The national average for down payments is 11%. But that figure includes first time and repeat buyers. Let’s take a closer look.While the broad down payment average is 11%, first time homebuyers usually only put down 3 to 5% on a home. That’s because several first-time home buyer programs don’t...
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How much do I have to pay an agent to help me buy a house?
Home shoppers pay little or no fees to an agent to buy a home.Here’s why:For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer.Listing brokers represent sellers and charge a fee to represent them and...
What is a stratified market?
A stratified market happens where supply and demand characteristics differ by price point, in the same area (typically by city). For example, home sales for properties above $1.5M may be brisk (seller’s market) while homes under $750k may be sluggish (buyer’s market). This scenario comes along every so often in...
What is a seller’s market?
In sellers’ markets, increasing demand for homes drives up prices. Here are some of the drivers of demand: Economic factors – the local labor market heats up, bringing an inflow of new residents and pushing up home prices before more inventory can be built.Interest rates trending downward – improves home...
How long does it take to buy a home?
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home...
What the first step of the home buying process?
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.Here’s why:First, you need to know how much you can borrow. Knowing how much home you can afford narrows down online home...
Water-Conserving Plumbing Fixtures
Introduction California law requires property owners (for properties built before 1994) to install water-conserving plumbing fixtures by 2017 for single-family properties and by 2019 for other properties. Additionally, if any property (built before 1994) is altered or improved after 2014, then water-conserving plumbing fixtures must be installed as a condition of final...
Legal update – New Law – Insurance: 75-day notice of nonrenewal
Insurance: 75-day notice of nonrenewal This new law requires insurers to provide at least a 75-day notice of a nonrenewal of a homeowner’s policy (currently 45 days) and raises the limit on a homeowner insurance claim covered by the California Insurance Guarantee Association (CIGA) to $1 million. This law also...
Landlord/Tenant: Statewide rent caps and just cause eviction
Imposes statewide rent caps of 5% plus inflation and just cause eviction requirements on rental properties. Various exemptions apply including single family homes and condos (not owned by a corporation or REIT) and properties where a certificate of occupancy has been issued within the past 15 years. Rent Cap: Rent...
Planning to rent an apartment or home? Here is what experts say you need to know
As real estate booms, rental prices are rising. Being prepared and educated on renting basics from fees to leases can help before beginning a housing search.