Dec. 19, 2019

Is Now the Time To Buy A Home

If you are considering buying a home.  This maybe the best time to buy right now.  While there is no way to predict the future, the interest rates are currently still at all time lows.  What that means for you is more home or lower monthly payments.  Right now, as well there are fewer home buyers which means less compaction on the homes on the market.  Also, some sellers must sell and are more motivated to drop their price because less home buyers are shopping or looking at their home. 

Your 30-year payment on the $350k home with interest rates at 3.5% would be roughly $2191 a month for an FHA loan.

Your 30-year payment on the same $350k home with interest rates at 5% would be roughly $2,492 a month with an FHA Loan.

This does matter.  Also, as I state earlier there is no way to predict the future, I don’t see anything that happened in 2005 and 2006 will happen again.  That happened because of the perfect storm.  Lenders not verifying income and everyone getting adjustable loans.  There will always be ups and downs in the housing market but it’s best to buy while you can and start paying off the home for your retirement.  Or even buying another property to rent out for income. 

For my home buyers I offer a "Home Buyers Rebate" which is worth from $1,000 to $3,000 credited to you at closing.  How it works is if you buy a home worth $400,000 or more you receive a rebate of $3,000 at close of escrow.  If you buy a home at or over $150,000 but under $399,999 than you receive $1,000 rebate.  Again, it’s free money that helps keep your hard-earned money where it belongs, your bank account.  Please feel free to ask for more details about this Home Buyers Rebate I offer.   

**IMPORTANT** Please know that we have an absolutely no pressure policy, so there is zero pressure, no hassle and no obligation! 

You can start you dream home search here:

 www.RosevilleAreaHomesAndEstates.com

Posted in Buying Real Estate
Dec. 19, 2019

Thinking About Selling Your Home

Today's Real Estate Market is currently be controlled by the interest rates.  When the interest rates rise the housing market sales slowdown and when they drop home sales increase.  Currently the smaller less expensive homes are selling quicker than the larger homes.  Also, the homes that are move in ready and updated are selling very quickly compared to the homes that need work done or updating.  

You can setup a housing market update for you home here to see what the housing market is doing in your neighborhood.  You can see how long it’s taking homes to sell and what condition they are in as well as what the home sold for.  Your  Neighborhood Housing Market Update  I would be happy to help you set that up as well.  It only takes a couple minutes. 

If you are thinking about selling also remember that there are certain times of the year that could fetch more money for you, but it does depend on the housing market conditions.  The best time to sell your home is between March 1st and June 1st.  Back in the day this time frame was a little longer however because the school’s schedules have changed, and children start school now in early August instead of September parents want to be in their new home before the children start school. 

Please also remember that not all Realtor’s are equal.  There are good and bad Real Estate Agents just as there are bad teachers, accountants and doctors.  There are somethings that you can do ahead of time along with some questions you can ask them.  Many agents don’t answer their phone and will take hours to call you back.  This is their job and that shouldn’t happen unless there are curtain circumstances.  Good agents will answer their phone and if not call you back within a few minutes.  Communication in very important during a transaction. 

If you are thinking about selling there are many things to think about, what are the market conditions, what condition is my property in, our location and what time of year are you selling.  Each of these things can play a factor in how long it will take for your home to sell and what price you get.  I offer my clients 3 tiers of service and each may or may not be right for your situation.  I offer 3 different packages to sellers, a gold package, silver package and a platinum package each with varying amounts of service and marketing depending on your need to get top dollar.  This would be 100% your choice unless I feel it would not be best for you in which case, I would wish you the best and move on.  Most Realtor’s just put the home on the MLS and wait but NOT ME.  I have that option but will also target market to reach as many home buyers for your property as possible.  Please remember the market conditions and the buyer sets the price for you home not you!

For my home buyers I offer a "Home Buyers Rebate" which is worth from $1,000 to $3,000 credited to you at closing.  How it works is if you buy a home worth $400,000 or more you receive a rebate of $3,000 at close of escrow.  If you buy a home at or over $150,000 but under $399,999 than you receive $1,000 rebate.  Again it’s free money that helps keep your hard earned money where it belongs, your bank account.  Please feel free to ask for more details about this Home Buyers Rebate I offer.   

**IMPORTANT** Please know that we have an absolutely no pressure policy, so there is zero pressure, no hassle and no obligation! 

You can start you dream home search here:

 www.RosevilleAreaHomesAndEstates.com

Kind regards,

Your Realtor

  - Rob

Robert Bittle

Realty ONE Group Complete

DRE #01410676

March 4, 2016

How to Help Your Teen Move

How to Help Your Teen Move

Here are some tips that will make the experience of moving house a little bit easier on your teenager:

 

  • Give them as much notice as possible so that they have time to adjust to the idea of moving. They will feel like they have enough time to say goodbye to their friends and close a chapter of their lives.
  • Try to schedule the move around the school calendar, as moving in the summer is much less disruptive to your teen’s life than relocating in the middle of the school year.
  • Make sure that they have ample time to spend with their close friends before they leave and once you arrive, understand that they might go through a grieving process of missing their old pals.
  • When you get to your new home, make sure that your teen has plenty of ways to keep in touch with their old friends, such as an internet connection and a cell phone plan.
  • Encourage your teen to get involved in the community of your new hometown, such as joining sports clubs or attending events. This can help them to [make new friends][2].
Posted in Buying Real Estate
March 4, 2016

Refinancing: The Right Move?

The federal reserve recently raised interest rates, and if you have an Adjustable Rate Mortgage (ARM), it may be a good time to consider refinancing your home. There’s no one-size-fits-all answer to whether your should refinance, so here are a few of the main considerations.

How long does your introductory rate last? Most ARMs have a fixed rate for the beginning of the mortgage. This is an introductory period (usually 3-10 years) when your rate will remain constant before it can be adjusted. If you have several years left in your introductory period, you can monitor interest rates for a while before making a decision. But if the intro rate is ending soon, it’s a great time to explore refinancing at a fixed rate.

How long are you staying? If you plan to sell your home soon—especially if you’re still on a fixed introductory rate—there’s not much motivation to refinance. But if you’ll be at your home indefinitely, you should consider your refinancing options. You could eliminate the stress of not knowing what your future mortgage rate and payments will be.

What’s your loan balance? The change in your mortgage payment will of course be determined in part by your remaining balance. If you owe $100,000-$200,000, a new interest rate may not greatly affect your monthly payment. On the other hand, if you owe $500,000, a change in interest rate could lead to a much higher payment.

 

Other factors The previous items are just a few of the factors that should go into a decision about refinancing. Changes in income and your current credit score should also be considered, so be sure to weigh your options and make an educated decision.

Posted in Real Estate News
March 4, 2016

Five maintenance resolutions for your home

We may be a little removed from New Year’s Day, but it’s not too late to make some new resolutions for your home.

1. Start a home repair slush fund: Things in your home are going to break and need to fixed. It’s just a fact that comes with home ownership. Rather than letting expensive repairs take you by surprise, start planning for them. Set aside some money each month that you can eventually draw from when an appliance breaks or unexpected.

2. Inspect your fireplace: Even if you have a gas fireplace, you should still inspect the valves and ceramic logs yearly to ensure that everything is operating safely and correctly. If you have wood fireplace, hire a certified chimney sweep to do the job.

3. Maintain your garage door: Garage doors are big and heavy, and that puts a lot of stress on the hinges and tracks that are use to open and close the door several times a day. A regularly scheduled $50 inspection could save you hundreds or thousands in the long run.

4. Tune up your furnace: Regular furnace inspections will help identify minor problems before they turn into major ones. Also, set reminders to replace your furnace filter.

5. Clean your coils: The No. 1 refrigerator maintenance task should be cleaning the condenser coils. They can get clogged with hair and dust, reducing your fridge’s efficiency. Have you cleaned yours lately? You can hire a professional to do it, but it’s also an easy do-it-yourself job.

________________________________________

Posted in Real Estate News
Feb. 18, 2016

Flipping

Flipping

Flip_1_16

Flipping – The number of single-family residences and condominiums resold within six months.

Posted in Real Estate News
Feb. 18, 2016

Foreclosures

Foreclosure Notices and Sales

Foreclosures_1_16

Foreclosure Notices and Sales – Properties that have received foreclosure notices — Notice of Default (green) or Notice of Trustee Sale (blue) — or have been sold at a foreclosure auction (red) by month.

Posted in Real Estate News
Nov. 10, 2015

Tips for Getting a Mortgage

Are you considering buying a new property as a second home or investment? Perhaps you are looking for a small cottage or apartment where you can escape for vacation, or maybe you want to have another home closer to family. Maybe you want to rent out your second property and make a steady income from your investment. Whatever the reason, a second piece of real estate can be a fantastic investment. However, sometimes getting a mortgage on your second home can be a challenge.

Generally, a mortgage lender will have tougher standards for second home loans than primary home loans. This is because usually when you are buying a second home your finances will be stretched thinner and you will have less money to spare because you are already paying a mortgage on your primary home. This will mean that your second home mortgage can be harder to get and might have a higher interest rate.

Here are some tips to keep in mind that will help you to get the best mortgage on your second property: Build up a decent amount of savings. Your mortgage lender will want to be able to see that you have a large amount of savings so that you will have enough to pay for the mortgage even if you were to lose your job.

Pay off any credit card debt. Many lenders will be hesitant to approve your second home mortgage if they see that you have a lot of debt on your credit card. They will want to see that you have a low debt to income ratio so that you will be able to pay back the loan.

Use the first mortgage as a good reference. If you have always made your payments on time and you are most of the way through paying off your first house, you could ask someone from your current mortgage company to vouch for you. The lender for your second mortgage will be reassured that you are a reliable person to loan money to.

These are just a few tips to keep in mind in order to make getting a mortgage for your second property as easy as possible. To find out more about investing in a new property, contact me at info@robbittle.com or phone me at (916) 580-8686. Keyword: Roseville Property

Posted in Buying Real Estate
Sept. 23, 2015

WHY FIRST TIME BUYERS ARE CRAZY NOT TO BUY A HOME NOW

With some of life's milestones, there may not be a picture-perfect time to take the plunge. But when it comes to buying your first home, the combination of good market conditions and your own financial situation can dictate timing. If you've got the credit and down payment, you'd be crazy not to buy now. Want to know why?

Rates are still low

The Federal Reserve was expected to raise rates this summer, but so far they have stayed put. There is still talk that rates could go up before the end of 2015. So what does that mean for buyers? Well, if you're a millennial, a rise in interest rates could spell bad news.

"If mortgage rates hit 6%, a third of millennials (people younger than 35 years old) wouldn't be able to afford homes as they're currently listed, according to an analysis by HouseCanary, a housing-data analytics company," said Money magazine. "Mortgages are huge loans, so a seemingly small shift in interest rates can change a borrower's monthly payment by hundreds of dollars (though going from the current 4.08% rate to 6% is in no way a small shift)."

Investopedia's example using a $215,000 home with 20 percent down (leaving a $172,000, 30-year mortgage) figures a monthly payment of $821.15 at an interest rate of four percent and $923.33 at five percent. Is that $100 a month enough to get you moving?


Millennial Couple

New low down payment loans

First-time buyers have typically gravitated toward FHA loans for their low credit score requirements and down payments of just three and one-half percent. But new loans from Fannie Mae require as little as three percent. Known as the 97% LTV (Loan To Value) loan or Conventional 97, it can be more affordable for first-time buyers because "the Conventional 97 program does not require an upfront mortgage insurance premium, and because its annual mortgage insurance rates are cheaper, too," said The Mortgage Reports.

Rising rents

In many market, home prices are up significantly from their lowest levels several years ago, but are still within range of many buyers. Rents, on the other hand, continue to go up, pushing household spending to new, uncomfortable, heights.


NMS Properties

"Payments on a mortgage used to purchase a three-bedroom home were more affordable than paying rent on a similar home in 66 percent of the counties recently analyzed by RealtyTrac," said Mortgage News Daily. "Across all 285 counties analyzed, the average percentage of median household income needed to rent was 29.96 percent while the average percentage of median household income needed to buy was 29.00 percent."

Tax deductions

When you pay rent, the entirety of your payment goes to the landlord or property owner, and all you get in return is a temporary place to stay. When you own your home, the government essentially pays you money back for your investment.

"Your biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest," said Bankrate. "And all that interest is deductible, unless your loan is more than $1 million."

Any points you paid on your loan are also deductible the year you paid them, as are your property taxes. "These taxes will be an annual deduction as long as you own your home," said Bankrate. "But if this is your first tax year in your house, dig out the settlement sheet you got at closing to find additional tax payment data. When the property was transferred from the seller to you, the year's tax payments were divided so that each of you paid the taxes for that portion of the tax year during which you owned the home. Your share of these taxes is fully deductible."

Lower PMI

First-time homebuyers who put less than 20 percent down on an FHA loan will have to pay Private Mortgage Insurance (PMI). It's one of the drags of having limited cash. For the past several years, those payments have cost buyers an annual premium of 1.35% of the loan balance, but a recent change dropped the premium to 0.85%.

"This change is expected to save more than 2 million FHA homeowners about $900 a year and allow about 250,000 consumers to buy their first homes in the next three years," said Credit.com.

Remember also that your PMI may also be tax deductible, subject to a few restrictions (and remind yourself again what portion of your rent is deductible: none).

Posted in Buying Real Estate
Sept. 23, 2015

Renters Will Continue to Struggle for the Next Decade, Harvard Study Says

An estimated 11% more households will pay more than half of their incomes in rent in 2025, according to a new report from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners.
 
MEL EVANS/ASSOCIATED PRESS

Renting is unlikely to get easier anytime soon.

An estimated 11% more households will pay more than half of their incomes in rent in 2025, according to a new report from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners, an affordable-housing organization.

The situation could have significant policy implications. Renters who are severely cost-burdened—meaning they pay more than 50% of their incomes in rent—often require federal subsidies to find an affordable place to live. The private sector is struggling to produce profitable housing that is affordable to lower- and moderate-income families, while many federal housing subsidies have been cut in recent years.

In 2013, one in four renters, or 11.2 million households, paid more than half of their incomes in rent. That is three million more households than in 2000.

Many of the factors contributing to that rise were considered temporary. Millions lost their homes due to foreclosure and saw their incomes stagnate during a sputtering economic recovery. But the report finds other factors that have put a strain on renters are likely to persist and contribute to longer-term challenges.

Rapid growth in the Hispanic population is one such pressure, because Hispanics tend to be disproportionately renters and are more likely to pay a large share of their incomes in rent, thus putting more pressure on the existing supply of affordable rental housing.

Millennials—the population currently in their mid-20s and early 30s—are also expected to grow and continue to rent in larger numbers than prior generations. Many of those young adults entered the job market during and after the recession, meaning many wereunemployed or underemployed for crucial early years of their careers, and are more likely to struggle to afford housing, the report says.

“The bottom line is that we are not likely to see demographic forces help, but more likely hinder the issue of affordability,” said Chris Herbert, managing director of the Joint Center for Housing Studies.

The report looks at a range of three predictions. The middle-of-the-road scenario assumes that incomes and rents rise with inflation and looks primarily at growth in populations that tend to be rent-burdened, such as older adults and Hispanics. In that scenario, the report’s authors expect the number of burdened households to grow to just over 13 million in 2025 from an estimated 11.8 million in 2015.

If rents continue to grow faster than incomes—as they have over the last 15 years—the number of severely burdened households could rise by as much as 25%.

If instead incomes outpace rents, there could be modest improvement, with the number of severely burdened households dropping by just over 1%. “Even after a decade of solid income growth, we would be no better off than we are today,” Mr. Herbert said.

To be sure, other groups are more optimistic about how demographic shifts will affect housing. The Mortgage Bankers Association, for example, expects homeownership rates to rise, easing pressure on the rental housing stock.

Corrections & Amplifications

The chart “Growing Burden” shows the number of renters, in millions, expected to pay more than half their incomes in rent. A previous version of the chart had an inaccurate description. (Sept. 21, 2015)

Posted in Buying Real Estate