fall and, while the coronavirus pandemic may […]Read More THINGS TO DO THIS FALL IN SAN DIEGO COUNTY: PANDEMIC 2020 EDITION
Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported: “Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.” Whenever there is a shortage in supply […]Read More The Cost of a Home Is Far More Important than the Price
With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season. […]Read More Three Ways to Win in a Bidding War