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Residential Real Estate Archives

Getting started in the real estate market

Home buyers in California have many things to consider when preparing to purchase their first home and enter the housing market. There are a number of major decisions as well as a huge financial commitment involved in a purchase of this type. Home shopping can be exciting but also stressful, and many people are concerned about potentially making the wrong decisions. There are some steps that people can take to help make their home-buying process better and more productive for everyone involved.

Why now can be a good time to buy a home

There are many benefits to owning a home in California or anywhere else in the United States. For instance, it is possible for a person to build equity in an asset while also potentially reducing his or her income tax bill. Despite these benefits, many Americans choose to rent a property instead of purchasing one. In some cases, their reasons may not hold up to scrutiny.

More young adults buying homes

A growing number of young people in California are deciding to buy a home. For the past five years, millennials have represented the largest percentage of people opting to purchase homes. In 2018, 36% of real estate purchases were made by millennials. Various studies have noted that young adults are entering the property market later than their parents with many choosing to rent or live with their parents. Housing affordability and economic concerns have been a major factor for many young people, especially those living in or near major cities. Many have noted that purchasing real estate may be less of a priority than it was for earlier generations.

Profiting in the home real estate market is all about timing

Home ownership is a foundational pillar of the ideal of living the American dream. As a practical matter, the introduction of the 30-year mortgage during the Depression Era made the dream a more realistic possibility for the average California resident, and home ownership boomed after World War II and continues expanding through this day. It was once more common for homeowners to stay in one home for longer periods, but society is now more mobile, and many people trade-up homes to cash in on increasing prices. However, there are some considerations about the timing of when and under what circumstances residential real estate should be sold to maximize profitability.

How to choose a suitable living space

There are many different types of dwellings that a California resident may want to live in. For instance, some may benefit more from renting an apartment than they would purchasing a home. Those who are looking to buy a property could decide that a condo is a better fit for their needs and budget than a home. When deciding where to live, individuals should consider their budget and willingness to maintain their living space.

How to resolve property line disputes

It is possible that homeowners in California and elsewhere will one day find that a neighbor has placed a fence on their property. While this generally happens by accident, it is important to take care of the issue in a timely manner to avoid a scenario called adverse possession. In such a scenario, a court awards the land to the neighbor because he or she used it for many years or decades without issue.

What to know about reneging on a home purchase

Signing a purchase agreement is one of the first steps toward buying a home. However, it doesn't mean that a deal to buy house in California can't fall through. There are several contingencies that are typically included in an agreement such as the buyer being able to find financing or inspect the home. Buyers may also make the sale contingent on being able to sell their home first or include other conditions that they deem necessary.

Buying a home before a divorce is finalized

It may be possible to buy a home in California before a divorce proceeding comes to an end. That largely depends on the terms of the divorce agreement and if a lender is willing to approve a mortgage application. It may be best to wait until after the final divorce agreement has been negotiated and signed. This is because the terms of the deal may change, which could alter how much a person could afford to spend on a home.

Considering 30-year and 15-year mortgages

When people in California buy a home, they generally must take out a mortgage loan from a bank in order to do so. Very few people have the cash available to buy their homes outright, so choosing the right mortgage can be a particularly important part of the real estate transaction. There are a number of different options that may be available. For example, first-time homebuyers may have access to some government programs designed to support homeownership, including VA, FHA or USDA loans. Of course, each of these programs has its own eligibility requirements, so a conventional bank loan may be best for some purchasers.

Buying a second home

Purchasing a second home, whether it is in another area of the United States or outside of the country, can be appealing for many California residents. However, there are many long-term responsibilities that come with owning a second home. Buyers should consider some important factors before getting another home.

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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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