Who do you trust for the local real estate news in the Santa Clarita Valley cities? The local newspaper, I’d hope not, I have seen their real estate and housing market updates which are slanted to get you to buy or sell right now.
Today is not the time for some to be buying homes. Just as today is not the time for some to be selling a home today. Both types of these real estate ‘interested’ could be better off waiting.
What makes that the case? How do you know if what you are being told is the Honest Truth about the Santa Clarita housing and real estate market? What if I told you that there is a season for everything and everyone. Placing scripture aside for a moment, we are currently in a transition period in the Santa Clarita Valley cities. I have been monitoring the housing and real estate market this past couple of months and will show you how the market is starting a slow shift to being active once again.
The last time that the FED met interest rates were untouched. They remained in the four’s and are still holding fast.
Something that a home buyer needs to know is what the amount of their mortgage payment is.
If a Santa Clarita real estate lender tells a Santa Clarita real estate buyer they are qualified at $600,000.00 for a home loan, the next questions should be, “What is my payment if I buy a home for $600,000.00?” The lender will probably reply, “It depends.” – It will depend on what other “items” are to be considered. What is the interest rate today? Is the home mortgage going to be “impounded” – see the rest of the article to find out about “impounds”. What about a Home Owners Association Fee?
The other things that a home buyer needs to know are what other “costs” are there each month in addition to their mortgage.
Some of the “advisors” in the world are not as “transparent” as they should be.
Here is an example. Most home buyers are happy to be able to be qualified to buy a home. They are excited to experience the feelings generated by being ‘approved’. That feeling should be felt by everyone, I have no doubt.
The very next question that a home buyer should be asking is what is my payment amount at the amount that you approved me for? Those home buyers should also ask what the additional costs will be per month.
In some cases, when buying a home, your mortgage payment for the home loan is not all that you will be paying per month.
It could be the case that you are going to have to allow for paying the property taxes twice a year. If you don’t allow for a little bit to be put aside each month, when the time comes to pay your taxes, you are going to be hurting.
In some cases, the mortgage will be “impounded” meaning that your taxes and home insurance will be a part of your monthly payment.
In other cases, the home insurance will either be paid all at once for the year or broken down paid in some other frequency. If you are buying a home not expecting this to be paid each month or not as a part of your mortgage payment, you maybe fall behind.
If that happens the bank, the entity that is lending you the money to buy the home is quick. They monitor that you are keeping up your end of the bargain. That you are paying your property taxes and home insurance. If those lapse by too long they will pay them for you and it’ll cost you extra.
The bank will protect it’s investment to the best of its ability, FYI.
There are particular types of loan programs that are going to have your total mortgage, insurance and property taxes included in your monthly payments.
FHA and VA – Federal Housing Administration and Veterans Affairs loans are typically formatted with these “other” costs to be included within the monthly payments.
If you are buying a Santa Clarita home using a conventional loan, then you may have to pay your property taxes and home insurance yourself. If you miss them by too long, your financial institution will pay them for you, at a higher cost. (as stated).
Once you have decided that now is the time for you to buy a home, then the next step is obvious.
Contact a Local Realtor so they can guide you through the process.
My home buyer representation process for my Santa Clarita real estate clients has to do with our clients being educated. In some cases, better than the local real estate agents.
I talk about the first steps to accomplish in order to be a homeowner. That step always starts with the identification of parties to each and every real estate transaction. I then focus on a dissertation of the local and current housing market.
Is the local Santa Clarita Valley housing market in the “seller’s” zone? Meaning is the Santa Clarita real estate market in the way where the home sellers have the advantage. Are they getting what they want as far as prices? Are the current Santa Clarita valley sellers able to snub their noses at the home buyers request for repairs or requests for credits in lieu of repairs?
What about timeframes? Are the current Santa Clarita sellers able to reduce the time frames for the homes they are selling without the buyers taking offense and stepping out of the transaction?
How about escrow? Are the current home sellers able to get escrow times reduced in their favor with the buyers accepting their terms?
There are many facets that I cover within the first 1/2 hour when it comes to me updating my housing and real estate clients about the local real estate market.
How about getting the best deal on Interest Rates? Top Tier housing negotiation and how to get what you want when it comes to buying a home in a home seller’s market. More for my home buyers, as always.
Tomorrow, I will be visiting the Pardee Homes, a local Santa Clarita new home builder with a great couple of my home buyers.
I pre-toured the new home models and registered my home clients. I will meet with them tomorrow to see if these new Santa Clarita homes are a good fit.
The questions that I asked the new home representative have to do with Mello Roos, number of homes to build out, number of total phases, what frequency does corporate meet and disseminate new pricing sheets, how often the new tracts are being released, what sold figures pertain to the home builder moving along to another phase, what types of infrastructure will be present in the future(shopping, entertainment, restaurants, etc..) and more.
I want to know what incentives are being offered to my client. If there is an incentive for the home buyer to use the lender which is associated with the new home builder? What discounts, credits or other incentives are being offered at this time when buying the new home. When will proposed build-out / completion of the new home tract be at the current rate of sale – ROS. Much, Much more!
It’s important for all new home buyers to get answers to these questions. With me by their side, they will know if buying a new Santa Clarita Valley home is a good fit for them.
The one thing that you need to never do – is sign anything if you are visiting a new home builder model home, or new home builder site without me. Never, ever leave your name or email address. This is because I cannot represent you if you have visited the new home builder without me. As stated, “your real estate agent must accompany you upon your first visit to the new home community!”
When we do, we may ‘register you’ by entering your name and contact information with the new home builder with us as your legal representative. If you see the model homes and don’t like them, or they turn out not to be a possibility, then we don’t leave any of your personal information.
I’m Connor with HONOR and I’ll be here for you when it’s time for the local real estate update, your real estate representation and more.
Make sure you listen to my HousingRadio show so you are able to keep up with the current Santa Clarita real estate market trends. I’m Connor, I’m here for you!