Tag Archives: buying a home

Money Monday: Rejected home purchase offers

If you’ve been rejected after making a purchase offer on a home, you may have made the wrong financial offer.

There’s a few common reasons why a seller could have rejected your offer; here’s some monetary reasons:

  1. You offered too much. 
  2. You requested too much additional money toward closing. 
  3. Your financial picture raises questions. 

Rejected purchase offers in real estate

This infographic is from CAR.org.

Money Monday: The differences between fixed-rate and adjustable-rate mortgages

If you’ve never bought a home before, the whole process can seem a little confusing. One of the first things you have to figure out is whether you should get a fixed-rate or adjustable-rate mortgage. Most people choose the fixed-rate mortgage without even thinking about it, but there are situations where an adjustable-rate mortgage may be a better fit.

mortgage rates and property taxes

Read CNN’s “Should I get a fixed- or adjustable-rate mortgage?” article to find out the differences between the two and to figure out what’s best for you personally when buying a home.

Single Women Outbuy Men in Homeownership

A rising real estate trend

There is a rising trend in residential real estate – in the single family homes sector. Builders of new homes are tailoring their design and subdivisions in order to gain single women homebuyers.

Nationwide last year, single women made up 18% of homebuyers, while single men only accounted for 7% of all home sales, according to the National Association of Realtors.  This category of single women included those: never married, widowed, and divorced. Spending for single women also is more than it is for single men, on average. Single women are now the second highest group of purchasers, behind married couples of all homes.

This trend is expected to increase over time. The evolution of real estate ownership, as well as the evolution of business leadership, will both increase for women in years to come.

See link for more details: realtormag.realtor.org/daily-news/2018/05/11/single-women-outbuy-men-in-homeownership

For more info on getting your best deal on your dream home, or for a free valuation of your home, please call me, John A Silva, now at 619-890-3648 — and as always, have a blessed day!

California Real Estate Market Update

Last year in Q3, there were slightly lower home prices. That and the steady mortgage rates helped a few more Californians to purchase a home.

  • The median price of a Californian home in Q3 2017 was $550,990.
  • The median price for a condo or townhome in California was $449,720.
  • The minimum annual income needed to qualify for the purchase of a median-priced single-family home was $111,260.
  • The minimum annual income needed to afford the monthly mortgage payments on a median-priced condo or townhome was $90,810.

This infographic is from CAR.org.

When Housing Inventory is Low, Finding a Home Will Take Some Time

Looking around? You’ll find your perfect home, it may just take awhile.

While it’s a sellers’ market out there, if you’re patient you should be able to find the home you want to live in — not just one you’re settling for.

This infographic is from CAR.org.

Money Monday: New Year, New Financial Resolutions

It’s the start of 2018, and a great time to make financial resolutions!

Need to save more? Check out my posts on saving (here), with topics on easy ways to save, changing your spending impulses, and saving for a house down payment, just to name a few.

If you’re delving into the life stage of buying a house, find all sorts of real estate financial tips and advice here.

For advice on spending money responsibility, click here.

Check out all of my Money Monday posts!

Photo from Pictures of Money

Home Buyer Blunders

Don’t make these homebuying mistakes.

  1. Shopping outside of your budget
  2. Make too-low of offers
  3. Make big purchases during escrow
  4. Forget about closing costs

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Saving enough for a house down payment

“Saving up a down payment to buy your first house can seem a pretty daunting task. However, getting a down payment together is not as difficult as you may think — if you go about it the right way.”

Personal finance and money

There are a few steps you need to consider, from CNN:

  1. How much house can you afford? You typically need to keep it below 28% of your pre-tax monthly income.
  2. “Figure out how much you can set aside each month. That will also help you determine how long it will be before you’ll have the full down payment and can start house-shopping.”
  3. Invest it to speed up the process.
  4. Borrow from your 401(k).

Read the full article from CNN here: “How to save enough money for a down payment on a home.”