Mansour Real Estate & Associates

11/30/2022

Following the news often means subjecting yourself to negativity, even when it is news about the real estate market. If you've been reading articles that are causing you to worry about an impending crash let me put your mind at ease by telling you even the experts insist today is nothing like 2008. For starters, lending standards today are much different, much tighter than they were back then. Leave me a comment and share some other real estate related worries you currently have, we can talk through this together.

11/28/2022

Here are the latest housing market statistics for Torrance, CA! If you'd like more detail on the market, what's available or how much your home might be worth, let's set up a meeting to discuss! 🏡

11/21/2022

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3-2-1, 2-1, 1-1, 1-0 Buydown Options are now available! Contact me to learn more about rate buydowns and how you can WIN BIG in today's rising market.

01/03/2022

How Much Do You Need for Your Down Payment?

Do you know how much you actually need for your down payment? If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Mac says, “The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for first-time homebuyers, whose median down payment is only 7%.

While a down payment of 20% or more does have benefits, the typical buyer is putting far less down. That’s good news for you because it means you could be closer...

As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?

12/30/2021

Why Selling Your House with a Real Estate Professional Is Essential

NAR surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.

Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a real estate agent will do to make sure you get the most out of your sale.

>>Make the Best First Impression
Your time and money are important, and you don’t want to waste either one focusing on the wrong things.

>>Maximize Your Buyer Pool – and Your Sale
Real estate agents have an assortment of tools at their disposal, like social media followers and agency...

Selling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.

12/29/2021

Expert Insights on the 2022 Housing Market

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

Odeta Kushi, Deputy Chief Economist, First American:
“Consensus forecasts put rates at about 3.7% by the end of next year. So, that's still historically low, but certainly higher than they are today.”

Danielle Hale, Chief Economist, realtor.com:
“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we...

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 202...

12/28/2021

5 Tips for Making Your Best Offer on a Home

When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

>>Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan.

>>Be Ready To Move Fast

Homes are selling quickly in today’s competitive housing market. According to NAR, “Eighty-three percent of homes sold in November 2021 were on the market for less than a month.” When houses are selling this fast, staying on top of the market and moving quickly are key.

>>Lean on a Real Estate Professional

No matter what the housing market looks like, rely on a trusted real estate advisor. Agents are experts in the local real estate market.

>>Make a Strong, but Fair Offer

According to NAR, 40% of offers...

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

12/27/2021

Key Things To Avoid After Applying for a Mortgage

Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

>>Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

>>Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home.

People with new debt have higher debt-to-income ratios. Since higher ratios make for riskier loans, qualified borrowers may end up no longer qualifying for their mortgage.

>>Don’t Co-Sign Other Loans for Anyone.

When you co-sign, you’re obligated. With that obligation comes higher debt-to-income ratios as well. Even if you promise...

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes...

12/23/2021

When a House Becomes a Home

Whether it’s a familiar scent or a favorite chair, the feel-good connections to our own homes can be more important to us than the financial ones. Here are some of the reasons why.

>>Owning your home is an accomplishment worth celebrating

You’ve put in a lot of work to achieve the dream of homeownership, and whether it’s your first home or your fifth, congratulations are in order for this milestone. You’ve earned it.

>>There’s no place like home

Owning your own home offers not only safety and security, but also a comfortable place where you can simply relax and unwind after a long day. Sometimes that’s just what we need to feel recharged and truly content.

>>You can find more space to meet your needs

Whether you want more room for your changing lifestyle (think: working from home, dedicated space for a hobby, or a personal gym) or you simply prefer to have a...

It’s clear that owning a home makes financial sense. But lately, the emotional side of what drives homeownership is becoming increasingly important.

12/22/2021

The Perks of Putting 20% Down on a Home

Here are four reasons why putting 20% down may be a great option if it works within your budget.

>>Your Interest Rate May Be Lower
A 20% down payment vs. a 3-5% down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage interest rate they’ll likely be willing to give you.

>>You’ll End Up Paying Less for Your Home
The larger your down payment, the smaller your loan amount will be for your mortgage. Because you’ll avoid as much accrued interest, this will end up costing you less over the lifetime of your home loan.

>>Your Offer Will Stand Out in a Competitive Market
In a market where many buyers are competing for the same home, sellers often like to see offers come in with 20% or larger down payments. You’re seen as a...

If you’re thinking of buying a home, you’re probably wondering what you need to save for your down payment. Is it 20% of the loan, or could you put down less? While there are lower down payment programs available that allow qualified buyers to put down as little as 3.5%, it’s important to unde...

12/21/2021

The Average Homeowner Gained $56,700 in Equity over the Past Year

When you think of homeownership, what’s the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability a home provides. But what about equity? While it can be overlooked, a homeowner’s equity helps build long-term wealth over time. Here’s a look at what equity is and why it matters.

For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values climb, your equity does too. That’s exactly what’s happening today. There aren’t enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. That’s because people are willing to pay more to buy a home. Right now, this low supply and high demand is giving current homeowners a significant equity boost.

To find out just how...

When you think of homeownership, what’s the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability a home provides. But what about equity? While it can be overlooked, a homeowner’s equity helps build long-term wealth over time. H...

12/20/2021

Homebuyers: Be Ready To Act This Winter

To succeed as a buyer in today’s market, it’s important to understand which market trends will have the greatest impact on your home search. Danielle Hale, Chief Economist at realtor.com, says there are two factors every buyer should keep their eyes on:

“Going forward, the conditions buyers face are primarily dependent on two things: mortgage rates and housing supply.”

As a buyer, your interest rate directly impacts how much you’ll pay on your monthly mortgage when you purchase a home. Mortgage rates are expected to climb next year. But they’re still low when you compare to where they were just a few years ago. That presents today’s buyers with some motivation to lock in a low mortgage rate before they climb higher.

The other market condition buyers need to monitor is the number of homes available for sale today. The latest Existing Home Sales Report from the...

To succeed as a buyer in today’s market, it’s important to understand which market trends will have the greatest impact on your home search. Danielle Hale, Chief Economist at realtor.com, says there are two factors every buyer should keep their eyes on: