Baby boomers who are approaching or have already entered their retirement years have traditionally been known to downsize. Not having as much property to take care of and minimizing the number of stairs that have to be climbed are generally the traits that tend to change once the Golden Years arrive.
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No other state in the US is more mesmerizing and dream-catching than the coveted state of California. Sunny days, yummy foods, a diverse culture, and a laid-back lifestyle make California the land of opportunity.
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Many homebuyers are looking for a turn-key property that’s move-in ready. Buying a home with little to do to it is very attractive, especially for the millennial demographic.
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Building codes might seem like a nuisance for homeowners, but they’re there for a reason: safety. Many homeowners might not be aware of the building codes they need to follow, which not only puts them at risk for paying fines, but also makes them vulnerable to injury and even death.
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If you’re planning on purchasing a high-priced home and leveraging the majority of the money to pay for it, you’ll likely need a jumbo mortgage. Almost 90% of mortgages are backed by either one of two major government-sponsored enterprises: Fannie Mae and Freddie Mac. Part of the remaining 10% are considered jumbo mortgages, a home loan option for expensive homes that approach the $1 million mark and beyond.
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Bad credit. Insufficient income. Inadequate down payment. These reasons – and many more – can stand in the way of getting approved for a conventional home loan. Many would-be homeowners often turn to others as co-signers in order to get approved for the mortgage they so desire.
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It’s a no-brainer: there are very few instances where you wouldn’t insert a home inspection clause in a contract to purchase a home. A property may look flawless on the surface, but you just never know what’s lurking in the attic or in the electrical panel. The best way to protect yourself from a potential money pit is to hire a home inspector to take an in-depth look at the property in question before you seal the deal.
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Just because you’ve locked into a fixed-rate mortgage doesn’t mean your mortgage payments won’t change some time in the future. This can come as an unpleasant surprise, especially when you’re trying to manage a budget. If you’ve allocated a specific chunk of your income to your mortgage, your budget can be thrown for a loop when these payments increase.
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One of the tell-tale factors of a fast-moving market is the amount of time that listings spend on the market. The number of property sales also speaks volumes about the activity in the market. According to the National Association of REALTORS® (NAR), over 6 million homes were sold in 2016, the first time this has happened in a decade.
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Population growth continues to swell in many centers across the state of California, and while the big cities have typically been the focus of major population growth, this trend is now expanding to surrounding suburbs.
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