3 Questions You Need To Ask Before Buying A Home

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests 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 three 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 study by realtor.com found that “73% said buying in a good school district was “important” in their search.”

This report 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. The actual reasons are:

A good place to raise children and provide them with 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 February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?
Simply put, with prices increasing, it may 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.

Freddie Mac, Fannie Mae, the Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months.

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.

Posted on April 15, 2019 at 10:34 pm
Steven Galindo | Category: Uncategorized

Why Homeownership Matters Now More Than Ever

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.)

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!

The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater, with nearly half their net worth coming from home equity!

Homeowners over the age of 65 are much more financially prepared for retirement and often own their homes outright if they were fortunate enough to purchase their homes before the age of 36.

Their 30 years of mortgage payments have paid off as they gained equity through their monthly payments and as home values appreciated.

It is no surprise that lifelong renters have had a hard time accruing net worth as the latest Census report shows that the Median Asking Rent has been climbing consistently over the last 30 years.

Your monthly mortgage payment is a form of ‘forced savings’ building your net worth with every payment!

Posted on February 13, 2019 at 4:36 pm
Steven Galindo | Category: Uncategorized

3 reasons why the US housing market is slowing down.

There are three fundamental drivers of the slowdown in the housing market,
(1) mortgage rates have increased since 2017, putting pressure on affordability;
(2) house prices have grown faster than rents and incomes since 2012, exacerbating the impact of rising rates; and
(3) the 2017 tax law changes reduced the tax benefits of owner-occupied housing relative to renting. (source: Goldman Sachs)

Posted on November 26, 2018 at 5:02 pm
Steven Galindo | Category: Uncategorized

June 2018, Los Angeles County Real Estate Market Statistics and Trends

Curious about the current real estate market? Click the link below to get updated
June 2018 LA County Real Estate Market Statistics

Posted on August 21, 2018 at 6:56 pm
Steven Galindo | Category: Uncategorized

Time to sell your home? Make sure to show up in the home buying mobile apps

The rise of mobile applications has transformed our daily lives by shaping the way we work, spend leisure time, and search for information. In 2014, global usage of mobile devices surpassed desktop usage and it has continued to be preferred channel to consume information. With over 2.2 million mobile apps to choose from, users stay glued to their phones, causing consumption to drastically increase.
The real estate industry has capitalized on this trend and created a mobile marketplace where buyers can easily search for homes by using real estate apps. And their marketing efforts are proving to be successful. 68% of new home shoppers use real estate mobile applications throughout the entire house hunting process.
It’s not enough to show up on the big real estate websites. These days, you need to think mobile first. In the Apple App Store, the top six real estate apps listed for buyers include:


List your properties here to ensure the high visibility and talk with your real estate agent to for additional insight on city-specific mobile applications that you should be listed on. (source: homelight.com)

Thinking of selling your home? Call me today for an over the phone consultation.

Posted on May 29, 2018 at 1:19 am
Steven Galindo | Category: Home Seller Advice, Uncategorized

3 HUGE Benefits To Putting Your House On The Market During The Holidays

(1) Holiday buyers are motivated buyers. Some of the reasons why they need to buy is because they’re relocating, some have received end of year job bonuses that they can apply to a down payment, some need to buy for tax benefits while others want to buy before interest rates go up (and they will go up)

(2) Your home looks great and buyers can be more emotional around this time. From the smell of cookies to a beautifully decorated tree can make a buyer see themselves living in your home. The more emotional a buyer gets about your home, the more they are likely to pay.

(3) During the holidays there will be less homes on the market which means you will have less competition. Its basically the law of supply and demand.  Motivated home buyers outnumber the amount of homes for sale. This could mean MORE money for you!!!

Posted on October 31, 2017 at 10:49 pm
Steven Galindo | Category: Home Seller Advice, Uncategorized

Home Seller Advice – Brighten Things Up

Take the time to replace broken lights and repair electrical connections. No one wants busted electrical connections, and they’re dangerous too. Get an electrician to check out everything to prevent fire hazards. Replace busted light bulbs and have all others replaced with environment-friendly ones. This will make your unit look spanking new and will assure your buyer that your unit is worth the price you’re asking for.

Posted on October 20, 2017 at 5:21 pm
Steven Galindo | Category: Uncategorized

Home Buyer Advice: 7 Questions You Must Ask At An Open House

1. ‘Can you tell me more about the house?’

2. ‘What shape is this place in? Have there been any recent improvements?’

3. ‘Has there been a lot of interest in the property?’

4. ‘Why are they selling and when are they looking to close?’

5. ‘How much do utilities usually run?’

6. ‘How much traffic can one expect in this area?’

7. ‘What is the neighborhood like?’




Posted on September 25, 2017 at 1:21 am
Steven Galindo | Category: Home Buyer Advice, Uncategorized

Home Seller Advice: Avoid Saying These Things To A Home Buyer

If a home buyer asks you “why are you selling”? You may not want to reply: “The house is too difficult for us to maintain”

No one wants to buy a money pit. So, even if you’re selling a clear fixer-upper, don’t mention maintenance costs to a home buyer. Also avoid talking about repairs that you just never got around to making, like repairing the bathtub caulking, as well as big projects like replacing the 20-year-old water heater—all reasons for home buyers to think twice about making an offer. To avoid lawsuits, always tell the truth when filling out disclosure forms

Posted on September 19, 2017 at 7:32 pm
Steven Galindo | Category: Home Seller Advice, Uncategorized

How To Avoid Roofing Contractor Scams

How to avoid a roofing contractor scam – Some guy knocks on your door claiming to have extra roofing material left over from a nearby job, and offers to fix yours for bupkis.
And you know what you get for bupkis, right?
Invariably, the scammer — who especially loves showing up in areas recovering from major storms — takes the money and runs after doing little or no work.
“You always try to give people the benefit of the doubt,” the Bureau’s Felicia Thompson told a local CBS TV station in Arizona. “Not everybody’s bad, but nowadays you just can’t do that.”
No, you can’t. And now that you’ve been forewarned about this particular swindle, read on to learn how to choose the right (reputable) contractor to repair or replace your own roof.
* Make certain they’re insured. If there’s one thing that’s non-negotiable it’s that the contractor carry insurance for all employees and subcontractors — and provide a copy of their certificate for your inspection.
“Actually call the insurance carrier to confirm that they are valid,” Angie’s List advises.
* Run if they suggest this. Did the contractor vying for your business really just claim to be able to handle a storm-related repair, say, without you paying your required insurance deductible? There’s a name for that: insurance fraud, which you want no part of.
* Run even faster if they suggest this. While it’s reasonable for contractors to request a modest down payment before work begins — call it “earnest money” — beware if the figure exceeds 20 percent of the bill’s projected total cost. Should they start talking 50 or even 75 percent, though. . .
“The red flags of possible fraud are fluttering,” the Coalition Against Insurance Fraud’s James Quiggle has warned.

Posted on September 19, 2017 at 7:31 pm
Steven Galindo | Category: Home Improvement Ideas/Tips, Uncategorized