California residents and others who are looking to buy homes in 2018 may face a couple of key challenges. First, mortgages are expected to get more expensive as the year goes on. Rates could rise to as high as 4.5 percent by the end of 2018. Second, any available homes that go on the market are expected to be sold quickly. According to an economist at Redfin, home sales will increase by 3 percent in 2018 compared to 2017.
An overview of the 2018 housing market
Tips to keep in mind when buying a home
Buying a home can be an exciting yet challenging time for people in California. Planning a move into one's dream home can be a major accomplishment in life, but a home purchase also comes with major stresses about securing financing, ensuring a proper inspection and concluding a fair deal. As people plan their goals for homebuying, keeping a few tips in mind can help real estate buyers to make a good choice when making an offer for a new home.
How to buy a house with poor credit
When a California resident wants to buy a house, a lender will run a credit check. If prospective buyers have a low credit score, it may hinder their ability to get a mortgage. However, those with poor credit may still have an opportunity to purchase a home. One option may be to enter into an owner finance arrangement.
Complying with ADA bathroom regulations may prevent legal issues
Numerous individuals across the country live with disabilities. Those disabilities affect each person differently, and as a business owner, you certainly understand that everyone faces different challenges. Because you also want to ensure that your patrons do not have to deal with unnecessary hardships when visiting your establishment, you undoubtedly want to make sure that all areas of your establishment meet requirements set forth by the Americans with Disabilities Act.
L.A. mayor signs off on developer fee to fund affordable housing
Very high rents price many people out of homes in California cities. To raise money for the development of affordable housing, the Los Angeles City Council voted in favor of a fee ordinance that would collect fees from developers. Mayor Eric Garcetti's signature made the linkage fee official, and it is expected to cost developers within the city $93.7 million to $114.3 million annually, according to a report prepared by the Department of City Planning and Housing and Community Investment Department.
Sellers may face tougher conditions in 2018
Buyers in California may find that they can find better deals on homes in 2018. This is because rising prices and changes to tax laws may reduce the demand for properties on the open market. According to the chief economist of the National Association of Realtors, home sales are likely to remain flat or decline during 2018 in spite of the fact that there are likely to be an increase in jobs over that period.
