Housing Market Expected to “Spring Forward”

Housing Market Expected to “Spring Forward” - 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.

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Thinking of Selling? Do it TODAY!!

Thinking of Selling? Do it TODAY!! -That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”

And CNBC says consumer confidence in the economy is fueling the market:

“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.

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The Connection Between Home Prices & Family Wealth

The Connection Between Home Prices & Family Wealth - Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Since the experts predict that home prices will increase by 4.4% this year alone, the young homeowners will have gained $11,000 in equity in just one year.

Over a five-year period, their equity will increase by nearly $43,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

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Where Did Americans Move in 2016

Some Highlights:

• For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
• For the first time ever, South Dakota held the top spot for “High Inbound” states.
• Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.

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Over Half of All Buyers Are Surprised by Closing Costs

Over Half of All Buyers Are Surprised by Closing Costs - According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com recently gathered closing cost data from lenders in every state and Washington, D.C. to be able to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Keep in mind that if you are in the market for a home above this price range. your costs could be significantly more. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

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How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home? - The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.

With home prices rising dramatically over the last several years, 93.7% of homes with a mortgage are now in a positive equity situation with 79.1% of them having at least 20% equity, according to CoreLogic.

With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.

One other reason for the increase was brought to light during a recent presentation by Lawrence Yun, the Chief Economist of NAR, at the Realtor’s Summit in San Diego, CA. Yun pointed to the fact that historically, young homeowners who were either looking for more space to accommodate their growing family or looking for a better school district were more likely to move more often (every 5 years). The homeownership rate among young families, however, has still not caught up to previous generations resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstances. They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple planning to start a family that currently lives in a one-bedroom condo.

These homeowners are ready to make a move. Since the lack of housing inventory is a major challenge in the current housing market, this could be great news.

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Where Are the Home Prices Heading in the Next 5 Years?

Where Are the Home Prices Heading in the Next 5 Years?

Where Are the Home Prices Heading in the Next 5 Years? - Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.4% over the course of 2017, 3.4% in 2018, 2.8% in 2019, 2.7% in 2020, and 2.8% in 2021. That means the average annual appreciation will be 3.22% over the next 5 years.

The prediction for cumulative appreciation fell from 21.4% to 17.3% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 6.3%.

Bottom Line

Individual opinions make headlines. We believe this survey is a fairer depiction of future values.

To See Your Home Value Click The Link Below

What's My Home Worth?

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The Impact of Homeownership on Family Health

The Impact of Homeownership on Family Health - The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the report:

• There is a strong positive relationship between living in poor housing and a range of health problems, including respiratory conditions such as asthma, exposure to toxic substances, injuries and mental health. Homes of owners are generally in better condition than those of renters.
• Findings reveal that increases in housing wealth were associated with better health outcomes for homeowners.
• Low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and higher perceived control over their lives.
• Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to believe that they can do things as well as anyone else, and they report higher self-ratings on their physical health even after controlling for age and socioeconomic factors.
• Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain a higher satisfaction even in the same home in which they resided as renters.
• Social mobility variables, such as the family financial situation and housing tenure during childhood and adulthood, impacted one’s self-rated health.
• Homeowners have a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely to have good health. When adjusting for an array of demographic, socioeconomic, and housing–related characteristics, the homeowner advantage is even larger at 3.1 percent.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

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Rancho Cucamonga Home For Rent 10115 Bedford Drive Coming Soon

Rancho Cucamonga Home For Rent 10115 Bedford Drive
Coming Soon

Rancho Cucamonga Home For Rent 10115 Bedford Drive Coming Soon - 

10115 Bedford Ave Rancho Cucamonga, CA 91730 By Celina Vazquez from Celina Vazquez on Vimeo.

Celina Vazquez Broker/Realtor presents this beautiful single story house located in the #City of #RanchoCucamonga that features 2 bedroom, 2 #bathrooms and 2-car #garage with direct access. Large #living room with light berber #carpet and large windows that allows the natural light in. The dining room is next to the fully remodeled #kitchen with gorgeous light granite counters and large island with stainless steel sink in and sitting area.  Gorgeous #kitchen with custom cabinets, granite counters, stainless steel appliances and stunning backsplash tile.  Multi-cycle #dishwasher, high-performance microwave, and 4-burner stainless steel stove. The master-suite has double closets, sitting area and large master bath with granite counters.  Great #backyard with #beautiful patio.  Cucamonga Elementary #School, #RanchoCucamonga Middle School, and Chaffey High School are the designated schools for this area. The Victoria Gardens  Mall is just 10 minutes away.The #VictoriaGardens is a beautiful shopping center pedestrian-oriented, open-air concept, mixed-used town center with stores such Macy’s, #JcPenney, #BassProShops, #Express, Banana Republic, #bebe, Brighton and many more. Great restaurants to dining in such #BRIO Tuscan grille, #California Pizza Kitchen, The #Cheesecake Factory, #CrepesDeParis, #Lucille’s Smoke House, Bar-B-Que, #LunaMexicanGrill, #YardHouse and many more. To see this home contact Celina Vazquez at 909-697-0823 or by email at celina@celinavazquezrealtor.com

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BRE# 01736989

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10115 Bedford Ave Rancho Cucamonga, CA 91730 By Celina Vazquez from Celina Vazquez on Vimeo.

Homes For Sale In Jurupa Valley Sky Country Area

Sky Country Jurupa Valley

Sky Country Jurupa Valley - Sky Country is a small neighborhood located in the semi-urban community that is Mira Loma. It became part of the city of Jurupa Valley when it was voted to be incorporated into the city in 2011. 

Schools - Sky Country is a wonderful place to raise a family, with and an assortment of schools. Mira Loma Middle School, the local intermediate school. Jurupa Valley High School is just outside of Sky Country. The public high school offers various sports and activities. 

What Is There To Do - There are two enormous shopping centers just across the 15 freeway from Sky Country. The centers have stores that provide necessities to the neighborhood, such as Target, Home Depot, and Vons. The shopping center also provides department-like stores that one might find in a mall, like TJ Maxx, Home Goods, Tilly’s, Sports Chalet, Famous Footwear, and even beauty stores like Ulta. The shopping center is also very popular because it provides entertainment. Edwards Eastvale Gateway Stadium 14 is located in the center, providing a variety of new movies in large theaters.  

  Eats - Just outside the theater lies a courtyard, where people like to relax, and enjoy a dessert of frozen yogurt or from the Nestle Tollhouse. The shopping center would definitely not be complete without a variation of restaurants, with many to choose for every occasion and everyone’s different tastes and interests. The Food Court section part of the center has common and delicious foods like the Habit for burgers, and Dickey’s for barbecue. There are also more formal restaurants such as Johnny Carino’s and Applebee’s. There is even a more offbeat collection of restaurants in the corner of the shopping center: Zip Fusion Sushi, Thai Bamboo Café, and Pho Viet. These varieties of Asian cuisines demonstrate some of the cultural diversity in the area and give people the opportunity to experiment and try something new. But Mira Loma even has its own sets of restaurants and stores on the east side of the 15 freeway. It has small restaurants like Steer n Stein and has a few authentic Mexican shops that are popular for the meat and chicken that they sell. Nearby there are also establishments such as the Glen Avon Library.   

  Community - Over the past years, Mira Loma has become an ideal place to live. With expansion and progress in Southern California moving South and coming our way, that can only mean improvements and development for Jurupa Valley. But even the way that the area is, it is a reasonable distance from both Los Angeles and San Diego, but it provides an escape from the metropolitan life, by maintaining a balance between urban and rural. If contemplating on moving into the Sky Country community, it is important to consider the assets for schools, entertainment, the community itself, and development. And while development is spreading towards the area, Sky Country will maintain its spirit that is central to the community.

Instantly search and view photos of all the homes for sale in Sky Country now. Our Sky Country real estate listings are updated every 15 minutes!

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Bel Air Dream Home Worth 250 Million - Celina Vazquez Blog

Bel Air Dream Home Worth 250 Million

Bel Air Dream Home Worth 250 Million - Joining the club of the highest selling # Real Estate Properties on the market. This huge Bel Air dream home is only worth 250 Million to a intrigued buyer. You would be able to get this house if you were actually the real prince of Bel Air. What are # characteristics that make this house worth spending the 250 million?

For Starters, it has a beautiful view overlooking all of Downtown LA, while you're looking over Downtown LA you'll be standing on 17,000 Sq Feet of the outdoor deck, and the whole inside of the house equals to 38,000 Sq Feet.  12 Bedrooms (10 guest rooms and 2 master suites ), 21 Bathrooms, 6 Bars (One that comes to the swimming pool), 3 Kitchens, 1 Giant Movie Theatre which includes( with 40 reclining seats, 22 foot screen, and 7,000 movies already loaded in the 4K Screen Projector), 12 Expensive Cars (altogether worth 30 Million), 100 Art Installations, 4 Lane Bowling Alley (picture below), 2 Wine Cellars, 2 Elevators.

It Even Comes with 7 Full-Time Employees (chef, chauffeur, and masseuse).

This is just one of the few million dollar projects of Bruce Makowsky.

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3 Questions to Ask If You Want to Buy Your Dream Home

 

3 Questions to Ask If You Want to Buy Your Dream Home - If you are debating purchasing a # home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the # real estate # market. Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place? 

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”

This survey supports a study by the # Joint Center for Housing Studies at Harvard University which revealed that the top four reasons # Americans buy a home have nothing to do with money. They are:

• A good place to raise children and for them to get a good education
• A place where you and your family feel safe
• More space for you and your family
• Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest # Existing Home Sales Report from the # National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.

If we look at the numbers year over year, # CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.

What does that mean to you?

Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a # home can be dramatically impacted by even a small increase in mortgage rates.

The # Mortgage Bankers Association (MBA), the # National Association of Realtors, and # Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

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