Monday, December 7, 2020 / by Nicole Solari
Buying a house is a very exciting process, but it’s also a huge financial commitment. It’s understandable how one can find themselves swept up in the excitement and the homey feeling of a house and make an offer immediately. But not so fast – there are multiple hidden dangers that can sour your new purchase.
From structural problems to haunted houses and terrible neighbors, here are 6 hidden things to check before you close on your new house.
1. 1. Terrible neighbors
It may seem inconsequential to you, but your neighbors may very well be just as important as the house you’re moving into. The only problem is that you don’t always know what they’re like or what issues they may create further down the line.
That’s why it’s always a good idea to go around to the neighboring houses and drop in for a chat. That way, you’ll get to know the neighborhood and your neighbors before dropping a few hundred t ...
Monday, November 11, 2019 / by Nicole Solari
After several years of record-breaking California wildfires, insurance companies have responded by imposing huge premium increases on property owners, or even worse, flat-out denying coverage and canceling policies. Here are some tips to help property owners maintain their current insurance plan or, if necessary, find a new one.
KNOW YOUR RIGHTS! If your insurance company is not going to renew the policy on your home, they must notify you in writing at least 45 days before the expiration date. If you didn’t receive the proper notice, contact the California Department of Insurance (DOI) at 1-800-927-HELP or online at www.insurance.ca.gov. Check to see if your policy has a guaranteed renewal provision. You may also be entitled to a renewal under laws applicable to homes that are lost in a declared disaster.
CONTACT YOUR INSURANCE COMPANY IMMEDIATELY. If you receive notice of a rate increase or non-renewal, get in touch ASAP to see if ther ...
Thursday, August 23, 2018 / by Nicole Solari
Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report:
There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros
About 14% of all listings had a price cut in June
Since the beginning of the year, the share of listings with a price cut increased 1.2%
This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year
Senior Economist Aaron Terrazas further explained:
“A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.”
What this DOESN’T MEAN for the real estate market…
This doesn’t mean home values have depreciated or are about to depreciate. ...
Monday, June 25, 2018 / by Nicole Solari
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that the main reason why non-homeowners do not own their own homes is because they believe that they cannot afford them.
This brings us to two major misconceptions that we want to address today.
1. Down Payment
A recent survey by Laurel Road, the National Online Lender and FDIC-Insured Bank, revealed that consumers overestimate the down payment funds needed to qualify for a home loan.
According to the survey, 53% of Americans who plan to buy or have already bought a home admit to their concerns about their ability to afford a home in the current market. In addition, 46% are currently unfamiliar with alternative down payment options, and 46% of m ...
Thursday, April 26, 2018 / by Nicole Solari
This month, Arch Mortgage Insurance released their spring Housing and Mortgage Market Review. The report explained that an increase in mortgage rates and/or home prices would impact monthly payments this way:
A 5% increase in home prices increases payments by roughly 5%
A 1% rise in interest rates increases payments by roughly 13% or 14%
That begs the question…
What if both rates and prices increase as predicted?
The report revealed:
“If interest rates and home prices rise by year-end in the ballpark of what most analysts are forecasting, monthly mortgage payments on a new home purchase could increase another 10–15%. That would make 2018 one of the worst full-year deteriorations in affordability for the past 25 years.”
The percent increase in mortgage payments would negatively impact affordability. But, how would affordability then compare to historic norms?
Per the report: