South Bay Lifestyle Homes – Market Blog

Further Proof It’s NOT 2008 All Over Again

Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market. However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced […]

Posted in For Buyers, For Sellers, Housing Market Updates

24% of Renters Believe Winter is the Best Time to Buy a Home

In real estate, the spring is often seen as the ideal time to buy or sell a house. The term “Spring Buyer’s Season” exists for a reason, as renters and those looking to move on from their current home thaw out from the winter and hit the market ready to buy. According to Bank of […]

Posted in For Buyers, For Sellers, Housing Market Updates

The #1 Reason to Not Wait Until Spring to Sell Your House

Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition! The #1 Reason to List […]

Posted in For Sellers, Move-Up Buyers, Selling Myths

Buyers: Don’t Be Surprised by Closing Costs!

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a […]

Posted in First Time Home Buyers, For Buyers, Move-Up Buyers

Existing Home Sales Slowed by a Lack of Listings [INFOGRAPHIC]

Some Highlights:

• Existing home sales are currently at an annual pace of 5.22 million, which is up 1.4% over last month. This reverses the six-month trend of dips in sales every month.
• The inventory of existing homes is still below the 6-month supply needed for a normal market and is now at a 4.3-month supply.
• NAR’s Chief Economist, Lawrence Yun, had this to say: “After six consecutive months of decline, buyers are finally stepping back into the housing market. As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”

Posted in For Buyers, For Sellers, Housing Market Updates, Infographics

Are You Spending TOO Much on Rent?

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering […]

Posted in Down Payments, First Time Home Buyers, For Buyers, Rent vs. Buy

Thinking of Selling Your Home? Here’s Why You Need A Pro in Your Corner

With home prices on the rise and buyer demand still strong, some sellers may be tempted to try and sell their homes on their own without using the services of a real estate professional. Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that […]

Posted in For Sellers, FSBOs, Move-Up Buyers

Buying a Home Can Be Scary… Until You Know the Facts [INFOGRAPHIC]

Some Highlights:

Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts:

• 72% of buyers who purchased homes this year have put down less than 20%.
• 4% of loan applications were approved last month.
• The average credit score of approved loans was 727 in September.

Posted in Buying Myths, First Time Home Buyers, For Buyers, Infographics

Will Home Prices Continue to Increase?

There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there […]

Posted in Buying Myths, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Pricing

20 Tips for Preparing Your House for Sale This Fall [INFOGRAPHIC]

Some Highlights:

• When listing your house for sale, your top goal will be to get the home sold for the best price possible!
• There are many small projects that you can do to ensure this happens!
• Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Posted in For Sellers, Infographics