What to consider when buying real estate: Sacramento/Placer County
Lower supply = higher demand which keeps prices stable or increasing. As of 12/2021 we only have 2 homes for every 1000 needed. Not enough space or material to build. Unless there is a HUGE influx of new land and new home builds the demand will remain high.
Buy vs. Rent & Rent vs. Buy
RENTS have always increased, even in the worst of times. You can view on Rent Data what the Fair Market Rent is and the trend to see how much you can expect your rent to increase if you do not purchase now.
Look at the PDFs (by clicking button below) for the most recent information and watch the video to understand what you are looking at.
Are mortgage rates expected to rise or fall? We will go over this in our buyer consultation. As of Dec 2021: The Mortgage Bankers Association is forecasting that the average 30-year fixed mortgage rate will hit 3.7% by the third quarter of 2022, and 4% by the end of 2022.
How long are properties on the market? Your Realtor will provide this information for the area you are looking to purchase in. Keep in mind when properties are off market within 60 days that is a sign of a strong sellers’ market. Meaning Higher Price Home environment due to the high demand of housing.
Make sure to research the areas you want to live in. Does it have what you need? What is the Crime Rate? Click below view an interactive map created by Harvard University that allows you to view house price trends in your market.
Working with a Mortgage Planner is Important to ensure you get the best mortgage strategies to reach your goals. Below are just a few strategies we go over during our consultation.
Mortgage Rate Buydown; Less Down-Home Improvement
Debt consolidation for lower expenses and higher affordability (new buyers and move up buyers’ net proceeds strategies)
● What is A Mortgage? ○ What are the different Types of Mortgages? ● What is A Mortgage Interest Rate? ○ What are the different Types of Interest Rates? ● What is Real Estate? ○ What are the different Types of Real Estate?
● How much money can I afford in my monthly budget for my Mortgage? ● How much money can I invest into my down payment and the cost of buying a Home?
● What does the Financing and Home buying Process Look like? ● Costly Mistakes to AVOID ● Who do you need on your TEAM? ● Where Do You Start and What’s Next?
A Short History of "Underwriting"
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Three Ways To Improve Home Buying Power
Five Pitfalls to Avoid When Buying a Home
Four Questions to Ask Before Choosing a Mortgage or Buying a Home
Three Reasons Why PMI Could Be Your Friend