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The process of buying a house

For most people in California and throughout the country, the process of buying a home starts months before the house search does. Ideally, a prospective buyer will get his or her finances in order and ready to be scrutinized by mortgage lenders. In addition to the mortgage payment, a buyer will need money for a down payment and other up-front costs due at closing. Individuals who are looking to buy a home may also need to improve their credit score.

Rising mortgage interest rates to slow home sales in 2019

Homebuyers in California have struggled with affordability for years, and real estate insiders do not expect 2019 to bring any relief. Mortgage interests rates, which had already increased throughout 2018, will continue their upward climb this year. Economists are saying that people shopping for homes will face higher borrowing costs.

How to craft the ideal home listing

The price that a buyer will pay for a home in California is partially dependent on local market conditions. However, there are some steps that a seller can take to get the most for a property. One important step is to create a reasonable list price based on what similar homes have been listed at or sold for. A real estate agent can do market research to determine what that price is for a given home.

Buying a home when paying down student loans

There are many ways in which having student loan debt can impact a person's ability to buy a home. For instance, each time a student loan payment is made, the money going to a lender can't be used for a down payment. Furthermore, the debt itself will likely count toward a person's debt-to-income ratio. That ratio is one metric lenders look at when making a home loan decision.

Strategies for selling homes in buyer's markets

In recent years, buyers in California markets have had to contend with bidding wars and other issues that arise during a seller's market. However, in some parts of the country, market conditions are beginning to change. For example, only 21 percent of homes listed for sale in November 2018 in Seattle saw multiple bidders. Real estate agents who are trying to attract clients and sell homes in a buyer's market will need to be creative to do so.

How to make a home look great in the winter

Those who are looking to sell a home in California or elsewhere may find that it is beneficial to stage it first. Doing so may help a prospective buyer picture him or herself living in the property. It can also help a home come off as clean and neat. As the winter months tend to be slow in the real estate market, proper staging is vital during this time of year.

Negotiating real estate transactions

First-time home buyers in California should do a lot of research about what to expect during the process since they will be investing in an asset that they are likely to keep and live in for many years to come. There are several things home buyers should expect to negotiate when buying a home.

There is an ideal age to buy a home

Buying a home can be beneficial for anyone who can afford to do so. However, research says that California residents and others should aim to buy a home by age 34. This enables an individual to have maximum equity in the property when that person is in his or her 60s. On average, a person who bought a house between ages 25 and 34 had $148,625 in total equity by their 60s.

Improved opportunities for first-time homebuyers

People in California considering entering the residential real estate market may have better opportunities to pursue first-time homeownership. Real estate prices have been on the rise since the end of the recession sparked by the 2008 financial crisis. While many homes dropped in value during the recession itself, for many, it was a poor time to seek a mortgage and invest in a new home. However, as people saved for down payments and prepared to apply for mortgages, real estate prices have continued to climb, putting homeownership outside of the reach of many younger people.

Conducting multiple real estate transactions at once

Individuals in California and other states may find themselves in a situation where they have to buy and sell a home at the same time. Choosing to sell a home first may be the better option. However, it may require asking for a rent-back clause in the purchase contract. This allows an individual to remain in the home and pay rent to the new owner until he or she buys a new house.

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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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