Homeownership Offers Stability & Wealth Creation

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Homeownership Offers Stability & Wealth Creation | Keeping Current Matters

The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Americans prefer owning their own home instead of renting are:

  1. They want the opportunity to build equity.
  2. They want a stable and safe environment.

Building Equity

In a recent article by The Mortgage Reports, they report that “buying and owning a home is the essence of ‘The American Dream.’ Each month, your housing payments go toward owning your home instead of renting it; building your personal wealth and assets instead of someone else’s.

History has shown that homeownership is a clear path to wealth-building, with homeowners boasting a net worth [that is] multiples higher than the net worth of renters.”  

Family Stability 

Does owning your home really create a more stable environment for your family?

survey of property managers conducted by rent.com disclosed two reasons tenants should feel less stable with their housing situation:

  • 68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%.
  • 53% of property managers said that they were more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant they already know.

We can see from these survey results that renting will provide anything but a stable environment in the near future.

Bottom Line

Homeowners enjoy a more stable environment, and at the same time are given the opportunity to build their family’s net worth.

 

Source: 

2-3 FEET of Snow For Northern Sierra

c21tpRecent Headlines

The National Weather Service recently upgraded the Winter Storm Watches to Winter Storm Warnings.

2-3 FEET of Snow is forecasted for the Northern Sierra.

The first wave of heavy precipitation is expected to arrive early Thursday Morning and it will be accompanied be associated with warm air advection and a brief PWAT plume/atmospheric river.

The second round of precipitation is expected to be especially heavy for the Lake Tahoe area through Friday night. As of now, it looks like Lake Tahoe area ski resorts will look the best for Friday and Saturday powder turns.

 

California Winter Storm Warning:

URGENT - WINTER WEATHER MESSAGE
NATIONAL WEATHER SERVICE SACRAMENTO CA
300 AM PST WED FEB 1 2017

...MOUNTAIN SNOW RETURNS TONIGHT...

.SNOW WILL RETURN TO THE NORCAL MOUNTAINS THIS EVENING AS A
WINTER STORM MOVES INTO THE REGION. PERIODS OF MODERATE TO HEAVY
SNOW WILL BE POSSIBLE ACROSS THE HIGHER ELEVATIONS INTO THE
WEEKEND.

WESTERN PLUMAS COUNTY/LASSEN PARK-
WEST SLOPE NORTHERN SIERRA NEVADA-
INCLUDING THE CITIES OF CHESTER, QUINCY, AND BLUE CANYON

...WINTER STORM WARNING REMAINS IN EFFECT FROM 10 PM THIS EVENING
TO 4 AM PST SATURDAY...

* TIMING...TONIGHT INTO EARLY SATURDAY

* LOCATIONS...INTERSTATE 80 OVER DONNER PASS, HIGHWAY 50 OVER ECHO
  SUMMIT, HIGHWAY 88 OVER CARSON PASS AND LASSEN VOLCANIC NATIONAL
  PARK.

* MAIN IMPACT...SLIPPERY, SNOW COVERED ROADS WITH LIMITED
  VISIBILITY DUE TO HEAVY SNOW AND BLOWING SNOW.

* SNOW ACCUMULATIONS...3 TO 6 INCHES DOWN TO 5500 FEET WITH 2 TO 3
  FEET ALONG THE NORTHERN SIERRA AND SOUTHERN CASCADE CREST.

Why Pre-Approval Should Be Your First Step

c21tpRecent Headlines, Tahoe Real Estate Tips

 

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

Listing in the Winter Attracts More Serious Buyers

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Listing in the Winter Attracts More Serious Buyers | Keeping Current Matters

A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.

It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest season for real estate. What is surprising, though, is that listing during the winter came in second!

“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”

The study goes on to say that:

“Buyers [in the winter] often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly — two things that can make the sale much smoother.” 

Bottom Line

If you are debating listing your home for sale in 2017, keep in mind that the spring is when most other homeowners will decide to list their homes as well. Listing your home this winter will ensure that you have the best exposure to the serious buyers who are out looking now!

The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: Mar. 21 – June 20; Summer: June 21 – Sept 21; Autumn: Sept 21 – Dec. 20).

 

Source: 

South Lake Tahoe Market Report December 2016

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from December 1st to 31st.  A total of seventy-two family homes have sold in South Lake Tahoe with an average sold price of $453,739.

South Lake Tahoe Market Report November 2016

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from November 1st to 30th.  A total of seventy-two family homes have sold in South Lake Tahoe with an average sold price of $435,706.

South Lake Tahoe Market Report October 2016

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from October 1st to 31st.  A total of ninety-five family homes have sold in South Lake Tahoe with an average sold price of $487,565.

oct

South Lake Tahoe Market Report August 2016

c21tpMarket Reports, Uncategorized

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from August 1st to 30th.  A total of ninety family homes have sold in South Lake Tahoe with an average sold price of $461,988.

aug

South Lake Tahoe Real Estate July 2016

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from July 1st to 31st.  A total of seventy-five family homes have sold in South Lake Tahoe with an average sold price of $430,654.july

South Lake Tahoe Real Estate June 2016

c21tpMarket Reports

SOUTH LAKE TAHOE MARKET REPORT JUNE 2016

SOUTH LAKE TAHOE MARKET REPORT JUNE 2016

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from June 1st to 30th.  A total of eighty family homes have sold in South Lake Tahoe with an average sold price of $431,477.