With Valentine's Day around the corner, it's interesting to see today's consumers either loving or hating the real estate market right now. This market is like a two-sided coin with polar perspectives depending on what side you are on. For would-be buyers, the real estate market looks encouraging as sales and prices are showing a decline and we have officially shifted from a sellers market to a more even keeled housing market. On the other hand…
Happy New Year folks! 2019 is upon us and we're excited it's arrived! Last month, I traveled around Asia for a month to enjoy some RnR and to attend to some family matters. Good news is that the trip really revived me and put a lot of things into perspective. I had the opportunity to see both ends of the real estate and life spectrum, with homes in the Deep Water Bay neighborhood of Hong Kong Island being sold for $5,000/sqft while shanties in the provinces of the Philippines could be built for less than $300 in scrap materials. While prices in the Bay Area are the highest in the nation (currently between $500 - $1500/sqft), in relation to the rest of the world, I'd say we're doing ok…
I hope you all had a Happy Halloween! From what I saw on social media, it was all about school parades and costumes parties this week. Glad you all had fun.
In the real estate world all is still good in this transitional market. Both the real estate and stock market are going through a slight correction and we're all trying to make sense of it. Is it just the season? The upcoming elections? Social unrest? Increasing interest rates? Trade wars? Whatever it is, thankfully the sky is NOT falling and people are still buying homes...Buyers these days are just being more picky and are waiting for the perfect property to pull the trigger. Gone are the days when buyers compromise their "must haves" just to be able to land a home in the Bay Area…
Fall is officially here and the market is changing. Everyone in the industry can feel it and there's no denying it. As we enter a "normalized" market, we will soon forget the frenzy leading up to the "offer due date" and submitting "non-contingent offers" for properties that buyers have only had a chance to visit once before committing to a purchase. Finally! It's about freakin' time I say! More inventory has entered the market and there's more coming on every week, giving would-be buyers options to choose from and time to make a decision.
Now that the kids are back in school, summer is officially over and we're heading into fall! I can't wait until Indian Summer hits the Bay Area for our 2nd warming trend! I love this time of the year!
August proved to be a pretty busy month for us at Hatch Realty with 9 closings and 2 more escrows closing right after the holiday weekend. Congratulations to our happy buyers and sellers who were able to perform well in this market.
Second mortgages are a lot more common now than they were just a few years ago. There are several reasons for this--many people took out a second mortgage to make home improvements, consolidate their debt, or because they purchased their house with a small down payment and wanted to avoid Private Mortgage Insurance (PMI).
Regardless of the reason someone has a second mortgage, there is a near universal truth regarding second mortgages--they usually come with much higher interest rates. These higher interest rates can be deceptive because the monthly payments tend to be small, but stretch out for long durations, often as long as your primary mortgage, or up to 30 years.
In 1968, mortgage rates were 8.5%. The next year, rates went down to 7%. Homeowners could buy a 15-20% larger home for the same payments if they could find someone to assume their mortgage.
FHA and VA mortgages were very popular in certain price ranges and they allowed anyone to assume the mortgage regardless of the credit. If you could find a person to take over your note, you were free to qualify for another mortgage.
We at Hatch Realty Group aim to forge lasting relationships with our clients. We hope to connect with you on a personal level in order to understand your needs and best serve you in reaching your real estate goals. Benedict Paras shares a little more about himself so you can get to know him as both the person and the agent helping you buy and sell homes.
Despite the instability in the stock market and all the buzz about Crypto Currencies, the real estate market in the Bay Area is still very strong and even with the rates slightly going up and the reduction in mortgage interest rate deductions, I don't see a drop in prices in the immediate future. The lack of inventory and the influx of high earning, out of state imports into the tech industry buying property in the Bay Area has been driving the prices up and it's still going very strong.
We at Hatch Realty Group aim to forge lasting relationships with our clients. We hope to connect with you on a personal level in order to understand your needs and best serve you in reaching your real estate goals. To kick off this blog series, Thelma Tunque shares a little more about herself so you can get to know her as both the person and the agent helping you buy and sell homes.