My Blog

Safer At Home: Supporting our local resturants

3/22/2020
Dear Friends,
We are in some uncharted times. I know many of you are scared. 
It is an especially hard time for those who work in the restaurants business. Many servers have been laid off leaving behind management and the cook staff. This is tough for not just the mom and pop restaurants that are locally owned and operated, but those that are part of nation wide franchises. Those places employ our neighbors, friends and families. 

If you are in the position to and can order take out: PLEASE ORDER. 

The City of Palmdale has created a web page to help support local Palmdale restaurants and keep those orders coming. This program is called Take Me Home Tonight and you can find many local places to eat from. I have included a tab on my web page to help you navigate to this resource. 

I wish you all the best! Please help contribute in anyway you can to our local efforts to flatten the curve and stop COVID-19. 


Take Me Home Tonight 

The Market is HOT for sellers!

2/21/2020
Happy Friday!

I just came out of my favorite office meeting of the year!


Our broker does a yearly market recap at our February meeting.

Because the Federal Reserve has lowered rates we have seen a lot of increased activity in our market.

Currently we have about a 3 week supply of homes.

What does that mean for you?

Less than 5% of homes are underwater which means 95% of homes have equity. 
Since 2015 our listing prices have increased 57%.

Buyers must be competitive.

If you were thinking about selling - THIS IS THE TIME! 
I would not wait another month because in another month we could see a flood of homes and your edge to negotiate for the best and highest price and terms will not be as strong as it is today.

Call me for more indepth market information. I'd love to share all that I have to provide you with the most current data and information to make the best decision for you and your family!


I am excited for what 2020 holds in our community! 

Waiting for the market to go down...

5/20/2018

Recently I over heard a conversation between two gentleman about buying a home. Both men felt the best bet was to "wait until the market goes down again." 

 

I chuckled to myself. Indeed home prices are moving up and so are interest rates, but waiting until the market goes down again will be a long wait. Due to the dynamics of economic and political forces coupled with the specter of the Great Recession its unlikely that home prices will be what they were just two years ago in the next decade and if they are interest rates won't be that low. 

A recent home value report I read showed that homes in the 93534 zip code have risen 7.4% in the last year. The median home price is now $229,4000. According to YCharts the current interest for a 30 year fix home loan is 4.6% compared to a year ago where interest rates averaged at 4.02%.

Compare that to interest rates this week in 1988 at 10.01% and in 1998 7.1%. The collapse of the lending market in 2007 lead to a dramatic drop in interest rates from which we have barely seen an increase in the decade since the market crash. The point is that for millenials: THESE INTEREST RATES ARE HISTORICALLY LOW. Our parents bought homes with interest rates that were almost double what they are now. 

 

Of course home values averaged in the mid $140,000s in the Antelope Valley twenty years ago, however twenty years ago there was plenty of trades people, raw materials and less regulation to build new homes in California. Our current market is being driven by a lack of skilled tradesman, raw materials, the new requirements for new homes and a significant lack of inventory to meet the demand. The lack of skilled labor and raw goods is driving prices on homes across the country, but other states do not have the kind of regulations we do. Read more about that here. 

 

Waiting for the market to "go down" is will be a long wait because our market is responding to the high demand for housing, rising costs to build, a reduced supply of materials, tradesman and lack of inventory. For the price of home to go down to the levels seen in 3 years ago will likely be caused by a significant down turn in the nations stock market triggering a recession. As there are multiple factors that drive up the value of homes, there are also multiple factors that affect the final cost i.e., what you actually pay.  Local tax rate, mortgage interest rates and additional special tax assessed for community facilities, aka "Mello-Roos."

Currently in the Antelope Valley, homes are lasting longer on the market than they did at the start of 2018. With that being said, homes are only on the market an average of 48 days before being sold. I recently closed on a home that was listed 2 days before the offer I wrote was accepted. While I can only speculate why there has been a slowing,  you can start watching for are slight price reductions in order to entice buyers. Those reductions may amount to 2-5% of the original list price, but are not a price reduction negating the 7-8% overall increase of the home value from last year. What has NOT been reduced is interest on mortgages. An interest rate in the high 2% - mid 3% range will be something we will fondly look back on and wistfully recall that "those were the days."

The Federal Reserve slashed interest rates in response to the Great Recession to stimulate the economy. The economy is predicted to grow 2.8% this year and on track for steady growth in 2019. The Great Recession was a once in a generation market crash and the tools to pull the nation out of it were once in a lifetime. We will never see 30 year fixed mortgage rates as low as we saw in the last 8 years. Even if the average cost of a home levels off or drops, interest rates are not going down. 

The number one myth is that it takes 20% down to buy a home to afford to buy. 

False: FHA loans require 3.5% and there are opportunities to qualify for down payment assistance programs.

To avoid pay PMI (private mortgage insurance)  you need to put 20%.  In  the year you have been trying to save up 20% for a home, the purchase increased  and interest rates rose .75 - 1%. 

For our average home in 93534, you would have needed $38,717 down to avoid PMI. Today, that figure rose to $45,880. If you were thinking of buying last year, waiting has cost you money. 

Many realtors work with lenders to keep up to date with current rates and products for prospective home buyers. There are no strings attached to meeting with a lender, letting them analyze your current financial health and let you know what products fit your needs.  Lenders can also provide a plan to put you on the path towards home ownership if your financial health needs some time to improve. 

 

Bottom line: Waiting to buy a home will only cost you in the long run. We may see slight reductions, but with the lack of supply and high demand for housing,  our homes prices will likely stay where they are for sometime. 

 

Congratulations Natasha

5/14/2018

 

 

 

I am so happy to have helped my client Natasha Smith become a new home owner! We met in mid -February and three months later she is moving in!

It warms my heart to hand over the keys to someones new home.

 

I wish you all the best!! 

My first open house!

2/26/2018

I held my first open house this weekend and I think it went really well. 

 

My clients are very eager to sell and were gracious and willing to hold an open house to help attract potential buyers to view their home. 

Timing is key, so we held our open house within the first week of listing their home and waiting to show their house until the date of the open house. This built a lot of interest.

 

For the homeowner, there are some tips to a successful open house. Selling your home is a partnership and there a few things a seller should do in order to prepare for an open house.

 

1. Clean like company is coming!

Company is coming! Clean up the home, wipe down walls, light switch plates, base boards if they are particularly dusty. 

2. First Impressions

Walk through your home like you are a buyer. What catches your eye first, both good and bad? You want to make a good first impression. Ask your realtor to walk your home with you and ask for feed back. I am more than happy to suggest what needs to be attended to before the open house.  New home owners need to visualize themselves in the space. 

You know the feeling when you walk into a hotel suite or model home? That is what you want your visitors to feel. 

  • Smell- make sure the home is odor free. Just masking the any odors can actually make it worse. Evoke a pleasant homey feel with scents like vanilla, pumpkin pie or cinnamon. 
  • Sight- Declutter, remove any stains, holes or unsightly blemishes. It would be better to wait to have an open house and fix things that need to be fixed before holding the open house. 
  • Feel- Stage your home like it is welcoming and inviting. Throw pillows, blankets and a warm fire (season permitting) all add a touch of hominess. Open the windows and let light in. Make sure the home is the right temperature. 

My clients  were so easy because their home naturally has the feel of warmth and love. 

I set up, lit a fire and the home did the rest. I am confident we will have their home sold soon!

 

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