David Deem 714-997-3486 Dave@DeemTeam.com If your home-buying aspirations have been hampered due to the fiercely competitive market conditions of the past several months, things may be looking brighter. According to a recent market report from Zillow, from late summer through early fall, homebuyers have benefited from slightly more selection, some price cutting and a little more time to consider a home before jumping in with an offer. As Zillow Senior Economist Jeff Tucker reports, the housing market returned to “some semblance of normalcy in September,” which was fueled by the typical seasonal slowdown often seen in the fall. "Homes are still selling quickly, and prices have not receded, but it's not quite as extreme a sellers' market as we saw back in the spring and summer,” he says. “Buyers today will benefit from a little more time to pick the right home and a few more listings to choose from." The Zillow Home Value Index (ZHVI) for the U.S. shows that, after pe...

David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights If you’re thinking of selling your house but don’t know what you should buy, you have options. Existing homes offer a wide variety of home styles, an established neighborhood, and lived-in charm. Meanwhile, new home construction lets you create your perfect home, cash in on energy efficiency, and minimize repairs. Whether you’re looking for newly built or existing homes, both have their perks. If you’re ready to sell your house, let’s connect today to go over the perks of both existing and newly built homes to find out what’s right for you. www.DeemTeam.com DRE#01266522  

  David Deem 714-997-3486 Dave@DeemTeam.com Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing  crucial information about today’s housing market that you need to make your best decision. Before you decide whether you’re ready to buy a home, you should know how to answer these three questions. 1. What’s Going on with Home Prices? Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate. The graph below shows just how much experts are forecasting prices to rise this year: Continued price appreciation is great news for existing homeowners but  can pose a significant challenge if you  wait to buy .  Using these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forec...

  David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights If you’re thinking of buying a home but wondering if waiting a few years will save you in the long run, think again. The longer the wait, the more you’ll pay, especially when mortgage rates and home prices rise. Even the slightest change in the mortgage rate can have a big impact on your buying power no matter your price point. Don’t assume waiting will save you money. Let’s connect to set the ball into motion today while mortgage rates are hovering near historic lows. www.DeemTeam.com DRE#01266522

  David Deem 714-997-3486 Dave@DeemTeam.com An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications  we may have hit the lowest point we’ll see . Odeta Kushi, Deputy Chief Economist at  First American,  recently  said  of our supply challenges: “ It looks like inventory may have hit a bottom  (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4. ” To put it into perspective, the graph below shows levels of inventory  rising  since the beginning of the year: We’re still not close to a  balanced market , which would be a 6 months’ supply of homes for sale. However, we are seeing a  slow but steady increase in homes coming up for sale.  And that leaves many buyers and sellers wondering the same thing: what does that mean for me? Buyers: More Options Are Arriving, so It’s T...

David Deem 714-997-3486 Dave@DeemTeam.com In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here’s how this summer is stacking up against the norm and what it means for you. Inventory is increasing. According to the latest  Existing Home Sales Report  from the  National Association of Realtors  (NAR), inventory levels have been rising since February of this year. Looking at the graph below, there’s a clear upward trend, as shown in the green bars. Currently, there’s roughly a 2.5 months’ supply of homes for sale. And while inventory is trending up as more houses are coming to the market, it’s still much lower than several of the previous summers, as the orange bars indicate. If you’re looking to b...

  David Deem 714-997-3486 Dave@DeemTeam.com By Liz Dominguez Once the territory of millennials, the first-time buyer crowd is slowly filtering out the aging population, being replaced by Gen-Zers. And according to a new report from  realtor.com®, 40% of surveyed Gen Z-ers say they plan to purchase a home in the next five years.  "Gen Z values homeownership. However, the oldest members of this generation are just entering the professional stage of life and not yet in a financial position to make a big play as first-time buyers—especially in  the current housing market, which is challenging even older generations who have had many more years to save for a down payment," said George Ratiu, senior economist, realtor.com®. "With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generat...

  David Deem 714-997-3486 Dave@DeemTeam.com You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer. Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the...

David Deem 714-997-3486 Dave@DeemTeam.com The real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there was a double-digit increase in home values – a trend that’s expected to head toward similar levels this year. However, skyrocketing prices are causing some to start questioning affordability in the current housing market. Many are quick to emphasize the fact that homes today are less affordable than they were last year.  Black Knight , a leading provider of data and analytics across the homeownership life cycle, just reported on the issue. The findings show the historical averages of the national  payment to income ratio , which they define as “ the share of the median income needed to make the monthly payments on the median-priced home. ” Their study reveals: The average over the last 25 years was 23.6% The average over the last 5 years was 20.1% The average today stands at 20.5% Right now, housing...

  David Deem 714-997-3486 Dave@DeemTeam.com When buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a  down payment  is the main cost that comes to mind for many, but budgeting for the  closing costs  required to get a mortgage is just as important. What Are Closing Costs? According to  Trulia : “ When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home,  and can include title insurance, origination fees, underwriting fees, document preparation fees, and more .” For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you’re in the market for a home above this price range, your closing costs could be greater. As mentioned above,  closing costs are typically between 2% and 5% of your purchase price.   Trulia  gives more great advice, explaining: ...

  David Deem 714-997-3486 Dave@DeemTeam.com Some Highlights   Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow. Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war. In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home. www.DeemTeam.com DRE#01266522

David Deem 714-997-3486 Dave@DeemTeam.com Many people are sitting on the fence trying to decide if now’s the time to  buy a home . Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing that their current home no longer fits their changing needs. To determine if they should buy now or wait another year, they both need to ask two simple questions: Do I think home values will be higher a year from now? Do I think mortgage rates will be higher a year from now? Let’s shed some light on the answers to these questions. Where will home prices be a year from now? If you average the most recent projections from the major industry forecasters, the expectation is home prices will increase by 7.7%. Let’s take a house that’s valued today at $325,000 as an example. If the buyer makes a 10% down payment ($32,500), they’ll end up borrowing $292,500 for their mortgage. Applying the projected...