NAR’s Chief Economist, Lawrence Yun believes that, (especially in Napa)
If you are one of the many homeowners whose houses in Napa County no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream. Call Homes of the Napa Valley!
Filed Under: First Time Home Buyers, For Buyers, Interest Rates, Millennials, Rent vs. Buy
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.
Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home. Spring is a good time to buy as seller's are very motivated to move on. Let me guide you!
Filed Under: First Time Home Buyers, For Buyers, Interest Rates, Millennials, Move-Up Buyers, Napa homes for sale, Napa Info Articles, Properties, Rent vs. Buy
Millionaire to Millennials: Don’t Rent a Home… Buy in Napa!
In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.” Bach went on to explain:
Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists. He has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes. Christine Hannah says:" It's magic when give the keys to first time home buyer. It's a life changing event. I remember clearly when my family and I bought the first one."
Filed Under: First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers, Properties, Rent vs. Buy
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As Entrepreneur Magazine, a premier source for small business, explained in their article, “12 Practical Steps to Getting Rich”:
“While renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else mortgage. In effect, you’re making someone else rich.”
As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity. Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were at 4.22% last week.
Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, now may be the time to buy. For a free home tour in Napa Valley, Sonoma or Solano County, call or text Christine Hannah 707.257.6000
Filed Under: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers, Rent vs. Buy
Bidding Wars Abound… How Long Will They Continue in Napa Valley?
Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase. In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner. CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price. This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market. Realtor.com gives this advice:
In Napa without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our Napa Valley. Call Christine Hannah, Broker, Realtor at 707-257-6000 to find what is selling or who is buying the Napa Valley.
Filed Under: Buying Myths, Category #1, Category #2, Category #3, Category #4, Category #5, Down Payments, Featured, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Infographics, Millennials, Move-Up Buyers, Napa homes for sale, Napa Info Articles, Napa Real Estate Market, Places in Napa, Pricing, Properties, Rent vs. Buy, Slider, Uncategorized
January 22, 2018 by Christine Hannah