Downey Real Estate Market

downey real estate marketAs a real estate broker, “How is the real estate market?” is the most common question that I am asked.

My answer is always:

“It depends. Do you plan to sell or buy a home?……”  I then provide them with real estate market information based on their real estate goal to help paint a clearer picture of the real estate market. I also explain to them that “Real estate is local. This means that home prices can fluctuate and differ significantly across the nation —  state to state,  city to city, zip code to zip code, neighborhood to neighborhood and even from one street to the next.  Mortgage interest rates also fluctuate daily and differ across the nation and from state to state, etc.”

Finally, I  provide my clients with a detailed real estate market report of the area that they want to...

Read More

What is a 1031 Tax Deferred Exchange

What is a 1031 Exchange?

what is a 1031 exchangeDo you own investment property such as a single family home, duplex, triplex or multiple units that you would like to sell to re-invest the proceeds into another investment property, but you would like to invest the total funds of the sale without having to pay capital gain taxes?

If so, a 1031 tax deferred exchange is your solution.

With a 1031 tax deferred exchange, you can sell an investment property and re-invest all of the proceeds into another investment property without having to pay capital gain taxes.

Here’s how a 1031 tax deferred exchange works:

  • The new investment purchase must be of equal or greater value.
  • The purchase cannot be a second home or primary residence.
  • The investment purchase can be a single family home, residential units, land, commercial...
Read More

What is my home worth

Are you asking yourself, “What is my home worth?” To find out what is your home worth and to receive a detailed report of the estimated value of your home, please click on the link below and enter your home address.

You will instantly be emailed a detailed and personalized Comparative Market Analysis (CMA) on your home, which includes information from the local multiple listing service (MLS) with the most recent closed sales in your area.

Read More

Can A Home Buyer Pay More Than Market Value

Can a home buyer pay more than market value for a home? Real estate broker Nicolas Romo from Realty Connection Group answers this questions in this brief video. To watch the video, please visit:

If you want to find out what your home is worth, please visit:

www.HomePricesInPasadena.com

Or, you can call us at (800) 659-4610

Read More

Mortgage Interest Rates

As of September 17, 2014, the mortgage interest rates rose for the 3rd straight month.  It is not uncommon for mortgage interest rates to rise when the Federal Reserve is scheduled to meet.

At any rate, mortgage interest rates remain historically relatively low.

Weekly national mortgage survey

Results of Bankrate.com’s Sept. 17, 2014, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week’s rate: 4.33 3.46 3.35
Change from last week: +0.06 +0.04 +0.06
Monthly payment: $819.45 $1,176.32 $727.18
Change from last week: +$5.82 +$3.24 +$5.46

Read More

Waiting Period To Buy a Home Again After a Foreclosure or Short Sale

wait is almost overWaiting Period To Buy a Home Again After a Foreclosure or Short Sale

How long must a previous homeowner wait before he/she can buy another home after they experienced a foreclosure, short sale, bankruptcy, or deed-in-lieu of foreclosure? According to the September 2014 California Real Estate official magazine of the California Association of Realtors, former home owners must wait the following estimated amount of years in order to re-qualify for home loan financing.

  1. Federal Housing Administration (FHA): 1-3 years after a short sale or foreclosure
  2. Veterans Affairs (VA) Home Loan: 3 years after a short sale or foreclosure.
  3. Freddie Mac Conventional Mortgage: 4 Years after a short sale or deed-in-lieu and 7 years after a foreclosure.
  4. Fannie Mae Conventional Mortgage: 2 years with a 20% down ...
Read More

6837 Ramona Ave. Rancho Cucamonga

Amazing home for sale: 6837 Ramona Ave. Ranco Cucamonga, CA 91701

Read More

2013 Home Seller Survey

2013 Home Seller Survey
In August 2013, the California Association of Realtors conducted a survey of home sellers that bought a home between February 2013 and August 2013.

The 2013 Home Seller Survey infographic on the right shows the results of the survey:

  • 50% of the sellers sold their home above asking price.  One can safely say that the home was priced correctly, thus attracting enough buyers that overbid on the home.
  • On Average, they each received approximately 6 offers from buyers.  A home that is priced correctly will definitely receive multiple offers.

Top Reasons for Selling a Home:

  • 23% of home sellers felt that the time was right
  • 14% of home sellers sold due to financial difficulties.
  • 145 of home sellers sold because of the competitive interest rates.
  • 135 of home sellers sold because they felt th...
Read More