Home Projects That Boost Value

If you’re a homeowner, chances are you’ve built up a lot of wealth in the equity of your home – just by living in your house and watching its value grow over time. And that equity is something that could help change your child’s life.Many first time buyers have a stable job and a solid plan, but affordability is still a challenge and buying can still feel out of reach. But that’s where your equity could make all the difference for your family. To give you an idea, the average homeowner with a mortgage has $311,000 worth of equity, according to Cotality (formerly CoreLogic ). That’s significant. And some parents are using a portion of their equity to help their children become homeowners, too. According to Bank of America , 49% of buyers between 18 and 26 got money from their parents to use toward their down payment ( see chart below ):

From rising home prices to mortgage rate swings, the housing market has left a lot of people wondering what’s next – and whether now is really the right time to move. There is one place you can turn to for answers you want the most. And that’s the experts. Leading housing experts are starting to release their projections for the rest of the year. These insights will give you clarity – and a little more optimism than you might expect. Business Insider sums up the forecasts (and why they’re good news for you): “As mortgage rates go down this year, affordability may improve slightly for homebuyers. Inventory is also expected to grow, which should help moderate price growth and make finding a home easier.” Let’s break it down. 1. Mortgage Rates Should Come Down (Slightly) While a major drop isn’t on the table, forecasters are calling for a modest decline in rates in the months ahead as the economic outlook becomes more certain. Based on the information we have right now, here’s a look at where they say rates should be by year-end (see graph below) :

Talk about the economy is all over the news, and the odds of a recession are rising this year. That’s leaving a lot of people wondering what it means for the value of their home – and their buying power. Let’s take a look at some historical data to show what’s happened in the housing market during each recession, going all the way back to the 1980s. The facts may surprise you. A Recession Doesn’t Mean Home Prices Will Fall Many people think that if a recession hits, home prices will fall like they did in 2008. But that was an exception, not the rule. It was the only time the market saw such a steep drop in prices. And it hasn’t happened since, mainly because inventory is still so low overall. Even in markets where the number of homes for sale has started to rise this year, inventory is still far below the oversupply of homes that led up to the housing crash. In fact, according to data from Cotality (formerly CoreLogic ), in four of the last six recessions, home prices actually went up ( see graph below ): 

Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock. But that’s actually a common misconception. Here’s the truth. Do You Really Have To Put 20% Down When You Buy a Home? Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment. For example, FHA loans offer down payments as low as 3.5% , while VA and USDA loans have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its benefits , it’s not essential. As The Mortgage Reports says: “. . . many homebuyers are able to secure a home with as little as 3% or even no down payment at all . . . the 20 percent down rule is really a myth. ” According to the National Association of Realtors (NAR), the median down payment is a lot lower for first-time homebuyers at just 9% ( see chart below ): 

If buying a home is on your radar – even if it’s more of a someday plan than a right now plan – getting pre-approved early is still one of the smartest moves you can make. Why? Because, like anything in life, the right prep work makes things clearer. The best time to get serious about buying is before you’re ready to buy. Here’s why. Pre-Approval Helps You Understand Your Numbers One of the biggest benefits of pre-approval is how it helps you understand your buying power. As part of the pre-approval process, a lender will walk through your finances and tell you what you can borrow based on your income, debts, credit score, and more. That number is power. Once you have that clarity, you’re no longer guessing. You know what you’re working with. And that gives you the information you need to be able to plan ahead. That way, you’re not falling in love with homes that are outside of your price range – or missing out on ones that aren’t. Pre-Approval Helps You Move Quickly When You’re Ready You don’t have to be ready to buy to be ready to buy. It happens all the time – someone scrolls through listings just for fun, and then BAM – they fall in love with something they see online. But by the time they scramble to connect with an agent and then get pre-approved with a lender, someone else beats them to it, and they lose the home. And you don’t want that to happen to you. While you can’t control when the right home shows up – you can be ready for it. Pre-approval isn’t about jumping the gun or rushing your timeline. It’s about making sure you’re ready when it’s go-time. As Experian explains: “Waiting too long to get a preapproval, however, could leave you at a disadvantage . . . you could find the perfect home, but another buyer could snatch it up while you're waiting for the lender to review your preapproval application. . . getting a preapproval just before you begin actively looking at homes may be your best option .” Instead of rushing to figure out your numbers, trying to get documentation for your home loan together, and watching the house you love slip away while you wait to hear from your lender, you’re already in the game. It’s like showing up to the starting line with your shoes tied and your warm-up done – while everyone else is still looking for parking. But pre-approvals do have an expiration date, so be sure to ask your lender how long it’s good for. Bankrate offers this insight: “Many mortgage preapprovals are valid for 90 days, though some lenders will only authorize a 30- or 60-day preapproval. If your preapproval expires, getting it renewed can be as simple as your lender rechecking your credit and finances to ensure there have been no major changes to your situation since the first time ‘round.” The thing is, if you’ve been pre-approved – even if you’re just thinking about casually looking – you have a much better sense of how to navigate your home search within your budget. Plus, you’ll be ready if the perfect home comes along. So why not make it happen? Bottom Line Getting pre-approved doesn’t mean you have to buy a house today. But it does mean you’ll know what you’re working with when the right one shows up. You will know what you qualify for, and what your monthly expenses will be so that you are making a more educated decision as to when you are ready to buy. If you want to get pre-approved and you'd like a referral to one of my local lenders that I work with on a regular basis, let me know. Like Realtors, not all lenders are created equal. We all have different skills, different personalities, and not all lenders have access to to the same loan programs. If the perfect house popped up tomorrow, wouldn't you want to be in a position where you can make an offer? Give me a call so we can help you get the process started. After all, you can't make a purchase if you don't start the process.

According to Realtor.com , the best week to list your house this year was April 13–19 . And since that week has come and gone, you might be wondering: did I miss my chance? Not at all – and here’s why. That’s just one source’s take, based on their own research. Other organizations run similar studies. And since different places use different methodologies for their research, sometimes the results vary too – and that’s actually good news for you. According to Zillow , the best time to list your house is still ahead. The latest research from Zillow says sellers who list their homes in late May tend to see higher sale prices based on home sales from last year. The study explains why: “Search activity typically peaks before Memorial Day, as shoppers get serious about house hunting before their summer vacation and the new school year in the fall. By targeting late spring, sellers can get their home listed when the most shoppers are looking. When more buyers are competing for homes, sellers can command a higher price. ” And they’re not the only ones saying selling in May can help homeowners net top dollar. ATTOM Data conducted a similar study by analyzing 59 million home sales over the past 13 years: “ Freshly compiled sales statistics from ATTOM demonstrate that home sellers continue to reap significant benefits from listing their properties during the month of May. Examination of home sales trends spanning thirteen years reveals that, on average, sellers are commanding 11.1 percent premium above the estimated market value.” An article from Bankrate echoes this sentiment and brings this all together to show that any time in April or May is a good time: “Some patterns and trends usually do hold true throughout the year, and one is that spring continues to be the best time to sell. Sellers can net thousands of dollars more if they sell during the peak months of April and May. . .” The window to sell during prime time is very much still open, so you can make a move and potentially cash in big if you sell now. That said, the best week to list your house really depends on a few local factors, like buyer demand, how many homes are for sale nearby, and how quickly things are selling. That’s why working with an experienced agent who knows your area is key. Bottom Line January through May is the busiest time for us in Granite Bay, Roseville, and the Sacramento Valley for Real Estate sales. There are typically more homes for buyers to choose from , and that means as a buyer youlll have more options. There’s still time to take full advantage of that momentum. What’s holding you back from making your move this spring? And what would help you feel ready? Let’s talk about it.

When you finally find the home you want to buy, it’s easy to get caught up in the excitement. You’ve toured the place, imagined your furniture in it, maybe even pictured your morning coffee on the porch. The last thing you want is to slow down the process with more steps or lose out to another buyer’s offer because they skipped their inspection. But here’s the thing. Buying a home is one of the biggest financial decisions you’ll ever make. And no matter how perfect that house seems, skipping a home inspection is a risk that could cost you a lot more than just time. What Exactly Is a Home Inspection? A home inspection gives you a detailed look at the home’s condition, usually after your offer’s accepted but before closing. While what’s covered varies by state, an inspector usually goes over the home’s major systems and structure, including things like the roof, foundation, plumbing, electrical, HVAC, and more. Why an Inspection Is Worth It Here’s a quick rundown of some of the biggest benefits of getting an inspection. Helps you avoid unpleasant surprises. A house might seem move-in ready, but could have issues you didn’t see during your walkthrough. Knowing about these before closing day is important. That way, you have a better idea of what work may need to be done to the home. Gives you negotiating power. Depending on what the inspection turns up, you may want to re-negotiate with the seller. For that, lean on your agent. With their help, you can ask the seller to handle repairs before closing day or provide a credit so you can take care of them yourself. Offers you peace of mind. Buying a home is emotional, especially if you’ve been searching for a while. An inspection helps take some of the uncertainty off your plate, so you can move forward with confidence. A few hundred dollars upfront for the home inspection could save you thousands in surprise repairs later. As the National Association of Realtors (NAR) says : “Failure to obtain a home inspection could potentially cost you a great deal of money and hassles in the long run.” Why You Don’t Want To Waive Your Inspection According to the latest data from NAR, nearly 1 in 4 buyers are waiving (or removing) the inspection contingency when they buy a home. And with spring being peak homebuying season and buyer activity already heating up, you may be thinking about doing that yourself. As Realtor.com points out: “ . . . if you're in a hot real estate market where homes are getting multiple offers, there might be a temptation to skip an inspection when you really want the house. However, waiving a home inspection comes with sizable risks .” But skipping the inspection is a gamble that doesn’t necessarily pay off. Just remember, there are other ways to make your offer attractive to sellers, like being flexible with the closing date. Before making an offer, talk to your agent about other ways to get a seller’s attention without sacrificing your peace of mind. Bottom Line Even if skipping an inspection sounds like a way to make your offer more competitive or speed things up, it’s risky. It’s not just extra time and documentation, it’s a smart step that protects your wallet, your investment, and your future. If you could ask a home inspector one question before buying, what would it be? Let me know and I’ll make sure it’s the first thing we bring up.

Now that spring is here, more and more buyers are jumping back into the market, and competition is heating up. If you’re serious about landing a home you’ll love, you need more than just a wish list. You need a smart strategy – and that starts with working with a great agent who can help you put together a strong offer. Here are some top tips your agent will share with you that are helping buyers stand out (and win) in today’s market. 1. Don’t Lowball on Price It’s tempting to start with a super low offer in an attempt to save money. But in a competitive spring market, that could backfire. If the price isn’t reasonable, you could offend the seller and lose out to a better bid. As NerdWallet says: “If you really want the property, you should avoid offending the seller. So, be wary of placing a so-called lowball offer. One of the most obvious risks of making a lowball offer is outright rejection. . . As a buyer, you’ll need to find a balance between making a fair offer and running the risk of losing the property. ” I can help you understand local pricing trends and what is a fair, yet strong offer and what is a mistake. 2. Consider an Escalation Clause If you’re worried about competing bids, an escalation clause can help. If you have an escalation clause and the seller gets another offer, it increases yours up to a certain max amount you set. That way you don’t lose out over a small difference. Investopedia explains it like this: “An escalation clause is a way to automatically escalate your bid by a certain dollar amount, up to a certain ceiling, to compete with other bids.” Work with your agent to decide if this tactic fits your situation and budget. Just be sure not to stretch beyond what you’re truly comfortable spending and that the home is likely to appraise for the amount you offer. If the appraisal comes in lower than your offer, you may have to make up the difference out of pocket. I can help you weigh these risks and determine the best approach for your specific situation. 3. Be Intentional About the Concessions You Ask For While some concessions (like help with closing costs) might be possible, too many demands could make another buyer’s cleaner offer more attractive. As the National Association of Realtors (NAR) notes : “There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . . ” I know what’s working for other buyers in our area and I can help you prioritize the most important asks – and avoid ones that could turn off the seller. After all, the end game is to get an offer accepted so you can open escrow and buy your new home. 4. Consider a Timeline That Appeals to the Seller Sometimes, it’s not just about price, it’s about timing. Does the seller need extra time to move out? Or do they want to move as soon as possible? Flexibility here can work in your favor. By adjusting your timeline (if you’re able to), you could stand out against other offers. According to Atlas Van Lines : “Everyone will have a unique timeline depending on the size of the move, the distance they are moving from or to, and personal preferences. It is important to be flexible and adapt the timeline as needed while ensuring you allocate enough time for each step.” Timelines are a regular consideration, and I communicate with the seller’s agent to find out what matters most to the sellers so that you can make an educated offer to try to win the offer to be accepted. Bottom Line Spring is here – and more buyers are entering the market. Let’s work together to make sure your offer stands out in Granite Bay, Roseville, Rocklin, Loomis, Eldorado hills, Folsom. or any place in the Sacramento Valley. When you are ready to start the buying process, let me know and we will work together to get you a new home.

When you put your house on the market, you want to sell it quickly and for the best price possible; that's generally the goal. But too many sellers are shooting too high right now. They don’t realize the market has shifted as inventory has grown. The side effect? Price cuts are on the rise, but they really don’t have to be. Here’s why. According to data from Realtor.com , in February, price cuts were the highest they’ve been in any other February since 2019 (see graph below):