Category Archives: Homeowners

The Size Home Owners Want

Current statistics of today’s homeowners

Current homeowners desire a different size home from those of different generations or various incomes.

Goldilocks mindset - real estate infographic CALIFORNIA ASSOCIATION OF REALTORS

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Financial realities of owning a home

Let’s consider some of the financial realities about owning a home.

homeIn an opinion piece in the Fresno Bee newspaper, the writer made the case for why Congress should keep a tax incentive to encourage Americans to be homeowners. Regardless of your opinion on the matter, the author’s points on the financial positives of homeownership were beneficial and worth a read.

  • “Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time. In 2013, the median net worth of homeowner families was $195,400, while the median net worth of renters was $5,400, according to the Federal Reserve.”
  • “Homeownership strengthens communities, encourages higher civic participation, boosts children’s educational performance, lowers crime rates, and improves health-care outcomes. Moreover, homeowners bring more stability to neighborhoods because they tend to move less often.”
  • “Homeownership helps provide predictability. Individuals can enjoy steady and consistent housing costs thanks to the tax incentive that allows them to own a home. That’s because a fixed-rate mortgage payment might not change for 15 to 39 years, while rents typically increase 2 to 3 percent a year.”
  • Read more of this article here: “Want to create wealth? This is one way to do it.”

Staying Cool This Summer

It’s only May, and already we’re experiencing too-warm of spring weather in San Diego County! Here’s some tips on how to stay cool this potentially hot summer (and save money and energy!):

BLOCK THE SUN.

If you’re installing new windows, your best defense against sun is heat-reflecting or low-emissivity windows. These windows contain a thin film sealed inside double-pane glass to slow heat absorption in summer and heat loss in winter.

INSTALL FILM ON EXISTING WINDOWS.

One type of film — a window tint — absorbs solar radiation; the other — a reflective film — reflects the sun’s rays and is more transparent than the window tint. Install the type best suited to the climate in which you live. Films are left on windows year-round. Both should last at least 10 years.

INSULATE YOUR ATTIC.

If you live in a climate where summers are hot and winters are mild, also consider installing a radiant barrier — a layer of foil to deflect radiant heat. Radiant barriers, however, do not replace the need for other insulation.

Attach awnings. Buy ready-made fabric or aluminum awnings, or build wood awnings that complement your house. Install awnings on east-, south-, and west-facing windows.

MOUNT OUTSIDE SUNSCREENS.

Block the sun by covering windows that receive direct sunlight with screenings of bamboo, wood, fiberglass, or polypropylene.

HANG LIGHT-COLOR INTERIOR SHADES.

Reflect the sun with shades made with a shiny outer surface. Some fabric shades are backed by light-reflective materials.

INSTALL A WHOLE-HOUSE FAN.

If the humidity in your area isn’t too uncomfortable, mount a whole-house fan in the ceiling just below the attic. These fans draw in cool air through open windows at night and push out hot air through attic vents.

CROSS-VENTILATE.

Exhaust air any time the temperature outside is cooler than it is inside. Make sure air can come in one open window and leave freely through another.

Stay cool!

Money Monday: Cut Down on Your Retirement Costs

Unless you plan on working part-time instead of fully retiring, you may need to cut down on your cost of living in order to live within your means.

retirement

Photo credit: 401kcalculator.org

Here are a few suggestions on how you can cut some costs:

1. Downsize your living space

Not only will downsizing your home most likely help with mortgage and utility costs, but it may also cut down on the required time spent maintaining the house and yard.

If downsizing sounds ideal, please give me a call to see how I can help sell and/or buy your next home! John A Silva – (619) 890-3648

2. Sell unnecessary vehicles

If both of you are retiring, then you may be able to get away with one vehicle for the both of you, cutting significant upkeep, registration and insurance costs.

3. Enroll in Medicare on time

Sign up within the initial seven-month time-frame allotted (three months before your 65th birthday until three months after). Otherwise, you’ll be paying more for those doctor visits.

Read all of Money.CNN.com’s suggestions here: “Slash your retirement costs with these 5 tips”.

Projects with the Best Returns in 2017

Resale ROI

House projects have varying degrees of return; here are the top five projects with the greatest ROI, and the top five with the least ROI:

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Tax Deductions for Homeowners

With the tax deadline coming up, now is the time to refresh yourself and learn about tax breaks you could be getting if you are a homeowner.

Some of the following tax deductions are only applicable to new homeowners, but there are a few that any owner can file for:

  1. Mortgage interest
  2. Mortgage insurance premiums
  3. Energy related tax credits
  4. Capital gains exclusion
  5. Property inheritance
  6. Property taxes
  7. Home office costs
  8. Moving expenses

If you would like details on these potential tax breaks you could be getting, read Yahoo’s article here.

Those Who Make Sense of Community

Those who earn more have a greater sense of community where they live and work.

This higher the income, the bigger percentage of people who feel in community, both where they live and where they work.

Making sense of community in real estate infographic

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Improved Affordability in California

Compared to this time last year, homes are slightly more affordable in California

  • The median price for a single-family home in California in 2016’s Q3 was $515,940.
  • 31% of households could afford to purchase a median-priced home — compared to 29% of households a year ago.
  • Least-affordable counties include: San Francisco, San Mateo, and Marin.
  • Most-affordable counties include: San Bernardino, Kings, and Kern.

CAR improved real estate affordability in California

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS