Finding More Joy In Your Home

Since we've been at home more than normal for the last six months, we may be feeling a little down in the dumps. Feeling like your home is .....blah?

I actually truly love my home. I was walking around this morning like I always do, and every window I looked out of it brought me joy. Maybe I'm just lucky. Maybe I'm just weird?

But, Houzz email drip brought me this article:

10 Ways to Make Your Home Feel More Joyful

And, yes, one of the ideas was to paint a bright & cheerful color on a wall! Which definitely can do the trick. And, paint is soooo easy to change, so why not? 

Needless to say one of the ideas was to have a pet. Another was to create what felt like a vacation in one of your rooms. Maybe a hobby area, I have my dining room table set up as my watercolor art area....well, I leave it there but I do wish I had a separate studio for it!

At any rate, if you're feeling meh about your current home, you can either move, or take on one of these ideas and see if that helps with the blah's.

Enjoy the article, I sure did!

Headlines of Bad Memories!

 

"Homeowners gain over $620 billion in equity in second quarter"

I read that and it took my breath away. Literally, I inhaled and thought...oh sh*t.

I've been in the Real Estate industry long enough for that statement to cause concern. When we had a quick abundance of equity in homes almost 15 years ago a lot of people took out lines of equity. And, subsequently, a lot of people couldn't pay those back...or chose not to...when values plummeted. 

Now, nothing is telling me we are going to plummet in value. But, everything is leading to a correction in value. It's inevitable.....experience tells me this.

So, my reminder in this blog post today is to be cautious. Be wary. Be truthful. 

If you have to tap into your home equity, for whatever reason, be sure that if values take a wee dip that you will still pay it back. Please do pay it back.

IMHO it shouldn't be any other way.

Is It? If You're Buying a Home To Live In For Several Years....Then, Yes!

 

The Cost of a Home Is Far More Important than the Price

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”

Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.

This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.

There are several factors that influence the cost of a home. The two major ones are the price of the home and the interest rate at which a buyer can borrow the funds necessary to purchase the home.

Last week, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.

Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.

How will your monthly mortgage payment change based on today’s lower mortgage rate?

This table calculates the difference in your monthly payment:That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.

Bottom Line

Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.

All Those 2020 Memes? Mine is Now 'Welcome To Real Estate 2020'

No one would have predicted what is happening in Real Estate right now. The beginning of the Pandemic everyone expected the sales to drop off and be one of the worst home sales years ever.

But, hey, with all the other insane things happening in 2020....why not have one of the most robust Sellers Markets ......ever! Well, that I can remember from the last 18 years of selling homes!

I'm not going to kid you, my Sellers have been very pleased. VERY pleased! But, buyers? In the last few weeks alone it's turned into absolute craziness!

Just this week, working on scheduling appointments to view homes has proven the insanity continues. Sellers schedule, Zoom schedules, Buyers schedules, Agents schedules....the pandemic has made all schedules more challenging to say the least.

And, at least a 1/2 dozen times this week after madly trying to coordinate showings for my clients I've gotten messages that the seller is canceling showings as there have already been enough viewings...or something along those lines. The most recent one was 7 offers in 2 days, 4 counters out, cancelled further showings.

And, so I have to tell my Buyers....and, their response is always....'That's Crazy!' Yes, why yes it is. And, my response has been....."Welcome to Real Estate 2020". 

And, this is exactly what it's like.....

Another scene out of some crazy movie!!

I've always got a few tricks up my sleeve for multiple offers. Right now though? It's offer over list, regardless of sales data value, and be willing to pay over appraised value. And, likely quite a bit more over!

Questions about Real Estate now and in the future? Just reach out, you know how to find me!

Remember The Sign At The End of Copperhill at David Way?

It said the road was going to be expanded in the future......

I had contacted the traffic department about the accidents on Copperhill about 2 or 3 years ago. The gentleman at the city was quite informative. We discussed why stop signs & signals can actually cause more traffic collisions sometimes. 

And, he mentioned that Copperhill further East of me would also be a 4 lane roadway...in the future.

When we bought our home, our section of Copperhill was only 2 lanes. It has since widened and with that the noise of the traffic. 

I was showing homes further East of me and one backed Copperhill. Because I had that conversation with the city traffic department, I had to disclose to my buyers that it would be 4 lanes there at some point in the future. What I know, I have to disclose. 

Headed out to show homes yesterday and was taking that route via Bouquet to Vasquez Cyn to make shorter time to Canyon Country so I went past that very spot. Along the way I saw mounds of gravel in several big piles on the side of Copperhill. When I got to David Way I noticed a work truck and that the sign that had been there for years was missing. Gone. Taken down. And, it had been there for YEARS.

Now, I've been following this small housing project trying to get city approval...lo & behold....it's right near this area. It doesn't appear to have been approved yet based upon the most recent email I got this morning, but I'm guessing they are getting closer.

At any rate, there is definitely something going on and I doubt it was a coincidence that I received an update from the city as I'm following this project.

If you're interested, I can forward you the email. It's supposed to be an additional 375 homes. If it gets approved, IMHO, it'd be great. We need more homes for sale. The more new construction, the more resale hits the market. The more resale that hits the market, the more inventory, the faster we can get to a balanced market. And, lordy, we sure need that!

Questions about Southern California Real Estate? I specialize in Santa Clarita but work wherever my peeps need me. Just holler, (661) 313-5470, happy to have conversations with you.

Santa Clarita Valley Home Sales Activity & Inventory ~ 9/11/2020

I was thinking about other ways to reach more people to discuss selling their homes. I thought maybe other Realtors were actually out there door knocking? Have you had any of them knock on your door during this Pandemic? I used to do door knocking. When I first started. I remember walking up and down hills, glistening (really sweating, but that's not ladylike), huffing & puffing. Lots of people did answer their doors 18 years ago. Many wanted to chat. Actually a couple of them invited me in.

Funny side story. One invited me in. She showed me how they expanded their family room. Years later a friend referred them to me and we sold their house! Now that Seller is a dear friend of mine!

On to why I would door knock during a pandemic? Well, actually, I won't. I believe that too many people would be turned off completely by a Realtor knocking on their door...with or without a mask....during these times.

However, it is pretty important to reach as many people as possible right now. Some just don't know how much equity they have in their home. How the market is so lopsided to the Sellers benefit.

Maybe you don't know what's been happening sales wise? And, how it would benefit you to sell your home right now? Well, if you had a place to go that is, of course....definitely you'd need a place to go.

Acton, Agua Dulce, Canyon Country, Saugus, Valencia, Newhall, Stevenson Ranch, Castaic, and Val Verde....

We have 295 homes available for sale. Yup, only 295. In escrow is a huge number at 697. That's proof in the pudding that there are a lot of buyers that want to own a home right now! Closed in the last 30 days was 444. Normally it's about 325, but you'd know that if you've been reading my blogs or watching my WitzRealEstate on YouTube. In that Coming Soon category we have 27.

But, available for sale, only 295.

If you're thinking about Selling, and you have a place to go, call your favorite Realtor....We Need You!

Things You Notice As A Local Santa Clarita Realtor!

Anyone that's reading this blog regularly knows that I've been helping people buy & sell homes for almost 20 years. How is that possible? I'm only 27? LOLOL

This weekend, the Labor 2020 weekend, hubby and I were out running errands. And, we ....shhhh....don't tell the diet people.....stopped at Del Taco on The Old Road for lunch! I do love their french fries!

I saw this 'decorated' corner and it brought back such great memories......

Back in the day when we had more homes for sale...we'd see a boatload of Open House signs from different agents, different companies. An, those were the days.

We can still do an open house of sorts, it just has to be all completely by appointment only and the buyer must be escorted by their agent when they view. And, of course, they all must sign the most current Corona Virus Entry Declaration form and wear masks, gloves, sometimes booties, use hand sanitizer! All of those or a combo of them. Sheesh!

It's interesting to know how many different markets I've helped clients navigate through. It feels like almost never a standard market. Like, really, what the heck is that? Short Sales, Foreclosures, Sellers Market, Buyers Market, Pandemic....can we get an even market soon? Pretty please?

Questions about our current market? Just holler. Happy to chat. (661) 313-5470. 

Being Home More Makes You Want To Figure Out How To Get More Space!

Today it's about bathrooms. My favorite Houzz provided the subject matter. Did you know that putting in a 2 inch drain, over the standard 1.5 inch would really make a difference? I sure didn't!!!

And, how about using drawers instead of cupboard doors in your new vanity? We all know how nice those big pot & pan drawers in the kitchen work. No more loss of lids way in the back of a cabinet! Same with a bathroom. How many times I go looking for a new bar of soap and have to pull stuff out to find it. Well, truth be told...I don't, as everything is neat and orderly under MY sink. The husbands? Well, you know they can't find the ketchup in the fridge staring right at them. LOL I do have a huge drawer in my bath vanity right now. I just throw stuff in there and it's actually harder for me to find things in that big drawer than in my cupboard. Hmmmm, I'm thinking I best get some organizers in that...soon!

A lovely window in the shower. Must be frosted of course, but it does add nice light without using electricity.

All the ideas are in the Houzz article here:

10 Things to Consider Before Remodeling Your Bathroom

See, those big wide drawers. Not a fan of raised sink bowls though, you?

This one was to serve as a reminder for something my favorite home inspectors look for all the time. To make sure any benches, window sills, and shelves in a shower are slightly sloped so the water drains off of them and goes where it's supposed to go.

How many of you are considering a bathroom remodel since you've been home with this pandemic?

 

Looking At Homes? Reminder ~ Get Pre-Approved!

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.