Mohammed Salim Shaikh (Realtor, Corona)

Financial Fundamentals for First-Time Homebuyers Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you're financially ready for your purchase. Here are just a few of the financial fundamentals you'll need to focus on as you set out to  buy  a home. Build Your Credit Your credit is one element that helps determine which home loan you'll qualify for. It also impacts your  mortgage interest rate . While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run. So how do you make sure your credit is in the best shape possible when it's time to buy? A  recent article  from  NerdWallet  lists a few tips you can use as you work to build and strengthen your credit. They include: Tracking your credit  and disputing any errors that show up on your reports. Paying your bills on time . This includes making loan payments and paying down any open li

Why Selling Your House with a Real Estate Professional Is Essential 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. The  2021 Profile of Home Buyers and Sellers  from the  National Association of Realtors  (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. 1. Make the Best First Impres

One Major Benefit of Investing in a Home One of the many reasons to buy a home is that it's a major way to  build wealth  and gain financial stability. According to  Freddie Mac : "Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability." With spring approaching, now's a great time to consider if  buying a home  makes sense for you. The best way to figure that out is to talk with a trusted real estate professional. The Largest Part of Most Homeowners' Net Worth Is Their Equity You may be surprised to learn just how much of a homeowner's net worth actually comes from owning their home. The  National Association of Realtors  (NAR)  shares : " Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families.  Housing wealth (home equity or net wo

Checklist for Selling Your House This Spring [INFOGRAPHIC] Some Highlights As you get ready to  sell your house , there are specific things you can add to your  to-do list . These include decluttering, taking down personal photos and items, and power washing outdoor surfaces. Let's connect so you have advice on what you may want to do to get your house ready to  sell this season .

How To Make Your Dream of Homeownership a Reality According to a recent  Harris Poll  survey,  8 in 10  Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial  benefits , so that interest is understandable. However, it's unlikely all 28 million Americans will accomplish that goal in the coming year. Experts  project  a total of around five million homes will be sold in 2023. Why is there such a big difference? It's partly because there can be challenges to buying a home. In the same survey, when asked, " Which of the following are preventing you from pursuing homeownership at this time?" : 34% answered, " I don't have enough saved for a down payment " 30% answered, " My credit score " If you're aiming to buy a home, here's what you need to know to accomplish that goal. Save for Your Down Payment Your  down payment  is a bi

What Past Recessions Tell Us About the Housing Market It doesn't matter if you're someone who closely follows the economy or not, chances are you've heard whispers of an upcoming recession. Economic conditions are determined by a broad range of factors, so rather than explaining them each in depth, let's lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at  Bankrate ,  says : "Two-in-three economists are forecasting a recession in 2023 . . ." As talk about a potential recession grows, you may be wondering what a recession could mean for the housing market. Here's a look at the historical data to show what happened in real estate during previous recessions to help prove why you shouldn't be afraid of what a recession could mean for the  housing market  today. A Recession Doesn't Mean Falling Home Prices To show that home prices don't fall every time there's a  recession , it h

Today's Housing Market Is Nothing Like 15 Years Ago There's no doubt today's  housing market  is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key variables now compared to the last housing cycle, there are significant differences. In the latest  Real Estate Forecast Summit , Lawrence Yun, Chief Economist at the  National Association of Realtors  (NAR), drew the comparisons below between today's housing market and the previous cycle: Looking at the facts, it's clear: today is very different than the  housing market  of 15 years ago. There's Opportunity in Real Estate Today And in today's market, with inventory rising and  less competition  from other buyers, there's opportunity right now. According to  David Stevens , former Assistant S

Whether you’re a first-time or repeat buyer, chances are you don’t need to put 20% down when buying a home. Let’s connect to make sure you have all the facts you need to know in the homebuying process.

Have Home Values Hit Bottom? Whether you're already a homeowner or you're looking to become one, the recent headlines about  home prices  may leave you with more questions than answers.  News stories  are talking about home prices falling, and that's raising concerns about a repeat of what happened to prices in the  crash in 2008 . One of the questions that's on many minds, based on those headlines, is:  how much will home prices decline?  But what you may not realize is expert  forecasters  aren't calling for a free fall in prices. In fact, if you look at the latest data, there's a case to be made that the biggest portion of month-over-month price depreciation nationally may already be behind us – and even those numbers weren't significant declines on the national level. Instead of how far will they drop, the question becomes:  have home values hit bottom? Let's take a look at the latest data from several reputable industry sources ( see chart below ):

What Experts Are Saying About the 2023 Housing Market If you're thinking about  buying or selling  a home soon, you probably want to know what you can expect from the  housing market  this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about  2023 ? An article from  HousingWire   offers  this perspective: "The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a 'typical' housing market looks like." This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and  mortgage rates  stabilize. Here's what they have

How Experts Can Help Close the Gap in Today's Homeownership Rate As we celebrate Black History Month, we reflect on the past and present experiences of Black Americans. This includes the path toward investing in a home of their own. And while equitable access to housing has come a long way, homeownership can be a steeper climb for households of color. It's an important experience to talk about, along with how it can make all the difference for diverse homebuyers to work with the right real estate experts. We know it's more challenging for some to  buy a home  because there's still a measurable gap between the overall average U.S. homeownership rate and that of non-white groups. Today, the lowest homeownership rate persists in the Black community ( see graph below ): Homeownership is an essential piece for building household wealth that can be passed down to future generations. However, there are obstacles in the  homebuying  process that can negatively impact certain gr

Spring into Action: Boost Your Home's Curb Appeal with Expert Guidance To sell your home this spring, it may need more preparation than it would have a year or two ago. Today's housing market has a different feel. There are more homes for sale than there were at this time last year, but  inventory  is still historically low. So, if a house has been sitting on the market for a while, that's a sign it may not be hitting the mark for potential buyers. But here's the thing. Right now,  homes that are updated and  priced  at market value are still selling fast . Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking  price . According to Danielle Hale, Chief Economist at  realtor.com : "In a market where costs are still high and buyers can be a little choosier, it makes sense they're going to really  zero in on the homes that are the most appealing ." With the spring buying season just around the corner, now&#

Getting pre-approved is an important first step towards buying a home. Let’s connect so you have the right tools to buy a home in today’s market. Click Read More to Watch the vedio.

Pre-Approval in 2023: What You Need To Know One of the first steps in your  homebuying journey  is getting pre-approved. To understand why it's such an important step, you need to understand what  pre-approval  is and what it does for you.  Business Insider  explains : "In a preapproval [sic], the lender tells you  which types of loans you may be eligible to take out, how much you may be approved to borrow, and what your rate could be ." Basically, pre-approval gives you critical information about the homebuying process that'll help you understand your options and what you may be able to borrow. How does it work? As part of the pre-approval process, a lender will look at your finances to determine what they'd be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you'll know your overall numbers. And with highe