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:
Are you ready to put in the work to get your home ready for house hunters?
Are you committed to keeping it ready to show for weeks or months?
Are you ready to hear the reasons why potential buyers believe your home is not perfect?
Are you ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home?
Are you really ready to move out and leave the place where your family has made memories?
Don’t get us wrong; we’re not trying to talk you out of selling your home! We just want you to be completely ready when you do decide to move on to the next stage of your family’s life. 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.
Bottom Line If you are planning on selling your home in 2017, let’s get together to evaluate the opportunities in our market.
David Clesceri is a local North Orange County Realtor. Licensed since 1999. Selling homes in North Orange County including: Brea, Fullerton, Buena Park. La Habra, La Mirada, Whiitier, Yorba Linda, Placentia & surrounding areas.
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La Mirada house values are up! With very little inventory of La Mirada homes for sale, it has created a seller's market once again. If you were waiting for the value of your La Mirada home to come back up, your wait may finally be over. The average sales price for a La Mirada Single Family home in January 2014 is approximately $450,000. As of January 2014 there were only 44 homes for sale in La Mirada compared to last year at this time when there were 51 homes for sale. Home values in the city of La Mirada are rising. Selling a home in the city of La Mirada, CA can be a challenging process. House values in La Mirada can fluctuate not just from one city to the next, but from one neighborhood to the next. So you're wondering "how much is my La Mirada home worth?" You may be surprised to find out how much La Mirada home prices have gone up the past year or two. As you search internet sites such as Redfin.com, Zillow.com, Trulia.com, Realtor.com and Homeseekers.com, you will get various information from computer generated averages. The most accurate way of finding out how much recently sold homes in La Mirada, CA have sold for in the last few months, you can have a professional real estate agent experienced in listing and selling homes in your neighborhood do what we do best on your behalf. Home prices in La Mirada CA are based on the previously sold home prices, derived from the county public records, and California real estate information. Looking at home prices can be counter productive as current homes for sale in La MIrada don't enter the valuation picture until they sell and record with the county which can take up to 30 to 60 days to accurately be recorded in their system. Our estimate of value for your La Mirada will assist you in forming your plan for a real estate purchase or sale. If you are considering a local La Mirada realtor, David Clesceri is a good choice. Not only is David Clesceri a local La Mirada real estate agent who is very familiar with La Mirada, David has spent more than 30 plus years in the La Mirada area. Other more costly methods of finding out what your La MIrada home may be worth is by paying for the services of a home appraisal which can cost you $300-$500. My home valuation or Comparative Market Analysis if FREE to you! Need more help? We can also assist when searching for La Mirada homes for sale, or La Mirada homes for rent. Or if you are interested in receiving a free comparitive market analysis of your homes value, David Clesceri can provide that for you also. You may be very surprised to learn how much your La Mirada house value is currently. With less inventory of homes for sale in La Mirada, it has created more of a seller's market again. What that means for you as a seller? If you were to list your La Mirada home for sale, you would more than likely generate quite a bit of interest from pre-approved buyers who are just waiting for properties to come on the market for sale. It has never been a better time to list your La Mirada home for sale.
The La Mirada house values are some of the most reasonably priced homes around with a great quality of living. Home prices in La Mirada range from the low $200,000 range for condos up to $500,000. The medium priced homes range from the mid $300,000 to $500,000 range. The newer homes can range from the mid $500,000 range up to $1,000,000. The average inventory of homes for sale in La Mirada, CA generally ranges from 100 to 300 active homes for sale during different times of the year. La Mirada schools are some of the finest in the areaand include La Pluma Elementary, Garden Hill Elementary, Dulles Elementary, Eastwood Elementary, Escalona Elementary, Hutchinson Middle School, Benton Middle School and La Mirada High School.
The city of La Mirada was recently voted one of the "Best Places to Live" by CNN Money Magazine. The name La Mirada translated in Spanish means the view. It is no coincidence that you have a great view of Mounty Baldy from La Mirada on a clear day. La Mirada is the home of Biola University, an Evangelical Christian University. There are many things you can do in the city of La Mirada including the Splash Aquatic Center Water Park, bike riding, roller blading or fishing at La Mirada Regional Park. La Mirada also features fine performances at the La Mirada Theatre of Performing Arts. Performers include Cathy Rigby and many other celebrities. La Mirada golf course is one of the finest public golf courses in the Los Angeles County. There are many parks in the city of La Mirada including La Mirada Regional Park, Neff Park, Creek Park, Behringer Park and Los Coyotes Park. La Mirada offers a variety of wonderful communities to live in including Hillsborough, Hawks Point, Sommerset, The Glen at Hillsborough, Hillsborough Collection, La Mirada Landmark 55 plus active senior community, Green Hills, Creek Park and many more. Some of La Mirada's finest dining restaurants include The Elephant Bar, Northwoods Inn, Mr. V's, Cabo Taco Baja Grill and many more. The La Mirada Splash! Aquatic Center is now open. Coming up in July through August are the summer concert series in La Mirada Regional Park.
Living in Brea is truly a blessing! Brea, CA is conveniently located near the 57 freeway. The Brea Mall is considered one of the best shopping malls in all of Southern California. The schools in Brea are some of the highest rated schools in all of Orange County.
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