Category Archives: Relocation

One Cool Thing — Millennials Prefer the Suburbs over the City

Where do Millennials prefer to live; the Suburbs or the City?

Although the debate is ongoing, statistics seem to show that they prefer the suburbs.

Is that because they cannot find everything that they want in a house in the city, or, ???
MillennialsPrefer
Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

Realty Check – Now May Be a Good Time For Move Up Buyers

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You’re beginning to feel a little cramped in that home that seemed so perfect several years ago. There just aren’t enough bedrooms anymore, or adequate storage space or a big enough back yard for the kids and the dog to play. Or maybe there is another little one on the way – a baby, not a dog!

Many local residents are facing a similar dilemma these days. While that small bungalow or rancher made perfect sense back when you bought it, you are quickly realizing that you have outgrown your home. The good news is that this may actually be a good time to move up to a larger home or one in a neighborhood you’ve been eyeing.

Up until recently, many homeowners who bought just before the peak of the housing market had little opportunity to move up to a larger home. Many of them were “underwater” on their mortgage, meaning they owed more on their loan than the home was worth. But that has changed in the past couple of years.

The number of homeowners who are seriously underwater on their mortgage, meaning their debt exceeds their home value by 25% or more, has fallen since the recession, according to housing data firm RealtyTrac. The number dropped to just 17% nationwide in the first quarter of 2014, down from 26% a year ago. That statistic indicates that more homeowners may be able to pull equity out of their properties to move up to another home.

With home prices in Northern California steadily rising, there’s a good chance your home is worth more than you think.

Getting into a larger home isn’t the only reason homeowners typically think about moving. Others consider “trading spaces” because of job relocations or a desire to get into a certain school district or simply because they’ve been pining after that dream home in a nicer neighborhood. Others may actually be thinking about downsizing as they enter retirement or leaving the area for a retirement destination elsewhere.

If you’ve been kicking around the idea of moving up, downsizing or simply trading spaces, there are several reasons why the current housing market may work in your favor right now:

  • Entry-level homes are in greater demand. One of the hottest segments of the housing market has been low to mid-priced homes in many communities. Well-qualified first-time buyers and others are out there looking for a home while interest rates are still historically low and prices are relatively affordable. In some areas, there are multiple offers for the best properties.
  • Inventory is still low. The number of homes on the market remains very low by historical standards. While there’s no shortage of buyers these days, there certainly is a shortage of good home listings for them to pick from in many areas. The law of supply and demand may work in your favor.
  • Mortgage rates are still near historic lows. Low rates help make homes more affordable -– including yours and the home you want to move up to. With 30-year fixed rate mortgages still hovering in the low 4% range, buyers can stretch their housing dollars a lot further these days.

Making the decision to move up to a larger home is just the beginning, of course. There are a myriad of issues that go into selling your existing home and getting into a move-up property that’s just right for you. That’s where a professional REALTOR® can help. Working with a seasoned agent who knows your market may be the best move you ever make. Give me a call or send me an e-mail and we’ll get started today!

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

Realty Check — Will 2014 Be The Year of the Move-Up Buyer???

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The housing market has enjoyed a strong rebound over the past few years with sales and median prices steadily improving across the country and especially here in the Sacramento/Tahoe region. For a variety of reasons, one segment of the market has not bounced back quite as fast: the “move-up” market. But that could change in 2014.The recession took its toll on many homeowners, especially those who bought near the peak of the housing market. As property values dipped, many of these consumers found themselves “underwater” on their mortgage – that is, owing more than it is worth.But as home prices continue to climb and home equity levels steadily improve, more homeowners are once again in a position to trade up. The National Association of REALTORS® estimated the median sale price nationally to be up 11 percent in 2013 from the previous year. And some parts of the Sacramento/Tahoe region have seen median prices jump 15-20 percent or more.

Move-up buyers are gradually coming back into the market due to improving equity, according to a new report from FNC, a real estate data and technology company.

If you have outgrown your existing home or simply want to buy another home in a more desirable neighborhood, now may be the time to make your move.

Interest rates may have ticked up a bit over the past year, but remain attractive. And your current home may be worth more than you think, giving you more money to put into a down payment on your next home.

Buying a home when you currently own one does have its challenges. If you sell first, you may be left scrambling to find a new place to live or forced to settle for a house that isn’t right for you. But if you buy first, you may not have the cash to put down on your next home – even if you do qualify for another mortgage. And you run the risk of having to make two house payments each month while you own both homes.

But some careful planning and the guidance of a professional REALTOR® can help you overcome these challenges and take advantage of the move-up market. Here are a few tips from the National Association of REALTORS® to get you started:

  • Assess the market. Compare your current and future neighborhoods and determine which area is a buyer’s market and which is a seller’s market. If your current neighborhood is a hot seller’s market, you may be better off buying elsewhere first and then selling yours since it might be easier to find a buyer.
  • Selling your home first. If you end up selling your home before buying another, you will need a place to live in the meantime. One option is to enter into an occupancy agreement with the buyers of your home to enable you to retain possession for a short period of time.
  • Other temporary options. If the buyers of your home need to move into your home immediately after escrow closes you may be able to stay with family or find a short-term lease on an apartment. Many “extended stay” hotels and apartments offer leases for a month or longer. You’ll have to put many of your possessions in storage, but they’ll be packed and ready to go when it is time to move into your new home.
  • Buying your next home first. If you end up buying your next home before selling your first one there are a couple of ways to come up with the new down payment. Check with your lender to see if you can secure a home equity line of credit. The interest rate may be tax deductible up to $100,000 and it could be paid off once you sell your home. Be sure to check with your lender before you make any decisions to determine what options may or may not be available.

With homeowner equity rising and interest rates still historically low, now may be the time to cash in on your existing property and make the move to the home of your dreams. I’m ready to help. Give me a call and we’ll get started today!

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304

I’m new to Elk Grove. Where do I find information about the community?

When I first started my real estate career in 2001, my mentor told me that it was important to become the local expert. The person that can answer the client’s questions. The “Go-To” agent. The “Trusted Advisor” who is there for his or her clients. Wow!!! That seemed to be a lot of responsibility for a new agent. The final piece of advise was that you did not really have to have all of the answers, but you did need to know where to find the answers and to get that information back to your clients in a timely manner.

The reason that I am even writing about it all these years later is because my youngest son will be taking the real estate agent exam soon, and I was remembering back to when I started and what advise I was going to pass on to him.

I thought back to the questions that I got from my buyers who were relocating to Elk Grove. Since I had lived in the area since 1973, many years before getting my license, I did have the answers at hand. Some clients had very specific questions and I had to tell them that I didn’t know but I found the answers and called them back. Some people just me to mail them a “Relocation Package” so that they could study it before they got to Elk Grove. Initially I told them that I had a real estate website, ElkGroveRealEstate.com but they would often say that they were using that website to look for homes, but they wanted more information about day to day living in Elk Grove. They wanted more information about schools, crime, neighborhoods, etc…

So, I started writing down the questions and the answers and put together a “Relocation Package” that I sent to new clients who were moving to Elk Grove.

The problem with publishing a “Relocation Package” is that it gets outdated quite easily. To solve the “out-of-date” issue, but still provide my clients with the information that they need, I created an online “Relocation Package Website” called Living In Elk Grove. I also maintain a Facebook page of the same name, Facebook.com/LivingInElkGrove so that I can stay in touch with clients on a day to day basis as well as post information about my new listings.

I have edited my Living In Elk Grove website so many times, that I cannot remember how often it has been updated. Every time a client comes up with a new question, I update the website so that the next client will find that information available at the touch of a keyboard or smart phone.

In fact, I just did a major rewrite of the whole website to give it an updated look and feel. Take a look, and if you don’t find the answers to your question, please drop me an email and I will find the answer for you and update the website for the next user.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack Edwards, your real estate advocate, specializes in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com  BRE License # 01331087

 

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. BRE License #01908304