Tag Archives: real estate market

Are You Leaving Money On The Table When Buying Your Home?

What can you do to save some cash on your home purchase?

As a home buyer, you know that your purchase will come with some out-of-pocket costs. Even if you’re taking advantage of a zero down loan, there are

Buying a home: Cash at closing

still associated costs before you can get into your home.

So what can you do to insure you’re not paying more than you have to in order to close escrow? Here are a few suggestions.

First and foremost, do your best to have the best credit score possible.

The better your credit, the better your chances of qualifying for a loan with a lower interest rate, which will save you a lot of money on your monthly mortgage payment, as well as the overall cost of your loan.

Shop for the best loan. read more

Interest Rates Drop Back Below 4%….Again!

Home buyers should take this opportunity to leverage this incredible purchasing power.

It seems to have defied all expectations by major financial analysts who predicted that rates could jump as high as the mid 5% range by 2014. Amazing to see how those predictions Mortgage rates continue to dropturned out, as interest rates fell below 4% this week for the second time in a month.

So how did the analysts get it so wrong? If you remember, in early 2013 rates were down nearly to 3 and a half percent before taking a jump back as high as the mid 4’s by summer. This was a result on a selloff of mortgage-backed securities based on information from the Federal Reserve that they would consider reducing the monthly stimulus that had guaranteed mortgage stocks since November of 2008. The monthly stimulus added up to $85 billion. This practice is known as Quantitative Easing (QE). read more

What is an APR, and Why Is It Different From An Interest Rate?

Understanding how your loan works can possibly save you money in the long run.

Good news! As of close of business on July 1st of this year, fixed-rate mortgage interest rested at 4.14%.interestrates

In other news, even with a perfect credit score, this will still not be the interest rate you’ll end up with for your home loan.

There are a lot of factors that go into determining how high (or low) mortgage interest rates will go. The buying and selling of Mortgage-Backed Securities make up a large part of the “cost of lending money.” The simple explanation behind Mortgage-Backed Securites (MBS) is that your loan may be sold by your lender, along with a group of other loans, to a securities broker who will bundle them and sell them on the open market to investors, who make their money either from trading, or by money brought in through payments and equity. read more

Santa Clarita Housing Prices Rise 5 Percent In April

Month over month numbers show growth in the Santa Clarita real estate market.

More good news for the Santa Clarita real estate market. Housing sales are up, along with housing prices!Santa Clarita Real Estate

A total of 369 escrows closed in April, compared to only 261 in March. That’s 369 buyers now enjoying the benefits of home ownership in the Santa Clarita Valley. We also saw combined (Condominium and Single Family Homes) median prices continue to rise in April to $402,500. That’s a nearly 5% jump from March when combined median prices rose to $384,900.

We did see the number of active listings remain fairly flat, dropping by 21 homes in April as compared to March. read more

Short Sales Are Down, WAY Down, in Santa Clarita

Huge drop in short sales and foreclosures pave the way for continued real estate market recovery.

Statistics from the Southland Regional Association of Realtors show some significant changes in the marketplace. It seems like not so long ago that our market was Short sales are down 82% over March of 2013flooded with short sale and bank-owed properties in our inventory. However, recent reports show that short sales in Santa Clarita have dropped 82% since March of last year, with foreclosure/bank-owned properties dropping over 50%.

These figures are significant in demonstrating what appears to be a full recovery of a once fragile real estate market here in the SCV. Many homeowners who found themselves upside down on their mortgage during the Great Recession have since either refinanced (or performed a loan modification), short sold, or performed some other form of foreclosure avoidance such as a deed-in-lieu of escrow. In other cases, homeowners who have held on to their properties are once again seeing positive equity. read more

Santa Clarita Valley Home Prices Still On The Rise

Low interest rates for buyers and a solid gain in equity for sellers makes for a hot market.

Median single family home prices continued to nose upward  in the Santa Clarita Valley between January and February of 2014, according to data from the Southland Regional Home prices on the rise in Santa Clarita.Association of Realtors. The median price as of March 2014 (The last full month that statistics are available) is $462,000. This after seeing a slight dip in prices over the holiday season.

More good news for Santa Clarita home sellers!

260 homes closed escrow during the month of March. Of those, only 11 were foreclosures/bank-owned, and 19 were short sale properties. National figures show the number of “upside down” homeowners dropped over 25% since the first of the year. read more

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Rise in New Home Sales Show Promise For Market Recovery

When the economy took a negative turn a few years ago, one of the industries hardest hit in the real estate community were new home sales. Recovery had been slow for this industry, but this year, it appears new home sales have turned a corner in the positive.

According to the Commerce Department, new home sales in April rose 3.3%, and the median selling price of a new home is up 4.9% over the previous year.  Sales are still slow compared with the boom years when they reached a rate of close to 1.4 million, but the month’s results were slightly better than expected. read more

Low Inventory Makes For a Hot Market

We’re having a housing inventory problem here in the Santa Clarita Valley. There are very few active homes on the market available for sale.

As you can see from the chart below (Courtesy of Southland Regional Association of Realtors), residential inventory for 2012 is much lower than the previous two years.

Click this photo to view full size image

So what does this mean to you as a home seller? It means that now may be a great time to take advantage of the low inventory if you are considering selling your home. There is considerable competition among buyers, especially for homes selling as “standard listings”, meaning they are not short sales or have any other issues that may delay closing escrow. Even still, many home buyers are looking for “the deal”, and the first homes they check are either short sales or bank-owned properties. read more