This Month in Real Estate July 2014 - Aguilera Real Estate Team

This Month in Real Estate Video for July 2014 in the U.S.

According to the National Association of Realtors, the number of projected home sales rose to 4.89 million homes. The national median home price for existing homes increased to $213,400. That's up 5.9 percent from last month, and up 5.1 percent from the same time period last year. If you're looking to sell your home, now might be a good time to list your home on the housing market. The national average for a 30-year fixed rate mortgage is up from last month at 4.17 percent. List your home this summer while interest rates are low and homes prices are up! Contact your local Tracy California real estate experts, The Aguilera Real Estate Team for more information.

This Month in Real Estate July 2014 - Aguilera Real Estate Team

FREE Market Trends Real Estate Newsletter for May 2014

May 2014

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EXISTING-HOME SALES STEADY, PRICES UP

Existing-home sales remained level this March while home prices saw moderate growth, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops were down 0.2 percent to a seasonally adjusted 4.59 million units for the year.

NAR chief economist Lawrence Yun expected to see more activity. "There really should be stronger levels of home sales given our population growth," he said. "In contrast, price growth is rising faster than historical norms because of inventory shortages. With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly."

Nationally, the median time for homes to sell was 55 days in March, a decrease from 62 days in February, and 62 days from March 2013. Thirty-seven percent of March home sales were on the market for less than a month.

OPTIMISM FOR FIRST TIME BUYERS

First-time buyers accounted for 30 percent of purchases in March, up two percent from the month before. NAR president Steve Brown believes this number can be higher. "There are indications that the stringent mortgage underwriting standards are beginning to ease a bit, particularly regarding credit score requirements, but they remain a headwind for entry-level and single-income home buyers," he said.

"We also have tight inventory in the lower price ranges where many starter homes are found, but rising new-home construction means some owners will be trading up and more existing homes will be added to the inventory. Hopefully, this will create more opportunities for first-time buyers," Brown said.

Mortgage giant Freddie Mac reports that the average commitment rate for a 30-year, fixed-rate mortgage was hovering at 4.34 percent during March. These historic low rates optimize housing affordability for today's home buyer.

FIVE TIPS TO ENHANCE CURB APPEAL

It's important for sellers to do what they can to get their home to stand out. Here are five quick tips to generate some excitement for your home in today's market.

• Use Paint:  A new coat of paint can go a long way to make your home look up to date. Neutral colors work best because they appeal to the most people.
• Mow the Lawn: Take the time to mow the lawn and clean the yard. Rake leaves and grass and put away any tools that may be lying around. Don't turn buyers off with a messy yard. If they like what they see on the outside, you'll improve your chances of getting them to look inside.
• Plant Flowers: Seasonal or perennials can bring a splash of color to your home and brighten the view from the street. Flowers throughout the house will please the senses and make your house feel like a home.
• Spruce Up Your Walkway: Dressing up your walkway with bricks or paving stones will lead people to your front door. Inexpensive solar lighting can further enhance your entry.
• Window Treatments: Keep your home from looking plain or boring with some decorative shutters. Windows are very important to the overall appeal of your home. Add planter boxes underneath for an immediate improvement that doesn't cost a lot of money!

By following these tips, you will be able to capture the hearts and minds of today's buyers, as well as improve your chances for a quick sale at the best price possible.

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

TracyRealEstateBlog - Home Prices Showing Signs of Topping Out

The annual measure of home prices still managed to increase 13.7% in November, but that was only slightly better than the rise in October.

The housing recovery was one of the stronger features of the economy last year. It boosted household wealth and home construction. With mortgage rates climbing steadily since hitting record lows in May, its clear the housing recovery is starting to lose steam. 

Housing may make further contributions to the economy in 2014, but it's pace is likely to slow during the year. Housing experts say that more modest price increases are probably a good thing for the housing market. The rapid increases of last year are not sustainable. 

Thinking of selling your home? Visit our automated www.CAHomeValuesToday.com for a FREE, No-obligation market analysis of your home. Your home's value directly to your inbox!

TracyRealEstateBlog-5 Resolutions for First-Time Home Buyers

5 Resolutions for First-Time Home Buyers

If you've promised yourself you would save those pennies to finally become a homeowner for the first time in 2014, we've got five, easy steps resolutions to help you achieve your goal.

1. Boost Your Credit Score

Your credit score will play a key role in your mortgage approval and rates. At the beginning of the year, order your credit reports from AnnualCreditReport.com. It is a free service authorized by federal law. Go over each report, dispute any errors, and pay off any old debts. 

In the meantime, avoid big-ticket items such as cars or furniture and don't apply for new credit. A credit inquiry itself can cause a credit score to temporarily drop, acquiring more debt to buy, or the capacity to acquire more debt by opening a new credit account, can have drastic effects on your mortgage situation.

2. Save Up to Put Down

You will need a 20 to 30 percent down payment to qualify for the best mortgage rates. Try cutting optional expenses to save more. Such examples can include, cable bills, internet bills, movie-service subscriptions, etc. This can save you up to a $1000 a year. The more you save, the better rate you will be able to obtain and the chance avoid private mortgage insurance.

3. Find the Best Real Estate Agent

Finding a great Realtor takes time but will pay off in the end. Find a buyer's agent who will give you a few recent testimonials from happy buyer clients. Be sure to check those references to be certain they are legit. To read Lisa's testimonials, click here.

4. Get Pre-Approved

Knowing what can be afforded, what you qualify for, and what type of loan you want to help find the best deal when you're ready to apply for a mortgage. To start, research the differences between conventional and unconventional loans and find a mortgage calculator to get an idea what you will be spending on a mortgage per month. When you're ready to shop for mortgages you will be educated and informed before being presented with your options.

5. Find Your Home Dream Home

Potential home buyers should be reading and researching as much as they can and as soon as they can. Don't wait until you're ready to buy to start looking at homes. Start early by researching certain neighborhoods in the area you're interested in living in. Once you're ready to shop, you'll have a clear idea of what you want and what you can afford. 

Think you're ready to buy? Search our automated listing search at www.TracyListings.com

TracyRealEstateBlog - Questions Your Realtor Can't Answer

Questions Your Realtor Can't Answer

You may be a single woman searching for a home in a neighborhood where you can feel safe at night. Perhaps you are a family with children who would like a neighborhood predominately with kids that live nearby for playmates for your children. 

Maybe you're a senior citizen who likes his or her peace and quiet and wants to avoid living next to adults that aren't their age. What you do in this situation? Hire a local Real Estate Expert to help you find exactly what you're looking for. Doesn't matter which way you look at it, buying a home is the biggest purchase of your life. You should get everything you want. 

However, when you ask your realtor about the people that live in your neighborhood or building that you're interested in, you don't get a qualified response. Some common questions agents will have to turn away are: 

1. Is this area safe?

2. What kinds of people live in the neighborhood/building?

3. Is this place family-friendly?

4. Are the schools good?

5. What are the demographics of the buyer/seller (Race, sex, political preference)?

6. Are there kids in the neighborhood?

7. What are the best neighborhoods to live in?

Answering these questions could constitute a violation of the Fair Housing Act of 1968. The act's main purpose is to protect certain classes from discrimination in the housing market. These include race, color, national origin, religion, sex, familial status (whether someone has children or not), and handicap. Violating the act can cost a broker $16,000 for the first violation and $65,000 for a third violation within seven years. Imprisonment is possible and the terms range from one year to life in prison, depending on the damage or injury that's occurred. No matter how severe, brokers always run the risk of losing their license by breaking the law. 

While your Realtor may not be able to answer questions about demographics for you, consider it a small sacrifice for a great deal of service. Real estate agents know everything about buying and selling real estate so you don't have to. They'll not only tell you what similar homes have sold at, but also how long they were on the market and if any issues occurred during the transaction. Your agent can guide you on home prices according to market conditions, which they have to keep track of as part of their job and because you've emotionally invested in your home, Realtors can negotiate a better price on your behalf because they're removed from any attachment to the property.

As industry professionals, Real estate agents have easy access to reliable services that you'll need when buying or selling a home. For example, your agent will have worked with movers, general contractors, inspectors, attorneys, lenders that they can recommend. 

If you have any questions that were forgotten in the process of the closing process, you can count on your real estate agent to answer them. A Real Estate agent can make the many other tasks in finding the perfect home easier. You can also view this problem as a solution to help every American achieve the dream of owning a home without any unfair barriers.