Home Sellers

Seven Reasons Why You Need A Real Estate Professional To Help Sell Your House

Yesenia Ruvalcaba-Garcia California Real Estate, Home Sellers, Real estate Market, Sellers , , , , , , , ,

Eventually almost everyone faces the task of selling their home. During these transitions, many people wonder if they should save some money and list their house for-sale-by-owner (FSBO) instead of using a real estate agent. In reality, using a qualified agent can simplify the process and save you thousands of dollars in the long run. Here are seven perks that a qualified real estate professional can provide:

1. Multiple Listing Service (MLS) Database
This is the digital age and buyers no longer rely solely on their agent to identify possible homes. In fact, many buyers become obsessed with searching the easily accessible online MLS database both before and during the actual home-search process.

2. Marketing Plan
The MLS database is a great place to begin, but savvy real estate agents develop comprehensive marketing plans that go beyond the database. In this recovering real estate market, a combination of selling tools is often necessary to reach your closing date quickly. A variety of advertising strategies is important, but so is networking with other real estate agents.

3. Attracting Buyers’ Agents
Many buyers’ agents are wary of showing a house without a listing agreement even if the FSBO advertising promises a reasonable commission. There is great risk involved when an agent works without the usual contracts. Since most home buyers have an agent, listing your home FSBO excludes a large portion of your customer base.

4. Faster Results
Real estate agents know how to price homes correctly. Also, having a professional marketing plan accelerates the traffic to your home, increasing your odds of a quick sale.

5. Security
When your home is FSBO, you must choose between leaving strangers inside without any accountability and showing the home yourself. Since leaving people alone is not a safe option, FSBO homes are usually shown by the owner. Naturally, when you show the home yourself, your potential buyers will spend less time discussing the pros and cons of your property. They don’t wish to prejudice negotiations by telling you what they like, or offend you by telling you what they don’t like. This silence leaves you unable to encourage the pros and reasonably discuss the cons?a finely honed skill of quality real estate agents.

6. Negotiations
Sometimes negotiating can get a little sticky. Buyers may want repairs that weren’t in the sellers’ budget, or they may try to “test the water” with lowball offers. Real estate agents can work with each other rather than directly with buyers and sellers, distancing themselves and keeping emotional clients focused on the big picture. The result is often a compromise that pleases everyone.

7. Closing
The buying and selling of property is one of the largest business transactions most families face. Sometimes closings are not simple affairs. They can become clouded by chain-of-title issues or conflicting survey results. Even homeowners’ association disputes can complicate the closing process. It just makes sense to use a professional when dealing with complex legal documents.

With over 20 years of experience, we have all the knowledge and experience that you need when selling your home in today’s market. Give us a call today or click here for a quick, no obligation estimate of how much your home ins worth today.

Small Gains in the National Housing Market

Yesenia Ruvalcaba-Garcia California Real Estate, For Buyers, Home Sellers, Market Snapshot, Real estate Market, Real Estate Values, Sellers , , , , , , , , , , , , , , , ,

Freddie Mac’s Multi-Indicator Market Index (MiMi) analyzes home-purchase applications, payment-to-income ratios, employment figures, and the number of on-time mortgage payments in markets across the country to determine the stability of the housing market. All of these indicators point to a slight improvement in the housing market as it heads into the busy spring season. January’s national MiMi value reached 82.7; while this isn’t as impressive as the all-time high MiMi value of 121.7, it is still a 40 percent improvement over the MiMi’s all-time low back in October 2010. January’s MiMi saw a three-month increase of 1.46 percent. Year-over-year values showed greater gains, with a 7.57 percent climb.

National Pending Home Sales
The Pending Home Sales Index, an indicator based on contract signings, reached 109.1 in February, a 3.5 percent increase from the downwardly revised 105.4 in January. This is a 0.7 percent improvement from February 2015’s index of 108.3. The index has seen year-over-year gains for the past 18 months, yet this last gain was the smallest of the lot.

Regional Pending Home Sales
In the Northeast, the Pending Home Sales Index fell 0.2 percent; it is still 12.6 percent higher than February 2015. The Midwest saw the index climb an impressive 11.4 percent month over month and 2.5 percent year over year. The index rose 2.1 percent and 0.7 percent in the South and the West, respectively. Compared to February 2015, the index dropped 0.4 percent in the South and 6.2 percent in the West.?

Future Predictions
Economists with the National Association of Realtors predict that existing-home sales will reach 5.38 million this year—up 2.4 percent from 2015. The national median existing-home price should also climb between 4 and 5 percent. In comparison, 2015 saw existing-home sales rise 6.3 percent, with home prices increasing 6.8 percent.

1-626-252-0839 Sell While the Market is HOTT!

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If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

Understanding Your Closing Mortgage Paperwork

Yesenia Ruvalcaba-Garcia California Real Estate, For Buyers, Helpful Info, Home Sellers, Mortgage Info, Sellers , , , , , , , , , , ,

If you’ve decided to take the leap and become a homeowner, then odds are that you’ll need to apply for a mortgage to make this dream come true. Applying for a mortgage often seems more complicated than it should be—by the end of it all, it may seem like you are drowning in a sea of paperwork. Besides all of the forms that you’ll have to fill out and the documents you’ll need to sign to submit an official application, you’ll also have to sign three mortgage documents on the day of the closing. The following is a closer look at those documents.

Settlement Statement
The settlement statement, which is also referred to as the Closing Disclosure, is a final laundry list of everything you are paying for regarding your home purchase (i.e., fees). This shouldn’t be the first time you see these fees, though. Mortgage lenders are required by law to provide you with a Loan Estimate early on in the loan process. Although a Loan Estimate doesn’t break down your fees into a line-item list the way a Closing Disclosure does, it does let you compare your final closing costs and terms with your initial estimate. Once you receive your Closing Disclosure there is a required waiting period of three days to review the terms before closing. The following are some of the fees that a settlement statement will detail:

  • Real Estate Agent Fees – These are the commissions paid by the seller.

  • Mortgage Lender Fees – These fees typically include the appraisal fee, the credit report fee, and any origination fees for the mortgage rate you chose, as well as other potential loan processing fees.

  • Title Fees – The title fees include the title insurance that you must buy to protect both yourself and your mortgage lender in the event that any third party makes unwarranted claims on your new property. These are charged by the title company that is serving as your settlement agent.

  • Prorated Items – These items can include prepaid mortgage insurance, homeowners insurance (most mortgage lenders require a year’s worth), and more.

  • HOA Fees – The community’s homeowner association may charge you a move-in fee.

Promissory Note
The promissory note, which is often simply referred to as the note, is the document that outlines the terms of your mortgage loan including whether you’ve taken out a 15-year adjustable-rate mortgage or a 30-year fixed-rate mortgage, your mortgage interest rate, your payment intervals, and whether or not you’ll be required to pay a penalty if you pay your loan off early. The promissory note also states that the property you are buying will be used as security by the mortgage lender in case you default on the loan.

Deed of Trust
This document, which is referred to by several different names, including the security instrument and the mortgage, is an agreement that states that you pledge your property as security for the promissory note. The deed of trust consists of three occupancy provisions. You must comply with one of them based on the loan you’ve chosen. These three occupancy provisions are as follows:

  • Owner occupied provision – If the property is your main residency, then you need to move into the home within 60 days of the closing date. You’ll also be required to live there for a minimum of one year before you can use it as a secondary home or as a rental property.

  • Second home provision – If you’ve purchased the property as a second home, such as a vacation home, then you are not allowed to rent the property out.

  • Non-owner occupied provision – Mortgages for non-owner occupied homes tend to require you to pay a higher mortgage interest rate, which means that you can convert the property to an owner-occupied home or a second home if and whenever you want to.

These are the mortgage documents that you’ll need to sign on the date of your closing. It’s a good idea to be prepared for the closing by knowing what it is that you’ll be signing. This way you’ll save time and reduce the amount of confusion you might experience regarding the terms you are agreeing to.

When you decide to sell your house, it is important to be well informed about the local market and current buyer expectations. Take the emotion out of the process. Be realistic about price and know what you need to do to get the best return on your home investment.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

The 2016 Housing Market Is Off to a Good Start

Yesenia Ruvalcaba-Garcia California Real Estate, For Buyers, Helpful Info, Home Sellers, How's the Market Snapshot, Market Snapshot, Real estate Market, Real Estate Values, Sellers , , , , , , , , , , , , , ,

Consumer confidence is almost as high as it was pre-recession. Economists predict GDP growth will see a slight year-over-year increase. And private sector job growth has been steady for the past two years, averaging 240,000 jobs per month. All of these factors led the National Association of Home Builders’ chief economist David Crowe to declare 2016 “a good year for housing and the economy.”

Mortgage Rates to Rise from Cheap to Low
This year mortgage rates are expected to climb one-quarter to one-half of a percentage point to an average of 4.5 percent. Though the days of “cheap” 4 percent mortgage rates may be over, rates in 2016 should still be “low,” according to Frank Nothaft, chief economist of CoreLogic. Buyers might be faced with slightly higher mortgage rates, but they may find it easier to qualify for their mortgages. Economists expect tight mortgage credit standards to slowly loosen in 2016—but not quite to levels seen 15 to 20 years ago.

National Sales Climb
According to the National Association of Realtors®, national existing-home sales saw a significant climb in December, due in part to the Know Before You Owe initiative. These new mortgage rules, which came into effect October 3rd, delayed some transactions from November to December as lenders adjusted to the new consumer mortgage form. But while the delays accounted for some of December’s activity, they were not the only influencing factor; warm weather and the prospect of higher mortgage rates also contributed to the sales jump. Existing-home sales climbed 14.7 percent in December, which is 7.7 percent higher than a year ago. Sales haven’t been this high since 2006; however, sales will have to climb much higher to beat 2006’s record of 6.48 million.

Regional Home Sales

  • Northeast – Existing-home sales’ annual rate: 750,000, a rise of 8.7 percent. Sales are 11.9 percent above a year ago. Median price: $255,700, which is 5.3 percent higher than December 2014.

  • Midwest – Existing-home sales’ annual rate: 1.22 million, a 10.9 percent increase. Sales have risen 9.9 percent above December 2014. Median price: $171,000, a 7.5 percent climb from a year ago.

  • South – Existing-home sales’ annual rate: 2.27 million, up 14.6 percent. December sales are 4.6 percent higher than a year ago. Median price: $196,100, which is 6.8 percent above December 2014.

  • West – Existing-home sales’ annual rate: 1.22 million, a climb of 23.2 percent. Sales are up 8.9 percent from a year ago. Median price: $321,100, an 8.2 percent increase from December 2014.

When you decide to sell your house, it is important to be well informed about the local market and current buyer expectations. Take the emotion out of the process. Be realistic about price and know what you need to do to get the best return on your home investment.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

National Home Sales Decline, but Still Remain Above Last Year’s Sales

Yesenia Ruvalcaba-Garcia Buying and Selling, California Real Estate, Helpful Info, Home Sellers, How's the Market Snapshot, Market Snapshot, Real estate Market, Real Estate Values, Sellers , , , , , , , , , , ,

Existing-home sales in October were strong but not as strong as they were in September. Total existing-home sales fell 3.4 percent to 5.36 million, down from September’s 5.55 million. Yet sales were still 3.9 percent higher than at the same time last year. Economists with the National Association of Realtors expected the slowdown. Total housing inventory fell 2.3 percent in October, and according to NAR’s chief economist Lawrence Yun, the shortage put pressure on the housing market. The lack of inventory did nothing to ease the affordability issues plaguing some markets across the country. In addition, buyers had fewer options to choose from, leading to fewer contract signings. Yun also believes the recent volatility in financial markets impacted buyer demand—and home sales in turn.

The Silver Lining
If the job market continues to improve, sales should continue their year-over-year climb. With mortgage rates remaining below 4 percent for the third straight month, home buyers should feel incentivized to sign their contracts sooner rather than later. And even if mortgage rates moderately increase, a gradual easing of credit standards should temper any impact on demand and sales.

Lower and Higher
Every region saw sales slip or stall in October. In the Northeast, existing-home sales remained steady from September, while in the Midwest, sales were down 0.8 percent. The South and the West saw sales fall 3.2 percent and 8.7 percent from a month earlier, respectively. Sales might have been down from September, but every region posted year-over-year gains. Sales in the Northeast improved 8.6 percent from a year earlier. In the Midwest, existing-home sales were up 8.3 percent. And when compared with October 2014, sales in the South and the West rose 0.5 percent and 2.7 percent, respectively.

Home Price Tags
Prices also increased year-over-year. In the Northeast, the median price climbed 1.3 percent above October 2014. The Midwest and the South saw prices increase 5.7 percent and 6.2 percent above a year ago, respectively. The West posted the strongest gains, with the median price rising 8 percent above October 2014.

When you decide to sell your house, it is important to be well informed about the local market and current buyer expectations. Take the emotion out of the process. Be realistic about price and know what you need to do to get the best return on your home investment.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

National Home Sales Increase, Housing Inventory Dips

Yesenia Ruvalcaba-Garcia Buying and Selling, California Real Estate, For Buyers, Helpful Info, Home Sellers, Market Snapshot, Real estate Market, Real Estate Values, Sellers , , , , , , , , ,

Now is a good time to buy a home or list your home for sale. The national housing market trends show an increase in home sales and a decrease in home inventory. National existing-home sales increased in September to the second-highest pace since February 2007. Interest rates are holding steady near 4 percent, and job growth—while modest in comparison with the first half of the year—is still strong. Rent prices have climbed to an eight-year high, making it less affordable to rent and more affordable to own a home.

National Home Sales Increase
Total existing-home sales reached 5.5 million in September, a 4.7 percent increase from August and an 8.8 percent rise above a year ago. What’s more, for the past 12 months, year over year existing-home sales have increased, according to NAR. Gains were recorded in every region of the country. In the Midwest, existing-home sales climbed 2.3 percent in September; sales are 12 percent higher than September 2014. Sales in the South rose 3.8 percent month over month and 5.7 percent year over year. The largest sales gains in September were seen in the Northeast, with an increase of 8.6 percent, and the West, with an increase of 6.7 percent. Year over year, sales rose in the Northeast and West 11.8 percent and 9.5 percent, respectively.

National Inventory Dips
By the end of September, there was a total of 2.21 million existing homes on the market, a decrease of 2.6 percent. This is 3.1 percent lower than a year ago. At the current sales pace, this level of inventory represents a 4.8-month supply—a drop from August’s 5.1-month supply. Persistent inventory shortages have plagued the housing market all year, yet the market has still posted gains. This is thanks in large part to sellers taking advantage of rising home prices to release equity in their current home and either sell up or downsize. First-time buyers, however, are still struggling to find a way into the housing market. First-time buyers represented only 29 percent of the market in September; this is down from August’s yearly high of 32 percent and unchanged from September 2014’s.

1-626-252-0839 Sell While the Market is HOTT!

What’s Your Home Worth? Find out Now!

If you’ve been thinking about selling your home, chances are that you’re excited about the possibility of moving and starting a new chapter of your life. Simply deciding to sell your home isn’t enough, though. The process of putting your home on the market can be overwhelming and time-consuming, so before you try to sell your property, you need to ask yourself a few questions. Being honest with yourself and with the people around you will help you have a more positive selling experience when you’re ready to move.

What is Title Insurance and Why Do I Need It?

Yesenia Ruvalcaba-Garcia Buying and Selling, Home Sellers , , , , , , , , , , , , , ,

Most kinds of insurance are self-explanatory. Fire Insurance protects against losses from fire. Collision Insurance guards against the cost of a crunched car. Theft Insurance—well, you get the point. But Title Insurance? What does it mean to insure your title to real estate? And what are the risks that make title insurance important? I asked Pacific Coast Title Company these questions and here’s how they answer them.What is title insurance and why do i need it?

Real estate has always been considered man’s most valuable possession. It is so basic a form of wealth that many special laws have been enacted to protect ownership of land and the buildings which stand on the land. You should realize whenever you buy property that the owner who is selling it to you has extremely strong rights as do family and heirs. Also, there may be others—in addition to the owner—who have “rights” in the property you are going to buy. These may be governmental bodies or contractors or individuals who have perfectly proper unpaid claims against the property. Anyone who has such a claim is, in a sense, a part owner. The property may be sold—to you—without the party who has a claim knowing about the sale. And you may know nothing about such a claim at the time you buy. It doesn’t matter. Such claims may remain attached to the real estate you have purchased.

Will You Get A Clear Title?
It is of the greatest importance that you do. But this means that you must be informed about any of these claims
against your land so that you can make certain they are cleared up before you buy. And it means that you must be
protected against any undiscovered claims that may arise in the future to threaten your title and the possession of your property. Title Insurance provides this two-fold protection.
How Do You Learn What Claims Exist?
By a search of the public records. This is the first step Pacific Coast Title takes in order to insure your title. They keep track of recorded documents which might affect the title to every parcel of land. Some things a title search uncovers are any unpaid taxes or mortgages, judgements against previous owners, easements, court actions and many other recorded documents which can affect title to real estate. They find and report such defects in the title to the real estate you wish to buy, so that these matters can be cleared up. It is the first benefit you receive when title insurance is ordered.

What If There Is A Defect In The Title Search?
This can happen. We call them “hidden risks”—the undiscovered claims which may arise long after you have
bought your home. Protection against loss from claims on real estate which cannot be discovered by examination of
the public records is the second part of the two-fold benefit which title insurance provides. The title to the home which you have paid for—and to which you have received a deed—could be seriously threatened or completely lost by such circumstances as a forgery, confusion due to similar names, error in the records—to cite just a few hazards.
How Does A Title Insurance Policy Protect Against All These Dangers?
If a claim is made against your title as insured, Pacific Coast Title Company protects you by:

1) Defending your title, in court if necessary, completely at their expense

2) Bearing the cost of settling the claim if it proves valid, in order to protect your title and keep you in possession of your property.

By Now, You Know The Answer To Our Question – What Is Title Insurance?
It is assurance that possible clouds on the title to the land you are buying— which can be discovered from the public
records—have been called to your attention so that such defects can be corrected before you buy. And, it is insurance
that, if any undisclosed claim covered by your policy arises out of the past to threaten your ownership of real estate, it will be disposed of, or you will be reimbursed, exactly as your title insurance policy provides. What is title insurance and why do i need it?
Unlike other forms of insurance, the original premium is your only cost as long as you or your heirs own the property. There are no annual payments to keep your Owner’s Title Insurance Policy in force.

Its super important that when you are ready to buy or sell a home you select a Real Estate Broker that is knowledgeable about the entire process from start to finish and aligns themselves with a team of professionals that have your best interest in mind.The Ruvalcaba Group prides themselves in their commitment to educate their buyers and sellers through the home buying and home selling process to ensure that you are not wondering what is going to happen next. 

Call/email/text us with any questions you may have regarding buying, selling, and financing real estate! We’d love to guide you through the process! 

(626) 252-0839 Direct/Text

Yesenia@NewCenturyBroker.com