Hot California real estate tips in 2022 with Teddy Attell? After a decade-plus of steady home price gains, the market has reached the limits of affordability for many, and would-be buyers fatigued by bidding wars and competing with all-cash offers could very well be a factor in California’s declining population. Let’s take a look at California’s median home prices, rent prices, homes sold, real estate trends, and finally, what to expect for the 2022 housing market. What’s the Average Price of a House in California? According to Zillow, the median home price in California is $800,172 and has risen an impressive 18.5%, year-over-year. However, one possible early sign of a cooling market can be found in the California Association of Realtors’ sale-price-to-list-price ratio, which declined 0.5% year-over-year, and 0.8%, month-to-month, to 103.4%. Read extra info at https://clustrmaps.com/person/Attell-3n61h6.
While you’re at it, you should check your credit scores (all 3 of them) and determine if anything needs to be addressed. As I always say, credit scoring changes can take time, so give yourself plenty of it. Don’t wait until the last minute to fix any errors or issues. And while you’re addressing anything that needs more attention, do yourself a favor and put the credit cards in the freezer (or somewhere else out of reach). Lots of spending, even if you pay it back, can ding your scores, even if just momentarily. It can also increase your DTI ratio and limit your purchasing power. Ultimately, bad timing can create big headaches. Additionally, pumping the brakes on spending might give you a nice buffer for closing costs, down payment funds, moving costs, and renovation expenses once you do buy.
I highly recommend sketching and planning every inch of your project before you begin. Every time you change your mind it will cost you time and ultimately money. We only have one significant change throughout our entire home renovation process and while I knew it was the best decision, it still cost us. Make up your mind and don’t change it. While I didn’t want to deal with sourcing materials on my own, I do understand why so many people pay contractors for labor only and take care of materials themselves. Contractors often have a premium that they add on top of certain items when they purchase them and you can end up paying upwards of 30% more for certain materials. It’s best to hire for labor only.
If you’re going to buy a house it makes a lot of sense to make sure that rush hour traffic isn’t unbearable. The last thing you want is to buy a home and find out that you’re going to be sitting in heavy traffic every day. Time is more valuable than money, you don’t want to spend your time in traffic – I know I don’t. You want to spend your time doing more important things like spending time with your family. We always recommend our buyers check out the commute to and work on different days just to make sure it’s something they are comfortable with.
Here are a few real estate advices from Teddy Attell Novato, California: Once you select a lender, you should speak with a loan officer as quickly as possible. At this point, there is one thing you should know. Pre-qualifying means absolutely nothing. All pre-qualifying does is determine the amount of the loan you could qualify for based on factors such as your credit, salary, etc. It does not guarantee that a lender will actually loan you the money. It’s more important to get PRE-APPROVED. Pre-approval means that your application has been submitted to a lender who is willing to extend you a specific loan amount, pending a property and appraisal. Being pre-approved lets you know that you won’t be denied for a loan, and it also provides you with leverage to negotiate the purchase price of a home with the seller.
Start Investing: Investing is one of the best ways to increase your net worth, but a lot of people stay away from it because they’re scared of losing money. So instead of investing, they keep their money in a savings account. That’s great, and you should have some money in a savings account for emergencies, but the truth is: Money in a savings account loses value over time. See, the average savings account has a very tiny 0.06% APY (annual percentage yield), while inflation is around 1.7%. That means that each year, the money you have in a savings account is going to have less and less buying power. So, what can you invest in to stay ahead of inflation? Here are some options: Real estate, Peer-to-peer lending, Exchange traded funds (ETFs), Stocks.
Renovating improves the house value says Teddy Attell : When the housing market is buoyant there’s usually a high demand for building services, making it hard to find good builders at a reasonable price. It can be tempting to pick the cheapest builder who can start next week, but if a quote price is super-cheap there’s normally a good reason: perhaps they forgot to include something, or simply just got their sums wrong. Either way, the builder will realise they’re working at a loss. And if they walk off the job, it will cost you dearly to get someone else to finish it, with all the hassle that goes with that. It may be cheaper in the long run to go for a medium-range price rather than risk work being skimped to recoup losses, leaving you with a badly done job. If your project is not time critical, employing ‘friends of friends’ or friends on ‘mates’ rates’ may work. But more often than not something else will come up on the day when they promised to finish your job, which could then hold up the following trades.
The average mortgage interest rate (that fee lenders charge as a percentage of your loan amount) has been nice and low lately. In fact, the average rate for a 15-year fixed-rate mortgage dropped to 2.31% in November 2020—the lowest it’s been since Freddie Mac started reporting nearly 30 years ago!5 And now economist geeks think interest rates will continue to hover around 3% in 2021, which is still pretty low. If you want to refinance or get a mortgage from a trustworthy lender who actually cares about helping you pay off your home fast, talk to our friends at Churchill Mortgage.