There’s a lot of conflicting information out there about what you can and can’t do in real estate right now, so today I’ll set the record straight. If you believe some of what you see on TV or social media, you might think Realtors are concerned about COVID-19 because it prevents them from selling houses or doing any business at all, and that’s far from the truth. The federal government has deemed real estate an essential service, and there’s a good reason why.
If you have any questions about what I discussed in this video, or if you’re interested in buying or selling a home soon but aren’t sure how to proceed in these times, reach out to us. We’re always here to help and look forward to touching base with you.
Some people have called the years between 2010 and 2019 the Redemption Decade, which seems fitting; after all, we did rebound from the destruction of the Great Recession of 2007, 2008, and 2009.
By all accounts, these last 10 years were an amazing decade for real estate. Homeowners saw prices go from the bottom of the market in 2010 back up to the peak prices we saw in 2006 for the last few years. It’s been so great that many people you know might have become real estate agents since then.
So what factors caused our market to rebound, and where are we headed in the coming decade? I broke them down into three primary factors:
1. Supply and demand. Buyers and sellers saw low inventory between the investors and the hedge fund groups who bought up all the foreclosures and short sales in bulk from 2009 to 2011. This left the market with a scarce supply of homes.
2. Low interest rates. Rates went down into the lower threes and for a short time, money became incredibly cheap to borrow on a home loan.
3. Economic improvement. People began to make more money and their confidence increased to the point where we had more buyers coming into the market than we had homes available. As a result, market prices went up until August of 2018.
2020 is shaping up to be a stellar year for everyone in real estate.
It was in August 2018 that we saw the market change: Interest rates went into the high fours and low fives, sales flatlined, inventory started to rise, and price corrections were rampant. These trends lasted for about a year and a half in select cities and price points.
Now that we’re here in 2020, people have been wondering whether home prices will go down as they did in 2008.
In short, no—that’s all fake news. The truth is that after 2009’s mortgage meltdown, banks became very tight with their guidelines regarding who could qualify for a loan. Those changes were so tight that we won’t see a significant downward trend in home prices at this time. The lion’s share of the homes bought in the last 10 years were purchased with significant money down, very conservative loan programs, and more homeowners today have a more serious equity position in their homes than they have over the last decade.
Here’s the icing on the cake: Interest rates are currently back down to around 3%, and buyers now have 10% to 12% more buying power than they did just a year and a half ago.
Whether you need to sell or buy, 2020 is shaping up to be a stellar year for everyone in real estate. We helped a huge number of families buy, sell, upgrade, and move over the past decade, ultimately helping them enjoy a better quality of life through real estate. Our goal is to continue that tradition in the coming decade, as well.
If you’re thinking about selling your home, there’s no one better than us to help you get it done. We have the marketing strategy, expertise, and knowledge to not only sell your home but also to get you a lot more money than the average Realtor could. Don’t hesitate to give us a call, shoot a text, or send an email. Let’s grab a cup of coffee and decide together what the best plan for you will be moving forward in 2020.
My name is Frank Del Rio with the Frank Del Rio Team, and I’m very excited for the opportunity to help you and your family get what you want in the timeframe that you want.
What sets us apart from other Realtors is that our clients appreciate the following qualities of our customer service: Our communication, our innovative marketing, and our unwavering commitment to getting your home sold for the highest possible price.
Frank Del Rio is a professional among professionals.
I know it sounds too good to be true, right? See for yourself what the Fillipellos had to say about their experience:
“We have been married for 70 years, and we have lived here since we built this house 35 years ago. This has been a very trying experience only made possible by Frank Del Rio. Our previous Realtor was a no-show—we had one showing in six months! Whereas with Frank Del Rio, we had two showings per day! He is sensational! The man works, works, works! He’s a professional among professionals.”
I sincerely look forward to the opportunity to earn your business and help you get one step closer to what it is that you’re after. If you have any questions about buying or selling real estate, don’t hesitate to reach out to the Frank Del Rio Team. We’ll see you soon!
A lot of floor plans that moving services offer aren’t up to scale. Pack My Parents will actually come into the home and do the measurements themselves so that they can be sure that everything will fit where it’s supposed to go in the new home. Then, they’ll go in and unpack all the moved possessions so that by the time the client comes home, all their things will be where they wanted them to be. The kitchen will be put away the way that they like, the towels will be hung, the bedroom will be all set up, and even the family photos will be displayed just the way they like.
Buying a new home is one of the biggest transactions that most people will engage in throughout their entire lives. Pack My Parents gives people peace of mind.
Pack My Parents just wants to help their customers make the best decisions for themselves and to turn a difficult, uncertain process into a simple one.
One of the more common questions that Corrine receives is whether her services are bonded and insured.
Unfortunately, we live in a day and age where a lot of businesses and independent contractors shirk responsibility for any damages caused, but Pack My Parents’ services are, in fact, insured. If a box labeled “Fragile” is crushed during the move, the movers would be the ones held responsible, and the box would be covered by the insurance. Now, if something inside a box was damaged in the move but the box itself was unharmed, that would be a situation to call Corrine about. They take pride in their packing abilities and, in their view, a well-packed box should be able to move around without any of its contents rattling inside it.
When it comes to a big item like a TV, Corrine strongly recommends that you use your head when it comes to moving it: Should you pay the extra cost to have it packed and crated, or are you willing to just go buy a new one once you’ve moved? It’s up to you to decide whether or not it’s worth it; the insurance on such an item is only 60 cents per pound, but it will help you guarantee that your TV is protected during transport. They just want to help their customers make the best decisions for themselves and to turn a difficult, uncertain process into a simple one.
Finally, speaking from experience, if you’re selling the home you’re moving out of, I recommend that you give Corrine a call sooner than later. The business aspect of the transaction can come after you’ve gotten positioned with Pack My Parents.
If you would like to contact Pack My Parents, set up a consultation, or get an estimate, you can reach Corrine Gamino at (714) 388-6304 or you can visit her website at www.PackMyParents.com.
And as always, if you ever have any questions about real estate or needs regarding an upcoming transaction, don’t hesitate to reach out to the Frank Del Rio Team. We’d love to help you.
It’s no secret that the real estate market has been pretty good to home sellers these last few years. Even if you had no desire to move, the housing landscape itself might’ve at least tempted you to sell anyway. After all, it’s hard not to see dollar signs when your neighbor is selling their home for tens of thousands over their asking price.
As they say, though—all good things must come to an end, and you’ve probably heard by now that our white-hot seller’s market is coming to an end. Have you missed the boat if you haven’t listed yet? Absolutely not, but the longer you wait to sell, the harder it’s going to be, and there are three reasons why.
First, your home won’t be the only one on the market for long. It’s basic supply and demand: Sellers have been in the catbird seat for the last several years, but there simply weren’t enough homes on the market to keep up with the buyer demand. For now, buyers still outnumber available inventory, but more and more homes are being listed.
You might face more competition from other sellers and you might not get an offer over your asking price by listing in 2019, but you’ll still sell for a lot of money.
Second, mortgage rates are still low. Experts predicted that interest rates would rise at the end of 2018, and while they were trending upward heading into this year, the average rate for a 30-year fixed mortgage has actually decreased in 2019 and is back below 4%. This means you’ll have more buyers knocking at your door if you list now. These low rates present a great opportunity for trade-up buyers as well.
Lastly, you still stand to make a handsome profit. The average home prices in most markets in our area have seen a meteoric rise the past several years, and while the news that things are slowing down might seem like a good reason to wait, moderate prices and low interest rates have combined to increase buyer demand right now. You might face more competition from other sellers and you might not get an offer over your asking price by listing in 2019, but you’ll still sell for a lot of money.
If you or anyone you know is thinking about selling their home, don’t hesitate to call or email me. I’d be happy to help you.
During a real estate transaction, you’ll have to go through escrow. But what exactly does escrow mean? I’m here today with Angela Weaver of West Coast Escrow, and she’ll be telling you everything you need to know about this part of the real estate sale.
Escrow is a neutral third party that works on behalf of both buyers and sellers in a transaction. They also work directly with agents and lenders. Angela is basically the glue that holds everything together—everyone can go to her with questions, concerns, and more. She handles title work and coordinates the entire transaction.
Escrow typically opens after you negotiate a purchase contract with your buyer. Your escrow company will reach out to you so you can set up an appointment and sign your papers. Angela likes to meet with her buyers and sellers in a face-to-face setting so they become comfortable with who she is and what she does.
Escrow is a neutral third party that works on behalf of both buyers and sellers in a transaction.
Sellers should bring in their current mortgage information statements, driver’s license, and information in regard to any bank account they want their proceeds wired to. When it comes to payment, they’ll offer wiring and check options. During the meeting, you’ll review documents and items will be notarized. You can also ask any questions you have about the transaction.
Escrow will have you sign the grant deed ahead of time—before the transaction is actually completed. Some people get nervous and mistakenly believe they’ve signed over their home before the process has finished, but it’s not the case. Escrow will hold any and all recordable documents from buyers and sellers in a locked file. When the transaction is complete, they can then send the documents down to the county to be recorded. They are bonded, licensed, and insured in order to keep your file secure.
I’m here again today with Susan Foy, an estate planning attorney, and she'll be answering more important questions about wills and trusts. If you missed the first message we shared on this topic, you can watch it here.
How long does it take to get a trust in place? Susan is able to turn around drafts within two weeks. Then it depends on how quickly the client would like to move forward. She does encounter emergency situations where people need trusts or wills right away, and she does her best to meet these requests.
She’s helped clients who were dying and hadn’t yet created trusts, and she’s even helped me when my wife and I were about to take an international trip and leave and the country and we wanted to get things in order. Certain situations can definitely be accommodated.
When you have assets and other responsibilities, it’s important that you have a plan in case the worst happens.
When you have assets and other responsibilities, it’s important that you have a plan in case the worst happens. It’s great to have someone like Susan who can give you the peace of mind that all of your wishes will be taken care of.
How much does a trust typically cost? It really depends on your circumstances and the complexity of the estate, but they normally cost around $2,000. Susan does amendments on an hourly basis, but there are always different ways to handle it.
When it comes to these processes, you often get what you pay for. Going through a cheaper alternative could mean important items or legal matters are missed in your wills or trusts.
I’d like to thank Susan for giving us some great information about trusts and wills today. You can visit her website at www.SusanFarrisFoy.com. If you have any other questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
I recently had the opportunity to sit down with local lender Lauren Williams of LW Home Financing to discuss a few of the new loan products available for those looking to buy or refinance a home in 2019.
The first program Lauren shared during our discussion was one designed to help business owners and self-proprietors secure financing for a home purchase. Lauren is always happy to speak with clients about finding financial solutions to their real estate goals.
This unique program only requires applicants to submit 12 months’ worth of bank statements—not their tax returns. You also don’t need a high FICO score to qualify. In some cases, you can qualify with a score at (or even slightly below) just 600.
Expert lender Lauren Williams recently joined me for a discussion about two awesome financing options she offers clients, and I’m going to share our full conversation with you today.
But what if you aren’t looking for a new property, at all? What if you’re already living in your dream home, but would like to refinance in order to make a few additions? Well, jumbo loans and high-balance loans currently have much better rates than was true in the past, so it’s a great time to consolidate your expenses.
If you were lucky enough to already have locked in a low rate on your first mortgage, however, it’s best to keep this as is and take out a home equity line to fund your upgrades, instead. With these lines of credit, you only pay when you’re using it.
We hope this information has been helpful. If it has and you’d like to speak to Lauren to learn more, simply give her a call at (714) 625-0310 or email her at firstname.lastname@example.org. And, as always, if you have any other questions for me, don’t hesitate to reach out. I look forward to hearing from you soon.
Today I’m joined by estate planning attorney Susan Foy to talk about one of the most important items you can have as a homeowner in California: a trust.
Why is having a trust so important?
For one thing, it helps you avoid probate, which is a court-supervised procedure your family would otherwise have to go through to address the transfer of your assets after you die. A trust helps you decide specifically who you want your assets and estate to transfer to. If your family situation is especially complicated or you’re married and you or your spouse has children from a prior marriage, they can be particularly helpful.
Additionally, a trust ensures that all the information regarding your estate and assets remains private, and you save a considerable amount of money by having one written up front instead of writing your will later on.
Also, a trust gives you more financial options than a will does. If your children are minors at the time you pass away, you can provide for them until they turn 18, 21, or whatever age you specify.
A trust helps you decide specifically who you want your assets and estate to transfer to.
“If you don’t have an estate plan,” Susan says, “the state of California has one for you, but it’s much better for you to be able to set up your estate plan so it reflects your values, your family structure, and your finances.”
Many of the baby boomer generation are entering their golden years, which can mean transitioning to assisted living or moving in with family and leaving a property behind. If you’re entering the later stages of your life and these scenarios apply to you, don’t be intimidated by the thought of setting up a trust. For attorneys like Susan, it’s their job to make the process as simple as possible.
If you’d like to know more about setting up a trust, you can message Susan at her website www.susanfarrisfoy.com. You can also reply to this email and I’d be happy to put you in touch with her.
As always, if you have any real estate questions or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to speak with you.