Keeping Current Matters | Oct 22, 2024
If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now. As Danielle Hale, Chief Economist at Realtor.com, says:
“ . . . now is the time to start thinking about what you need for your next home and then taking those steps to prepare to list . . . We have survey data that says 47 percent of sellers are taking longer than a month to get their home ready to sell, so getting them to start that process early can mean more flexibility.”
By starting your prep work early, you’ll give yourself plenty of time to get your house market-ready by the end of the year. But be sure to partner with a great agent before you get started, so you have expert insight into what repairs are worth it based on your local market.
Why Starting Early Is Key
To get the best price and sell quickly, it’s important that your home looks its best. And that means it’s up to you to make the necessary repairs, declutter, and even consider updates that could add value as part of getting your house ready to list.
By starting now, you can tackle things one task at a time. Whether it’s fixing that leaky faucet, refreshing your landscaping, or painting a room, getting an early start gives you the flexibility to do the job right and with as little stress as possible. Because, if you wait to knock items off your list later on, they could quickly stack up and get overwhelming. As Realtor.com explains:
“There are some important repairs to make before selling a house, so don’t be in too much of a hurry to get your home listed … if you move too fast, buyers see right through the fact that you skipped important home renovations. And this . . . might end up costing you time and money.”
What Should You Focus On?
Feeling motivated to start chipping away at that to-do list, but not sure where to start? Here’s a look at the most common improvements other sellers are making today (see graph below):
The Importance of Working with a Local Agent
And while that data gives you a starting point, it shouldn’t be seen as a comprehensive list. What buyers want in your area may be different, and only a local agent will have this in-depth understanding.
For example, if homes in your area are selling quickly with updated kitchens, your agent might suggest focusing on minor kitchen improvements rather than spending money on other areas that won’t offer as much return. They’ll also help you figure out if tackling larger projects, such as replacing your roof or upgrading your HVAC system, is worth it based on other recently sold homes. As Point says:
“Not all renovations are created equal, and focusing on upgrades that offer the highest potential for increasing your home’s value is key.”
And remember, it’s not just big-ticket items that can have an impact. Your agent will also speak to some of the smaller details – like cleaning up your yard, adding fresh mulch, or painting your front door – to make a real difference in how buyers feel about your home. This type of expert eye is crucial to help your house sell fast and for top dollar.
Bottom Line
Thinking of selling your house next year? Don’t wait until the last minute to get it ready. By getting a head start now, you can ensure everything is in place by the time the new year rolls around.
Need advice on what to tackle first? Connect with a CA Real Estate Group agent.
CA Real Estate Group | Caliber RE Group
Christine Almarines @christine_almarines
Realtor DRE# 01412944 | (714) 476-4637
Languages: English, Tagalog
Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | (949) 391-8266
Languages: English, Spanish
Letty Luna @lettylunarealestate
Realtor DRE# 02174000 | (562) 879-4181
Languages: English, Spanish
PT Nguyen @sellsocalbuypt
Realtor DRE# 02223919 | (714) 756-0240
Languages: English, Vietnamese
Keeping Current Matters | Aug 29, 2024
Lower mortgage rates and rising inventory are giving home buyers a window of opportunity at an unusual time of year. Lower mortgage rates have improved affordability significantly for home buyers, and competition among them could extend into the fall instead of fading away as is typical at this time of year.
Mortgage rate drops equate to serious savings
Mortgage rate declines have made buying a home “affordable” again at the national level (meaning monthly payments generally take less than one-third of median household income), assuming a buyer puts 20% down and before taxes and insurance are accounted for. Nationwide, the monthly payment on a typical home purchase has fallen by more than $100 since a peak in May. That drop is more than $300 a month in the ultraexpensive San Francisco metro area.
Lower rates also make it easier for buyers to qualify for a mortgage on more of the inventory listed in a given area, functionally increasing the choices available to them.
Home shoppers gain choices, bargaining power
Beyond lower costs, a number of metrics are moving in buyers’ favor. The Zillow market heat index shifted from being in favor of sellers into neutral territory in July. For the past two years, sellers held their edge nationally until October.
Homes are taking longer to sell than in recent history, but shorter than in pre-pandemic times. Homes that sold in August took 20 days to go pending, two more than in July, but about six days faster than at this time of year before the pandemic. And while inventory growth has slowed, nearly 1.18 million homes are on the market, more than any month since September 2020.
Added interest could extend summertime competition
Lower rates could stall or slow the cooldown in housing market activity that typically takes place this time of year, because right now buyers are more likely to be motivated by lower rates than sellers are.
Spring is normally the prime time to list because sellers often want to make sure they are in their new home before the school year and fall holidays start. Most homeowners (80%) are influenced to sell by life events, such as an addition to the family or a new job, and not necessarily by optimizing the mortgage rate on their next home, according to Zillow surveys.
Some signals are already pointing to an altered trajectory in the housing market. The share of listings on Zillow with a price cut ticked down from July to August, reversing an upward trend of rising every month since March. Just under 26% of homes on the market had a price cut in August. That’s relatively high for this time of year, but not a record, as seen in recent months.
Home values
This month, the typical home in the US was $362,143. The typical monthly mortgage payment, assuming 20% down, was $1,827. Lower mortgage rates pushed monthly mortgage costs down 3.4% from July to August.
- Home values climbed month-over-month in 9 of the 50 largest metro areas in August. Gains were biggest in Buffalo (0.7%), New York (0.6%), Providence (0.4%), Hartford (0.3%), and Philadelphia (0.3%).
- Home values fell, on a monthly basis, in 37 major metro areas. The largest monthly drops were in San Francisco (-1.3%), San Jose (-1.1%), Austin (-1%), Denver (-0.7%), and New Orleans (-0.6%).
- Home values are up from year-ago levels in 44 of the 50 largest metro areas. Annual price gains are highest in San Jose (9.1%), Hartford (8%), Providence (7.1%), New York (7%), and San Diego (6.2%).
- Home values are down from year-ago levels in 5 major metro areas. The largest drops were in New Orleans (-4.6%), Austin (-4.6%), San Antonio (-2.9%), Birmingham (-0.9%), and Dallas (-0.4%).
- The typical mortgage payment is down 2.9% from last year and has increased by 103.8% since pre-pandemic.
Inventory & new listings
- New listings decreased by 1.1% month-over-month in August.
- New listings increased by 0.8% this month compared to last year.
- New listings are 21.3% lower than pre-pandemic levels.
- For-sale inventory (the number of listings active at any time during the month) in August increased by 0.2% from last month.
- There were 22.1% more for-sale listings active in August compared to last year.
- Inventory levels are -30.8% lower than pre-pandemic levels for the month.
Price cuts & share sold above list
- 25.9% of listings in August had a price cut, compared to 26.2% in July and 23.4% in August 2023.
- 33.4% of homes sold above their list price last month. That’s compared to 35.4% in June and 39.1% in July of 2023.
Newly Pending Sales
- Newly pending listings decreased by 5% in August from the prior month.
- Newly pending listings decreased by 2.9% from last year.
- Median days to pending, the typical time since initial list date for homes that went under contract in a month, is at 20 days in August, up 2 days since last month.
- Median days to pending increased by 7 days from last year.
Market Heat Index
- Zillow’s market heat index shows the nation is currently a neutral market.
- The strongest seller’s markets in the country are Buffalo, Hartford, San Jose, Boston, and New York.
- The strongest buyer’s markets in the country are New Orleans, Miami, Jacksonville, Austin, and Tampa.
Rents
- Asking rents increased by 0.2% month-over-month in August. The pre-pandemic average for this time of year is 0.4%.
- Rents are now up 3.4% from last year.
- Rents fell, on a monthly basis, in 2 major metro areas – Austin (-0.4%) and Boston (-0.1%).
- Rents are up from year-ago levels in 49 of the 50 largest metro areas. Annual rent increases are highest in Hartford (7.7%), Cleveland (7.2%), Louisville (7.1%), Richmond (6.8%), and Virginia Beach (6.6%).
Zillow Writer: Skylar Olsen
Keeping Current Matters | Sep 13, 2024

Some Highlights
- Getting your house ready to sell? Here’s a few tips on what you may want to do to prepare.
- Focus on making it inviting, showing it’s cared for, and boosting your curb appeal.
- If you want specific advice to help your house stand out in your local market, 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
Letty Luna @lettylunarealestate
Realtor DRE# 02174000 | (562) 879-4181
PT Nguyen @sellsocalbuypt
Realtor DRE# 02223919 | (714) 756-0240

August 17, 2024 marks a seismic shift in the real estate industry.
It’s a day that will reshape how buyers and sellers interact, and most importantly, it will redefine the relationship between buyers and their agents.
For those of us who have been in real estate for decades, this change feels almost revolutionary. But the seeds of this transformation were planted back in the 1990s when buyers first began advocating for buyer’s agents to be true fiduciaries, safeguarding their interests above all else. This movement was driven by a desire for transparency, accountability, and a partnership that ensured buyers were fully represented in one of the most significant financial decisions of their lives.
The Shift in Commissions
Traditionally, buyer agents were compensated through the MLS, with commissions often baked into the sale price of a home. Come August 17th, however, this practice will no longer be the default. Commissions for buyer agents will be removed from the MLS, meaning buyers and agents alike will be in the dark about whether compensation is available. This is a significant departure from the status quo, where both parties had clear expectations going into a transaction.
New Requirements for Buyers
Another key change is the introduction of mandatory signed agreements before buyers can even tour a property privately with an agent. These agreements come in various forms:
- Exclusive Buyer Agency Contract: A commitment that binds the buyer to an agent for a specified period, often requiring compensation upfront for their services.
- Single Property Tour Form: A more flexible agreement for buyers who want to tour a specific property without long-term commitment.
- Non-Exclusive Buyer Agency Contract: Ideal for investors, this agreement allows buyers to work with multiple agents simultaneously, offering flexibility in their search.
The introduction of these forms signals a new era where the choice of representation matters more than ever. Buyers must be more strategic in selecting their agents, ensuring they align with their needs and goals.
Historical Context: The Evolution of Buyer Representation
In the 1990s, the concept of a buyer’s agent being a fiduciary was a radical idea. Before that, most agents worked primarily for the seller, even if they were showing homes to buyers. The introduction of buyer agency contracts changed the game, giving buyers their own advocates in the transaction process. Today’s changes build on that legacy, pushing the industry toward even greater transparency and fairness.
What Buyers Need to Do Now
As we navigate this new landscape, it’s crucial for buyers to understand their options and the implications of these changes:
- Educate Yourself: Understanding the different types of agreements and how they affect your buying power is more important than ever.
- Choose Wisely: The agent you work with will significantly impact your experience and outcome. Make sure they are fully informed and able to articulate their value proposition.
- Plan Ahead: The days of casually touring homes without a plan are over. Buyers must now be more deliberate in their approach, ensuring they have the right representation in place from the start.
Questions to Consider
- Are you prepared for the new requirements in the home-buying process starting August 17th?
- How will the removal of buyer agent commissions from the MLS affect your home search strategy?
- What should you look for in a buyer’s agent in this new era of real estate?
Conclusion
The real estate market is on the cusp of a significant change, but with the right preparation and understanding, buyers and sellers can navigate these new waters successfully. Who you work with matters more than ever, and having the right representation can make all the difference in achieving your real estate goals. That’s why you can call any of our CA Real Estate Group agents to help you navigate your next real estate purchase or sale.
CA Real Estate Group | Caliber RE Group
👩🏻 Christine Almarines @christine_almarines
Realtor DRE# 01412944 | (714) 476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | (949) 391-8266
Hablo español
👩🏻 Letty Luna @lettylunarealestate
Realtor DRE# 02174000 | (562) 879-4181
👩🏻 PT Nguyen @sellsocalbuypt
Realtor DRE# 02223919 | (714) 756-0240
Mike Urban is an Award-Winning Boston Realtor. Featured In: 🏆Boston 25 News, Times-Tribune, Abington Suburban. Published on Aug 9, 2024.
Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest factor in your decision. While financial aspects are important, sometimes the personal motivations for moving are reason enough to make the leap sooner rather than later.
An annual report from the National Association of Realtors (NAR) offers insight into why homeowners like you chose to sell. All of the top reasons are related to life changes. As the graph below highlights:
As the visual shows, the biggest motivators were the desire to be closer to friends or family, outgrowing their current house, or experiencing a significant life change like getting married or having a baby. The need to downsize or relocate for work also made the list.
If you, like the homeowners in this report, find yourself needing features, space, or amenities your current home just can’t provide, it may be time to consider talking to a real estate agent about selling your house. Your needs matter. That agent will walk you through your options and what you can expect from today’s market, so you can make a confident decision based on what matters most to you and your loved ones.
Your agent will also be able to help you understand how much equity you have and how it can make moving to meet your changing needs that much easier. As Danielle Hale, Chief Economist at Realtor.com, explains:
“A consideration today’s homeowners should review is what their home equity picture looks like. With the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. This means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”
Bottom Line
Your lifestyle needs may be enough to motivate you to make a change. If you want help weighing the pros and cons of selling your house, connect with CA Real Estate Group today.
CA Real Estate Group | Caliber RE Group
👩🏻 Christine Almarines @christine_almarines
Realtor DRE # 01412944
(714) 476-4637 | christine@carealestategroup.com
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675
(949) 391-8266 | anaid@carealestategroup.com
👩🏻 Letty Luna @lettylunarealestate
Realtor DRE# 02174000
(562) 879-4181 | letty@carealestategroup.com
👩🏻 PT Nguyen @sellsocalbuypt
Realtor DRE# 02223919
(714) 756-0240 | letty@carealestategroup.com
When you’re thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:
“Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage.”
The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.
So, here’s a general ballpark to give you a rough idea. Experian says:
“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you’re applying for and your lender. Most lenders require a minimum credit score of 620 to buy a house with a conventional mortgage.”
Basically, it varies. So, even if your credit isn’t perfect, there are still options out there. FICO explains:
“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders, and there are many additional factors that lenders may use . . .”
And if your credit score needs a little TLC, don’t worry—Experian says there are some easy steps you can take to give it a boost, including:
1. Pay Your Bills on Time
Lenders want to see that you can reliably pay your bills on time. This includes everything from credit cards to utilities and cell phone bills. Consistent, on-time payments show you’re a responsible borrower.
2. Pay Off Outstanding Debt
Paying down what you owe can help lower your overall debt and make you less of a risk to lenders. Plus, it improves your credit utilization ratio (how much credit you’re using compared to your total limit). A lower ratio means you’re more reliable to lenders.
3. Don’t Apply for Too Much Credit
While it might be tempting to open more credit cards to build your score, it’s best to hold off. Too many new credit applications can lead to hard inquiries on your report, which can temporarily lower your score.
Bottom Line
Your credit score is crucial when buying a home. Even if your score isn’t perfect, there are still pathways to homeownership. Let’s connect if you want to go over your options with an expert.
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
Realtor DRE# 01412944 | (714) 476-4637
👩🏻 Anaid Bautista @wealthwithanaid
Realtor DRE# 02179675 | (949) 391-8266
Hablo español
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
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