Saturday, January 30, 2021 / by Byron Brenes
If you are pre-approved and out searching for a home in today's market, you will come to the realization that the market is hot. Low-interest rates and low inventory is two factors that are affecting the prices and increasing buyer competition. A recent article released by Redfin states "
Housing Market Update: 55% of Homes Under Contract Within 2 Weeks, a New Record" . Our agents are working in these markets and seeing 15-26 offers per home and in other markets, we getting reports of seeing over 55 offers per home. Now the Real estate market is seasonal and we see demand fluctuate throughout the year. One thing we are in serious need of is inventory.
California has tried to remedy our housing issue by allowing properties with the appropriate lot size to add an ADU. An ADU is short for an additional dwelling unit, you can ad a good-sized dwelling to your property. One of the companies capitalizing on this is called " Mighty buildings", they are currently bu ...
Monday, November 30, 2020 / by Byron Brenes
Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
The best way to ensure your home buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher’ by putting your needs first.
Friday, November 27, 2020 / by Byron Brenes
Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match.
Here are seven great reasons not to wait to sell your house this holiday season:
1. Buyers are active now. Mortgage rates are historically low, providing motivation for those who are ready to get more for their money over the life of their home loan.
2. Purchasers who look for homes during the holidays are serious ones, and they’re ready to buy.
3. You can restrict the showings in your house to days and times that are most convenient for you, or even select virtual options. You’ll ...
Thursday, November 26, 2020 / by Byron Brenes
This year’s record-low mortgage rates sparked a high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why.
According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB):
“The length of time spent searching for a home continues to grow.”
The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent data from the Natio ...
Wednesday, November 25, 2020 / by Byron Brenes
With COVID infection rates exploding and hospitalization rates rising as we go into the cold winter months, the risk this poses to our recovering housing market is a question that should be addressed. In a previous article, I identified infection rates during the winter months as one of the economy’s high-risk variables.
Before COVID-19 hit our shores, we were trending at 10% growth, working at cycle highs in demand. The housing heat months for the MBA purchase application data are from the second week of January to May’s first week. Typically, after May, total volumes fall as seasonality kicks in. We had double-digit growth until March 18.
?Then COVID-19 hit and we had nine consecutive weeks of year-over-year declines. The fear of the virus, the stay-at-home orders, a collapsing stock market and a rising financial stress index all played a part in the market’s rapid decimation. Four weeks into the decline, the market stabilized, and the rate of decline ...