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Residential Real Estate Archives

Homebuyers and unfamiliar neighborhoods

Purchasing a home is one of the most significant investments a California resident can make. That's why it is important that they do their due diligence when selecting a property. If the potential future home is in an unfamiliar neighborhood, there are some steps they can take to make sure that they are making the right choice.

Tips for younger home buyers

It may be hard to imagine buying a home in California or anywhere else before turning 30. However, there are many tactics a person can employ to accomplish this goal. Ideally, a home buyer will aim to make a 20 percent down payment to avoid paying mortgage insurance. That would mean paying $50,000 upfront to purchase a $250,000 home, but the buyer doesn't need to come up with that cash on his or her own.

Mistakes people make when valuing homes

Homeowners in California may be making critical mistakes as it relates to valuing their properties. For instance, some might rely on an algorithm to determine how much their homes are worth. This can be problematic because algorithms may not reflect changes in market conditions or other variables that can drastically alter a home's true market value. As a general rule, real estate websites should be used to track trends in a given area.

How to check for liens on a property

A California homeowner who thinks they may have a lien on their property will want to check for one prior to selling. In many cases, a homeowner won't necessarily know if there is a lien without doing a formal search. For instance, those who were involved in new home construction may file a lien without telling the homeowner about it.

Buyers looking to smaller cities for affordable properties

As homes in California and throughout the country continue to get more expensive, even midsize cities are starting to become too pricey for buyers. In Nashville, the median home price has increased to $263,000 and saw several years of double-digit price increases. That played a role in net migration falling to 18,700 in 2017. Kansas City has also seen home values increase significantly. In 2017, prices went up 10.3 percent. However, sales dropped 10 percent in that same year.

How buyers can navigate a seller's market

Sellers in California and in many other parts of the country have the upper hand right now as it relates to the housing market. Homes are selling quickly, and in some case, buyers are engaged in bidding wars to acquire them. However, it is still possible to get a home at a reasonable price even in a seller's market. To do so, it is a good idea to work with a professional real estate agent.

Buyers don't need to put 20 percent down

California residents need to spend 37 years on average to save up a down payment of 20 percent on a home. Throughout the nation, it would take a person 20 years on average to do so. However, it may be possible to buy a home without putting 20 percent down. According to a report by the National Association of Realtors 2017 Profile of Home Buyers and Sellers, the median down payment across the country was 10 percent.

The common down payment mistake millennials make

A survey of over 1,000 adults done by Bank of the West found that 96 percent of millennials either own a home or want to. However, those in California and elsewhere who want to buy a home should have a plan to save up for one. Roughly 20 percent of those who don't own a home yet say that they will use retirement funds to do so.

California residents might have to save longer to buy homes

California residents who are considering buying a home may need to save for some time to gather enough cash. Nationally, an average person who currently rents will need around 6.5 years to save enough to make a 20 percent down payment on a home, according to an analysis by rental listing company HotPads. In expensive areas like Los Angeles, on the other hand, it can take as many as 20 or 30 years. In less expensive parts of the country, it might take only four years. People in some areas are able to save faster because they spend less money on rent.

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L. Scott Karlin

L. Scott Karlin

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David E. Karlin

David E. Karlin

David E. Karlin is a California attorney with a primary focus on business and real estate, including law and legal issues...

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Michael J. Karlin

Michael J. Karlin

Michael J. Karlin is a Southern California based attorney whose practice primarily focuses on Entertainment Law. Michael began...

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