Realtor.com | Aug 13, 2024
The high mortgage rates that have paralyzed America’s housing market are falling—and could nosedive further by the end of the year.
Rates for a 30-year fixed mortgage plunged to 6.47%—the lowest in over a year—for the week ending Aug. 8, according to Freddie Mac.
And with inflation losing steam and the economy cooling, expectations are high that the Federal Reserve could make not just one, but two rate cuts by the end of this year.
As a result, Realtor.com® senior economist Ralph McLaughlin expects mortgage rates to drop further in September and December, which is “encouraging news for potential homebuyers who have been waiting to participate in the market.”
This is also encouraging news for homeowners who might be thinking of selling. Is it time to finally list their property on the market? And if they do, what should they expect?
To help shed some light on what’s coming down the pike for home sellers, here’s what real estate experts predict will happen to the housing market once rates take the plunge.
The ‘lock-in effect’ will ease—and homeowners will start selling
A recent Realtor.com analysis found that 86% of homeowners have mortgage rates below 6%. Understandably, many feel “locked in,” unwilling to trade in their low rate for today’s higher ones if they sell and buy again.
“Home sellers have been sitting on the sidelines, not wanting to give up their COVID-era interest rates,” says Tan Tunador, vice president and senior loan officer with Atlantic Coast Mortgage.
But once rates drop further, that could change.
“The faster rates drop, the less homeowners will be held in place and we could see both new inventory and more sales,” says Danielle Hale, chief economist of Realtor.com.
“There are a significant number of sellers that couldn’t stomach—right or wrong—going from a 4% rate to a 7.5% rate,” says Mason Whitehead, a Dallas-based branch manager for Churchill Mortgage. “But they can stomach going from 4% to something in the 5% to 6% range.”
More homebuyers will enter the market
In the same vein that sellers have felt frozen in place, buyers have felt iced out of the market. But if mortgage rates continue to decline, then experts predict more buyers who’ve been on the sidelines finally jump into the market.
“When rates drop, I think you will see pent-up demand hit the market again,” says Whitehead.
Some buyers, like sellers, shelved their house hunt because they felt the payment was too high, but a lower rate makes home shopping more affordable.
“For some that didn’t qualify at 7.5%, they will qualify at 6%,” says Whitehead. “So you have more people able to buy as well.”
In other words, once rates fall, the market will see both more sellers willing to sell, and buyers willing and able to buy.
Sales will come on fast and strong
Any seller thinking of listing would be wise to start prepping right now.
“Mortgage rates have been improving, and they are bringing potential buyers out early, many of whom gave up on buying, either because of the low housing inventory or the higher rate environment the past few years,” says Tunador. “For sellers, listing their house early may give them the opportunity to sell before their competition hits the market.”
Other experts agree: There are definitely signs homebuying activity is beginning to bounce off the mat.
“Mortgage applications have perked up, and refinancing activity also looks to be picking up as rates go lower and owners carrying elevated mortgage rates seek to reduce their monthly payments,” says Charlie Dougherty, director and senior economist at Wells Fargo.
“All told, mortgage applications remain low, but the recent upturn is a promising sign that buying activity is starting to heat up and defrost a housing market frozen by higher interest rates,” adds Dougherty.
And if mortgage rates continue to shift south, things might get even toastier.
“When mortgage rates [stay in] a sub-6.5% average, we will really see the housing inventory increase and sales activity boom,” says Tunador.
Home prices will likely remain high
The good news for sellers is that even as the market gets moving, home prices are expected to remain high, or dip only slightly.
“Sellers will continue to be in a historically strong position, as the U.S. housing market is still short millions of homes,” says Dan Hnatkovskyy, co-founder and CEO of NewHomesMate. “Assuming there isn’t a severe recession, we will likely see only modest price decreases in most markets in 2024.”
However, Hnatkovskyy says that formerly hot markets like Denver, Austin, TX, and Phoenix may see a more significant drop in housing prices as smaller investor money sits on the sidelines for most of 2024. But in general, experts don’t see home prices taking a major dive as interest rates start to descend.
Even so, it will be smart for sellers not to get too cocky with their home pricing.
“Sellers may benefit from realistic pricing and encouraging buyer competition,” says Cassandra Happe, an analyst for WalletHub. “Working with a real estate agent to price strategically and enhancing online presence with 3D tours can maximize the chances of a quick and profitable sale.”
In other words, sellers shouldn’t set their hopes price too high lest they price themselves out of the market.
“Housing affordability will likely remain strained given still-high mortgage rates and the rapid run-up in home prices over the past three years,” says Dougherty. A shaky economy could “keep the pace of home sales relatively tepid.”
Multiple offers may make a comeback
The increase in competition among buyers might mean that sellers once again find themselves in the enviable position of being able to choose from several offers for their homes.
“Sellers will be in luck when mortgage rates start to drop: They’ll have multiple offers to consider and have some extra leverage when negotiating,” predicts Bryson Taggart, senior agent partnership manager for Opendoor. “For example, sellers receiving multiple offers can drive up the price of their home or waive contingencies for an easier close and a more convenient timeline.”
Still, sellers need to remember that the highest offer isn’t always the best offer.
“I advise sellers to evaluate offer terms holistically and select the one that aligns best with their wants and needs,” says Taggart.
For some, that could be an offer from a more qualified buyer or a cash buyer, which provides less of a risk for fall-throughs. If a seller is planning to also purchase a home, they should pick a buyer with favorable terms for an efficient close.
Enjoy these helpful tips and advice in this month’s edition of “Insights on Real Estate”:
1️⃣ Updated Rules for Selling a House;
2️⃣ Enchant Buyers With Stunning Fall Curb Appeal;
3️⃣ Understanding Down Payment Assistance Programs;
4️⃣ The Difference Between a CMA and an Appraisal; and
5️⃣ Pro Tips for Market-Savvy Home Buyers
Let’s connect and plan your next steps. Find out if we’re the right real estate team for you!
CA Real Estate Group | Caliber Real Estate Group
👩🏻 Christine Almarines @christine_almarines
Realtor DRE# 01412944 | 714-476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | 949-391-8266
🏡 15216 Maidstone Ave, Norwalk 90650
🏡 3 bd | 1.75 ba | 1,241 sq ft | 5,000 sq ft lot | $825,000
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OPEN HOUSE SCHEDULE:
🚩 THU, AUG 15, 3:00-6:30 PM
🚩 FRI, AUG 16, 3:00-6:30 PM
🚩 SAT, AUG 17, 1:00-4:00 PM
🚩 SUN, AUG 18, 1:00-4:00 PM
🍹 Come enjoy our iced tea and iced coffee bar!
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🌴 YOU CAN HAVE IT ALL…. Experience the best of modern living with this beautifully remodeled home, complete with a $20,000 NO-REPAYMENT GRANT. Use the grant for a rate buy-down, closing costs, down payment, or a combination of all three.
🌴 This home features 3 bedrooms, 2 bathrooms, and a 2-car garage, plus a convenient in-home laundry room.
🌴 Enjoy a primary bedroom with an en-suite bathroom and a versatile private space that can serve as a gym, office, dressing room, or a possible rental unit.
🌴 Additional highlights include oak wood-like floors, an upgraded kitchen with newer appliances, renovated bathrooms, split AC and a fully finished garage with its own AC and vaulted ceiling.
🌴 Located within walking distance to parks, schools, and stores, this home offers easy access to major freeways (91, 605, 5, 105, 710) and the Norwalk Green Line Station.
🌴 Come see this exceptional property for yourself!
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Stop by during our Open House or call and make an appointment for a private showing any day after Aug 15! See more photos of this gorgeous property here: https://marshalladamsmedia.hd.pics/15216-Maidstone-Ave
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👩🏻 Christine Almarines @carealestategroup
Buyers Agent Realtor DRE # 01412944
714-476-4637 | christine@carealestategroup.com
CA Real Estate Group | Caliber RE Group
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(Listed By Christine Almarines and Caliber Real Estate Group)
🏡 15303 Jersey Ave, Norwalk, CA 90650
🏡 3 bd | 2 ba | 1,434 sq ft | 5,002 sq ft lot | $699,000
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OPEN HOUSE SCHEDULE:
🚩 SAT, AUG 17, 1:00-4:00 PM
🚩 SUN, AUG 18, 1:00-4:00 PM
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🌴 Spacious living room with laminate flooring opens to the dining room with a built-in cabinet.
🌴 The kitchen has new linoleum, maple cabinets, a Kitchen Aid oven and microwave combo, and a 4-burner cooktop.
🌴 Plenty of cabinet and counter space with a breakfast nook and laundry just off the kitchen area.
🌴 To service the three bedrooms is the hall bath with tile flooring and a tub/shower combo, sink with a solid Corian-like counter. The other bath also has a shower.
🌴 Double-pane windows, fresh paint both inside and out, and new carpet in all bedrooms.
🌴 The addition family room houses a fireplace, built-in bookshelves, and ¾ bathroom.
🌴 Possible workshop space in the 2- car garage with a newer garage door.
🌴 Amply shaded backyard is mostly brick for ease of care.
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Stop by during our Open House or call and make an appointment for a private showing! Take a virtual tour & more see more photos of this gorgeous property here: https://carealestategroup.com/15303-jersey-ave-norwalk/
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👩🏻 Anaid Bautista @wealthwithanaid
Buyers Agent Realtor DRE # 02179675
(949) 391-8266 | anaid@carealestategroup.com
CA Real Estate Group | Caliber RE Group
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(Listing by Edie Israel [DRE#01399225] and Keller Williams Realty)
Better Homes & Gardens | Aug 6, 2024
Drying your laundry correctly doesn’t have to be complicated. Lean on this guide to simplify your drying routine.
Should you tumble dry low or normal dry? Is it better to dry towels and sheets together or separately? Knowing these laundry best practices can make your clothes last longer, save you energy, and reduce your monthly utility bill. Modern dryers boast an overload of advanced setting combos, from sanitization to activewear and even static-reducing options—which is why getting familiar with your model can help you get the most out of your dryer.
With the help of laundry and appliance experts, we’ve compiled all the do’s and don’ts of drying your clothes at home, whether you have a front- or top-loading dryer. And in case you are traveling (or shopping for a new dryer), this guide will also outline the common dryer settings found in today’s drying machines. The best part: You’ll be able to open your dryer with confidence, knowing your favorite tee hasn’t shrunk two sizes.
Prep Your Laundry Before You Dry
To maximize your laundry success, prevent wrinkles, and reduce your drying time, there are a few steps you can take before starting the dryer. First, sort your laundry before zapping it into your dryer (this step is especially important if you’re using an all-in-one washer-dryer), advises Zachary Pozniak, co-author of the upcoming The Laundry Book. “You should dry items of similar color and weight together,” he says. For example, “Do not dry dark jeans with lightweight white tee shirts. The tee shirt will be dry well before the jeans which will cause the shirt to be heavily wrinkled and covered in dark lint,” he adds.
Second, shake and untangle each piece right before tossing it into your dryer, and always follow your item’s care labels to protect your fabrics. Always be careful not to overload the dryer: Give your pieces some wiggle room to tumble freely inside your machine.
Lint clogged in your lint trap or ductwork can cause hot air from your dryer to spark a flame. Prevent this by keeping your dryer from working overtime—since clogged lint makes it harder for your machine to remove damp air from inside your dryer, resulting in greater energy expenditure and a more costly monthly bill—and clean it regularly.
Basic Dryer Settings
Normal, Regular Dry or Automatic
The hottest temperature a dryer can provide, this setting will tackle heavier items like towels, sheets, and sheets more efficiently, Pozniak says. But depending on your dryer model, this setting will either be labeled normal, regular, or automatic. Each of these cycles typically uses a moisture sensor to determine when clothes are dry, but you can also set a timer based on your preferences, Pozniak explains. He suggests reserving this setting for your most durable items like towels, bedding, sweats, and jeans while avoiding using this cycle on delicate items.
Note that ‘normal’ and ‘timed dry’ are the most popular cycles, according to David Wilson, senior commercial director for clothes care at GE Appliance. Each of these cycles represents around a quarter of all dryer cycles, based on GE’s data of more than 300 million cycles.
Delicate or Gentle
On the other hand, delicate settings use the lowest amount of heat and tumbling action, explains Pozniak. This cycle is best for fragile fabrics or laundry pieces that may start to melt, fray, stretch, or fade in high-heat conditions. Some examples can include activewear, spandex, underwear, lingerie, and sateen sheet sets.
Permanent Press or Wrinkle-Resistant
Wrinkle shield settings will help reduce wrinkles and keep shrinkage at bay. Typically using medium-heat settings, “permanent press is best for synthetic clothes like gym clothes,” says Pozniak, adding, “These garments dry very quickly, so the cycle uses lower temperatures, shorter drying times, and less tumbling to avoid wrinkling.”
Steam Setting
You’ll probably only see this setting on modern dryers, but this cycle adds steam to your laundry load to remove wrinkles. “However, it will not dry your garments, so expect them to be a bit damp to the touch (great for wrinkled bedding),” Pozniak says. “This can be used after a ‘proper’ dry cycle and viewed as a touch-up function.” You can also use this setting to de-wrinkle clean clothing without rewashing, as it uses a mixture of water and heat to revive clothing pieces.
No-Heat or Air-Fluff
This setting uses absolutely no heat, so it will not dry your garments like other settings. Pozniak says this cycle is ideal for stuffed items like duvet inserts, comforters, down jackets, and pillows. In addition, this air fluff setting can also help you remove pet hair and dust from your laundry pieces or even restore volume and freshen up the most delicate fabrics like wool or cashmere.
Quick Dry
Just as the name suggests, you can depend on this cycle to dry a small, light load in the nick of time.
Smart Dryer Settings
Smart dryer iterations are flooding the market right now, allowing you to streamline your laundry routine with intuitive features. For example, some dryers include dryer racks for items that require tumble-free drying (like tennis shoes). Others also come with compatible apps, where you can assign family members laundry tasks through customized texts and even cycle-match to get the perfect dry cycle that matches your load’s wash cycle. Some dryer machines can also be voice-activated when using a compatible voice-enabled device. Below, we’ve outlined a few features that you may want to consider when purchasing your next appliance.
ENERGY STAR-certified dryers follow energy efficiency guidelines set by the U.S. Department of Energy, using up to 30% less energy than standard dryers (and many times cost about the same as standard dryers).
Advanced moisture sensing: This setting is designed to adapt drying times to your garments, which helps prevent over-drying. Multiple sensors monitor the moisture and temperature of your clothes, so your drying cycle will end at just the right time.
EcoBoost: Some appliances come with a EcoBoost option that’s designed to use less heat to maximize energy efficiency.
Static-reduce: This setting combines a mist of water with tumbling after your load drys to further reduce static shock.
Sanitize cycle: A sanitizing cycle can eliminate common household bacteria and bugs (lice, bedbugs, moth larvae) thanks to its high heat levels, which can be ideal for sanitizing sheets or soiled clothing items.
Frequently Asked Questions
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The most common mistakes include over or under-drying your clothing. “Most shrinkage occurs in the washer, so you’ll likely have a very wrinkled garment from overdrying or one that’s still wet from underdrying,” Pozniak says.
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“Timed dry can be very harmful as this overrides the moisture sensor,” Pozniak says. “Avoid using it if possible.”
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It’s best to hang or line dry synthetic clothes since they dry super fast, and any extended exposure to heat and tumbling will cause hard-to-remove wrinkling. Pozniak adds that this will break down your garments prematurely. He also advises against putting animal or protein-based textiles (such as silk, wool, and cashmere) in a tumble dryer. Instead, lay them flat on a towel to dry.
Keeping Current Matters | Aug 5, 2024
Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.
Here’s a deeper look at what you need to know if you’re ready to cash in on your investment and put your equity toward your next home.
Home Equity: What Is It and How Much Do You Have?
Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is worth $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.
Recent data from the Census and ATTOM shows Americans have significant equity right now. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below):
Today, more homeowners are getting a larger return on their homeownership investments when they sell. And if you have that much equity, it can be a powerful force to fuel your next move.
What You Should Do Next
If you’re thinking about selling your house, it’s important to know how much equity you have, as well as what that means for your home sale and your potential earnings. The best way to get a clear picture is to work with your agent, while also talking to a tax professional or financial advisor. A team of experts can help you understand your specific situation and guide you forward.
Bottom Line
Home prices have gone up, which means your equity probably has too. Connect with local real estate agents like CA Real Estate Group so you can find out how much equity you have in your home and move forward confidently when you sell.
Let’s connect and plan your next steps. Find out if we’re the right real estate team for you!
CA Real Estate Group | Caliber RE Group
👩🏻 Christine Almarines @christine_almarines and @carealestategroup
Realtor DRE# 01412944 | (714) 476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | (949) 391-8266
Hablo español
HGTV.com
Got tough pet stains on your sofa or maybe you found a cute secondhand couch? Here’s how to get that upholstery looking and smelling good as new.
Did you just score a beautiful vintage sofa at a secondhand shop, and you want to know how to clean it or has your once-new sofa seen better days? Over time, crumbs, spilled soda, pet hair, dirt and oil from hands and feet build up on upholstered furniture and make it look dingy. Here’s how to clean furniture made of a variety of fabrics and materials.
Use a hand vacuum or the brush attachment on your vacuum to clean debris and dirt from the sofa surface. Be sure to clean the crevices where pet hair, food crumbs and dirt accumulate. If the cushions are not attached, remove them and vacuum both sides.
2. Clean the Wood or Metal Areas
Wipe down the sofa feet and other non-fabric parts of the sofa with a solution of warm water and liquid dish soap. If necessary, work your way up to heavier-duty cleansers, such as some of these DIY wood cleaning and polish options. Always wipe down with a microfiber cloth to prevent soap residue from remaining on the surface.
3. Determine the Type of Fabric
Find the tag on the couch and read the instructions for how to clean that type of upholstery.
Here are the codes found on the labels:
- WS: Use a mild detergent with a steam vacuum or a dry-cleaning detergent.
- S: Use a dry cleaner detergent only.
- X: Use a vacuum only. No water.
- W: You can use water to clean it.
Before you tackle odors, determine what type of fabric your furniture is made of. It may be too delicate for liquid solutions.
In terms of tackling odors in your home, baking soda is a fantastic odor neutralizer (as most of us already know from using it in our refrigerators and freezers). Sprinkle baking soda on the couch cushions (make sure to check labels and test in a small area first). You may want to use a soft bristle brush to get the baking soda worked into the fabric. Let it sit for a few minutes, then vacuum it up.
Vinegar is also an amazing natural cleaning option for serious odors. Try using vinegar diluted with a bit of water in a spray bottle and spray on the upholstery. When the vinegar dries, its smell will dissipate. If the baking soda or vinegar didn’t work on their own, try them in combination for an extra powerful, odor-eliminating punch.
If it’s pet smells you’re trying to eliminate, try an enzymatic neutralizer such as Nature’s Miracle to spot-treat an area and eliminate the odor.
5. Use a Bug Spray on Secondhand Upholstery
Even if you know that pre-loved sofa came from a clean home, it’s best to be cautious and treat it with some pest control. Many
commercial sprays are non-toxic and safe for kids and pets. Another option is to sprinkle the upholstery with
diatomaceous earth and let it sit for several hours then vacuum it up.
6. How to Clean Fresh Spills
Start by blotting liquid spills. Use an absorbent cloth to first blot at spills and moisture to quickly absorb it. This will help reduce the chance that the stain will get “rubbed in,” and it’ll help to collect liquid that’s soaking into foam layers beneath the upholstery. The more liquid you can absorb by blotting, the less internal damage that happens to your furnishings.
7. Remove Stains With a Steam Cleaner
You might expect that you’ll just have to live with dirty armrests or dried spills for the duration of a seat’s existence, but steam cleaning is relatively effective at lifting embedded dirt from fabric. You’ll probably find that a steam cleaner for carpets and upholstery is an acceptable tool for this task — especially if it comes with a detail cleaning attachment. Always use a low-heat setting, and test in an inconspicuous spot to make sure that the fabric doesn’t have an unexpectedly negative reaction to the heat. Do not use steam heat on upholstery that is made of, or contains silk.
If you don’t have a steam cleaner to remove stains, create mild-solution cleaners from natural ingredients you probably already have in the kitchen. Homemade cleaners are cheaper and kinder to the earth.
Here’s how to clean a sofa, by fabric type:
- For fabric upholstery: Mix 1/4 cup vinegar, 3/4 warm water and 1 tablespoon of dish soap or Castile soap. Put in a spray bottle. Mist the soiled area. Scrub with a soft cloth until the stain lifts. Use a second cloth moistened with clean water to remove the soap. Dry with a towel.
- For leather upholstery. Mix 1/2 cup olive oil with 1/4 cup vinegar and put into a spray bottle. Spray the cleaner on the surface of the couch and buff with a soft cloth.
- For synthetic upholstery: Mix 1/2 cup of vinegar, 1 cup of warm water and 1/2 tablespoon of liquid dish soap or Castile soap in a spray bottle. Mist the soiled area and scrub with a soft cloth until the stain is gone.
Use a towel to soak up any excess water remaining on the sofa surface. Let the sofa air dry. If it’s humid, you may want to set up a box fan pointed at the sofa for speed drying. Water can cause cushions and fabric to mildew.
Lint Roller
If your couch is made from a fabric that easily attracts lint, hair or dust, you should keep
a lint roller on hand that you can exclusively use for your couch. This works best for a couch that only requires a light amount of de-linting, but it can work for larger jobs, too. In a pinch, you can use large pieces of packing tape to de-puppify the couch.
Leather Soap and Conditioner
If you have a leather couch, leather soap and conditioner are something you can use to keep it looking clean and fresh. You also can use a slightly damp, clean rag to wipe off my leather furniture about once a week.
Steam
If your couch is made of a fabric that can be cleaned with a water-based cleaner, try using steam to loosen up dirt and stains. Try this: Grab your iron, put it on the “steam” setting, and wave it back and forth across any trouble spots on your couch.
How to clean a microfiber couch
If your couch is made of a fabric that can be cleaned with a water-based cleaner, try using steam to loosen up dirt and stains. Try this: Grab your iron, put it on the “steam” setting, and wave it back and forth across any trouble spots on your couch.
Keeping Current Matters | Jul 30, 2024
The housing market is going through a transition. Higher mortgage rates are causing more moderate buyer activity at the same time the supply of homes for sale is growing.
And if you aren’t working with an agent, you may not realize that. Here’s the downside. If you’re not informed, you can’t adjust your strategy or expectations to today’s market. And that can lead to a number of costly mistakes.
Here’s a look at some of the most common ones – and how an agent will help you avoid them when you sell.
1. Overpricing Your House
Many sellers set their asking price too high and that’s why there’s an uptick in homes with price reductions today. An unrealistic price will deter potential buyers, cause an appraisal issue, or lead to your house sitting on the market longer. An article from the National Association of Realtors (NAR) explains:
“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers and result in unapproved appraisals . . .”
To avoid falling into this trap, partner with a pro. An agent uses recent sales of similar homes, the condition of your house, local market trends, and so much more to find the price that’ll attract more buyers and open the door for multiple offers and a faster sale.
2. Skipping the Small Stuff
You may try to skip important repairs, thinking you can pass the task on to your buyer. But visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News says:
“Home shoppers like to turn on lights, flush toilets and run the water. If these basic things don’t work, they may assume you’ve skipped other maintenance. Homes that appear neglected aren’t likely to fetch top price.”
If you want to get your house ready to sell, the best place to turn to for advice is your agent. They’ll be able to do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.
3. Not Looking at Things Objectively
Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you’d want to see – especially if you didn’t stage, price, or market the house well.
It’s important you don’t take this personally. Getting overly emotional can put the sale at risk. As an article from Ramsey Solutions says:
“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating. Work with your agent and make a counteroffer.”
4. Being Unwilling To Negotiate
The supply of homes for sale has grown. That means buyers have more options, and with that comes more negotiation power. As a seller, you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As U.S. News Real Estate explains:
“If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”
An agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.
5. Not Using a Real Estate Agent
Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.
Real estate agents have experience and expertise in pricing, marketing, negotiating, and more. That knowledge streamlines the selling process and usually results in drumming up more interest and ultimately can get you a higher final price.
Bottom Line
If you want to avoid making mistakes like these, you need to work with a CA Real Estate Group agent.
CA Real Estate Group | Caliber RE Group
👩🏻 Christine Almarines @carealestategroup
Realtor DRE# 01412944 | 714-476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | 949-391-8266
Hablo español
If you own a home, your net worth has probably gone up a lot over the past year. Home prices have been rising, which means you’re building equity much faster than you might think. Here’s how it works.
Equity is the current value of your home minus what you owe on the loan.
Over the past year, there have still been more people wanting to buy than there are homes available for sale, and that’s pushed prices up. That rise in prices has translated directly into increasing equity for homeowners.
How Much Equity Have You Earned over the Past 12 Months?
According to the latest Homeowner Equity Insights from CoreLogic, the average homeowner’s equity has grown by $28,000 in the last year alone.
That’s the national average, so if you want to see what’s happening in your state, check out the map below. It uses data from CoreLogic to show how much equity has grown in each state over the past year. You’ll notice every single state with sufficient data saw annual equity gains:
What If You Bought Your House Before the Pandemic?
If you bought your house before the pandemic, the equity news is even better. According to data from Realtor.com, home prices shot up by 37.5% from May 2019 to May 2024, meaning your home’s value has likely increased significantly. Ralph McLaughlin, Senior Economist at Realtor.com, says:
“Homeowners have seen extraordinary gains in home equity over the past five years.”
To give context to how much equity can stack up over time, Selma Hepp, Chief Economist at CoreLogic, explains the total equity the typical homeowner has today:
“With home prices continuing to reach new highs, owners are also seeing their equity approach the historic peaks of 2023, close to a total of $305,000 per owner.”
How Your Rising Home Equity Can Help You
With how prices skyrocketed a few years ago, and the ongoing price growth today, homeowners clearly have substantial equity built up – and that has some serious benefits.
You could use it to start a business, fund an education, or even to help you afford your next home. When you sell, the equity you’ve built up comes back to you, and may be enough to cover a big part – or even all – of your next home’s down payment.
Bottom Line
If you’re planning to move, the equity you’ve gained can really help. Curious about how much you have and how you can use it to help pay for your next home? Connect with CA Real Estate Group.
CA Real Estate Group | Caliber RE Group
👩🏻 Christine Almarines @carealestategroup
Realtor DRE# 01412944 | 714-476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | 949-391-8266
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