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Waiting to Buy Will Cost You More Money

by Michelle Burgos's Facebook page

Here’s a great explanation that we saw on Real Estate Wish / Michelle Burgos's Facebook page  that we thought was phenomenal on buying now as opposed to later! 

Here’s how buying today can save you $90,000…

Let’s say you are purchasing a home at today’s price of $360,000. If we take into consideration that Home Price Expectation is going to go up 3.1%. That means that by the end of 2013, that same house will cost you $371,160. That is a 3.1% hike. Additionally, the Mortgage Bankers Association, projects that interest rates are going to inch up to 4.4% by the end of 2013. What does this mean? This means that instead of paying, a little less than $1,600 a month for your house (if you buy now), you will wind up paying more than $1,858 for your house (if you buy later). Buying now versus waiting until the end of the year is going to save you $262 per month. Now multiply the $262 by 12, and you are saving well over $3,000 a year. Why stop there, let’s look at your long term savings over a 30‐year mortgage… that same $262 savings equates to well over $90,000 in savings. In conclusion, the difference between buying now and buying a year from now is over $90,000. So tell me, do you now see why TIMING IS EVERYTHING?

Seller's This is Why You Shouldn't Wait to SELL

by Southern Californias Top Producing Mother & Son Te

This right here is possibly the very reason why we are seeing a spike in home values! Notice the BLUE line showing the amount of homes that sell in any given month. This number is not really changing as the years pass. The RED line however which is showing the amount of ACTIVE Listings ,has declined dramatically since November of 2011. In today's real estate market we are seeing approximately 1,600 Active listings for the month. In July 2011 we were seeing Active listings on the market in the 3,600 range for month. This is classic supply and demand. There just isn't enough inventory on the market for buyers to choose from, therefore demand is simply increasing and as a result home values continue skyward. If you are a seller it really is the perfect time to sell. Buyers can qualify for extremely low rates so they may be willing to pay a little more for a home. If you think about it, it doesn't hurt the buyer to pay a little more for your home because they are paying the home over a 30 year period. So paying a little more for a home doesn't effect them in the short term. You as the seller however get to benefit in the short term because you get that access to your equity now! Call us to talk a little more about how we can get you the most for your home!   

Interest rates could never be more favorable for a buyer than now! A 30 year fixed mortgage in the 3% range is unbelievably low. Interest rates this low make owning a home extremely affordable and in many cases causing payments to be just as much as a payment would be for someone paying rent. We’re coming up on new Listings very soon so make sure to keep your eye on our listings page www.Mother-SonTeam.com/Properties to see what we have for sale. Make sure to contact us if you are ready to buy a home!

Mortgage Debt Relief Act EXTENDED to

by Southern Californias Top Producing Mother & Son Te

You need to watch this if you are thinking of doing a short sale.  This extension may benefit you if you are a homeowner struggling to make ends meet with your home!

Refinance VS Purchase Value VLOG

by Southern Californias Top Producing Mother & Son Te

Believe it or not the value of a home can be appraised and valued differently whether you are trying to refinance or purchase a home.  We talk about a particular scenario where a client of our tried to refiance their home and the bank would not give them enough value to refinance....Within weeks an exact replica of the unit was SOLD for almost $40,000 more than what they were told their home was worth.

Displaying blog entries 1-4 of 4

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Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113