Friday, November 15, 2019 / by Nicole Solari
The Cost of Renting vs. Buying a Home
Historically, the choice between renting and buying a home has been a tough decision.
Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice is clear.
Every market is different. Before you renew your lease, find out if you can put your housing costs to work by buying a home this year. ...
Wednesday, September 18, 2019 / by Nicole Solari
Statewide Rent Control Passed by California Legislature
As many people in the industry are aware, the California legislature passed AB 1482 last week, commonly known as the statewide “rent cap bill.” The bill is expected to be signed into law by Gov. Newson in October. While parts could still change before then, we now have a good enough idea to know what to expect. Basically, the law will make it harder to evict a tenant after she has resided in the property for 12 months and it will cap rent increases between 5% and 10%.However, not all residential properties will be subject to the law.
The bill currently excludes most single-family, duplex and new construction residencies.
At present, the following residential circumstances are exempt from the bill: A) Real property that has been issued a certificate of occupancy within the previous 15 years. So, most homes built after 2004 w. ...
Monday, May 6, 2019 / by Nicole Solari
THE COST OF RENTING VS. BUYING THIS SPRING [INFOGRAPHIC]
Historically, the choice between renting or buying a home has been a tough decision.
Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious.
Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! ...
Monday, February 4, 2019 / by Nicole Solari
WHOSE MORTGAGE DO YOU WANT TO PAY? YOURS OR YOUR LANDLORD’S?
There are some people who haven’t purchased homes because they are uncomfortable taking on the obligation of a mortgage. However, everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As Entrepreneur Magazine, a premier source for small business explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
“The spring homebuying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market ...
Thursday, November 8, 2018 / by Nicole Solari
Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.
In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.
For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.
Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten years.