Santa Clarita Valley Real Estate

Down Market Offers Ideal Opportunity for Homeowners Looking to Move Up According to Jim Weichert, many current homeowners mistakenly think it's not a good time to buy because they are focused on what they might have sold their home for in the past. Once they realize how beneficial it can be to trade up now, both financially and personally, they often have a change of heart. Take for example, a homeowner who paid $300,000 for a home several years ago. If prices in their market declined by 25 percent, they would experience a $75,000 loss upon the sale of their home. However, if they are also buying a larger home that had cost $600,000, they would now benefit from a $150,000 savings on their purchase. This is a $75,000 gain in overall equity as a result of moving up. In addition, when prices begin to rise, this trade-up buyer will see greater appreciation in their new home than their previous one. With home affordability near record highs, those looking to move up can get more for the...

Getting a good mortgage rate is often a matter of good luck. After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for home buyers that went under contract over the weekend. Same for homeowners looking to pull the refinance trigger.Versus mortgage rates on Friday afternoon, many lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice even lower. The drop in rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed. Rate dips like this aren't expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate: You can't shop for good luck. This is because mortgage rates are inherently unpredictable. * On some days, rates are higher * On some days, rates are lower * On some days, rates are unchanged Occasionally, there are days when rates are all three. Monday's rate dip, though -- while sharp -- may not last. Early t...

Mortgage rates eased this week on the heels of Friday's employment report that showed weaker-than-expected job growth in January. 30-year fixed rate mortgages averaged 6.28% this week compared to 6.34% last week according to Freddie Mac's mortgage market survey. Economists at Freddie Mac predict that long term rates will hover between 6.3% and 6.5% this year which would cause the refinance share of origination to contract to 42% from 49% currently