Buying a Home – The Real Estate Beat

How to Navigate the Homebuying Process with Confidence – Shared Article

Buying a home is one of the biggest financial decisions you’ll ever make. It’s exciting, but it can also feel overwhelming if you don’t have the right guidance. The key to navigating the homebuying process with confidence is understanding the steps involved and working with the right professionals. Here’s how you can make your journey smoother and more successful.

1. Get Pre-Approved for a Mortgage

One of the first steps to take when buying a home is getting pre-approved for a mortgage. This gives you a clear understanding of your budget and strengthens your position when making an offer. Lenders will review your credit, income, and financial history to determine how much you qualify for. Having a pre-approval letter in hand signals to sellers that you are a serious buyer.

2. Work with a Knowledgeable Real Estate Agent (like The Caton Team)

A real estate agent can be your best ally in the homebuying process. They have access to market insights, negotiation expertise, and a deep understanding of the home search and purchase process. Choose an agent with experience in your preferred area who can help you find the right home and guide you through each step of the transaction.

3. Understand the Market and Set Realistic Expectations

Before you start house hunting, take the time to research the local real estate market. Look at property prices, neighborhood trends, and inventory levels. This helps you set realistic expectations about what you can afford and what’s available within your budget. Your real estate agent can provide valuable insights to help you make informed decisions.

4. Make a Competitive Offer

Once you find the right home, it’s time to make an offer. Your agent will help you determine a fair price based on comparable properties and market conditions. In competitive markets, you may need to act quickly and include strong terms, such as a larger earnest money deposit or a flexible closing timeline, to make your offer stand out.

5. Conduct a Thorough Home Inspection

A home inspection is a crucial step that helps uncover potential issues with the property. Hiring a professional inspector ensures you know about any hidden problems before closing. If significant issues arise, you may have the option to negotiate repairs or reconsider your purchase.

6. Secure Financing and Prepare for Closing

Once your offer is accepted, work closely with your lender to finalize your mortgage. This involves submitting required documents, locking in your interest rate, and reviewing loan terms. Additionally, you’ll need to secure homeowners insurance and complete any final paperwork. Your real estate agent and lender will guide you through this process to ensure a smooth closing.

7. Close the Deal and Move In

The final step is closing day, where you’ll sign the necessary documents, make your down payment, and receive the keys to your new home. Before moving in, do a final walkthrough to confirm the property is in the agreed-upon condition. Then, celebrate—you’re officially a homeowner!

Final Thoughts

Buying a home doesn’t have to be stressful. With the right preparation, professional guidance, and a clear understanding of the process, you can confidently navigate your homebuying journey. If you’re looking for expert assistance, reach out to experienced mortgage professionals who can help you every step of the way.

I read this article HERE.

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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.

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

How Real Estate Agents Can Help Home Buyers Understand Financing – Shared Article

I read this article HERE.

Nearly one in three renters admit to delaying a home purchase because of misgivings about the mortgage process. Here’s how you can get them on the right page.

Man looking at computer screen with confusion

Americans are confused about mortgages and many other financial aspects of homeownership, according to a new survey of about 1,000 prospective buyers and homeowners conducted by JW Surety Bonds. Read the whole survey HERE.

One in three renters say their lack of knowledge about homeownership has caused them to delay a home purchase, while homeowners admit to making some costly mistakes in the homebuying process because of a low homeownership IQ.

Real estate professionals must play the role of an educator, helping to clear up their clients’ misunderstanding about a home purchase. “It’s clear that improved education and resources could help foster Americans’ homeownership success,” researchers note in the JW Surety Bonds survey. “As the housing market continues to change, so must our approach to homeownership literacy.”

The Gaps in Homebuying Knowledge

Aside from confusion about mortgages, home buyers also appear to misunderstand the added costs involved when buying a home, such as closing costs and property maintenance. The JW Surety Bonds survey uncovered the following consumer knowledge gaps about homeownership:

Unaware of key real estate terms. One in eight buyers surveyed could not accurately define what a “mortgage” is, and 43% were unsure of the meaning of “mortgage rate,” the survey found. That knowledge gap may be alarming, considering that 74% of buyers financed their home purchase with a mortgage in 2024. You can provide your clients with NAR’s Consumer Guide on mortgages and financing, as well as a customer handout on loan and lending terms to know.
Failing to shop around for a mortgage. Forty-one percent of homeowners say they did not feel confident negotiating mortgage rates or refinancing terms with a lender, the survey found. But the average borrower could save an average of $76,410 over the life of their loan—or $212 a month—just by comparison shopping for a mortgage and negotiating rates, according to a 2024 survey from LendingTree. Also, many buyers say they were unaware of more affordable loan options, such as FHA loans, VA loans (you can share NAR’s Consumer Guide on what veterans need to know about buying a home) and other low down payment programs that could particularly impact first-time home buyers. You can provide your clients with NAR’s Consumer Guide on buying your first home, as well as a customer handout on questions to ask when choosing a lender.
Not budgeting for hidden homeownership expenses. More than a quarter of homeowners—27%—say they were caught off guard about unexpected fees during the homebuying process, according to JW Surety Bonds’ research. Real estate professionals can help their clients prepare for the added costs, such as property taxes, homeowners insurance, homeowners association fees (if applicable) and routine property maintenance. (Most financial advisers recommend saving 1% to 2% of the home’s purchase price annually.) What’s more, 40% of homeowners say they do not use an escrow account to pay their property taxes, which could expose them to large annual tax bills, the survey’s researchers caution. You can provide your clients with NAR’s Consumer Guides on homeowners insurance—including specific guidance on flood and fire coverage—and escrow and earnest money. Also, you can share a comprehensive overview of transactions involving homeowners associations.
Not paying attention to home affordability. Some home buyers may be at risk of overspending on their home purchase. It could lead to buyer’s remorse: One in nine homeowners say they regret buying their home due to unexpected costs they learned about only after closing. Further, one in nine homeowners say they spend more than 50% of their monthly income on housing costs—a percentage that most financial experts would consider severely “cost-burdened.” Another 36% of homeowners say they did not have an emergency fund to cover unexpected home repairs, leaving them vulnerable to further financial strain, the survey notes. You can share NAR’s Consumer Guide on preparing for homeownership and provide a customer handout with a worksheet to track your clients’ budgets.

Where Home Buyers Can Turn for Guidance

Some prospective home buyers are on the lookout for more answers and guidance on the homebuying process. NAR has many Consumer Guides covering various aspects of the process, from written buyer agreements to home inspections and appraisals, at facts.realtor. Here are other top sources consumers cite for gathering homeownership information, according to the JW Surety Bonds survey:

Friends or family: 64%
Articles or blogs: 49%
Real estate agents: 31%
YouTube: 29%
Financial advisers: 17%
Online courses: 14%
TikTok: 13%

How Real Estate Agents Can Improve Homebuying Education

Real estate professionals may be able to help improve their clients’ homeownership literacy while also expanding their outreach. Try this:

Host education seminars. Team with lenders or financial advisers to offer buyers education seminars that highlight the financial aspects of a home purchase, such as the types of loans available and getting pre-approved for a mortgage. Loans and grants for first-time home buyers may help your clients better afford homeownership.
Talk real estate on social media. Glennda Baker, an associate broker with Glennda Baker + Associates, Inc., in Atlanta, has amassed more than 870,000 followers on TikTok with her short-form real estate education videos. Her videos cover a range of topics, including homebuying mistakes, financing a home purchase and living under a homeowners association.
Customize your consumer handouts. Publish content on your blogs and newsletters and provide handouts about the various aspects of home buying. REALTOR® Magazine offers customizable client education and handouts that detail the steps involved in a home purchase, from financing to closing.

Written by Melissa Dittmann Tracey

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Berkshire Hathaway HomeServices – Drysdale Properties, Redwood City Ca.

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.

Homeownership Is Still at the Heart of the American Dream – Shared Article

Buying a home is a powerful decision, and it remains at the heart of the American Dream. Unlike renting, owning a home means more than just having a place to live – it offers a sense of belonging, stability, and freedom. According to Nicole Bachaud, Senior Economist at Zillow:

“The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.”

Let’s explore just a few of the reasons why so many Americans continue to value homeownership.

The Financial Benefits of Owning a Home

One possible reason homeownership is viewed so highly is because owning a home is a significant wealth-building tool. That may be why Jessica Lautz, Deputy Chief and VP of Research at the National Association of Realtors (NAR), says:

“Homeownership is the number one way to build wealth in America.”

Over time, owning a home not only helps boost your own net worth, but it also sets future generations up for success as you pass that wealth down. Habitat for Humanity explains:

“Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. . . . In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier — lengthening the period over which they can accumulate wealth . . .”

It can also provide meaningful financial stability compared to renting. When you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the length of your home loan.

The Non-Financial Benefits of Homeownership

But, owning a home offers more than just financial benefits—it benefits you socially and emotionally too. Your home provides feelings of achievement, responsibility, and more. In a recent survey, Fannie Mae outlines just a few of these more emotionally-driven benefits, including:

“The top three were having control over what you do with your living space (94%) to having a sense of privacy and security (91%) and having a good place for your family or to raise your children (90%) . . .”

What Does That Mean for You?

If your idea of the American Dream involves greater freedom, security, and prosperity, homeownership could be a key player in bringing that dream to life. And with mortgage rates now on a downward trend, it might be a good time for you to consider making a move.

If you’re ready and able to buy, know that there are incredible benefits waiting at the end of your journey. You’ll gain more than just a home – it’s a place to grow your wealth and call your very own. Like Ksenia Potapov, Economist at First American says:

“…homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.”

Bottom Line

Buying a home is a powerful decision and the cornerstone of the American Dream. If finding a place to call your own is part of your dream for this year, connect with The Caton Team, a trusted, local real estate advisor to start the process today.

SOURCE

Got Questions? The Caton Team is here to help.

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

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

Berkshire Hathaway HomeServices – Drysdale Properties, Redwood City Ca.

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.

Things To Avoid After Applying for a Home Loan – Shared Article

SOURCE

Once you’ve applied for a mortgage to buy a home, there are some key things to keep in mind. While it’s exciting to start thinking about moving in and decorating, be careful when it comes to making any big purchases. Here are a few things you may not realize you need to avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgages. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Co-Sign Loans for Anyone

When you co-sign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your mortgage interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

In Short, Consult an Expert

To sum it up, be upfront about any changes when talking with your lender. Blips in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

My Two Cents: Your home loan is the most important part of your homeowner journey. The Loan Approval is literally a snapshot of your current financial picture and you DO NOT want to change that picture. If you need to move money around, gather gift funds, pay off debt, etc – do so BEFORE YOU APPLY and keep a paper trail! However, The Caton Team highly recommends that you speak with a lender before you do anything. This ensures you’re doing the right things that do not impact your credit score negatively.

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 at your convenience for a personal consultation. Please enjoy our free resources below and get to know our team through our clients’ words. Testimonials.

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HOW TO SELL during COVID-19 – HOW TO SELL – HOW TO BUY during COVID-19- – HOW TO BUY – MOVING MID PANDEMIC – TRUST AGREEMENTS and HEALTH CARE DIRECTIVES – OUR TESTIMONIALS

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
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Berkshire Hathaway HomeServices – Drysdale Properties

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

Finding Their Way Home – Anthony & J’Risha

Turning Real Estate Goals into Reality

I am so happy to share this moment – the opportunity to be part of a friend’s journey home is amazing.

Anthony and I go way back – back to our days as college students and bankers. When he and his lovely wife J’Risha called me saying – they were ready to buy a home – I was so excited.

They shared their goal, their budget; we did the Real Estate math. With loan parameters varying county to county, a quickly escalating East Bay market, and the last corner lot in a new development – well – let’s just say – we couldn’t have done all this without trust. I was grateful to have my friends trust and hash this out together.

Having actively worked in the East Bay for years; The Caton Team is well-versed on market value, competition, and the window we had to work with. I’ve never crunched the data so fast in my life. Grateful to speak candidly and toss ideas around. Soon it was clear to Anthony and J’Risha – what their path would be.

So grateful to be a part of their journey home – thank you for making The Caton Team a part of it. Cheers and to many happy years in your beautiful new home!

How can The Caton Team help You?

We truly enjoy helping our clients sell their home. 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.

HOW TO SELL during COVID-19 | HOW TO BUY during COVID-19

How can The Caton Team help You?

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

HOW TO SELL during COVID-19 – HOW TO SELL – HOW TO BUY during COVID-19- – HOW TO BUY – MOVING MID PANDEMIC – TRUST AGREEMENTS and HEALTH CARE DIRECTIVES – OUR TESTIMONIALS

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?

Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team

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.

7 Ways to Reduce Stress During a Move…

Having just sold my home last year, I remember the hair pulling stress of packing and moving and working and living. Enjoy this article from Trulia. And always get a friend to help you pack your kitchen!

7 Ways To Reduce Stress During A Move

Congratulations! You decided to accept that new job offer in another city, found the perfect apartment or finally closed on the home of your dreams. And while you’re excited about taking that next step, you’re facing a huge frustration: You need to pack all your belongings into boxes, and lug it into another home.

Moving is crazy and stressful. But there are ways to survive the process without prematurely growing (more) grey hairs.

Here are seven ways to manage your stress before, during, and after you’ve boxed up your whole life.

#1: Purge.

Clutter is stressful. Minimize the junk that’s clogging your closets, and you’ll automatically breathe a sigh of relief. Clear the clutter from your home by organizing things you no longer need into three piles: Sell, Donate, and Toss.

Put big-ticket or valuable items in the “sell” pile. Then snap some photos and list them on eBay, Craigslist, or Facebook. (Alternately, if the weather’s nice, hold a massive yard sale.)

Score a tax deduction by donating non-saleable items to Goodwill or any other local thrift stores. Or brighten a friend or family members’ day by giving them your old hand-me-downs.

Throw away or recycle any items that are so far gone, even thrift stores wouldn’t accept it.

Here’s the most fun part: Eat through the contents of your refrigerator and pantry. Spend the weeks prior to your move creating “oddball” meals based on whatever happens to be in your cupboards. And don’t forget to drink all your booze!

#2: Clear Your Calendar.

The most stress-free way to tackle the rest of your packing is by blocking off a chunk of time in which you can focus exclusively on that single task. Find a babysitter who can watch your children. (Or save money by asking a friend or family member to watch your kids, and promise to return the favor in the future.)

Request a day off work, or clear your schedule for the entire weekend. You’ll achieve more by packing continuously for several hours than you will by packing in short bursts of time.

If possible, bribe some of your friends to help. Promise that you’ll buy them dinner and drinks, or offer some other treat, if they’ll donate a few hours of their time to helping you pack and move.

#3: Accumulate Boxes.

For several weeks prior to your move, start accumulating a stack of newspapers and boxes. You probably read your news electronically, but don’t worry – print newspapers still exist, and you can usually pick up free copies of community newspapers outside your local grocery store. (Think of those tabloid-layout weeklies that list what’s happening around town.)

Ask your friends if they have any extra boxes from their previous moves. Or visit local grocery stores and retail outlets, walk to the back (where the employees unpack the inventory), and ask if you can walk off with a stack of boxes. CostCo and Trader Joes’ both keep a steady supply of boxes in-store.

If you’re willing to splurge, however, you might decide to buy boxes from shipping and packing stores, or your local home-improvement store. The benefit to buying boxes is that they’ll all be a standard size (they’re usually sold in 3-4 sizes, ranging from small to large), which makes them easier to stack and load.

#4: Plan.

Don’t start packing without a strategic plan. One of the most efficient ways to pack your belongings is to methodically move from room-to-room. Pack everything in the family room, for example, before moving onto the bedroom.

Keep one suitcase per person in which you store the items that you’ll need to immediately access, such as clean underwear, socks and a toothbrush. In other words, “pack a suitcase” as if you’re going on vacation, and then pack the rest of your home into boxes.

Clearly label each box based on the room from which it was packed. This way, when you unload boxes into your new house, you know which room you should deposit each box into – “bedroom,” “kitchen,” etc.

#5: Protect Your Valuables.

The last thing that you need is a nagging concern in the back of your mind that you can’t find your wedding ring and passport. Those worries will stress you out more than almost any other aspect of moving!

Store your valuables in a well-guarded location, such as on your person (inside of a money belt that’s worn around your hips, as if you were traveling), inside your purse (which you’re already trained not to lose), or in a bank safe-deposit box.

#6: Build Yourself Ample Time and Deadlines

Nothing is more stressful than knowing that you can only start moving into your new home at 8 a.m., but you need to be out of your apartment at 12:00 noon that same day.

Avoid this situation by building yourself ample time to make the transition. Yes, this means you may need to pay “double rent” or “double mortgages” for 2 weeks to one month. But this will allow you the benefit of time — and that will work wonders on your stress levels.

In addition, though, create mini-deadlines for yourself. Promise yourself that you’ll pack up one room per day, for example, or that you’ll unpack for 2 hours per night after you move into your new home. This will prevent you from lingering in limbo for too long.

#7: Delegate.

Finally, the best way to reduce stress is by outsourcing and delegating. Use online resources like TaskRabbit and Craigslist to search for people who can help you pack and move. Before they leave, ask them to help assemble furniture and get the big stuff done first.

As the saying goes, many hands make light work. And when you’re moving, you need as many hands on-board as you can get.

I read this article at: http://www.trulia.com/tips/?ecampaign=cnews&eurl=tips.truliablog.com

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How Generational Differences Are Drive Housing Preferences

I find this information very interesting, the difference between generations when buying their home – enjoy this article I found.

Generational Differences Drive Housing Preferences?

Younger home buyers tend to view their home as a strong investment, more so than older buyers who tend to view their homes as a match to their lifestyle, according to the 2014 NAR Home Buyer and Seller Generational Trends study, based on a survey of more than 8,700 responses from buyers and sellers.

The survey provided an in-depth look at the generational differences of recent home buyers and sellers.

The largest group of recent buyers is millennials, those under the age of 34, who comprised 31 percent of recent home purchases, according to the NAR survey. Generation X buyers, born between 1965 and 1979, accounted for 30 percent of recent purchases, and younger boomers, born between 1955 and 1964, accounted for 16 percent.

“Given that millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand,” says Lawrence Yun, NAR’s chief economist. “Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people. However, the challenges of tight credit, limited inventory, eroding affordability, and high debt loads have limited the capacity of young people to own.”

The median age of millennial home buyers is 29 and the median income is $73,600, according to the NAR study. They typically purchased an 1,800-square-foot home costing about $180,000.

In comparison, gen X buyers’ median age is 40 and median income is $98,200, and they tend to purchase a 2,130-square-foot home costing $250,000.

Among some of the study’s other findings:

87 percent of buyers age 33 and younger consider their home purchase a good financial investment compared to 74 percent of buyers 68 and older.
Millennials were more likely to buy in an urban or central city area than older boomers.
Younger buyers tended to place higher importance on commuting costs than older generations. Older generations tended to place more emphasis on energy efficiency, landscaping, and community features.
Millennials plan to stay in the home for 10 years while the baby boom generation plan to stay for 20 years.
Younger buyers tend to move to larger, higher-priced homes, but “there is a clear trend of downsizing to smaller homes among both younger and older baby boomers and the Silent Generation (those born between 1925 and 1945),” according to the study.

Source: National Association of REALTORS®

What are your thoughts on the future of home buying? I know – the price of homes listed on this article is the national average – NOT the San Francisco Peninsula where nothing is priced that low. But I did find this article interesting – especially the differences between Generation X and the Millennials.

I read this article at: http://realtormag.realtor.org/daily-news/2014/03/12/generational-differences-drive-housing-preferences?om_rid=AACmlZ&om_mid=_BTII85B84y54x2&om_ntype=RMODaily

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 01499008

Shut Out of the Housing Market? First-Timers Dwindle…

The 1^st time buyer is the cornerstone to the housing market. Enjoy this article – I would love to hear your thoughts! I added my 2 cents at the bottom.

Shut Out of the Housing Market? First-Timers Dwindle

First-time home buyers are particularly being hit hard by rising prices and tougher credit standards — and their decreasing market share proves it.

The National Association of REALTORS® reports that first-time home buyers accounted for 26 percent of purchases in January, down from 30 percent a year earlier. It’s also the lowest market share for first-time buyers that NAR has recorded since it began measuring it in 2008.

The falling number of first-time home buyers has the potential to slow the pace of the recovery, Bloomberg reports. The decline of first-time home buyers is hampering home sales, which dropped 5.1 percent in January compared to a year earlier, NAR reports.

“It’s a huge problem,” says Leslie Appleton-Young, chief economist for the California Association of REALTORS®. “We have a ladder of home ownership and need first-time home buyers beginning the process of owning, building equity, and trading up to have a healthy housing sector.”

Some housing advocates are blaming investors for pushing out home buyers, particularly where first-time home buyers are being outbid by investors offering all-cash offers. Nearly 80 organizations are calling on federal regulators to address investors pushing potential home buyers out of the market, reports the California Reinvestment Coalition. They argue that federal housing agencies conducting bulk sales of foreclosed homes and distressed mortgages have heightened the problem.

“We’re ringing the alarm bell now and asking regulators to act,” says Kevin Stein, associate director of the California Reinvestment Coalition. “Wall Street and other cash investors are making it harder for families to buy their first house, for renters to stay in their communities, and for neighborhoods to recover.”

The housing advocates are asking for greater oversight from federal regulatory bodies, such as with more oversight of new investor landlords and ensure that banks aren’t favoring investors over home buyers with FHA loans in REO purchases. The group is also asking for greater research on the disparate impact of REO properties on various communities, particularly the impact to minority communities. Read more about the housing advocates’ stance at the California Reinvestment Coalition website.

Source: “Americans Shut Out of Home Market Threaten Recovery: Mortgages,” Bloomberg Businessweek (March 5, 2014) and “80 Organizations Ask Federal Government to Address Investor Cash Flooding Into Neighborhoods,” California Reinvestment Coalition (March 4, 2014)

My 2 cents. When prices were as low as they were going to go – I remember contacting all the buyers I met 10 years ago to let them know there were homes in their price ranges. Sadly, offer after offer, the 1^st time buyers, with loans, were being outbid by investors – or underbid, but out timed by cash investors. I watched homes sell so darn low to investors, foreign and domestic, my heart hurt. Here was the opportunity for 1^st time buyers, who planned on staying put for 10 years and working on their home – and they couldn’t buy because of the competition. Now there are plenty of rental properties, but here in the Bay Area the rents are just as high as the mortgages. I’m sad to see 1^st time buyers forced to move away just to buy a home. And that is no good for growth or our area or our housing market. Without a first time buyer – there is no second time buyer and so forth. It will be interesting to see how this effects us.

I read this article at: http://realtormag.realtor.org/daily-news/2014/03/06/shut-out-housing-market-first-timers-dwindle?om_rid=AACmlZ&om_mid=_BTGMphB84q$cpc&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008

Law Requiring Water-Conserving Plumbing Fixtures is in Effect

Law Requiring Water-Conserving Plumbing Fixtures is in Effect

Just a re-reminder, state law calling for the replacement of older plumbing fixtures with water-conserving ones went into effect on January 1 of 2014. The law says that when improving a property (based on certain standards and thresholds), new water-conserving toilets, showerheads, faucets and urinals must be installed before the local building department will issue a certificate of final completion and occupancy. The plumbing fixtures that will need to be replaced are: any toilet manufactured to use more than 1.6 gallons per flush; any showerhead manufactured to have a flow capacity of more than 2.5 gallons of water per minute; any interior faucet that emits more than 2.2 gallons of water per minute and any urinal manufactured to use more than one gallon of water per flush. Homeowners with questions about their individual fixtures are urged to contact their city or county building department.

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

Think You Cannot Afford to Buy in the Bay Area – Think Again…

When the SF Chronicle published that in order to buy a home in the Silicon Valley a buyer needs to earn a minimum of $150,000 a year, the groan was heard across the Bay Area as 1^st & 2^nd time homebuyers cringed when they looked at their w-2’s. Trust me – I know the feeling. Born and raised in beautiful San Carlos I knew it was only a matter of time before our property values would tip $1,000,000. Of course I was just 16 when I made this prediction and sadly no one listens to the young.

Now that I am a professional Realtor, going on 11 years in this competitive industry, people start to listen. Finally!

Yes, in order to buy a 3 bedroom 2 bath home on a 5000 sqft lot in just about any town on the peninsula it is going to take a lot of pretty pennies. But before the 1^st and 2^nd time homebuyers give up – lend me your ear for just a second.

As a 2^nd time homebuyer myself. (Just sold my 1^st place last year), I’ve been saving my money like crazy – and it doesn’t seem to add up to much when homes in the area are selling for over their listed price with multiple offers. Trust me, I feel the sadness so many buyers are feeling right now. However there is hope! We just need to change our goals.

So the Silicon Valley is getting very very pricey. When clients think about buying their first place, they often think of buying the home they plan on living in for the next 10 years. Which is a wise plan, but if you are not raking in the $150,000 income – don’t think you cannot buy. Just think outside the box.

I recently sat down with my broker to chat about my plans to buy another property and the sentiment I’ve heard from prospective home buyers around the peninsula. His advice – buy investment properties. Maybe not in the immediate area, but down South or the East Bay where there are MANY well-priced opportunities to buy. So you might not be planning to live in Antioch – but there are many people who are and buying an investment property gets your foot in the Real Estate door. Yes, you will become a landlord with home responsibilities. But then again, if you wanted to buy a home in the first place you are pretty much signing up for a lifetime of being your own landlord and caring for any property you purchase. So the flip side here is – you are the landlord and you reap the benefit of INCOME on your investment property.

That income can be used to buy another property. Once you become an investor, you can 10-31 exchange one investment for another, convert it to a primary residence (consult with your tax advisor for restrictions) or simply continue to pay the mortgage and keep collecting your income.

Don’t have enough money to invest by yourself? Find other like-minded individuals with capital and form an investment group. There are some restrictions so I do advise you consult a Realtor (I am always available) and a Real Estate Attorney to draft an investment agreement.

The benefits of buying your first investment property are similar to buying your own home. There are tax incentives and there are headaches. But in the game of Real Estate – the only way you can advance is to become a player in the game.

What are your thoughts on investing in Real Estate or forming an Investment Group – I’d love to hear YOUR opinions!

I wrote this article – thanks for reading – Sabrina

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

Visit our Website at: http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at: LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 01499008

1. Get Pre-Approved for a Mortgage

2. Work with a Knowledgeable Real Estate Agent (like The Caton Team)

3. Understand the Market and Set Realistic Expectations

4. Make a Competitive Offer

5. Conduct a Thorough Home Inspection

6. Secure Financing and Prepare for Closing

7. Close the Deal and Move In

Final Thoughts

Got Questions? The Caton Team is here to help.

Berkshire Hathaway HomeServices – Drysdale Properties, Redwood City Ca.

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The Gaps in Homebuying Knowledge

Where Home Buyers Can Turn for Guidance

How Real Estate Agents Can Improve Homebuying Education

Got Questions? The Caton Team is here to help.

Berkshire Hathaway HomeServices – Drysdale Properties, Redwood City Ca.

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The Financial Benefits of Owning a Home

The Non-Financial Benefits of Homeownership

What Does That Mean for You?

Bottom Line

Got Questions? The Caton Team is here to help.

Berkshire Hathaway HomeServices – Drysdale Properties, Redwood City Ca.

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Don’t Deposit Large Sums of Cash

Don’t Make Any Large Purchases

Don’t Co-Sign Loans for Anyone

Don’t Switch Bank Accounts

Don’t Apply for New Credit

Don’t Close Any Accounts

In Short, Consult an Expert

Bottom Line

Got Questions? The Caton Team is here to help.

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How can The Caton Team help You?

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