Today’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet. If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of.
Even today, our mortgage rates are below what they’ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.
In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead. Here’s where experts say rates are headed:While a projected half percentage point increase may not seem substantial, it does have an impact when you’re buying a home. When rates rise even slightly, it affects how much you’ll pay month-to-month on your home loan. The chart below shows how it works:In this example, if rates rise to 3.55%, you’ll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
Clearly, today’s mortgage rates are worth taking advantage of before they climb further. The rates we’re seeing right now give you a unique opportunity to afford more home for your money while keeping your monthly payment down.
Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Let’s connect so you can seize this opportunity before they increase further.
David Deem 714-997-3486 Dave@DeemTeam.com Whether you have moved into a brand-new house or to one that previously belonged to another family, you need to put some precautions in place. Here are several items that need your attention to keep you and your family safe. Change the locks The previous owners may have passed on spare keys to their neighbors, relatives or close friends. Even if it’s a brand-new house, the builder may have handed a key to a handyman or worker during the construction stage. To be safe, get all the locks changed and distribute spares only to those you trust. Install a security system Even in safe neighborhoods, a security system is a good precaution to take. You can decide whether you want a high-tech one with all the bells and whistles, or if you’re happy with a few cameras and security lights. Get to know your neighbors Neighbors are invaluable allies. Stop by for a chat and get to know them. They can easily keep an eye on your place but if
David Deem 714-997-3486 Dave@DeemTeam.com Many houses that were built before the 1980s contain asbestos. If asbestos is damaged or disturbed and fibers are released into the air, people can inhale them and eventually develop mesothelioma, a form of cancer, or other medical conditions. How Your Family May Be Exposed to Asbestos Asbestos fibers have been used in construction materials, such as flooring and ceiling tiles, insulation, pipes, paint, shingles and cement. Many applications were banned in the 1970s, but it is still legal to use asbestos in some building materials. Sawing, scraping, drilling and sanding materials that contain asbestos can release dangerous fibers into the air. If you attempt renovations yourself, you may disturb asbestos. Hire an Experienced Contractor If You’re Concerned About Possible Asbestos Before you decide to knock down walls or replace insulation, think about the age of your home and whether it may contain asbestos. Only certified professionals should
David Deem 714-997-3486 Dave@DeemTeam.com Are you looking to transfer property? If so, your property transfer may be exempt from reassessment for real estate property tax purposes. In California, the annual real estate tax on a parcel of property is limited to one percent of its assessed value (Proposition 13). The “assessed value” may not be increased by more than two percent per year unless the property has changed ownership. The following types of ownership transfers are not considered “changed ownership” and should not result in a reassessment. Please let your title or escrow officer know if one of the following exceptions applies to your transaction: Proposition 19 – The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act X Eligible homeowners who are 55 years and older, severely disabled, or victims of wildfires and natural disasters may transfer their tax assessments to a different home of the same or lesser market value,