Upgraded 2 Story Brea North Hills Home! Featuring 4 Bedrooms, 3 Full Bathrooms, 2576 SQ FT, 7,475 SQ FT Lot. Kitchen remodeled with Newer Stainless Steel Appliances, wood floors, granite counters, recessed lights, Epoxy piping. Formal dining room with wood floors. Vaulted ceilings, crown molding, plantations shutters, new front doors, double pane windows and slider doors. Formal living room with gas fireplace. Separate family room with brick fireplace and double pane slider door and French doors. Downstairs full bathroom with outside entry door to side patio and pool area. Large Master bedroom with Plantation Shutters & wainscot wall. master bath with separate shower/tub. Three spacious bedrooms with plantation shutters. Backyard is an entertainers dream with pool & spa, covered patio, fruit trees and NO neighbor behind. New pool safety gate. Newer covered side patio. North Hills Community offers a community pool, BBQ Area and clubhouse & tennis courts. Offered at $850,000 (Low $128 per Month HOA).
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s.
“While renting on a temporary basis isn't terrible, you should most certainly own the roof over your head if you're serious about your finances. It won't make you rich overnight, but by renting, you're paying someone else's mortgage. In effect, you're making someone else rich.”
Christina Boyle, Senior Vice President and head of the Single-Family Sales & Relationship Management organization at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:
“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.
Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.23% last week.
Bottom LineWhether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy.
For most homeowners, being financially ready to sell comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.
Clearly, selling your home when you have negative equity is a bad deal. That’s called a short sale, and it impacts your credit score almost as much as a foreclosure. Breaking even on your home sale is better, but it’s still not ideal. If you’re in either situation, don’t sell unless you have to in order to avoid bankruptcy or foreclosure.
For the last several years, home values have been on the rise, and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will persist as they pay down their mortgages and home values continue to increase.
Financially speaking, it is best to sell your home when you have enough equity to at least cover the down payment on your next home. Or you can go all the way and use the proceeds to buy your next home outright—no more mortgage for you!
How Much Equity Do You Have?To figure out how much equity you have in your home, first find out your mortgage balance. That’s easy enough—simply look on your latest mortgage statement.
Next you’ll need to know how much your home is worth. While it’s tempting to use figures from online valuation sites to determine your home’s market value, they’re not always accurate. You don’t want to base such an important decision on iffy information. Contact an experienced local real estate agent who will compare your home to others that have recently sold and take local market trends into account. You can trust their estimate to reflect what your home is worth based on their experience selling homes in your area. David Clesceri is a local real estate agent with years of selling homes in your area.
Are You Ready to Make the Move?
If the numbers show you’re in good shape financially to make a move, great! But don’t forget, selling a home is an emotional issue too. Before you plant the For Sale sign in the front yard, take a minute to answer just a few more questions:
A qualified real estate agent will give you a clear picture of what it’s like to sell a home and if now is the right time for you, both financially and emotionally.
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your home in 2017, let’s get together to evaluate the opportunities in our market.