2019 Real Estate and Mortgage Market News California Home Loans

2019 Real Estate and Mortgage Market News California Home Loans. October Mortgage News with Laura Sillano, Pod Financial

2019 Real Estate and Mortgage Market News California Home Loans video duration 7 Minute(s) 48 Second(s), published by Teresa Tims on 03 12 2018 - 13:46:53.

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homeownership rate increased in the third quarter of 2018 and mortgage rates dipped slightly over the past week
Here's the latest edition of “Mortgage Right off the bat, huge congratulations are in order for our resident expert Laura Sillano for winning the Empowerment Award for being a role model for women in .

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2019 Friends and Family Real Estate and Mortgage Market Update California Home Loans https://thesocalloanpro.com/real-estate-and-mortgage-market-update-so-cal-edition/

What’s Really Going on?
Regardless of what you’re hearing or what other people may tell you, our market HAS and is softening. I wouldn’t say we’re headed for a “crash”, but we’re definitely headed the other direction. I’m thinking that we peaked around Summertime. I saw some stuff happening around March, but wasn’t quite sure if it was just, you know, the calm before the storm, I just wasn’t really sure exactly what was happening.

Then we had the rates move up, I want to say like April and then again May/June, and then again in the Summertime. What happened is with those interest rates going up so high and prices already being at the limit that they’re at, it really kind of pushed … It pushed us into an area where it’s just not affordable. And affordability is pretty much the crux to whether or not people can buy, right? Can they afford it? So it just kind of became un-affordable even though there are a lot of people out there that can still, you know, afford to buy, it just may not make sense. And it may make more sense for them to rent.

Cash out Refi. or Home Equity Line of Credit (Heloc)
Do it now while prices are near the highest levels since 2007.

If you have something to sell, you need to sell it.
If you plan on selling real estate in the next year or two, don’t wait for a year or two, you should sell it right now. Because we are headed down, a lot of the experts are predicting a 5% to 10% decrease next year.

Sell a Home and Move up Purchase, Do it now.
Great time to exchange. BUT you have to price the home you are selling right out of the gate! We work with Only the best Agents, let us help you execute this plan Flawlessly.

If you are going to buy a home, do so with caution or wait a little bit.
We are now entering a Buyers Market. Buyers you are now in control. The home you are buying should not put you into debt nor be significantly higher than if you were to rent the home. A careful evaluation should be done and input from a real estate and mortgage professional that are honest about what’s best for you should be looked at. (It’s rare a Real Estate Professional tell you NOT to buy or NOT to sell but at TDR Mortgage we feel it’s important to Properly advise all of our clients.)

Will there be a Repeat of 2008?
You know, in 2008, we got the rug pulled out from our feet so to speak. But it’s gonna be a little bit different this time around. You know, so many people have 30-year fixed, they’re regular loans that people qualified for. A lot of people paid cash. There’s a lot of people that own their homes outright this time around. So it’s gonna be a little bit different.

Right now the most concerning factors and indicators are super obvious are

Days on Market – 180 days in a lot of areas or more is A LOT
When you look on the MLS most of the arrows are pointing down indication “Price Reductions”
Inventory up over 50% in ALL Areas. OC it’s up 51% from January and Riverside / San Bernardino it’s up 63%
Rates!!!!!! Rates are going up and expected to continue this upward path decreasing affordability

Looking Ahead in 2019
I don’t have a crystal ball, I really don’t, I still subscribe to that old adage where people ask, “Oh, is it good to buy?” Well, does the rent match the mortgage payment? Are you gonna go broke? Don’t spend all your money and be house poor and not afford to be able to go out and do fun things but you have this house that you own. Maybe that’s not such a good idea. So moving forward, purchases are on a case-by-case basis, and they should be evaluated closely, whether or not it’s a good thing. And there are a lot of stuff that I’m doing right now. I’ve got three purchases right now and all of them make sense. So it’s not to say, “No, don’t buy”, or, “No, don’t sell.” I am excited for the Prices to come down and be more affordable. I am thinking about all the “Fence Sitters” being able to GET OFF, lol.

Keep That House if You Can
In terms of selling, I’ve always been a big proponent of you need to hold onto that house. So if there’s any way that you can hold onto that house, that’s practical DO IT… It would be A nice little nest egg for you. So if you need any help evaluating any of those scenarios, I’m always here to lend an ear and help you run through it to see whether or not it makes sense. People call me all the time when they just want a kind of idea of what to do.

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