Robert Galvan - Broker, Prominent Properties Sothebys Realty

01/25/2024

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability.
First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

But multi-generational living isn’t just about the financial side of things. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones.

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It's like solving a puzzle, and the pieces need to fit just right.

Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, DM me.

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind?

01/25/2024

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

The Mortgage Rate Lock-In Effect

Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up.

Early Signs Show Those Homeowners Are Ready To Move Again

According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022.

Here's why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.

This is the first time since 2020 that we’re seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to lower rates.

What This Means for You

While there isn’t going to suddenly be an influx of options for your home search, it does mean more sellers may be deciding to list. And that means you may see more homes come onto the market to give you more fresh options to choose from.

As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. DM me so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our area.

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability.

01/21/2024

If you’re getting ready to buy a home, there are some key things to keep in mind after you apply for your mortgage and before you close. Here’s a list of things to remember when you apply for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

When your credit report is run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score.

Don’t Close Any Accounts

Closing accounts has a negative impact on both of those parts of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

If you’re getting ready to buy a home, it’s exciting to jump a few steps ahead and think about moving in and making it your own.

01/21/2024

During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.

A recent report from the Institute for Luxury Home Marketing (ILHM) explains just how much remote work impacted the demand for second and luxury homes:

“The unprecedented ten-fold increase towards remote work since the pandemic is an historic development that will continue to fuel second home demand for many years to come.”

If you’re now shifting back into the office or are seeing your priorities and needs change, you may find you’re not utilizing your second home as much. If so, it may be time to sell it.

And if you own what’s considered a luxury home, buyer demand for it may be even greater. In another report, the Institute for Luxury Home Marketing explains:

“Not only has the purchase of homes valued over $1 million (a figure considered by the National Association of Realtors to be a benchmark for luxury) tripled from 2.6% to 6.5% since 2018, but demand for multiple luxury properties has soared over the last two years.”

If you own a luxury second home that isn’t being used as much anymore, now’s the time to sell. DM me to explore the benefits of selling your second home this year.

During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury hom...

01/21/2024

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01/21/2024

If you want to buy a home, you may not need as much for your down payment as you think.

01/21/2024

If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.

01/21/2024

If you’re planning to buy a home, knowing what to budget for and how to save may sound intimidating – but it doesn’t have to be.

01/21/2024

Experts forecast home prices will go up over the next five years. Let’s connect to discuss why that’s a good thing for you.

01/21/2024

If you're thinking about selling your house on your own, called “For Sale by Owner” or FSBO, there are some important things to consider.

01/21/2024

If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.

01/21/2024

Does your house tick all the boxes a pet owner would be looking for? From pet-friendly communities and dog parks to easy vet access, the needs of their pets play a crucial role in many homebuyers' decisions. If you're considering selling and your place has what a pet owner desires, let's chat.