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.
There have been a few changes in real estate taxation that will take effect in 2018, so for this blog post, I will talk about how it affects homeowners living in the Bay Area, what has changed, and what stays the same. Before we begin, I’d just like to clarify that I am not a CPA, and that you should talk to your own tax advisor about how the new tax reform affects you personally, but I thought this would be a nice topic to discuss.
So you’ve acquired a new house, and you’re probably very excited to start filling up the space with furniture, decor, and other personal items to make the house reflect you! It can be quite overwhelming to start this process, and so it’s always a good idea to start with sections of the home. Today, we’re going to talk about the living room.