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In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.” Bach went on to explain: “If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.” In his bestselling book, “The Automatic Millionaire,” Bach does the math: “As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end windRead More →

Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. Source: Housing Market & Real Estate News Lenora LostaunauLenora is a full-service San Diego real estate agent, serving residents county-wide, and those looking to live in San Diego. She specializing in Metro and Coastal San Diego, with a Masters Degree in Marketing and over 10 years in the real estate industry, Lenora offers top tier,Read More →

A recent article from a reputable news source was titled: Here’s why some homeowners still can’t sell. In the opening bullets of the article, the author claimed, “Negative equity is one of the main reasons why there are so few homes for sale.” The article then goes on to soften that stance but we want to bring better clarity to the equity situation. A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” which means the home has over 20% equity. That level of equity allows the homeowner to sell their home ifRead More →

Six months ago, we reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets. In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a buyer’s market. According to the National Association of Realtors latest Existing Home Sales Report, the inventory ofRead More →

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to: Set the market value on possibly the largest asset your family owns (your home) Set the time schedule for the successful liquidation of that asset Set the fee for the services required to liquidate that asset An agent must be concerned first and foremost with you and your family to garner that degree of trust. Make sure this is the case. Be careful if the agent you are interviewing begins the interview by: Bragging about their success BraggingRead More →

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year. CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price. The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available). It is important to pay attention to how pricesRead More →