Category Archives: Uncategorized

Podcast Ep 38 – 5 Ways to Cancel Escrow & Get Your Deposit Back πŸ’΅πŸ“‘βŽβž‘οΈπŸ’²

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

2008 vs Now: Are Owners Using Their Homes as ATMs Again? πŸ€‘πŸ πŸ§πŸ‘‰πŸ’΅

Over the last six years, we have experienced strong price appreciation which has increased home equity levels dramatically. As the number of β€œcash-out” refinances begins to approach numbers last seen during the crash, some are afraid that we may be repeating last decade’s mistake.

However, a closer look at the numbers shows that homeowners are being much more responsible with their home equity this time around.

What happened then…

When real estate values began to surge last decade, people started using their homes as personal ATMs. Homeowners would refinance their houses and convert their equity into instant cash (known as β€œcash-out” refinances). Because homes were appreciating so rapidly, many homeowners tapped into their equity multiple times.

This left homeowners with little-or-no equity left in their homes, so when prices started to fall many homeowners found their houses in a negative equity situation (where the mortgage amount was greater than the value of the home). When some of these homeowners saw that there was no value left in their houses, they just stopped paying their mortgages altogether.

Banks eventually foreclosed on those homes and the foreclosures drove prices down even further and put more homes in the negative equity category. This cycle continued, leading to the worst housing crash in almost one hundred years.

What’s happening now…

Again, Americans are seeing their home equity grow. Today, over 48% of all single-family homes in the country have over 50% equity, and yes, some families are tapping into that equity. However, this time around, homeowners are not doing making irresponsible decisions. According to the latestΒ information from Freddie Mac, the total equity being β€œcashed out” is a fraction of what it was leading up to the crash. (See table: Total Home Equity Cashed Out)

Bottom Line

The recklessness that accompanied the build-up in equity prior to the last crash does not exist today. That makes this housing market much more secure than the one we had heading into 2008. Contact us for more questions about this or other Real Estate matter.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

Why Getting Pre-approved Should Be The First Step β˜οΈπŸ˜‰πŸ“„βœ…πŸ‘

β˜οΈπŸ˜‰πŸ“„βœ…πŸ‘

Why Getting a Loan Pre-approval Should Be Your First Step to Buy a Home. It tells you how much you can afford based on your income, down payment, type of home and credit. Get ready for the house hunting.

Thanks for watching and pleaseΒ contact us if you have more questions, comments or suggestions about this or other Real Estate topics.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

4 Quick Reasons NOT to Fear a Housing Crash πŸ˜₯πŸ—£πŸ˜πŸ’ΈπŸ’πŸ“ŠπŸ’°πŸ™‚

There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago.

Here are four reasons why today’s market is much different:

1. There are fewer foreclosures now than there were in 2006

A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in many cases, lowered the values of adjacent homes. We are ending 2018 with foreclosures at historic pre-crash numbers – much fewer foreclosures than we ended 2006 with.

4 quick reasons not to fear a housing crash 1

2. Most homeowners have tremendous equity in their homes

Ten years ago, many homeowners irrationally converted much, if not all, of their equity into cash with a cash-out refinance. When foreclosures rose and prices fell, they found themselves in a negative equity situation where their homes were worth less than their mortgage amounts. Many just walked away from their houses which led to even more foreclosures entering the market. Today is different. Over forty-eight percent of homeowners have at least 50% equity in their homes and they are not extracting their equity at the same rates they did in 2006.

4 quick reasons not to fear a housing crash 2

3. Lending standards are much tougher

One of the causes of the crash ten years ago was that lending standards were almost non-existent. NINJA loans (no income, no job, and no assets) no longer exist. ARMs (adjustable rate mortgages) still exist but only as a fraction of the number from a decade ago. Though mortgage standards have loosened somewhat during the last few years, we are nowhere near the standards that helped create the housing crisis ten years ago.

4 quick reasons not to fear a housing crash 3

 

4. Affordability is better now than in 2006

Though it is difficult to afford a home for many Americans, data shows that it is more affordable to purchase a home now than it was from 1985 to 2000. And, it requires much less of a percentage of your income today than it did in 2006.

4 quick reasons not to fear a housing crash 4

 

Bottom Line

The housing industry is facing some rough waters into 2019. However, the graphs above show that the market is much healthier than it was prior to the crash ten years ago. Contact us if you have more questions about this or more market updates.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

NEW LISTING in PASADENA!!! πŸ€©πŸ’πŸ”‘

NEW LISTING in PASADENA!!!

πŸ€©πŸ’πŸ”‘

Gorgeous 2 bed/2 bath in a great location, near PCC,

South Lake shopping, and directly across from Caltech.

Contact us for open house times and address.

(626)607-8652

MORE INFO πŸ‘‰πŸ‘‰πŸ‘‰http://bit.ly/245SHollistonAve204

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

Podcast Ep 37 – Real Estate Closing Day! When do I get the keys?πŸŽ™οΈπŸ‘‚πŸ€—πŸ“†πŸ”‘πŸ 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

Real Estate Closing Day! When do I get the keys? πŸ€—πŸ“†πŸ”‘πŸšͺπŸš›πŸ“¦πŸ πŸ’–

When do I get the keys?

πŸ€—πŸ“†πŸ”‘πŸšͺπŸš›πŸ“¦πŸ πŸ’–

When can I move in? or When do I have to move out?

Thanks for watching and pleaseΒ contact us if you have more questions,

comments or suggestions about this or other Real Estate topics.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

How to Save in Interest on Your Mortgage πŸ˜‰πŸ‘πŸ·πŸ’²πŸ 

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan.

Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well.

When you make β€˜extra’ payments toward your loan, the key is to let your lender/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you.

You don’t have to double your mortgage payment to make a big difference either!

If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you’ll be responsible for a $1,342.05 monthly principal and interest payment. Over the course of the loan, if you pay your exact monthly payment, you will have paid $233,133.89 in interest alone!

Paying a Little Extra Can Pay Off Big

1. Pay an additional 1/12th of your mortgage payment every month

Benefit: In the example above, adding $111.84 to your monthly mortgage payment might not seem like a lot, but each year you will have paid one extra month’s worth of payments which will shorten the term of your loan by 4 years and 8 months, all while saving you $42,000 in interest!

2. Pay an additional $50 per month towards your mortgage

Benefit: Fifty dollars might not seem like enough to make a difference on the term of your loan, but that small amount will save you over $21,000 in interest and will take over 2 years off the end of your loan. Twenty-eight years from now, you’ll be happy to pay off your loan that much sooner!

3. Make one-time lump sum payments when you can

Benefit: If you find yourself with a little extra money after a yearly bonus, a tax return, or from investment dividends, paying that money towards the principal can cut your costs. This option, however, is less predictable than the extra monthly payments.

If you have higher interest debts, like credit cards, consider using any extra funds you have to pay those debts down before applying that money towards your mortgage. Also, if you do not plan on staying in your home for more than 10 years, paying extra toward your mortgage might not make sense.

Bottom Line

If you’re wondering what strategies would work best for you to shorten the term of your loan, contact us and we can help you to answer your questions or connect you with someone who can.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

Where is the Housing Market Headed in 2019? πŸ˜²πŸ πŸ‘πŸ’°πŸ‘ŽπŸ’Έ

Some Highlights:

­♦ Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower than their parents or grandparents did when they bought their homes!
♦ Home prices will rise at a rate of 4.8% over the course of 2019 according to CoreLogic.
♦ All four major reporting agencies believe that home sales will outpace 2018!

Contact us for more questions about this or other Real Estate matter.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.

 

Podcast Ep 36 – 2019 Real Estate Market Update πŸŽ™πŸ πŸ’°πŸ“ŠπŸ“ˆπŸ“‰πŸ‘‚

Not able to watch my life videos? πŸ‘€

No problem, you can also listen to the same content

on my Podcast or even find it on iTunes. πŸ‘‚πŸŽ§πŸŽ™πŸŽš

CLICK HERE

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Episode 36 – 2019 Real Estate Market Update

Please contact us if you have more questions

or comments about this or other Real Estate topics.

 

Ady Simion Call/Text at (626) 607-8652 or email me at Ady@AdySimion.com

Click here…to check your home value in seconds!

Click here…to search great deals, foreclosures and short sales in your area.