Murrieta Realtor

Beautiful Corona Hills Neighborhood located in a quiet, family oriented community called ‘The Summit’

The SummitThis Beautiful well kept home is ready and showcases well! This home is located in the beautiful Corona Hills Neighborhood located in a quiet, family oriented community called ‘The Summit’ This home has great curb appeal with mature landscaping and hardscape.This home features 4 Bedrooms and 2.5 Bathrooms, a formal living room & dinning room, with a spacious kitchen that flows into a nice size family room with fireplace that is great for family entertaining. The yard has privacy for gatherings and great space for family pets as well. This home is one to see!! For additional information please contact me at 951-634-8843 or email me at Miguel@RealtorWithStyle.com 

Looking to Buy? It’s Time to Make a Move

Looking to Buy? It’s Time to Make a Move

Whether you are considering a first home, a larger home for a growing family, moving into your dream home or perhaps buying a second home or rental property, two key economic factors, mortgage rates and home prices, have lined up in your favor. Let’s take a look at how they are working together to give you extremely potent buying power and why you should take action now before these favorable conditions change.

Irresistible Interest Rates
When you read in the newspapers that rates are at historic lows, this is not an exaggeration. Interest rates on home loans truly are at the lowest they have been in decades. The reason for this is that due to the recent “Great Recession,” the Fed has had to lower the federal funds rate to between 0 percent and 0.25 percent. The federal funds rate is the interest rate at which savings banks, commercial banks, savings and loan associations and credit unions trade balances with each other.

The federal funds rate impacts all other rates, including mortgage loans, so, at times of slow or no economic growth, the Federal Reserve will lower the federal funds rate in hopes of making credit cheaper to all people and in turn boosting the economy. This is why home mortgage rates have remained so low. The moment the economy starts to truly grow, the Federal Reserve will start to increase the federal funds rate, and home financing loan rates will follow suit.

Right now, mortgage rates are incredibly attractive after a downward slide over the course of 2011 that ended with 30-year fixed-rate mortgages in the 3.9 percent interest rate range. So far, in 2012, rates have topped the 4 percent mark, according to surveys from the Mortgage Bankers Association, but these are still historic lows.

Will rates stay like that? Well, factors such as increases in retails sales and improvements in unemployment are pointing to a recovery. After a spike to 10 percent in October 2009, unemployment rates have been on a solid downward trend since September 2011, and have been hovering at 8.3 percent.

Certainly, qualifying for loans is harder these days. More rigorous documentation is required, and down payment requirements and other lending terms aren’t as loose as they were during the 2005-2006 real estate boom, but if you are in solid financial shape, you needn’t worry. I’d be happy to sit down with you and look at what loans make the most sense for your financial position, and to work out different scenarios using today’s low rates, as well as rates after possible increases in the near future.

Home Prices
In terms of home prices, now has never been a better time to buy. After spending months at stratospheric highs during the real estate boom, homes that had doubled in price by 2006 are still below their pre-bubble values.

If anything, home prices are still in retreat. Using data from the National Association of REALTORS®, the median cost of existing single-family homes ended 2011 nearly at the same price it began the year, $158,000. And that price tag is down from 2010 and 2009.

That said, inventory might be starting to slip, which could see prices go higher. In recent months, housing inventory has been hovering around a six-month supply (at current sales rates), with roughly 2.4 million homes for sale. That might look like a lot, but it is nearly 20 percent below what it was a year ago.

Using simple supply-and-demand, it’s not hard to see that with declining inventory, today’s low prices could go up in the not-too-distant future. This is just as true for today’s rock-bottom interest rates, so it’s not hard to see why savvy homebuyers are responding to the bargains. All-cash purchases of existing homes are accounting for roughly 30 percent of transactions, and investors are accounting for more than 20 percent of purchases. The investors know a good deal when they see one, and today’s lending and real estate environment represents an amazing bargain indeed.

Make Your Move
The numbers don’t lie. You will most likely never see a better buying opportunity than now. If you are considering a purchase of a larger home to accommodate a growing family, the dream home you’ve always wanted, an investment property or any other home purchase, take the time to review the numbers. Mortgage rates and home prices have created a spectacular buyer’s market.

But remember, it won’t stay this way forever. An improving economy could foster higher rates, and declining inventory could see prices go up. If you are on the fence about a real estate decision, don’t be. Now is the time to make your move. Please contact me using the information provided on this newsletter and I’d be happy to help you develop a strategy to take advantage of this historic opportunity.

 

This will not last so please call me with any questions and I may direct you to my direct lender

Miguel Aguilar 951-634-8843 miguel@miguelsworld.org 

Knowing Your Home’s Value

Knowing Your Home’s Value

Your home is one of your most important investments and financial assets, but do you know its value? If you hesitate to answer, don’t worry, you’re not alone. Even if you’re not trying to sell right now, there are other reasons that you may want to know your home’s market value. And knowing this number can help you move quickly when it’s time to make a decision about any of the following actions.

Selling your home.
There might come a time when you need to sell your home. You might get offered an out-of-state job opportunity, determine it makes financial sense to downsize, or need to look for a larger home if your family is expanding. If you are ready to buy another home, your current home’s value can narrow down your options for your new purchase, and I can show you the financing options that will be available to you. Knowing your home’s market worth would certainly help you make an informed decision, and put you in a position to more quickly respond.

Refinancing your home.
There are a number of reasons to refinance. For instance, you might be able to finally tap into current low rates, or you might desire better terms. You can find out if you will qualify for a traditional refinancing program or if you may be eligible for the HARP II refinance program, which allows homeowners who owe more than their home is worth to restructure their loans into more stable products with a lower rate. Until you know your home’s value, you won’t know how advantageous or disadvantageous a refinance would be from a financial perspective. I’d be happy to assist you in exploring whether refinancing makes financial sense for your unique situation.

Making home improvements.
While you might have mulled over how home improvements, such as a bathroom makeover, new countertops, or perhaps an addition, could improve your enjoyment of your home and mused at what additional value they might bring, you really don’t know until you’re aware of your home’s value. Check what other homes in your areas have sold for, and pay particularly close attention to any sold properties that had upgrades similar to or the same as yours in relation to those that don’t. Once you get an idea of what your home might sell for, you can see if the upgrades you are considering are worth the expense, or if you might want to go with a more cost-effective option.

Reassessing your taxes.
Your county assessor’s office reviews property values on a periodic basis, and makes adjustments based on a property’s market value. In a down market this can mean much lower property taxes. Being aware of your home’s value can put you in a position to anticipate changes and do some tax and financial planning accordingly. That said, many assessor offices only shift their regular assessments by a maximum amount or percentage of the previous year’s value. However, many states offer an appeal mechanism that can help you push for a lower reassessment to ensure an even more advantageous (and fair) property tax break. But the key is to know your home’s actual value and be able to document it.*

So, how do you determine your home’s value? Your first instinct might be to go to a popular website or download an app for online services that provide estimated real estate values. While these services might offer some instant gratification, they might not take in all the factors and trends that will give you the most accurate estimate of your home’s worth.

Especially if you are considering a move, the best option is to go to a real estate agent that has expertise in your marketplace. An experience professional who is familiar with the properties in your area and has been involved in numerous local transactions will have not only the tools and information but also the context and expertise to get a more accurate read on your home’s true market value. An experienced agent can bring insight into your local market and help you see opportunities that you may not have considered before. This also gives you the opportunity to find a trusted agent that you can work with when it’s time to buy or sell.

 

Please call with any questions to 951-634-8843 or email me at miguelsworld@gmail.com

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