Mohammed Salim Shaikh (Realtor, Corona)

Why Homeownership Wins in the Long Run Today's higher mortgage rates , inflationary pressures , and concerns about a potential recession have some people questioning: should I still buy a home this year? While it's true this year has unique challenges for homebuyers, it's important to think about the long-term benefits of homeownership when making your decision. Consider this: if you know people who bought a home 5, 10, or even 30 years ago, you're probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey , 70% of respondents say they believe buying a home is a safe investment . Here's a look at how just the home price appreciation piece can really add up over the years. Home Price Growth over Time The map below uses data from the Federal Housing Finance Agency (FHFA) to show ju...

The True Cost of Selling Your House on Your Own Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you're currently considering selling your house on your own, here's what you should know. The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who'd recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few. When it comes to selling your most valuable asset , consider the invaluable support that a real estate agent can provide. By partnering with an agent, you can navigate the complexities of the selling process with confidence. Here are just a few of the many wa...

Homeownership Helps Protect You from Inflation [INFOGRAPHIC] Some Highlights Wondering if it makes sense to buy a home today even when inflation is high? When other costs go up due to inflation, buying a home helps you keep your monthly housing expense steady . Rents typically increase with inflation . Maybe that's why, according to a recent survey, 65.1% of landlords say they plan to raise the rent of at least one of their properties within the next 12 months. Especially when inflation is up, having a stable housing payment can be helpful. Let's connect so you can learn more and start your journey to owning a home today.

What Homebuyers Need To Know About Credit Scores If you're thinking about buying a home , you should know your credit score's a critical piece of the puzzle when it comes to qualifying for a home loan. Lenders review your credit to assess your ability to make payments on time, to pay back debts, and more. It's also a factor that helps determine your mortgage rate . An article from Bankrate explains :  "Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you'll qualify for ." This means your credit score may feel even more important to your homebuying plans right now since mortgage rates are a key factor in affordability , especially today. According to the Federal Reserve Bank of New York , the median credit score in the U.S. for those taking out a mortgage is 765 ...

Eco-Friendly, Energy-Efficient Homes Attract Buyers Are you planning to sell your house? If so, you may be surprised to hear just how much buyers value energy efficiency and eco-friendly features today. This is especially true as summer officially kicks off. In fact, the 2023 Realtors and Sustainability Report from the National Association of Realtors (NAR) shows 48% of agents or brokers have noticed consumers are interested in sustainability.  So, if you're considering selling your house, why does this matter to you? It helps you know what you can do to make your house even more appealing to today's buyers. According to Jessica Lautz, Deputy Chief Economist and VP of Research at NAR:  "Buyers often seek homes that either lessen their environmental footprint or reduce their monthly energy costs. There is value in promoting green features and energy information to future home buyers ." Consider Upgrading Your Home To Make It More Appealing If you want to upgrade y...

Why the Median Home Price Is Meaningless in Today's Market The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it'll likely say home prices are down. This may feel a bit confusing, especially if you've been following along and seeing the blogs saying that home prices have bottomed out and turned a corner . So, why will this likely say home prices are falling when so many other price reports say they're going back up? It all depends on the methodology of each report. NAR reports on the median sales price , while some other sources use repeat sales prices . Here's how those approaches differ. The Center for Real Estate Studies at Wichita State University explains median prices like this: " The median sale price measures the 'middle' price of homes that sold,...

Saving for a Down Payment? Here's What You Need To Know. If you're planning to buy your first home , then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you're intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn't necessarily have to be the case. As the National Association of Realtors (NAR) notes : " One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership ." And a recent Freddie Mac survey finds : " . . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership ." Here's the good news. Unless specified by your loan type or lender, it's typically n...

How Owning a Home Grows Your Wealth with Time [INFOGRAPHIC] Some Highlights If you're thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership. Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years. That means your net worth can grow significantly in the long term when you own a home. Let's connect so you can start your homebuying journey today.

Why Buying or Selling a Home Helps the Economy and Your Community If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community. The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales . The chart below illustrates that impact: As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community: " The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling s...