Los Angeles Real Estate BlogRecently posted or modified blog posts in the category - Home Ownershiphttps://www.thinkrealestategroup.com/blog/Copyright ThinkRealEstateGroup.com2022-09-08T12:18:34-07:00tag:thinkrealestategroup.com,2012-09-20:21847 Expert Forecasts on Mortgage RatesIf you’ve been thinking of <a href="https://www.mykcm.com/2022/08/22/3-tips-for-buying-a-home-today/" title="buying a home">buying a home</a>, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?
As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the <a href="https://www.mykcm.com/2022/08/29/a-trusted-real-estate-advisor-provides-expert-advice/" title="professionals">professionals</a>. Here’s a summary of the latest mortgage rate forecasts from housing market experts.
Experts Project Mortgage Rates Will Stabilize
While <a href="https://www.freddiemac.com/pmms/archive" title="mortgage rates" target="_blank" rel="noopener noreferrer">mortgage rates</a> continue to fluctuate due to ongoing inflationary pressures and <a href="https://www.mykcm.com/2022/08/16/what-would-a-recession-mean-for-the-housing-market/" title="economic uncertainty">economic uncertainty</a>, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below):
<a href="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png" rel="noopener noreferrer" class="use_kcm_lightbox" target="_blank"><img loading="lazy" class="aligncenter wp-image-104585" src="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png" alt="Expert Forecasts on Mortgage Rates | MyKCM" width="600" height="450" srcset="https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1.png 1000w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-600x450.png 600w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-768x576.png 768w, https://files.mykcm.com/2022/09/06131124/20220907-MEM-Eng-1-100x75.png 100w" sizes="(max-width: 600px) 100vw, 600px" /></a>
That could bring you some welcome relief. So far this year, mortgage rates have climbed over two percentage points due to the Federal Reserve’s response to <a href="https://www.mykcm.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/" title="inflation">inflation</a>, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.
Bottom Line
Whether you’re looking to buy your first home, move up to a larger home, or even downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.2022-09-08T12:13:00-07:002022-09-08T12:18:34-07:00Jackson Marshalltag:thinkrealestategroup.com,2012-09-20:15961Stories from the TrenchesI have seen a lot in my 20 years in real estate, and I want to share three that really shocked me. These stories from the trenches taught me something, and I think you will learn a thing or two as well.
The first one is a tree fell on the house. We were about three days from closing in escrow, and it was a long 60-day escrow. And literally, on day 57, a tree fell on the house, and we ended up having to extend the escrow six weeks to complete the repairs to the home in order to close the escrow. So what did I learn from that? Murphy's Law, whatever can go wrong will go wrong. So takeaways are to make an escrow short, have a leaseback if you need it, and try and close as quickly as possible because you never know what can happen.
The second story was one of the worst things that ever happened while selling a house. It is a bummer story. A client of mine was behind in his payments on his home, and he needed to sell. He was in a tight bind. It was 1998. We put his house in escrow, and he was going to walk away with a nice profit. I lent him money. Never do that. I lent him money so that he could actually move out of his house and get an apartment. The buyers were in a moving truck, driving from the East Coast to their new home in Los Angeles. And two days before the close of escrow, IRS tax liens were levied on the house, which prevented us from closing the escrow. And because he was so far behind on his payments, the bank foreclosed on his house, and he lost his house. The buyers had to be given the bad news that they wouldn't have a home when they arrived in Los Angeles. I lost the $5000 that I lent him. So there you go. It was a lose, lose, lose situation. Lots of things to be learned from that, but a huge bummer of a transaction for everyone.
And the final story is a funny one. I was selling a house way up in the Hollywood Hills. I was with the client showing her homes, and I ran out of gas. As I was driving down and I realized my car had died, and I was coasting. My client, Jeanie Goldenberg, looked at me and asked, "Is everything OK?" I admitted we had just run out of gas. She said, " Oh my God, what are we going to do?" I told her, I'm going to coast this car all the way out of the hills. And I did. I literally coasted it down Wonder View Drive, down Lookout Drive onto Laurel Canyon, all the way down to Sunset Boulevard. I got a tank of gas and went back and showed her the rest of the houses and sold her one. She ended up becoming a really dear friend. She refers lots of clients to me, and she always tells her friends, make sure Dave has a full tank of gas before he shows you any houses. The lesson here, watch your gas gauge!
] A few stories from the trenches of my real estate career. If you're a real estate agent, I'd love to hear some of your stories. Or maybe you're a buyer and seller, and you have some stories from that. Either way, I'd love to hear from you. Take care. 2021-10-22T07:44:00-07:002021-11-18T13:40:56-07:00Dave Roblestag:thinkrealestategroup.com,2012-09-20:10167Six things to do with your Remodel to Go GreenHAPPY EARTH DAY! With stay at home orders proving to have a good impact on our environment, it’s fun to think of ways to keep going green, even after we are allowed to leave the house! So if you find yourself at home and wanting to make a few updates to do your part, start with the six things below.
Check the windows for and leaks or drafty air coming through. If you find spots, add weatherstripping around the frame. Installing energy-efficient windows can help improve insulation and save on Air Conditioning and Heating Costs!
Unplug electricity vampires when they are not being used. Computer and phone chargers, the blender, toaster, etc all pull small amounts of electricity even when you aren’t using them and they are powered OFF. To cut costs and to help minimize your carbon foot print, try to remember to check that electronics are completely unplugged when they aren’t in use.
Use halogen, compact fluorescent lamps, or LED lightbulbs throughout your home and in fixtures. Energy saving light bulbs use up 80% percent less than regular, antiquated lightbulbs. PLUS, you can typically find them at the dollar stores these days, so no excuses! They typically last about 25 times longer than regular bulbs, so it saves you dough in the long run.
Check the roof for leaks, ponding water or damaged shingles. The good news about all the rain last month is that you probably already know of any leaks! If you need to a new roof, and you aim to be an energy super star, consider talking to a specialist and throwing solar panels on! Also, there are options for roofing that are fully made of recycled materials and even look like cedar and slate!
Make sure the siding around your home is fully intact to lesson the chances of any air escaping or outside air seeping in. There are tons of eco options to look into, all with varying price points, materials, and pros and cons for each option. Here is a great break down of information that can help you decide what is the best route to go for you. Honestly, a lot of it depends on the style and location of your home!
When putting in fencing, railing, windows, shutters, and other outdoor materials, check for green options. Good materials to keep in mind are bamboo, cork, reclaimed woods and metals, precast concrete slabs, and sheep’s wool (non-vegan sorry!) insulation.2020-08-18T15:38:00-07:002021-03-09T14:34:08-07:00Dave Robles