Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage Interest Rates Went Up Again… Should I Wait to Buy? - Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

To See More Blogs Like This One Please Visit My Website 

Click Here

Looking For A New Home, Introducing Our New Neighborhood Pages With Listings from Over 20 Cities

For More Info Please Call 909-697-0823

or Visit

www.celinavazquezrealtor.com

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!

To See More Blogs Like This One Please Visit My Website 

Click Here

For More Info Please Call 909-697-0823

or Visit

www.celinavazquezrealtor.com

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.

If You Liked This Blog Visit My Website For More Insightful Blogs

Click Here

For More Info On Your Real Estate Needs Please Call 909-697-0823
or Visit
www.celinavazquezrealtor.com

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.

For More Blogs Like This One: Click Here

For More Information on Real Estate Feel Free to Call

909-697-0823

or Visit

www.celinavazquezrealtor.com

Are You 1 of the 59 Million Planning to Buy This Year?

Are You 1 of the 59 Million Planning to Buy This Year? - According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.

The survey also revealed 3 key takeaways:

1. Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
2. Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
3. Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:

“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”

Bottom Line

If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.

To View This Blog On My Website and Much More

Click Here

For More Real Estate Information Please Visit

www.celinavazquezrealtor.com

Call 909-697-0823

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.

To See This Blog and Much More On My Website 

Click Here

For More Info on Real Estate Please Call or Visit: 

www.celinavazquezrealtor.com

909-697-0823

5 Reasons to Love Using A Real Estate Pro

Highlights:

• Hiring a # real estate professional to guide you through the process of buying a # home or # selling your house can be one of the best decisions you make!
• They are there for you to help with paperwork, explaining the process, negotiations, and helping you with pricing (both when making an offer or setting the right price for your home).
• One of the top reasons to hire a # real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience.

For More Info Please Call or Visit: www.celinavazquezrealtor.com

909-697-0823

Did you like this Blog?

To See This Blog and Many More Please Visit My Website and Leave A Comment

Click Here

Have You Saved Enough for Closing Costs?

Sellers Have You Saved Enough for Closing Costs?

There are many potential #homebuyers, and even # sellers, who believe that they need at least a 20% down #payment in order to buy a #home or move on to their next #home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan).

If you have saved up your down #payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.

Freddie Mac defines closing costs as:

“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”

We’ve recently heard from many first-time #homebuyers that they wished that someone had let them know that closing costs could be so high. If you think about it, with a low down #payment #program, your closing costs could equal the amount that you saved for your down payment.

Here is a list of just some of the fees/costs that may be included in your closing costs, depending on where the home you wish to purchase is located:

• Government recording costs
• Appraisal fees
• Credit report fees
• Lender origination fees
• Title services (insurance, search fees)
• Tax service fees
• Survey fees
• Attorney fees
• Underwriting fees

Is there any way to avoid paying closing costs?

Work with your lender and real estate agent to see if there are any ways to decrease or defer your closing costs. There are no-closing mortgages #available, but they end up costing you more in the end with a higher interest rate, or by wrapping the closing costs into the total cost of the mortgage (meaning you’ll end up paying interest on your closing costs).

Home #buyers can also negotiate with the seller over who pays these fees. Sometimes the seller will agree to assume the buyer’s closing fees to get the deal finalized, which is known in the industry as ‘seller’s concession.’

Bottom Line

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

For More Info Please Call or Visit At: www.celinvazquezrealtor.com

909-697-0823

Tips for Preparing Your House For Sale

Highlights:

• When listing your #house for sale your top goal will be to get the #home sold for the best price possible!
• There are many small #projects that you can do to ensure this happens!
• Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local #contractors who can help!
• For More Info Please Call or Visit My Website: www.celinavazquezrealtor.com
• (909)697-0823

Will Housing Affordability Be a Challenge in 2017?

Some industry experts are saying that the housing market may be heading for a slowdown in 2017 based on rising home prices and a jump in mortgage interest rates. One of the data points they use is the #Housing Affordability Index, as reported by the #National Association of Realtors (NAR).

Here is how #NAR defines the index:

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”

Basically, a value of 100 means a #family earning the median income earns enough to qualify for a mortgage on a median-priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.

The higher the index, the easier it is to afford a home.

Why the concern?

The index has been declining over the #last several years as #home values increased. Some are concerned that too many buyers could be priced out of the market.

But, wait a minute…

Though the index skyrocketed from 2009 through 2013, we must realize during that time the housing crisis left the market with an overabundance of housing inventory with as many as one out of three listings being a distressed property (foreclosure or short sale). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.

The #market is recovering, and values are coming back nicely. That has caused the index to fall.

However, let’s remove the crisis years and look at the current index as compared to the index from 1990 – 2008:

We can see that, even though prices have #increased, #mortgage rates are still #lower than historical averages and have put the index in a better position than every year for the nineteen years before the crash.

Bottom Line

The #Housing Affordability Index is in great shape and should not be seen as a challenge to the real estate market’s continued recovery.

For More Info Please Call or Visit: www.celinavazquezrealtor.com

(909)697-0823 

For All Your Home Information Needs

What Would a Millennial Baby Boom Mean for Housing?

Recently released data from the #National Center for Health Statistics revealed that 1.3 million Millennial women gave birth for the first time in 2015. There are now over 16 million women in this generation who have become mothers.

“All told, Millennial women (those born between 1981 to 1997) accounted for about eight in ten (82%) of U.S. births in 2015.”

The data also shows that this generation has waited until later in life to become parents as only 42% of #Millennial women were moms in 2014, compared to 49% of #Generation X at the same age. A #Pew Research Center article discussing the data, points to social influences that may have contributed to the delay:

“The rising age at first birth is hardly limited to the Millennial generation. It has been a trend since at least 1970. Many factors may contribute, including a shift away from marriage, increasing educational attainment and the movement of women into the labor force.”

Do Millennials Want to Be Parents?

“While Millennials may be delaying parenthood, it’s not for a lack of interest in eventually becoming moms and dads. Members of this generation rated being a good parent as a top priority in a 2010 Pew Research Center survey.  

Some 52% said it was one of the most important goals in their lives, well ahead of having a successful marriage, which 30% said was one of their most important lifetime goals.”

So, What Does This Mean for the Housing Market?

As Jonathan Smoke, #Chief Economist for #realtor.com explained: “At any given time in our history, demographics would explain 60-80% of what’s happening [in the market], and we are in a period of time where Millennials make up a largest demographic group.” 

As more and more #Millennial families are formed, this generation will shift their focus to providing the best home for their children to grow up in, the best school districts, and often to the stability that owning a home of their own provides.

Two-thirds of #Millennials have not yet reached the average first-time home buying age of 32, as reported by the #National Association of Realtor. The homeownership rate amongst Millennials has nowhere to go but up!

Bottom Line

#Millennials as a generation have delayed traditional social norms until later in their lives. Whether getting #married, having #children or #buying a #home, the desire to provide for their family is still there, even if it takes a little while longer than it did for previous generations.

For More Info Please Call or Visit: www.celinavazquezrealtor.com

(909)697-0823

5 Myths About Real Estate Reality TV Explained

5 Myths About Real Estate Reality TV Shows Explained

Have you ever been flipping through the #channels, only to find yourself glued to the couch in an #HGTV reality binge session? We’ve all been there… watching entire seasons of “#Love it or List it,” “#Fixer Upper,” “#House Hunters,” “#Property Brothers,” and so many more, just in one sitting.

When you’re in the middle of your #real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.

Reality TV Show Myths vs. Real Life:

Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.

Truth: There may be buyers who fall in love and buy the first home they see, but according to the #National Association of Realtors the average homebuyer tours 10 homes as a part of their search. 

Myth #2: The houses the buyers are touring are still for sale.

Truth: The reality is being staged for TV. Many of the homes being shown are already sold and are off the market. 

Myth #3: The buyers haven’t made a purchase decision yet.

Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy. 

Myth #4: If you list your home for sale, it will ALWAYS sell at the #Open House.

Truth: Of course this would be great! Open houses are important to guarantee the most exposure to buyers in your area, but are only a PIECE of the overall marketing of your home. Just realize that many homes are sold during regular listing appointments as well.

Myth #5: Homeowners make a decision about selling their home after a 5-minute conversation.

Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.

Bottom Line

Having an #experienced #professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!

For More Info Visit www.celinavazquezrealtor.com

11545 Pampus Drive Jurupa Valley CA 91752 House For Rent Horse Property

HOUSE FOR RENT

Beautiful #Ranch-Style property located in the very #desirable #community of #SkyCountry of #JurupaValley, #California. A single story horse property features 4 #bedrooms, 2 full bathrooms and bonus room. Spacious open floor concept with a large fully remodeled kitchen with new cabinets, new #granite counter tops and new appliances. Large #family room with cozy brick #fireplace and open to the dining area, there is bonus room that can be utilize as a 5 bedroom or use as a #family room. Spacious bedrooms with ceiling fans and wall-to-wall closets, master bedroom has a large master bath fully #remodeled. The large patio overlooks the ½ acre lot. There is new paint, new #carpet in the #bedrooms area and fully remodeled bathrooms. #SkyCountry is a ranch-style community conveniently located with close proximity of the 15, 60, 10 and 91 freeway. Its location is very advantageous for business commuters who travel to major employment to #Riverside, #SanBernardino, Los Angeles and Orange County. The #Metrolink station-running rail serves to the greater Los Angeles area. #SkyCountry Community offers large estates size lots and are #equestrian #properties in a rural environmental but within minutes from the city. #Laramore Park is an #Equestrian Park located inside of #SkyCountry Community which facility is available for you to drop-in use and can follow the #horse trails across Sky Country. The Santa Ana River is within minutes, which has a facility available to park your truck and trailer for the day and access the horse trails along the river. #JurupaValleyHighSchool, #MiraLoma Middle School, and #SkyCountry Elementary are the schools designated to the Sky Country Community. #Wineville &  #Vernola #Family #Park are located within minutes of the house. The #Eastvale Gateway shopping center is a power center with stores like #HomeDepot, Best Buys, Target, #Homegoods, #DressBarn and fine #restaurants for dinning like #Carino’s Italian Restaurant, #OnTheBorder, #PacificFishGrill and Applebees are just less than 2 miles away. The #Vernola Shopping Center with stores like #Kirkland, Lowe’s, Bed Bath & Beyond, Ross, are just 2 minutes away from this gorgeous home. The Big League Dream Park is another park just around the corner from Sky Country and right next to Jurupa Valley High School. Horse communities are scattered throughout the #InlandEmpire and #SkyCountry Community is one of them. In a city where lot sizes have shrunk steadily for the past two decades, this is a great opportunity to obtain your #SkyCountry, #JurupaValley home with great land. Contact #CelinaVazquez at 909-697-0823 or email at celinalvz@gmail.com to schedule a showing.