Kitchen of the Week: Style and Storage in a Compact Space

Kitchen of the Week: Style and Storage in a Compact Space

A mix of splurges and saves creates a beautiful new kitchen and entry area “These clients had lived in their house for two years but had not had anyone over because of their kitchen,” says interior designer Donna Gilliam. “One of the homeowners is the best teacher in Nashville, and I wanted to do the best by her.” Gilliam was referring to her daughter’s beloved second-grade teacher, which is how they originally met. By expanding the kitchen a mere 18 inches into the dining room, designing a functional layout with an easy flow and providing smart storage, the designer was able to give this family of four a happy kitchen they are now proud to show off.

Kitchen of the Week

Who lives here: A young and active family of four

Location: Nashville, Tennessee

Size: 115 square feet (10.7 square meters) for kitchen area; 30 square feet (2.8 square meters) for mudroom area

Designer: Donna Gilliam of Donna Gilliam Interiors

BEFORE: The kitchen had only about 8 feet of counter space. The cabinets were inefficient and inadequate, and the room was dark. The project was a full gut job that came in just under the clients’ $40,000 budget, thanks to Gilliam’s balance of splurges and saves.

AFTER: As you can see in the left corner of this photo, there is also an exterior door in the room, so Gilliam needed to maintain an easy flow through the space to the door. Her solution was a U-shaped layout packed with storage. In fact, if you were to cut off the room at the backside of the peninsula, the part that truly functions as a kitchen is only 115 square feet. She had to lose the window seen in the “before” photo to place the range and vent hood, but her design made the room so light and bright that it wasn’t missed.

“My client has exquisite taste, and she was armed and ready with Houzz ideabooks,” Gilliam says. “She was not afraid to take risk — rather than going for the popular all-white kitchen, she loved the idea of mixing colors.” This resulted in dark gray lower cabinets with light-colored uppers.

A key jumping-off point was the satin brass her client loves. A local woodworker made the open shelves, which keep the range wall from feeling too heavy with cabinets and bring in a custom element. To save money, Gilliam bought inexpensive silver brackets at Ikea, and her clients spray-painted them satin brass to match the faucet and other hardware.

Clever storage solutions include this built-in spice rack within easy reach of the stovetop.

Gilliam also saved money by reusing her clients’ range and dishwasher, which were in great shape. “If it’s not broken, I try to honor the resource if it doesn’t affect the overall quality of the room,” she says.

Other clever storage solutions include this pullout cutting board, trash and recycling bin storage to the left of the sink, and two rollout drawers for pots and pans to the left of the stove, below.

The idea for the satin brass accents came from this exquisite satin brass faucet that the homeowner had spied in another one of the designer’s projects. It became an absolute must-have for her. “But at $1,100, this faucet was way out of the budget range for a $35,000 to $40,000 kitchen,” Gilliam says. Her client scoured the internet and found a designer on eBay who had bought the faucet for a project but had not used it; she scored it for $386. A standard undermount sink was another cost saver.

“Because we’d saved on the appliances and the faucet, I said, ‘Let’s go all out with the jewelry,’” Gilliam says. In this case, “jewelry” refers to the beautiful backsplash tile, which was handmade in England. “It’s very iridescent, picks up the colors around it and elevates the design,” she says.

BEFORE: At first, her clients thought they should open up the wall behind the refrigerator between the kitchen and the dining room. But Gilliam wasn’t persuaded that making the kitchen huge was the answer or would fit with the style of the 1950s bungalow.

AFTER: Instead, she borrowed about 18 inches from the dining room, extending the kitchen just enough to fit the refrigerator along the adjacent sink wall and to create a pantry-coat closet space behind the wall on the right. She also enlarged the opening to the dining room, giving the space an airier feel and easier flow.

She used an economical maple flooring in the kitchen and stained it to match the existing hardwoods. Placing a 4-inch threshold band between the two rooms rather than weaving the floorboards together was another move that saved money.

Another budget saver was giving the free-standing counter-depth refrigerator a surround, for a built-in look. Counter depth is 24 inches, but the doors on counter-depth refrigerators stick out beyond that measurement. “Making the cabinets just a hair deeper than the standard size of 24 inches to extend all the way to the edge of the doors lends a high-end look on a modest budget,” Gilliam says.

BEFORE: The family had no landing zone after they walked through the door, so their coats, tennis balls, bags and shoes invaded the kitchen space.

AFTER: “We created a mudroom simulation in here, providing drop-off storage, and directing traffic to and from the door,” Gilliam says. In addition to the tall pullout storage pantry for coats, tennis balls and other gear on the left side of photo, the back side of the peninsula has storage cabinets for the landing zone. She hijacked the family photo from the living room and hung it here to welcome everyone.

Gilliam’s tight organization as the project manager during construction also kept costs in check. By making sure everything she needed was on-site before they began construction, she avoided any late-delivery delays and the subsequent domino effect on the subcontractors’ schedule. The entire construction job was completed in less than four weeks.

Her clients enjoy teaching their son to cook now that they have the space. “One of his chores is doing the dishes, and now he actually has somewhere to put them away,” Gilliam says.

“Renovating the kitchen changed the quality of my clients’ lives,” the designer says. “They are so happy to have people over now. Recently she sent me a text that said, ‘I’m happy every time I walk in there.’”

I read this article at: http://www.houzz.com/ideabooks/70365830?utm_source=Houzz&utm_campaign=u3537&utm_medium=email&utm_content=gallery3

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

How People Upgrade Their Main Bathrooms, and How Much They Spend

How People Upgrade Their Main Bathrooms, and How Much They Spend

The latest Houzz Bathroom Trends Study reveals the most common budgets, features and trends in master baths. Now about that tub …

Bathrooms are nearly the most popular room to renovate, just after kitchens. After all, these are important spaces where we spend a good amount of time — several hours a week, in fact.

The 2016 U.S. Houzz Bathroom Trends Study, from a research team led by Nino Sitchinava, Houzz’s principal economist, reveals that homeowners renovating their bathrooms are craving stylish, beautiful spaces, with luxurious finishes and big showers. It also found that fewer than half of homeowners who own bathtubs and renovated their master bathroom actually use their tubs.

The study surveyed more than 2,100 Houzz users in the U.S. who own homes and are in the midst of a bathroom project, have recently completed one, or are planning one for 2016. Read on for more insights about how homeowners are upgrading these private spaces.

How much will it cost me? Perhaps the most important consideration for people embarking on a bathroom renovation is how much it will cost. Obviously, the answer will vary widely depending on the finishes selected, as well as the region, since the price tag for labor and materials differs quite a bit by location. On a national basis, the most common budget for, as well as the actual cost of, a master bath renovation is $10,001 to $25,000. Plenty of people spend more, and plenty less, but the majority of master bathroom projects cost between $5,000 and $50,000.

We just can’t stand it anymore. Why renovate the bath? Often, it’s because the homeowner can’t stand the old one anymore. That was the top trigger — cited by 46 percent of renovators — for embarking upon a bath renovation. A close second was finally having the money to do so. Some quotes from surveyed homeowners who had had it with their bathrooms:

  • “Mirrors! Seven-foot mirror on wall over sinks. Mirrors on two sides of Jetta tub. Mirrored closet doors.”
  • “Airplane bathroom-sized shower with no light!!”

“1972 decor with shag rug, flowered wallpaper, fake marble tub and counter, fluorescent lighting; never use tub; poor storage in vanity.”

Upgrading features. More than four in five homeowners renovating a master bath are replacing major features in their bathroom renovations, from showers to floors, countertops to sinks. Notably, far fewer renovators are updating their tubs or tub-shower combos compared with the large share of those addressing showers.

Supersizing the shower. As noted, today’s master bath renovators are all about the shower. While the majority of master bathrooms (75 percent) stay the same size during a renovation, most homeowners — 68 percent — are increasing the size of their showers. About one-third of renovators are bumping up their shower size by at least half.

Rainfall showerheads remain popular, while about one-fifth of master bath renovators installing new showers add a dual shower.

Of those who choose high-tech showers for master bath renovations — and about 9 percent of new showers are high-tech — the most popular special feature is mood lighting. Ooh la la.

Tile still on top for floors.Ceramic or porcelain tile is the most popular flooring material chosen as an update, followed closely by stone tile or slab. Among the most popular stones, marble is king, travertine is a close second, and granite and slate are tied for third.

Ceramic or porcelain tile is also a popular choice for wall surfaces, though it still comes in behind paint.

Hardly anyone takes baths. Most of us are hardly using the bathtub at all these days. More than half of survey respondents who own a bathtub and went through a master bath renovation say they never use a tub in the course of a normal month. No wonder renovators are putting their money into showers instead of tubs.

Move over, toilet bowl cleaner. One in five new toilets and one in 10 new showers in renovated master bathrooms have at least one high-tech feature, according to the survey. The most popular toilet feature is a self-cleaning function — who wouldn’t love to skip the scrub brush? This function is favored by 43 percent of the survey respondents who are going with high-tech toilets.

Really, a self-cleaning toilet? Yes. As an example, a Toto toilet that cleans itself with electrolyzed water debuted this year at the Consumer Electronics Show in Las Vegas. It can go a year without the need for a human to clean it, the company says.

A change in style. Bathrooms are very personal spaces, so it’s perhaps not so surprising that 90 percent of homeowners who renovate their master bathrooms change the style of their master bathrooms when they upgrade. This chart shows the most popular styles, with contemporary at the top.

Beauty over resale value. Beyond specific features or decor choices, the most appreciated design aspects of renovated master bathrooms are their style and beauty, according to the survey. Far fewer owners, comparatively, value a master bath renovation for adding to resale value — an interesting finding, suggesting that a gorgeous bathroom is worth it just for the soothing factor.

Caring about the room’s beauty and style makes a lot of sense, given that we spend a good amount of time every week in the bathroom. Nearly two-thirds of respondents spend 30 to 60 minutes a day there, while nearly one-quarter spend more than an hour a day. What are those folks doing during all that time? Well, not just getting ready.

Can I put you on hold? More than half of master bathroom renovators surveyed use a mobile device in there at least once a week — about one-third to check email, and 22 percent to make or answer calls.

Where we can accurately pluck our brows. Of course, there’s more than email and texting going on in master baths these days. We’re also getting dressed. On that note, many homeowners are prioritizing good lighting. Other high priorities: having a space that’s easy to clean and disinfect, and where it’s easy to store and find things.

The pros who make our bathrooms beautiful. If you’re not doing a renovation on your own, you’re not alone. A whopping 90 percent of owners who undertook master bathroom renovation projects last year or are planning one this year enlisted or will enlist the help of a professional. That’s up from 78 percent the year before. More than half hired or will hire a general contractor, while one-fifth hired or will hire a bathroom remodeler.

I read this article at: http://www.houzz.com/ideabooks/71161422?utm_source=Houzz&utm_campaign=u3537&utm_medium=email&utm_content=gallery1

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

Farmers Market List for San Mateo County

Do you love walking through farmers markets and finding yummy, fresh food?  Here is the list of the Farmers Markets in San Mateo County.  P

San Mateo County Farmers Markets

(posted 10.19.2016)

San Mateo County

 

SAN MATEO County (events subject to change)

 

Sundays

 

Belmont CFM

El Camino Real & O’Neill Avenue

 

Burlingame Fresh Mkt CFM

Park Road and Burlingame Avenue

 

Downtown San Mateo CFM

Wells Fargo Parking Lot, corner of 5th Avenue and San Mateo Drive

 

Menlo Park CFM

Chestnut Street parking lot across street from Trader Joe’s

 

PJCC CFM

PJCC 800 Foster City Blvd, Off Hwy 92

 

San Bruno CFM

San Mateo Ave between Jenevein and Sylvan Ave

 

San Carlos

Hot Harvest Nights CFM

700 Block, Laurel St

http://www.cityofsancarlos.org/news/displaynews.asp?NewsID=17

 

 

Tuesdays

 

Kaiser South San Francisco CFM

1200 El Camino

 

San Mateo Tuesday CFM

194 W. 25th Avenue

 

Wednesdays

 

Redwood City Kaiser CFM

Veterans & Maple

 

Rockaway Beach CFM

Rockaway Beach

 

San Mateo Wednesday CFM

San Mateo Event Center

 

Thursdays

 

Daly City Thursday CFM

Serramonte Center, back parking lot, behind Target

The Fresh Market

Burlingame Capuchino Ave and Broadway

 

Saturdays

 

Cow Palace CFM

Cow Palace

 

Daly City Saturday CFM

Serramonte Center, back parking lot, behind Target

 

East Palo Alto Community CFM

550 Bell St

 

Millbrae CFM

200 Block Broadway

 

Redwood City Kiwanis CFM

Parking Lot, Winslow & Middlefield

 

San Mateo Saturday CFM

College of San Mateo parking lot

 

Shoreline Station CFM

Shoreline Station (Kelley & Highway 1)

 

South San Francisco CFM

Orange Memorial Park, Orange Ave. and Tennis Drive

 

 

I read this article at:http://www.seecalifornia.com/events/farmers-market/san-mateo-county.html

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

13 Things Almost Every Homeowner Forgets to Buy

13 Things Almost Every Homeowner Forgets to Buy

When you first moved into your home, you probably trekked over to Target or logged onto Amazon and stocked up on all of the obvious stuff like light bulbs, a hammer and a few cleaning supplies.

But moving into a new space can be chaotic, and in that chaos, there are always a few things that don’t make it into the shopping cart. And a month later when you’re hanging art, you really wish you’d bought that level.

That’s okay. You’re not alone!  Here are 13 things almost every homeowner forgets to buy:

  1. Level

Have you ever seen a painting or photo in someone’s home that’s just crooked enough to be noticeable? Yeah. That’s really annoying. A level doesn’t just make sure your artwork is straight; you can also use it for hanging shelves, mirrors or sconces.

  1. Guest Towels

You may have purchased a new, plushy set of towels for you and your partner, but chances are you weren’t thinking about towels for your first houseguests. Grab a new set of guest towels so no one is left using your old beach towels to dry off.

Hosting houseguests soon? Check out these five tips for making your guests feel at home.

  1. Oven Mitt

What’s worse than an oven mitt that does a poor job of keeping heat from your hands? Not having an oven mitt at all. No, really – using a dishtowel puts you at risk for serious burns 99.9 percent of the time.

  1. Plunger

It only takes one traumatic bathroom experience before you realize you forgot to buy one of the most important bathroom tools: a plunger. Pro Tip: Hide your plunger with this chic storage idea.

 

  1. Fire Extinguisher

If you remembered to purchase a fire extinguisher, cheers to you! (They’re really important.) However, there is a common misconception that “one kind fits all.” Not true! You actually need a specific kind of extinguisher depending on the type of fire you need to put out. Use this guide to make sure your home is stocked up with the right fire extinguishers.

  1. Mixing Bowls

They may not be as sexy as a mandolin slicer or a new set of knives, but when it comes to your kitchen, mixing bowls are a must-have part of cooking, especially if they’re durable and easy to store.

  1. Coasters

Save yourself the stress of finding drink rings on your new coffee table by purchasing some coasters. There are a lot of options out there, so we suggest going with some that are practical and sturdy without sacrificing style (like this set or this collection).

If you do find yourself with drink rings, don’t panic! Here’s how to take care of the problem.

  1. Food Thermometer

A food thermometer is not just for perfecting a pot roast or an egg-based dessert – it’s important for food safety, too. A food thermometer is essential to making sure your dinner has been cooked (or re-heated) to the correct temperature to prevent illness or contamination.

  1. Paper Towel Holder

Okay, a paper towel holder may not be something that will make or break your kitchen, but we still think it’s nice to have, especially if it’s durable (read: not plastic). After all, you’re likely to use this every day.

  1. Welcome Mat

Think of your entryway as your home’s first impression: it’s the first thing guests will see as they enter your home. All the more reason to deck out your front porch or entryway with a fun, stylish welcome mat!

  1. Salt and Pepper Shakers

You could just use the containers that your salt and pepper came in from the grocery store, but let’s be honest: those are ugly. Salt and pepper shakers are an inexpensive way to show off your decorating personality without sacrificing functionality.

  1. Watering Can

You may have filled your home with houseplants, but how are you going to water them? That’s where a small, easily storable watering can comes in handy. Tip: If you don’t have the storage space for a watering can, snag one of these watering bulbs, instead.

  1. Tea Kettle

No kitchen is complete without a way to boil water for tea and coffee. When it comes to tea kettles, it’s worth it to spend a little more to get a little more – any kettle under $25 can chip or worse, rust! We’ve tested and approved this one from KitchenAid.

 

I read this article at: https://brightnest.com/posts/13-things-almost-every-homeowner-forgets-to-buy?source=digest

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

Bubble Watch: Could the Housing Markets in These Top Cities Be Getting Too Hot?

If this isn’t the hottest topic in Real Estate – I don’t know what is.  Enjoy this article from Realtor.com

 

Bubble Watch: Could the Housing Markets in These Top Cities Be Getting Too Hot?

Home prices are skyrocketing faster than inflation. Bidding wars are breaking out. Shacks in the nation’s most scorching real estate markets are selling for over a million bucks. Things seem to be heading up, up, up. Sound familiar?

Déjà vu can be a spooky thing. Some folks these days are beginning to wonder whether the U.S. is seeing another housing bubble, like the one we suffered through beginning in 2007—and a reprise of the bloody financial carnage that followed when it burst.

Well, let’s get this out of the way right now, Chicken Littles of America: The sky isn’t falling, and the real estate market isn’t crashing. There are indeed a few warning clouds on the horizon (more on that below), but things in the world of residential housing are generally safe and steady and continuing to grow. Got that?

Those sky-high prices and ultracompetitive bids we at realtor.com® report on daily are mostly the result of a housing shortage rather than ominous signs of another real estate meltdown. The factors that led to the historic bust—easy-peasy credit for all, rampant flipping, frantic overbuilding—simply aren’t happening today.

In fact, the opposite is true these days.

“Only the most qualified buyers are able to get financing” for mortgages, says our chief economist, Jonathan Smoke.  “Flipping is back to normal. And we’re building about half as many homes as we need.”

As it turns out, not a single big metropolis in the good ol’ USA—that’s right, not even San Francisco or New York—appears to be “bubblicious,” says Smoke, who carried out an analysis of the 50 largest metropolitan markets in the country. During the bubble, home values were dramatically inflated, making the high prices unsustainable.

There are, however, a few super-duper expensive cities (San Jose, we’re looking at you) where the real estate market is showing signs of overheating, according to Smoke’s analysis. That means the high prices can’t be sustained—because as we all learned from high school (grade school?) science class, what heats up must eventually cool down.

In those smoking-hot markets, Smoke expects the relentless rate of price increases to eventually slow, or even dip, when prices hit a point that buyers can no longer afford.

“There are places that have risks,” Smoke says. “But even those places do not resemble what they looked like in their actual bubble years.”

To reach this conclusion, Smoke and the realtor.com data team analyzed 50 major housing markets from 2001 through 2015, using 2001 as a baseline year.

(Critics will be quick to point out that the country was just coming out of the dot-com bust in 2001, and then there were the terrorist attacks of 9/11. But despite those factors, housing experts consider 2001 to be the most normal, recent year before the bust, when homes were considered fairly valued. It is also the earliest year for which all the data were available.)

Smoke and his team then created an index of the six factors that create a housing bubble to assess whether any of these 50 markets were overheating. Here are the criteria:

  • Price appreciation: Are home values shooting up to abnormally high levels, outpacing inflation?
  • Home flipping: Are more homes being bought and sold for a profit within a year?
  • Mortgages:Is there a larger share of buyers getting mortgages, which they potentially could default on? Or are they paying in cash?
  • Home prices compared with wages:Are homes more expensive now for locals earning the local median income than they were in the past?
  • Home prices compared with rent prices:How do the costs of buying today compare with the costs of renting historically?
  • Construction: Are too many homes being built to meet the needs of the area’s population? If so, that could spell trouble.

We’ll say it again: None of the cities below is in a bubble. However, the top six cities—San Jose and San Francisco, CA; Austin, TX; Salt Lake City; Dallas; and Los Angeles—do show signs of overheating as prices continue to zoom up. The next four on the list—Fresno, CA; Buffalo, NY; Charleston, SC; and Portland, OR—show some elevated risk, but they seem to still have plenty of room to grow.

Let’s go to the list!

  1. San Jose, CA

Median list price: $981,500

Bubble index compared with 2001: +19%

Bubble index compared with market peak: -18%

This Silicon Valley hot spot shows the most signs of overheating, no doubt because prices jumped a whopping 10% last year when adjusted for inflation. That’s a year of seriously accelerated growth, even for the San Francisco Bay Area. Buyers are paying a premium to live in San Jose because there simply aren’t enough homes to go around, even with new construction.

But unlike the subprime borrowers who were scooping up homes before 2007, today’s buyers can actually afford the higher prices. About a quarter to a third of local real estate agent Nicki Brown’s sales are all-cash. Or the buyers are plunking down 30% to 50% on properties going for $2 million and up, says Brown, who’s with Alain Pinel Realtors.

  1. San Francisco, CA

Median list price: $855,000

Bubble index compared with 2001: +19%

Bubble index compared with market peak: -26%

Prices in neighboring San Francisco are likewise out of reach for many buyers due to the lack of residences for sale. But like their neighbors to the south in San Jose, plenty of well-paid San Franciscans can afford these properties.

Still, the insane bidding wars of previous years are tapering off as more newly constructed condos are coming online, says Patrick Carlisle, chief market analyst at local brokerage Paragon Real Estate. Luxury homes in the multimillion-dollar range are sitting on the market longer. And the area, which has seen a flood of new residents move in for work over the past few years, has recently been shedding tech jobs.

“After four years of a desperate, overheated, overbidding market … we’re in a transition to a more normal market,” Carlisle says.

  1. Austin, TX

Median list price: $400,000

Bubble index compared with 2001: +17%

Bubble index compared with market peak: -1%

The funky city, a bright blue spot in a deeply red state, may appear riskier than ever at just 1% below its peak. But it’s important to note that the recession didn’t hit Austin nearly as hard as other parts of the country. The city, with its growing tech sector, earned a spot on this list, because the cost of homeownership has since shot up as more people move to the recently crowned top city for millennial buyers.

But rather than crashing, prices will cool, says local real estate agent Josh Bushner of Private Label Realty. “The rate of increases has to slow down, unless everyone gets a 20% raise tomorrow,” he says.

  1. Salt Lake City, UT

Median list price: $347,200

Bubble index compared with 2001: +14%

Bubble index compared with market peak: -20%

The outdoorsy metropolis earned a spot on this list because home prices and rents have been rising faster than in the past, but prices are already starting to cool. Last year, they rose 6%—a full percentage point below the 7% national average. And unlike in many other cities, builders are actually putting up more of those sorely needed new homes.

Many of these residences are rising in new subdivisions about 30 minutes from the city limits, says local real estate agent Brook Bernier of Equity Real Estate. There are also new condo and apartment buildings under construction within Salt Lake City.

“Our economy is booming,” Bernier says, noting that more companies are moving to the area. That, combined with still relatively lower prices, means even “people with student loans can still afford a home.”

  1. Dallas, TX

Median list price: $335,000

Bubble index compared with 2001: +13%

Bubble index compared with market peak: -2%

Being so close to the previous peak of the real estate market, right before it crashed, may give Dallas homeowners and buyers the sweats. But it’s worth noting that, like Austin, the city wasn’t socked quite as hard as other major metros by that housing bust.

Although the local oil industry took a beating, prices in the Texas city still ballooned 9% last year. That’s because more companies are moving and expanding into the area, such as Toyota relocating its North American headquarters from California to nearby Plano, TX. Life beyond oil—it’s a wonderful thing!

“Is it scary that prices are up [9%]? Yes, it is,” says local real estate agent Debbie Murray of Allie Beth Allman & Associates. “But if the demand stays where we are, I don’t see prices coming down anytime soon.”

  1. Los Angeles, CA

Median list price: $690,000

Bubble index compared with 2001: +10%

Bubble index compared with market peak: -35%

The City of Angels shows signs of overheating as prices are up, construction is lagging demand, and there’s more home flipping in the celebrity hot spot than in most other parts of the country,

But the palm tree–lined West Coast mecca has steadily been moving out of the housing bubble danger zone, says Smoke.

“The Los Angeles market looked more overheated two years ago than it does now,” he says. “Price gains and flipping activity have both moderated from more intense levels.”

  1. Fresno, CA

Median list price: $272,100

Bubble index compared with 2001: +9%

Bubble index compared with market peak: -31%

While Fresno doesn’t appear to be overheating, prices are rising at higher rates than they have historically.

But the agricultural area, which is still reasonably priced, doesn’t appear headed for a bust.

“There were a lot of [home] flips three years ago,” says local real estate broker Alejandra Charest of Guarantee Real Estate. “Now it’s a struggle to find one.”

  1. Buffalo, NY

Median list price: $159,900

Bubble index compared with 2001: +7%

Bubble index compared with market peak: -1%

The former industrial powerhouse has fallen on hard times as manufacturing jobs have moved abroad, so it may come as a surprise that Buffalo made this list.

But although locals are still moving out (freeing up homes for buyers), home flipping and the number of new residences under construction are up.

“This could simply be [because] the housing stock needs an upgrade,” Smoke says of the construction. “Its age of housing is substantially older than the rest of the country.”

The city has also been experiencing a resurgence of sorts. Rundown buildings along the waterfront are being transformed into condos and apartments. Nearby shops and restaurants and a green space for outdoor events have sprouted.

“Buffalo has turned a corner,” says local real estate broker Ryan Connolly of Re/Max North.

  1. Charleston, SC

Median list price: $322,300

Bubble index compared with 2001: +7%

Bubble index compared with market peak: -20%

Prices in this coastal city, where horse-drawn carriages still run on the cobblestone streets, have been shooting up faster than they have historically. But the city’s economy is growing and unemployment has been steadily falling, reaching its lowest level in May since early 2008, according to the U.S. Bureau of Labor Statistics.

“We’re not really seeing incomes go up at the same rate as [home] prices,” Smoke says. But Charleston also has more high-paying jobs now than it has in the past. And compared with, say, Silicon Valley, buying a home in Charleston is still a relative bargain.

  1. Portland, OR

Median list price: $428,600

Bubble index compared with 2001: +6%

Bubble index compared with market peak: -26%

Portland may be known for its laid-back vibe, but lately, local buyers have been anything but. The housing shortage has led to fierce bidding wars and soaring prices—11% just in 2015—as more people move into the city while local laws and sluggish construction still limit the number of new residences that can be built.

However, buyers are still able to afford the price tags that are heavy on the zeroes.

“Buyers are concerned because prices have gone up so dramatically,” says local real estate agent Deb Counts-Tabor of Oregon Realty. “But this is basic Econ 101: supply and demand. And until one of those eases, prices will stay higher.”

 

I read this article at: http://www.realtor.com/news/trends/housing-bubble-2/?identityID=9851214&MID=2016_0722_WeeklyNL&RID=353497822&cid=eml-2016-0715-WeeklyNL-blog_1_housingbubble2-blogs_trends

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

10 Ways Homebuyers can Improve Credit Scores

10 ways homebuyers can improve credit scores

Buyers will find it easier to get a home loan using these tips…

 

by Johnson Fedrick

 

Key Takeaways

  • It’s better to have two credit cards if you are a definite credit card spender.
  • Maintain a good mix of good and bad loan, AKA a healthy credit mix.
  • Close your unwanted savings bank accounts.

 

Real estate is a booming business in the world. To get loans quickly, potential homebuyers need to keep an eye on their finances and credit.

 

Below, you will find 10 general tips that will help ease the process of acquiring a home loan by improving credit scores.

 

  1. Always pay on time

No lender likes to lend money to an individual who has a repeated record of missing his payments. This indicates a lack of discipline and poor financial management, and it leads to a bad impression on paper.

Whether it was intentional or due to genuine reasons is immaterial. If you have a frequent history of missing your equated monthly installment (EMI), you will end up with a lower FICO score.

 

  1. Keep your credit owed within limits

A good ratio is not having your unsecured credit outstanding above 50 percent of your annual salary. Keep your credit card balances within half of the allowed limit. If you have $10,000 as your limit, then it is wise to restrict your statement amount to $5,000.

 

  1. Always pay your dues on time, in full

This is one of the most important tips to improve credit score: On-time payments improve your credit score tremendously. It carries almost a 40 percent weight on your score. So try not to miss your due dates for EMIs and monthly payments.

Nobody likes a person who cannot keep up his or her word, especially with banks. So pay in full and on time. Why should you suffer unnecessary late payment charges and interest?

 

  1. Use two credit cards if you are a definite credit card spender

This is good and bad advice at the same time. FICO does not consider spending money on two credit cards as one. But if you have two credit cards, you can keep your usage percentage in control.

For example, if you have a credit card with a limit of $20,000, and you charge $15,000 on it, you’ve used 75 percent of your credit limit.

Now if you split your amount into two, and spend $7,500 each, then the percentage of usage will be around 37 percent. So it helps you in the eyes of FICO.

Now, don’t go on a credit card shopping spree.

 

  1. Maintain a good mix of good and bad loans — AKA, a healthy credit mix

Home loans and business loans are considered good loans. Personal loans and credit are considered bad loans.

That is why investing in a home loan if you are a spendthrift is a better decision. You will have a good credit mix and be building an asset.

 

  1. Pay high-interest loans and small loans first

It is a prudent decision to pay your home loans over longer periods. Pay off your personal loans, credit cards and private loans first, as they tend to have a higher interest (typically 15 percent to 36 percent) with no asset creation.

Home loans, on the other hand, are just 9 percent to 11 percent, but they build an asset. This is one of the underutilized logical tips to improve credit score.

 

  1. Close your unwanted savings accounts

Many people tend to abandon their savings accounts without closing them. If you have less than your Minimum Average Balance (MAB), it will start to affect your credit score. Also, when you finish a loan, it’s imperative to get the loan closure certificate.

 

  1. Check your credit reports regularly

Credit reports can be availed for a minimal cost. You can obtain them from the official FICO site. Just pay online and check your credit score at least once in a year, so that you can seek clarification on any mistake and have it sorted. There have been cases when banks report you to FICO by mistake.

 

  1. Monitor your co-signed joint accounts properly

In instances of co-signing a loan or maintaining a joint credit account, be careful when dealing with someone outside your close family. You need to monitor the statements closely to make sure everything is in order.

There is no use complaining if you chose the wrong joint holder who was careless.

 

  1. Negotiate if you cannot pay on time

This is also one of best tips to improve credit score. People often know that they would not be able to pay their bills in advance. Regardless, they do not take any action.

If you know you will not be able to pay on time, negotiate with your bank. Banks will be willing to extend your loan period and reduce the EMI if they see a genuine customer.

It might hurt, but you will make a good impression, and the bank will see you are honest.

 

So these are some of the tips to keep your credit score in check and get a home loan easily.

I read this article at: http://www.inman.com/2016/07/13/10-ways-homebuyers-can-improve-credit-scores/?utm_source=emailsubscribers&utm_medium=email&utm_campaign=inmanbest&utm_content=1

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

Homebuyers Worry Most About Cost and Competition in Latest Survey

Homebuyers Worry Most About Cost and Competition in Latest Survey

 One in Four Buyers Looking to Flee Expensive Rental Market

Affordability is the main concern keeping homebuyers up at night, according to a survey of 975 buyers conducted this month by Redfin, the next-generation real estate brokerage.

One in four respondents cited affordability as their top concern in buying a home, making it the most common response. Competition was the next-most common worry, cited by one in five homebuyers, a number that has increased from one in 10 in November. These concerns are justified: last month home prices were up 5 percent from a year ago, and 60 percent of Redfin offers have faced competition thus far in May.

Many of those looking to buy are fleeing an expensive rental market. About one in four homebuyers surveyed this month cited high rent as their reason for house hunting, a significant jump since last summer.

The change is attributable to first-time buyers. In the most recent survey, more than fifty percent said high rent led them to the market, as compared to only 25 percent of first-timers in August.

“Though enticed by high rents and low mortgage rates to begin a home search, first-time buyers face a number of obstacles in todays competitive market,” said Redfin chief economist Nela Richardson. “In many cities, starter homes have seen the largest price increases because the supply of affordable homes on the market is so low and the demand for these homes is so high.”

Buyers were asked to choose up to three of the most important factors in a home, beyond square footage and price. Three choices rose to the top: the layout, finishes and design were most important (46%), followed by school quality (41%) and a yard or green space (39%). Ease of commute came in fourth, checked off by 32 percent of respondents.

I read this article at: http://press.redfin.com/phoenix.zhtml?c=252734&p=irol-newsArticle&ID=217296

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

Homeownership More Profitable for Single Men Than Single Women

Well this headline got my attention… 

Homeownership More Profitable for Single Men Than Single Women

Single Men Owners Have Gained $10,000 (16 Percent) More in Home Value Since Purchase;

Housing Gender Gap Widens with More Years of Homeownership

IRVINE, Calif. – May 26, 2016 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released an analysis showing homes owned by single men on average are valued 10 percent more and have appreciated $10,112 (16 percent) more since purchase than homes owned by single women.

The analysis covered more than 2.1 million single family homes nationwide owned by either single men (1,139,493) or single women (1,011,572) based on public record tax assessor data collected by RealtyTrac.

The average estimated current market value of homes owned by single men was $255,226 — 10 percent higher than the average current market value of homes owned by single women: $229,094.

Homes owned by single men have gained an average of $63,921 since purchase, a 33 percent return on purchase price. That was $10,112 (16 percent) more than the average $53,809 gain since purchase for homes owned by single women, a 31 percent return on purchase price.

“Women earn less than men on average — 19 percent less in 2015 according to the Bureau of Labor Statistics — giving them less purchasing power when it comes to buying a home,” said Daren Blomquist, senior vice president at RealtyTrac. “So it’s not surprising to see the 10 percent gender gap in average home values between single men and single women homeowners; however, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having on a domino effect on their ability to build wealth through homeownership as quickly as single men.”

Housing gender gap widens with more years of homeownership

Among homes owned for at least 15 years, those owned by single men on average had a current market value of $288,912 — 17 percent higher than the average current market value of homes owned by single women: $240,166.

Homes owned for at least 15 years by single men have gained an average of $170,765 since purchase — a 145 percent return on purchase price. That was $36,496 more than the average $134,269 gain since purchase for homes owned at least 15 years by single women — a 127 percent return on purchase price.

Years Owned Home Value Gender Gap Home Value Gain Gender Gap Home Value ROI Gender Gap
10 Years or Fewer $18,185

 

(7 percent)

$6,266

 

(16 percent)

209 basis points
More Than 10 Years $38,872

 

(14 percent)

$19,781

 

(20 percent)

569 basis points
More Than 15 Years $48,746

 

(17 percent)

$36,496

 

(21 percent)

1774 basis points
All Years $26,132

 

(10 percent)

$10,112

 

(16 percent)

272 basis points

Markets with biggest housing gender gap

Average values of homes owned by single men were the highest above average values of homes owned by single women in the District of Columbia (14 percent higher), followed by Florida (12 percent higher), West Virginia (12 percent higher), Wisconsin (12 percent higher), Texas (10 percent higher), and Alabama (10 percent higher).

There were three states where the average values of homes owned by single women were higher than the average values of homes owned by single men: Massachusetts (11 percent higher), Kentucky (2 percent higher), and Kansas (1 percent higher).

Average home value gains for homes owned by single men were highest above average home value gains for homes owned by single women in West Virginia (72 percent higher), Wisconsin (41 percent higher), Alabama (40 percent higher), Maine (35 percent higher), and Minnesota (34 percent higher).

There were eight states where single women homeowners have realized bigger home value gains since purchase than single men homeowners, led by New York (30 percent more), New Jersey (29 percent more), North Dakota (22 percent more), Massachusetts (11 percent more) and Virginia (8 percent more).

Single women tend to own homes in areas with a higher density of criminal offenders

The analysis also looked at neighborhood characteristics in zip codes with a higher share of single men homeownership compared to neighborhood characteristics in zip codes with a higher share of single women homeownership.

In zip codes with a higher share of single women homeownership, the average RealtyTrac Registered Criminal Offender Index was 19.19 — 7 percent higher than the average index of 17.87 in zip codes with a higher share of single man homeownership. The RealtyTrac Registered Criminal Offender Index is based on the number of registered criminal offenders (including sex offenders, child predators, kidnappers and violent offenders) as a percentage of total population.

Single women tend to own homes in areas with lower environmental hazard risk

In zip codes with a higher share of single woman homeownership, the average RealtyTrac Environmental Hazards Housing Risk Index was 45.69 — 23 percent lower than the average index of 59.40 in zip codes with a higher share of single man homeownership. The RealtyTrac Environmental Hazards Housing Risk Index is based on the prevalence of five manmade environmental hazards: air quality, superfund sites, polluters, brownfields and former drug labs.

About RealtyTrac

RealtyTrac collects and licenses multi-sourced public record real estate data — including tax, deed, mortgage, foreclosure, and proprietary neighborhood and parcel-level risk — for more than 150 million U.S. properties, providing access to that data for businesses, consumers, policy makers and the media in a variety of venues all designed to increase real estate transparency: RealtyTrac.com is a property search and research portal for foreclosures and other off-market properties; Homefacts.com is a neighborhood research portal providing hyperlocal risks and amenities; HomeDisclosure.com produces detailed property pre-diligence reports; and RealtyTrac Data Solutions delivers real estate data and analysis to businesses through bulk file licenses, APIs, trend reports, and customized marketing lists. RealtyTrac data is cited by thousands of media outlets each month, including frequent mentions on CBS Evening News, The Today Show, CNBC, CNN, FOX News, PBS NewsHour and in The New York Times, Wall Street Journal, Washington Post, and USA TODAY.

RealtyTrac Media Contact:

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com


Data and Report Licensing:

800.462.5193

datasales@realtytrac.com

 

I read this article at: http://www.realtytrac.com/news/home-prices-and-sales/realtytrac-housing-gender-gap-analysis/

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

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 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: https://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

Love, Marriage and Real Estate

The Newlyweds’ Guide to Buying a Home

 

Hey, lovebirds: If you’re newly married, you may be thinking of buying a nest together. Indeed, 35% of married Americans purchased their first home together within two years of tying the knot, according to a study by Coldwell Banker. Yet while we hear plenty about the home-buying challenges faced by unmarried couples, that doesn’t mean that marriage makes this process a walk in the park.

“A lot of factors come into play,” says Brandy Wright, a certified financial planner at Cambridge Wealth Counsel in Atlanta. So before you start swooning over Craftsman bungalows or granite countertops where you envision your bright new future, be sure to sit down and ask each other these crucial questions first.

What’s your credit score?

Back in your dating days, you two probably talked about everything from where you’ve traveled to your favorite movies. But now, as newlyweds, it’s time to get serious and broach a far less romantic topic: your credit scores.

In fact, if you’re truly smart, you will have had this conversation already: Half of married couples in the U.S. say that credit scores were a make-or-break factor when choosing their mate, according to an Experian Consumer Services survey. But for other couples, credit is a taboo subject. Unfortunately, if one person’s credit score is substantially lower than the other’s, that could hinder the couple’s ability to qualify for a loan, or at least get an attractive interest rate.

“Knowing your credit scores before you meet with a lender is crucial,” says Wright. Doing so will also give you the opportunity to work on repairing any credit issues before you apply for a mortgage. You can also get a free copy of your full report at AnnualCreditReport.com, although for the exact score you’ll need to pay a small fee. Or check with your credit card company; many offer free access to scores.

Where would you like to live in five years?

Your future goals will affect which type of home—and loan—is right for you. For instance, if you’re planning to stay put for the foreseeable future, then a 30-year mortgage with a fixed interest rate may make the most sense, since this means your interest rate (and monthly payment) remains constant over the life of the loan.

On the other hand, if you’re planning to move within a few years—say, to a larger home to raise a family or move closer to your in-laws—then you should consider other options. For instance, an adjustable-rate mortgage offers a lower interest rate than a fixed mortgage for an initial period of time, such as three to seven years. After that point, it can adjust up or down based on market indexes.

Will one of us stay home to raise the kids?

Fine, you’ve just gotten hitched, so why rush the discussion about kids? Because this question will affect your family’s income, which is the cornerstone for determining how much home you can afford. A good rule of thumb: “Your mortgage expenses should be no more than 30% of your take-home income,” advises Wright. (Use realtor.com’s Home Affordability Calculator to assess your buying power.)

But keep in mind, you could be paying off that mortgage for 30 years, so you should not only tally how much your family makes now, but also what you anticipate your salary to be in the future. What happens if and when you have kids, and one of you wants to stay home to raise them? That could slash your income in half. So when anticipating how much of a mortgage to get, play it safe. Just because you get pre-approved for $1 million doesn’t mean you should buy a $1 million house.

What happens to the home if our marriage hits the rocks?

Although this is a happy time in your relationship, you need to consider all possible outcomes for your marriage. Translation: If you get hit with death or divorce, you’ll need to work out how to divide your assets.

There are several types of homeownership to choose from when purchasing property with your spouse. The most common is joint tenancy, where each person holds equal interest in the property. Its distinguishing factor is that in the event one spouse dies, that person’s interest in the property automatically conveys to the surviving spouse (also know as “right of survivorship”).

Meanwhile, under tenancy in common, each spouse has a distinct, separately transferable interest in the property. This might be a sensible form of ownership if one spouse makes a higher percentage of the down payment or monthly mortgage payments and wants to guard his or her investment in the event of a divorce. Fine, it’s not exactly an upbeat discussion, but you never know what could happen once the honeymoon’s over, so to speak.

I read this article at: http://www.realtor.com/advice/buy/newlyweds-guide-to-home-buying/?link=TD_REALTOR_image_4&cid=soc_editorial62230036&adbid=737799586626969600&adbpl=tw&adbpr=17351940

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

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 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 LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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

 

High Rents May Force Buyers Into the Market

High Rents May Force Buyers Into the Market

Rents have been on the rise for several months now as demand for rental housing has increased due to a short supply of homes for sale, particularly among starter homes, and high down payments. A recent survey showed that the pendulum may be swinging in the other direction, however.

According to a survey of 975 homebuyers conducted by Redfin in May among 36 states and Washington, D.C., one in four homebuyers reported that it was the high cost of rent that prompted them to go hunting for a house—a substantial increase from the share reported last summer. First time buyers drove the increase, with more than 50 percent of them citing high rents as the reason they were looking to buy a home—more than double the 25 percent reported in August.

The change is attributable to first-time buyers. In the most recent survey, more than fifty percent said high rent led them to the market, compared to only 25 percent of first-timers in August.

“Though enticed by high rents and low mortgage rates to begin a home search, first-time buyers face a number of obstacles in today’s competitive market,” said Redfin chief economist Nela Richardson. “In many cities, starter homes have seen the largest price increases because the supply of affordable homes on the market is so low and the demand for these homes is so high.”

Even so, the most common concern among homebuyers was still affordability, with one in four survey respondents naming that as the chief worry. One in five named competition as the most common concern when buying a home, an increase from one in 10 in November’s survey.

“Though enticed by high rents and low mortgage rates to begin a home search, first-time buyers face a number of obstacles in today’s competitive market.”

Nela Richardson, Redfin Chief Economist

With mortgage interest rates at historically low levels (currently under 4 percent), if homebuyers can get past the down payment obstacle, now is an excellent time to buy, according to a Zillow report late last year.

“(Rates) are currently hovering near all-time lows,” said Zillow Chief Economist Svenja Gudell. “This helps keep monthly mortgage payments low. Renters can’t take advantage of mortgage financing each month. Additionally, while home values dropped steeply during the most recent recession and remain below their pre-recession peaks in most areas, rents have been on a slow, steady, upward climb for much of the past decade. Finally, income itself—while showing signs of picking up in recent months—isn’t growing sufficiently to keep pace with growth in rents and is growing far more slowly than it was prior to the recession.”

While high rents may be causing people to search for homes, it remains to be seen how many will actually be able to purchase a home, because the down payment remains a huge obstacle. Zillow reported that consumers are spending an average of twice as much of their monthly income on rents compared with the percentage of income they are spending on mortgage payments—which makes it difficult to save for a down payment.

“There are good reasons to rent temporarily—when you move to a new city, for example—but from an affordability perspective, rents are crazy right now,” Gudell said. “If you can possibly come up with a down payment, then it’s a good time to buy a home and start putting your money toward a mortgage.”

I read this article at: http://www.dsnews.com/news/05-27-2016/high-rents-may-force-buyers-into-the-market

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

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 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 LinkedInhttps://www.linkedin.com/in/sabrinawendtcaton

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

Berkshire Hathaway HomeServices – Drysdale Properties

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