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How Misunderstandings about Affordability Could Cost You – Shared Article

There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the National Association of Realtors (NAR) shows homes are more affordable today than the historical average, some still have concerns about whether or not it’s truly affordable to buy a home right now.

When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the Urban Institute, Homeownership Is Affordable Housing, author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights included.

1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage.

The report explains:

“When we look at the median housing expense ratio of all households, the typical homeowner household spends 16 percent of its income on housing while the typical renter household spends 26 percent. This is true, you might say, because people who own their own home must make more money than people who rent. But if we control for income, it is still more affordable to own a home than to rent housing, on average.”

How Misunderstandings about Affordability Could Cost You | Simplifying The Market

Here’s the data from the report shown in a graph:

2. Renters don’t have extra money to invest in other assets.

The report goes on to say:

“Buying a home is not a decision between investing in real estate versus investing in stocks, as financial advisers often claim. Instead, the home buying investment simply converts some portion of an existing expense (renting) into an investment in real estate.”

It explains that you still have a housing expense (rent payments) even if you don’t buy a home. You can’t live in your 401K, but you can transfer housing expenses to your real estate investment. A mortgage payment is forced savings; it goes toward building equity you will likely get back when you sell your home. There’s no return on your rent payments.

3. Your mortgage payment remains relatively the same over time. Your rent keeps going up.

The report also notes:

“Whereas renters are continuously vulnerable to cost increases, rising home prices do not affect homeowners. Nobody rebuys the same home every year. For the homeowner with a fixed-rate mortgage, monthly payments increase only if property taxes and property insurance costs increase. The principal and interest portion of the payment, the largest portion, is fixed. Meanwhile, the renter’s entire payment is subject to inflation.

Consequently, over time, the homeowner’s and renter’s differing trajectories produce starkly different economic outcomes. Homeownership’s major affordability benefit is that it stabilizes what is likely the homeowner’s biggest monthly expense, assuming a buyer has a fixed-rate mortgage, which most American homeowners do. The only portion of the homeowner’s housing expenses that can increase is taxes and insurance. The principal and interest portion stays the same for 30 years.”

A mortgage payment remains about the same over the 30 years of the mortgage. Here’s what rents have done over the last 30 years:

4. If you want to own a home and can afford it, waiting could cost you.

As the report also indicates:

“We need to stop seeing housing as a reward for financial success and instead see it as a critical tool that can facilitate financial success. Affordable homeownership is not the capstone of economic well-being; it is the cornerstone.”

Homeownership is the first rung on the ladder of financial success for most households, as their home is most often their largest asset.

Bottom Line

If the current headlines reporting a supposed drop-off in home affordability are making you nervous, let’s connect to go over the real insights into our area.

Whether you’re just starting your journey in Real Estate or you’ve bought and sold before you can trust – The Caton Team to be your guides. We’ve built our business on trust, honesty, communication, respect, loyalty, wisdom, and knowledge. Each client is unique – please reach out for a personal consultation or read our blog HERE.

Got Questions? The Caton Team is here to help.

We love what we do and would love to help you navigate your sale or purchase of Residential Real Estate. Please reach out for a personal consultation. Please enjoy our free resources below and get to know our team from our TESTIMONIALS.

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We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral, or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – wouldn’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
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Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third-party information not verified.

SOLD: By The Caton Team – San Carlos

Sold with Multiple Offers in San Carlos | 3D Tour

Hands down, one of the most gorgeous homes we’ve ever had the honor of representing. Cedar was so thoughtfully and beautifully remodeled that at our open house, people lined up to say so – even though they were not in the market to buy – that’s design magic.

On the market for 6 days – coming soon for many more – we received 8 offers and sold for our goal price – $3,000,002 – $200,000 MORE than the data supported. We couldn’t’ do this without our buyer’s agent team – so shout out to Karen Kovacs for representing her client so well and being so easy to communicate with. It’s not just contracts that sell a home – it’s all the people involved. So grateful to be a part of this clients journey.

Here’s what our client has to say about it…

Sabrina and Susan were incredible! Efficient, responsive and knowledgeable, they handled the sale of my home with ease and grace. Their experience and attention to every detail meant the house went on the market at the right time, at the right price, and looked its absolute best! With Sabrina and Susan’s straightforward and honest approach, we received eight offers in less than a week, and sold for well over the asking price. I would not hesitate to recommend The Caton Team — and would hire them again in an instant. – Wendy 2023

We love what we do – How can The Caton Team help You?

We truly enjoy helping our clients sell their homes. The Caton Team loves what we do and would love to help you – please enjoy our resources below. Get to know us at through our clients words.

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # | Sabrina 01413526 | Susan 01238225 | Team 70000218 | Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

Helping our clients find their way home – Los Gatos

Welcome Home to Los Gatos

Sometimes you just know it’s the one, but takes a little time to get everyone on board. When our client fell in love with this home we were excited to submit an offer, but were a hair out of reach. So we waited. What will be will be. When the price dropped we saw an opportunity and gave it a shot. The Caton Team always says Real Estate is not a twisting of the arm but a meeting of the minds. We found that middle ground and are so happy to turn our client into a homeowner. How can we help you? 650.799.4333 | Info@TheCatonTeam.com

We love what we do – How can The Caton Team help You?

We truly enjoy helping our clients sell their homes. The Caton Team loves what we do and would love to help you – please enjoy our resources below. Get to know us at through our clients words.

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # | Sabrina 01413526 | Susan 01238225 | Team 70000218 | Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

SOLD: By The Caton Team – San Mateo

Sold in San Mateo by The Caton Team

We had the joy of helping our clients buy their first place and then the pleasure of helping them sell it. This first floor one bedroom condo had inside laundry, new flooring, quartz kitchen counter, and virtually staged.

We love what we do – How can The Caton Team help You?

We truly enjoy helping our clients sell their homes. The Caton Team loves what we do and would love to help you – please enjoy our resources below. Get to know us at through our clients words.

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # | Sabrina 01413526 | Susan 01238225 | Team 70000218 | Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

SOLD: By The Caton Team – San Mateo

Sold with 35 Offers in San Mateo

Opportunity Knocked in San Mateo when we had the pleasure of helping this family transition into their new life. A unique renovation opportunity – on the market for less than 1 week – we had the pleasure of presenting 35 offers to our sellers and truly wowing them. Renovation Opportunities are interesting experiences. So many contractors and buyers prefer an “off-market sale” but The Caton Team knows the power of going “on the market” and respects the importance of equality and fairness in all Real Estate dealings. We don’t sell off-market – we make sure our clients know the offer they have is the best the market can stand – and it shows. 15 confirmed offers turned into 35 on offer day – and by offer #29 – we knew we found the best price and terms for our selling clients. It was an honor to represent this family during their life transition and a true pleasure of wowing them.

We love what we do – How can The Caton Team help You?

We truly enjoy helping our clients sell their homes. The Caton Team loves what we do and would love to help you – please enjoy our resources below. Get to know us at through our clients words.

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # | Sabrina 01413526 | Susan 01238225 | Team 70000218 | Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.

Plumbing Maintenance Tips

Performing basic maintenance for the plumbing systems in your home can go a long way to preventing bigger issues from erupting. Here are eight DIY maintenance tips that can help minimize the number of trips to your house from your plumber, particularly if your home has experienced plumbing problems in the past.

Eight Essentials to Good Plumbing Maintenance

Fix leaks and clogs immediately. Plumbing issues like these can quickly turn simple repairs into expensive ones and/or lead to water damage and unhealthy mold or mildew buildup.
Use non-toxic drain cleaners. A solution of baking soda and vinegar can clear most minor drain clogs.
Keep drains object-free. Install properly fitting drain screens and sink stoppers to prevent food, hair, and other things that can stop up pipes from going down the drain.
Learn what your disposal can eat. Not everything can be chewed up by the kitchen disposal. Check your manufacturer’s manual for specifics, but as a general rule, never put cooking grease, coffee grinds, egg shells, pasta or rice in your disposal.
Buy the right tools. Be sure you have a plumber’s wrench in your toolbox as well as a sturdy plunger.
Know locations for all shut-off valves. Your home’s washing machine, sink, toilet, and water heater all have shut-off valves. Know where they are as well as your home’s main water shut-off valve and any outside clean-outs.
Prepare for the season. Before winter, inspect the insulation around the pipes under your house, in the basement, and in the garage. Proper insulation helps keep your pipes from freezing and bursting.
Schedule regular plumbing checkups. Consult with your plumber about a schedule for the routine maintenance needs for your home’s HVAC system and water heater. Also schedule a snake of your sewer lines via your home’s clean-out at least every two years to keep pipes free of clogs and buildup.

Remember: your home’s plumbing has a tell. When you spot one of its tics, like a leaky faucet, water on the floor around a dishwasher or refrigerator, or mildew around a sink, shower, or tub, don’t hesitate to act. It’s a sign that you have some maintenance to do.

I read this article HERE

Got Questions? The Caton Team is here to help.

Effective. Efficient. Responsive. The Caton Team

🏡 How can The Caton Team help You?

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third-party information not verified.

Pre-Approval Makes All the Difference When Buying a Home – Shared Article

SOURCE

You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer.

Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the National Association of Realtors (NAR), homes are receiving an average of 5.1 offers for sellers to consider. As a result, bidding wars are more and more common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.

Freddie Mac explains:

“By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.”

Every step you can take to gain an advantage as a buyer is crucial when today’s market is constantly changing. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals such as a loan officer and a trusted real estate agent making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.

Whether you’re just starting your journey in Real Estate or you’ve bought and sold before you can trust – The Caton Team to be your guides. We’ve built our business on trust, honesty, communication, respect, loyalty, wisdom, and knowledge. Each client is unique – please reach out for a personal consultation or read our blog HERE.

Got Questions? The Caton Team is here to help.

Effective. Efficient. Responsive. The Caton Team

🏡 How can The Caton Team help You?

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third-party information not verified.

Home Maintenance for Your Hardwood Floors

One of the best and biggest investments in your home – is the flooring. Take care of your hardwood today and it will last generations. If you have any updating questions – curious which updates bring more value to your home? Contact The Caton Team – we’re happy to help! -Sabrina

How To Care for Your Hardwood Floors

Hardwood is one of the oldest flooring materials and is still considered one of the best. Hardwood floors are natural, beautiful, and durable, especially if you maintain them. With good maintenance, they will last longer, look better, and add value to your home.

Make daily dusting and sweeping, with a scratch-free cloth or broom, part of your daily maintenance routine. When you need to vacuum hardwood, be sure to use the soft brush attachment, never the rotating brush roll, or as it’s known in older vacuums, the beater bar. Then, as needed, mop with the wood floor cleaning product recommended for your floor’s type and finish.

Wood floors need a protective finish. Unfinished wood floors require finishing with a protective sealer immediately after installation. Factory-finished floors are sanded, sealed, and ready to use right out of the box. If you have solid hardwood, you may need to add a finishing coat every few years, or eventually sand and refinish decades down the road. If you have engineered hardwood, which is a veneer, sanding and refinishing may be an option one-time only, depending on the thickness of the veneer.

Tips for Cleaning Your Hardwood Floors

Use only wood floor care products; never use vinyl or tile cleaning products.
If you prefer a natural cleaner, like vinegar and water, do your research. Your floors must be well sealed, and the vinegar-to-water pH balance can’t be too acidic, and you must wipe the floors dry immediately.
Most experts advise that you don’t use water to wet or steam mop wood floors.

Tips for Protecting Hardwood Floors

Use felt or rubber protectors on the bottom of furniture legs and never drag furniture on wood flooring.
Use area rugs in high-traffic areas, in front of exterior doorways, as well as in front of the kitchen sink.
Remove shoes at the door, especially high heels or cleats.
Slow down fading by keeping direct sunlight off your floors. Use window coverings to redirect, diffuse, or block UV light. UV-resistant finishes are also available.
Keep dogs’ nails trimmed, or restrict them from hardwood areas.
Wipe up spills immediately; standing liquid can damage wood floors.

Tips for Scratches and Squeaks

For deep or surface scratches, touch up using a stain stick for wood that matches your floor’s finish.
For squeaky floors, if possible, it’s best to repair from underneath which may need to be done by a professional. There are products that include a combination of lubricant and powder, which you can try using on the surface between the planks, but effectiveness may be limited.

Homeowner Tips

Did you know that hardwood floors are among the many home improvements that will pay homeowners back over the long run?
Wondering about other remodeling projects to add value to your home? Learn about the best remodeling investments you can make.
On a budget? Try these inexpensive, DIY home improvement projects to give your home a fresh look.

I read this article HERE

Got Questions? The Caton Team is here to help.

Effective. Efficient. Responsive. The Caton Team 🏡 How can The Caton Team help You?

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third-party information not verified.

5 Tips for Making Your Best Offer – Shared Article

SOURCE

In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.

Below are five things to keep in mind when it’s time to make an offer.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home.

2. Be Prepared To Move Fast

Speed and the pace of sales are contributing factors to today’s competitive housing market. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the average home is on the market for just 17 days. As the report notes:

“Eighty-nine percent of homes sold in July 2021 were on the market for less than a month.”

When homes are selling fast, staying on top of the market and moving quickly are key. After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.

3. A Real Estate Professional Can Lead You to Victory

No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac says:

“The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.

4. Craft a Strong, Fair Offer

In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to the latest Realtors Confidence Index from NAR, 50% of offers are above the list price.

In such a competitive market, emotions and prices can run high. Having an agent to help craft a strong, fair offer is critical in these situations. Your agent can help you understand:

The market value of the home
Recent sales trends in the area
Current buyer demand

5. Understand the Seller’s Needs, but Resist Waiving Certain Contingencies

When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. Your trusted real estate advisor will help you consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up, like the home inspection.

Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive housing market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure your offer rises to the top.

The Caton Team knows what it takes to close a successful escrow for our selling clients – that’s why when we represent buyers – we outshine the rest. Read our TESTIMONIALS to learn more about why our clients love us and our unique approach to buyer Real Estate in Silicon Valley.

Got Questions? The Caton Team is here to help.

Effective. Efficient. Responsive. The Caton Team 🏡 How can The Caton Team help You?

Get exclusive inside access when you follow us on Facebook & Instagram

Got Real Estate Questions? The Caton Team is here to help.

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third-party information not verified.

Should I Rent or Should I Buy? – Shared Article

SOURCE

Should I Rent or Should I Buy? [INFOGRAPHIC] | Simplifying The Market

Some Highlights

It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
If you want to learn more about the benefits of homeownership, let’s connect today.