10 Steps to Buying a Home! ๐Ÿ™‚๐Ÿ’ฒ๐Ÿก๐Ÿ‘

Some Highlights:

โ™ฆ If you are thinking of buying a home, you may not know where to start.
โ™ฆ Here is a simple list of 10 steps that you will go through to purchase a home.
โ™ฆ Contact us for more details about each step and what else may be required in your area!

 

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

No Worries… Home Prices Coming in for a SOFT Landing ๐Ÿ˜๐Ÿ’ฒโœ…๐Ÿ™‚

Home prices have appreciated considerably over the last five years. This has some concerned that we may be in for another dramatic correction. However, recent statistics suggest home values will not crash as they did a decade ago. Instead, this time they will come in for a soft landing.

The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).

Todayโ€™s market is totally different. Mortgage standards are tighter than they were prior to the last boom and bust. There is no fear that a rush of foreclosures will come to market. The Mortgage Bankersโ€™ Association just announced that foreclosures are lower today than at any time since 1996.

Case Shiller looks at the percentage of appreciation as compared to the same month the year prior. The graph shows the findings over the last ten months. (CASE SHILLER Year-Over-Year Price Change)

As we can see, home price appreciation is softening as more inventory comes to market. This shows that real estate prices are not crashing, but merely returning toward historic appreciation numbers of 3.6% annually.

Bottom Line

Home prices are leveling off. Long term, that is a good thing for the housing market. Please contact us if you have more questions price changes.

 

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

4 Reasons The Housing Market This Spring Is Better Than Last Year ๐Ÿ‘Œ๐Ÿ˜‰๐Ÿกโœจ๐Ÿ’ฒ

๐Ÿ‘Œ๐Ÿ˜‰๐Ÿกโœจ๐Ÿ’ฒ

The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.
If you’re looking to buy or sell a home this year, now is a great time! Let’s get together today to go over what is happening in the Spring Market and what it means for you. Contact us today.

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

What’s Going On with ๐‘ฉ๐’Š๐’…๐’…๐’Š๐’๐’ˆ ๐‘พ๐’‚๐’“๐’”? ๐Ÿ˜ ๐Ÿ”ฅโœจ๐Ÿ โœจ๐Ÿ”ฅ๐Ÿ˜ก

In a strong sellerโ€™s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A sellerโ€™s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.

According to the Cambridge English Dictionary, bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.

In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.

With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a sellerโ€™s market. According to NAR, the housing market hasnโ€™t had a 6-month supply of homes for sale since August 2012.

Good News for Buyers

A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.

One reason for the decline is an influx of homes being listed for sale. Even though the monthโ€™s supply number is not increasing, the number of homes for sale is. The chart Housing Supply, shows the year-over-year change in inventory over the last 12 months. As you can see, the number of homes for sale has started to build over the last eight months. Prior to this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.

Danielle Hale, realtor.comโ€™s Chief Economist, gave some insight into why bidding wars are less common on a local level this year,

โ€œ[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.

Itโ€™s going to depend on what neighborhood youโ€™re in, but we expect it to be more common this year that you wonโ€™t be the only listing.โ€

Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a greater rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.

Bottom Line

If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise. Contact us today.

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐Œ๐š๐ซ๐œ๐ก ๐‘ด ๐‘จ ๐‘ซ ๐‘ต ๐‘ฌ ๐‘บ ๐‘บ ! ๐Ÿ˜ต๐Ÿ”ฅ๐Ÿ˜๐Ÿง ๐Ÿคช

The Listings and Sales boards in my office for March,
Coldwell Banker Pasadena, Lots of properties in Escrow.
That answers the big question…
Is the Housing Market on Fire? Yes!!! MADNESS ๐Ÿ˜ต

CONTACT US TODAY

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

How To ๐‘ณ๐’Š๐’”๐’• ๐’€๐’๐’–๐’“ ๐‘ฏ๐’๐’Ž๐’† for the ๐‘ฉ๐’†๐’”๐’• ๐‘ท๐’“๐’Š๐’„๐’†. ๐Ÿค”๐Ÿ’ญ๐Ÿ’ฒ๐Ÿ 

If your plan for 2019 includes selling your home, you will want to pay attention to where experts believe home values are headed. According to the latest Home Price Index from CoreLogic, home prices increased by 4.7% over the course of 2018.

The map below shows the results of the latest index by state.

how to list 1

Real estate is local. Each state appreciates at different levels. The majority of the country saw at least a 2.0% gain in home values, while some residents in North Dakota and Louisiana may have felt prices slow slightly.

This effect will be short lived. In the same report, CoreLogic forecasts that every state in the Union will experience at least 2.0% appreciation, with the majority of the country gaining at least 4.0%! The prediction for the country comes in at 4.6%. For a median-priced home, that translates to over $14,000 in additional equity next year! (The map below shows the forecast by state.)

how to list 2

So, how does this help you list your home for the best price?

Armed with the knowledge of how much experts believe your house will appreciate this year, you will be able to set an appropriate price for your listing from the start. If homes like yours are appreciating at 4.0%, you wonโ€™t want to list your home for more than that amount!

One of the biggest mistakes homeowners make is pricing their homes too high and reducing the price later when they do not get any offers. This can lead buyers to believe that there may be something wrong with the home, when in fact the price was just too high for the market.

Bottom Line

Pricing your home right from the start is one of the most challenging parts of selling your home. Once you decide to list your house, contact us, we can show you where prices are headed in your area.

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

What is ๐‘ฏ๐’๐’Ž๐’† ๐‘ฌ๐’’๐’–๐’Š๐’•๐’š? ๐‘ฏ๐’๐’Ž๐’† ๐’‘๐’“๐’Š๐’„๐’†๐’” ๐’“๐’Š๐’”๐’Š๐’๐’ˆ ๐’‰๐’๐’Ž๐’† ๐’†๐’’๐’–๐’Š๐’•๐’š. Now is a ๐’ˆ๐’“๐’†๐’‚๐’• ๐’•๐’Š๐’Ž๐’† to use it! ๐Ÿ ๐Ÿ’ฒโฌ†๏ธ๐Ÿ’ฐ๐Ÿ“ˆ๐Ÿคฉ

๐Ÿ ๐Ÿ’ฒโฌ†๏ธ๐Ÿ’ฐ๐Ÿ“ˆ๐Ÿคฉ

What is ๐‘ฏ๐’๐’Ž๐’† ๐‘ฌ๐’’๐’–๐’Š๐’•๐’š? ๐‘ฏ๐’๐’Ž๐’† ๐’‘๐’“๐’Š๐’„๐’†๐’” ๐’“๐’Š๐’”๐’Š๐’๐’ˆ ๐’‰๐’๐’Ž๐’† ๐’†๐’’๐’–๐’Š๐’•๐’š. Now is a ๐’ˆ๐’“๐’†๐’‚๐’• ๐’•๐’Š๐’Ž๐’† to use it!

As home prices have continued to rise across the country, so has home equity. Home equity is defined as a home current value minus any money still owed on it. If you’re looking to sell your house and move up to your dream home, right now is a great time to use your equity to do so. Contact us and let’s get together today to go over how much equity you have in your house right now!

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

What ๐‘ช๐’“๐’†๐’…๐’Š๐’• ๐‘บ๐’„๐’๐’“๐’† Do You ๐‘ต๐’†๐’†๐’… ๐‘ป๐’ ๐‘ฉ๐’–๐’š ๐‘จ ๐‘ฏ๐’๐’–๐’”๐’†? ๐Ÿค”๐Ÿ’ญ๐Ÿกโ“๐Ÿง

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!

Only 25% of the Americans have a FICOยฎ Score between 740 and 800. Here is the breakdown according to Experian:

โ™ฆ 16% Very Poor (300-579)
โ™ฆ 18% Fair (580-669)
โ™ฆ 21% Good (670-739)
โ™ฆ 25% Very Good (740-799)
โ™ฆ 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

โ€œJust because you have a low credit score doesnโ€™t mean you canโ€™t purchase a home. There are a lot of options out there for consumers with low FICOยฎ scores,โ€

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICOยฎ score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!

It is true that the average FICOยฎ score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICOยฎ Score of closed FHA Loans since April 2012 according to Ellie Mae:

MEM-Average-FICO-Score-of-Closed-FHA-Loans

As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICOยฎ Score reported in January 2019 was 675!

One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.

FICOยฎ reported,

โ€œSince October 2009, the average year-over-year FICOยฎ Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.โ€

Here is the increase in the average US FICOยฎ Score over the same period of time as the graph earlier.

MEM-US-Average-FICO-Score

Bottom Line

At least 84% of Americans have a score that will allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, contact us and letโ€™s get together to help you set a path to reach your DREAM!

 

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

๐๐จ๐๐œ๐š๐ฌ๐ญ ๐„๐ฉ ๐Ÿฐ๐Ÿฎ – 7 ๐™ˆ๐™ž๐™จ๐™ฉ๐™–๐™ ๐™š๐™จ That Could Get Your ๐™ƒ๐™ค๐™ข๐™š ๐™‡๐™ค๐™–๐™ฃ ๐˜ฟ๐™š๐™ฃ๐™ž๐™š๐™™ ๐Ÿ‘‚๐ŸŽง๐Ÿ”Š

Hi! Here is my newest Podcast episode.

๐ŸŽ™๏ธ๐Ÿ‘‚๐ŸŽง๐Ÿ”Š

ย CLICK HERE

๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

Episode 42 – 7 ๐™ˆ๐™ž๐™จ๐™ฉ๐™–๐™ ๐™š๐™จ That Could Get Your ๐™ƒ๐™ค๐™ข๐™š ๐™‡๐™ค๐™–๐™ฃ ๐˜ฟ๐™š๐™ฃ๐™ž๐™š๐™™

๐Ÿ“‘๐Ÿ’ฐโŽ๐Ÿ 

You can also find it on iTunes.

http://bit.ly/adypodcastย  orย  http://bit.ly/adyitunes

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 hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.

Do You Know ๐‡๐จ๐ฐ ๐Œ๐ฎ๐œ๐ก Your ๐‡๐จ๐ฆ๐ž Has ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ in ๐•๐š๐ฅ๐ฎ๐ž? ๐Ÿก๐Ÿ’ฒ๐Ÿค”

Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:

โ€œHomeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.โ€

The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogicโ€™s Home Equity Report.

Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value.

1. Desirable Location
2. Improved National Economy
3. Improved Local Economy
4. Low Home Inventory in My Area

As we can see, not only does the data show that the homes have appreciated, but homeowners also believe they know why. Many have taken advantage of the opportunity to use their newly found equity to sell their current house and move up to their dream home!

2019 will be a good year for the homeowners that still want to take advantage of their home equity! CoreLogic forecasts that home prices will increase by 4.8% by the end of the year.

Bottom Line

If you are a homeowner who would like to find out your current home value, contact us, we can help you to discover the hidden opportunities in your home!

 

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

Click hereโ€ฆto check your home value in seconds!

Click hereโ€ฆto search great deals, foreclosures and short sales in your area.