What Do New Loan Programs Mean for You?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-396-3311 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we are joined by special guest Brandon Moss of PrimeLending, our preferred lender here at the Himelstein Group. He'll share some insider information about the many changes in loan programs available in 2015 and what they mean for you!

Gas prices aren't the only thing that have dropped in the last few months, as interest rates continue their downward trend. They're currently at all-time lows, with 30-year fixed mortgages well under 4% without points or fees. It's a perfect to time to buy or refinance to lower your monthly payments, as affordability is at an all-time high.  As we get into the spring and summer, we're expecting rates to rise, so you need to act soon if you want in on the low cost of borrowing.

This year, 3% down conventional loans are going to open many avenues for different buyers. Basically, it's replacing the more expensive FHA purchase loan. It's a great time for first-time buyers to get a loan without having to put much down, while taking advantage of fantastic interest rates. Buyers who are looking into condos and town homes now have another option, as FHA approvals are beginning to expire. This 3% down option is a great alternative!

For wealthier buyers, there are great deals out there as well. Right now, you can get a jumbo loan for up to $1.5 million for only 10% down! This program is perfect for those who have just recently got a job as a lawyer or a doctor, or anyone who has recently been employed at a high-paying job, but who doesn't yet have the liquid funds to put down.

If you're interested in taking advantage of these incredible conditions, you can reach Brandon by calling him at (818) 256-4330 or emailing him at BMoss@PrimeLending.com (NMLS# 61175). As always, if you have any questions, or need real estate assistance of any kind, we would love to hear from you!

Are You Prepared for Escrow?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

Just because you've made it to escrow doesn't mean the deal is done. Many people are unaware of the handful of things that could go wrong during this stage. Today, we're here to share how to avoid them.

So, you have a fully executed contract and have opened up escrow - now what? Lately, we've seen an increasing number of homes fall out of escrow once a deal has been accepted, which is a frustrating experience for the buyer and seller alike. 

This can happen for several reasons - the dollar value of the transaction, physical inspections, buyer's nerves, and loan issues are just a few examples. We typically tell our seller clients that they need to treat everyone like they're a customer. Even if a buyer throws a really lowball offer at you, it's important to remain respectful because the buyer will often come up in price.

There are two BIG issues that may keep the sale from going through once you've reached escrow: the home inspection and the loan. Something usually comes up during the inspection, and as a seller, you need to realize it's understandable for a buyer to have a problem with a defect and be prepared to renegotiate if necessary. As a buyer, you need to realize that no house is perfect and that the house you're living in now probably has defects of its own. 

Whether you're buying or selling, keep in mind that it's not uncommon for there to be bumps in the road during escrow. When they inevitably come up, think them through, don't make a quick judgement, and keep the bigger picture in mind. Take a deep breath, a step back, and make a smart decision for everyone involved.

Here at the Scott Himelstein Group, we're really good at coaching our clients through situations like this, as well as negotiating through these mitigating circumstances so escrow closes with as few complexities as possible.

If you have any questions about the process, or would like real estate assistance of any kind, don't hesitate to give us a call or shoot us an email. We would love to hear from you! 

Thanks, and have a great day! 

What Do Changing Conditions Mean for Our Market Moving Forward?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

 
Hello, and welcome back to our video blog! We hope everyone had a safe and happy holiday season!

With 2014 on the books, there's no better time to take a look back and recap what we saw in real estate over the last 12 months. Last year started off with a bang, as we saw large price increases at the beginning of the year. With prices recovering, we saw the exit of a lot of cash-offer investors from the market. Around June of 2014, we started to see the market level off, as there were more traditional buyers and sellers active in the market.

As far as inventory goes, there were only about 2,400 homes in San Fernando Valley on the market in the first half of the year. By August of 2014, that number spiked to 3,400 homes on the market. This can be attributed to more homeowners wanting to take advantage of rising home values.

As we made our way into the holiday season, we saw interest rates drop from 4.5% to below 4%, which triggered another surge of demand for homes. By the end of the year we saw inventory fall back down to 3,100 homes on the market. Over the course of 2014, we saw an 8% change in inventory.

What does all of this mean moving forward? We think the market will be much more normal in 2015. As a result of improvements in the economy, we're expecting a much more balanced market. There will likely be an increased inventory of homes for sale, which will really help fuel the demand for homes.

You should expect a slower appreciation rate (5.8% in gains after 2015) and less competition among cash-offer investors. One thing to keep an eye on is interest rates. They're predicted to go up in 2015, and many expect them to hover around 4.5%, which wouldn't be so bad.

Thanks for tuning in once again! If you have any questions about real estate conditions going forward, or have questions about a more specific topic, give us a call or shoot us an email. We would love to hear from you!