Home price increases have cooled down over the past few months, but are still up over 2% from last year (according to Zillow’s most recent numbers). Over the next year, prices are predicted to rise another 2%. Zillow estimates the median value for homes in LA County is about $698,000. Rates are still very low, almost a full 1% lower … Read More
What is a Home Appraisal Exactly?
I often get questions about appraisals, so I thought I’d clarify some aspects. A home appraisal is not the same as a home inspection. In a purchase, the buyer is advised to get an inspection to determine the condition of the home. This is not required nor submitted to the lender. The primary purpose of an appraisal is to verify the value of the … Read More
SoCal Home Price Changes
Home prices in Los Angeles county rose at a modest annual pace of 2.1% (according to the latest data from CoreLogic). The median price was $597,500. In Orange County the median price dropped 0.7% from last year to $720,000. Expectations are for prices to stay stable or slightly up over the summer months, with lower rates making some homes more … Read More
Low Down Payment Loans, Still Available
For properties priced between $500,000 and $726,000, only a 5% down payment is needed, and some loans are only 3.5% down payment. For properties priced at $500,000 and below, there are several loans with only 3% down payment required. Some of these are offered with a credit toward the full appraisal cost. With so many different programs, it can be … Read More
Flash: BIGGER Drop in Mortgage Rates!
In my last newsletter I highlighted the drop in mortgage rates. Well, this past week rates dropped even more. We are now at levels not seen in at least two years. If you were looking to buy a home and were not qualified, you might be now. Refinancing might help you save thousands of dollars a year. Please give me … Read More
Improving Your Credit Score – Avoid These Mistakes
Don’t Close Credit Card Accounts. This reduces your combined credit limit and will make your relative debts appear higher. Don’t Max Out or Over Charge Credit Card Accounts. Try to keep your balances below 40% of their limit during any loan process. Pay down balances if possible. Don’t Consolidate Your Debt. When you consolidate all of your debt onto one or two credit … Read More
Home Appreciation Slows
Home prices seem to still be rising but at a much slower pace. Zillow predicts prices will rise about 3% over the coming year. Median price of a home in LA County is $623,800, with LA City being $694,200.
Big Drop in Mortgage Rates
This past week mortgage rates had the biggest weekly drop in a decade! Rates are now nearly a half percent lower than they were last year. Homeowners, call me to see if refinancing will lower your payment. Home Buyers, I can help you see if the home you want is now affordable with lower payments.
Make More Money on Your Savings Account
Most banks, credit unions and brokerage companies offer pitifully low rates on your savings accounts. You often have to squint to see if there is any digit beyond the decimal point and the zeros. CD’s have other restrictions. I like (and use) this idea: Put your money in a short-term U.S. Treasury bill (T-Bill). You can set this up easily … Read More
Real Estate Market and Mortgage Trends
Median value of a home that sold in the city of Los Angeles at the beginning of last December was $686,500 (according to Zillow.) With the small amount of homes for sale I expect prices to hold firm if not increase a small percent over the next year. Fortunately, interest rates have retreated to levels last April. This is good news. … Read More