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5 Spring Home-Hunting Tips for Buyers

Spring is just around the corner and not only flowers are popping up everywhere, houses are also being prepared for the spring selling season.  Home owners typically sell during spring, and buyers are taking advantage of this huge opportunity to get the best home. There is competition among buyers who want to get the best pick.  In this adrenaline-driven situation, it pays to follow these 5 house hunting tips so you would will not be left behind.

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1. Canvass your dream house, the old-fashioned way. Close your laptop and go to open houses. Online listings are good sources of information, but nothing beats seeing the house with your own two eyes. It’s a great idea to go online, research the house you want and set up alerts so you know when a new house is being put in the market. However, if you really want to find your perfect house, you have to get up from your desk and get on your feet. The spring season means higher demands for houses, therefore buyers should always be in the position to decide quickly.

2. Research market trends. Housing trends are forever changing. What’s ok now might not be good tomorrow and what seems to worthless today could be worth a fortune in the coming years. As a buyer, you have to be informed of what’s happening in the current market as well as the past trends in the housing industry. This would give you a chance to compare and formulate marketing predictions that would help in your decision making. Take note that these trends have a huge impact on house prices so the more you know, the better chances for you to get a good price. Don’t forget to research both local and general markets.

3. Take advantage of low mortgage rates. Act now while mortgage rates are historically low. Having low interest rates allows you affordable payments for a long time. Mortgage rates are very unpredictable so you have to take action the minute it goes down.

4. Build your team. Everything is fast-paced today with the market on hype due to spring season. As a buyer, you have to make sure that everyone you are working with is ready to go so you’ll have a smooth and fast transaction. Your home buying team should include a knowledgeable real estate agent, lender, lawyer and inspector. To save time, make sure you get pre-approved first so you can quickly submit your bid once you find the right home.

5. Prepare deal-breakers. In a bidding war, you will come across other buyers who are also well prepared. In order to win, you have to sweeten your offer to entice the seller to choose you. How do you do that? You can offer a higher down payment or even forego some contingencies (consult with your team first).

However, the most important advice is BE PREPARED. When that perfect house or opportunity comes up, make sure that you are ready to grab it.

Why You Should Sell Your Home in 2019

Few people are predicting that 2019 will be a record-breaking year for home prices.

Relatively speaking, 2019 might seem to be the best time for you to put your house on the market especially if you’re on the fence about selling this year or next.

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Home price growth slowed in the second half of 2018, with fewer buyers entering the market, at least partially due to rising interest rates issued by the Federal Reserve. In 2019, consumers shouldn’t expect homebuyers to flood the market again and drive prices through the roof, but it’s also unlikely to be a crisis for home sellers.

If you’re weighing your options to sell, considering selling this year or maybe the year after, don’t play the waiting game.
Here are four reasons to sell your house in 2019:
  • New buyers are still entering the market.
  • Interest rates are still on the lower end.
  • You have high equity.
  • Selling now will be better than waiting till 2020.

New Buyers Are Still Entering the Market

With available housing inventory remaining low, even with rising interest rates, buyers who are ready to make a purchase will still shop for homes. The biggest wave of new homebuyers will be among millennials, who are mostly first-time buyers. According to Trulia, more than one-fifth of Americans between ages 18 and 34 said they plan to buy a home within the next 12 months. Already, millennials make up the largest share of homebuyers at 36 percent, according to the National Association of Realtors, which released the number in March 2018.The bottom line: While houses may sit on the market for a few more days on average compared with 2017 when the market was white-hot, buyers remain active and it’s still possible to profit from your home sale.

Interest Rates Are Still Low-ish

Mortgage interest rates have been on a bit of a bumpy road over the last few months. Interest rates for a 30-year, fixed-rate mortgage reached their highest level in over seven years in November 2018, when they hit 4.94 percent, according to Freddie Mac. As of the end of February 2019, however, interest rates are down slightly to 4.35 percent, which is much lower than the historic high of more than 18 percent in 1981.
It’s important to keep in mind that while mortgage rates tend to mirror the Fed’s interest rate activity, mortgage rates are based on the market in that moment, your financial status and the property you’re looking to purchase.
A sudden leap in mortgage interest rates is unlikely in 2019, though rates are predicted to continue to climb.
If you’re looking to get the lowest interest rate possible on your next house, try to make a deal sooner rather than later.

 

You Have High Equity

Homeowners who bought during the recession or shortly after benefited from historically low interest rates and, up until around 2015, lower home prices that were still in recovery mode. If you fall into that category, your home equity has risen with nearly every mortgage payment, each renovation you made to the house and all the other houses on the block that sold for a higher price.
The higher your equity in your home, the more you net from the sale, which can easily go toward the down payment on your next house. The larger your down payment, the better you look to lenders and the lower your interest rate will be, and the less likely you’ll need to increase monthly payments with private mortgage insurance.

Selling in 2019 vs. 2020

If not selling your home in 2019 means putting your house on the market in 2020, the sooner option is the best one. In a survey of 100 U.S. real estate experts and economists by real estate information company Zillow, released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019.
Whether you believe the recession is imminent or a long way off, current real estate patterns indicate a sudden upswing in activity or prices is unlikely in the near future. Real estate markets tend to operate on a cycle of their own, the length of which varies by market but can be between 10 and 16 years total and flow from a seller’s market to a buyer’s market with a period of balance in between.

Recipe: Breakfast Porridge with Soft Egg and Pea Shoots

recipe

Ingredients

  • 2 medium shallots, peeled, halved through root
  • 1 1” piece ginger, peeled, crushed
  • ½ cup brown rice, rinsed well
  • ½ cup red quinoa, rinsed well
  • ¼ cup low-sodium soy sauce
  • Kosher salt, freshly ground pepper
  • 2 ounces young leafy pea shoots
  • 4 large eggs, room temperature
  • 2 teaspoons toasted sesame oil, divided
  • 2 radishes, thinly sliced
  • Chopped unsalted, dry-roasted peanuts, fresh cilantro leaves, and sliced scallions (for serving)

Directions

  1. Bring shallots, ginger, rice, quinoa, and 8 cups water to a boil in a large saucepan, reduce heat, and simmer, stirring often after the first hour of cooking to prevent sticking, until mixture is thick like porridge and rice is very soft (should be starting to breakdown), 1 ½–2 hours. Stir in more water as needed to achieve desired consistency.
  2. Discard shallots and ginger and stir in soy sauce; season with salt and pepper. Add pea shoots and cook just until shoots are wilted and tender, about 2 minutes.
  3. Meanwhile, bring a large saucepan of water to a boil, then carefully add eggs. Boil 6 minutes (exactly), then transfer eggs to a large bowl of ice water. Let cool and peel.
  4. Serve porridge, drizzled with oil and topped with soft-boiled eggs, radishes, peanuts, cilantro, and scallions.

Nutrition Facts:

Servings Per Recipe, Calories (kcal) 300 Fat (g) 9 Saturated Fat (g) 2 Cholesterol (mg) 215 Carbohydrates (g) 41 Dietary Fiber (g)  3 Total Sugars (g) 2 Protein (g) 13 Sodium (mg) 590

Click HERE for more information about the recipe.

Coastal Premier Properties, Inc | 12625 High Bluff Dr #102 San Diego, CA 92130 | 858.755.4663 | CA BRE # 01861547

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