Mohammed Salim Shaikh (Realtor, Corona)

Want To Sell Your House? Price It Right. Last year, the housing market slowed down in response to higher mortgage rates, and that had an impact on home prices. If you're thinking of  selling  your house soon, that means you'll want to adjust your expectations accordingly. As  realtor.com   explains : ". . . some of the more prominent pandemic trends have changed,  so sellers might wish to adjust accordingly to get the best deal possible ." In a more moderate market, how you price your house will make a big difference to not only your bottom line, but to how quickly your house could sell. And the reality is, homes priced right are still selling in today's market. Why Pricing Your House Appropriately Matters Especially today, your asking price sends a message to potential buyers. If it's priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home. If i

Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That's why, if you're thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic. According  to the latest  Monthly Housing Market Trends   Report  from  realtor.com : "There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago.  While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019 . This means that there are still fewer homes available to buy on a typical day than there were a few years ago." The graph below

Homeownership Builds Your Wealth over 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 . On average, nationwide,  home prices  appreciated by  288.7%  over the last 32 years. That means homeowners grow their  net worth  significantly in the long term. Homeownership  wins  over time. Let's connect so you can start your homebuying journey today.

You May Not Need as Much as You Think for Your Down Payment [INFOGRAPHIC] Some Highlights Many people believe you need to  put down 20%  of the purchase price when you buy a home. But recent homebuyers actually put down  far less  on their purchase. And with programs like  FHA loans ,  VA loans , and  USDA loans , some qualified buyers are able to put down as little as 0-3.5%. Let's connect to make sure you have a trusted lender and can find out if you're  ready to buy  a home sooner rather than later.

The Spring Housing Market Could Be a Sweet Spot for Sellers Some Highlights The  biggest challenge  in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of  homes for sale  is up from last year but below pre-pandemic numbers, and that means we're still in a sellers' market. The housing market needs more homes for sale to meet the demand of today's buyers. If you've thought about  selling , let's connect today.

The 3 Factors That Affect Home Affordability If you've been following the housing market over the last couple of years, you've likely heard about growing affordability challenges. But according to  experts , the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at  CoreLogic ,  shares : ". . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023." The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here's a closer look at each one. 1. Mortgage Rates Mortgage rates  shot up to over 7% last year, causing many  buyers  to put their plans on hold. But things are looking different today as rates are starting to come down. George Ratiu, Senior Economist at  realtor.com ,  explains : "Let's celebrate some good news. . . . mortgage rates are

Wondering What's Going on with Home Prices? The recent changes in home prices are top of mind for many as the  housing market  begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here's what you should know about today's home prices. Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the  Federal Housing Finance Agency  (FHFA),  explains : " U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022 . While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices." Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words,  today's home prices aren't

Why Today's Housing Market Isn't Headed for a Crash 67%  of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there's good news. Current data shows  today's market  is nothing like it was before the housing crash in 2008 . Back Then, Mortgage Standards Were Less Strict During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies. The graph below uses  data  

What You Should Know About Closing Costs Before you buy a home, it's important to  plan ahead . While most buyers consider how much they need to save for a  down payment , many are surprised by the closing costs they have to pay. To ensure you aren't caught off guard when it's time to close on your home, you need to understand  what closing costs are and how much you should budget for . What Are Closing Costs? People are sometimes surprised by closing costs because they don't know what they are. According to  Bankrate : "Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it's being financed . . ." In other words, your closing costs are a collection of fees and payments involved with your transaction. According to  Freddie Mac , while they can vary by location and situation, closing costs typically include: Government

Why It's Easy To Fall in Love with Homeownership No matter how the housing market changes, there are some things about  owning a home  that never change—like the personal benefits it can provide. When you own your home, you likely feel a sense of attachment because of the comfort it gives and also because it's a space that's truly yours. Over the last few years, we've fully embraced the meaning of our homes as we spent more time than ever in them. As a result, the emotional benefits our homes provide have become even more important to us. As the most recent  State of the American Homeowner  from  Unison  puts it: ". . . one thing has stayed the same:  the home continues to be of the utmost importance and a place of security and comfort. " The same study from  Unison  notes: 91% of homeowners say they feel  secure, stable, or successful  owning a home 64% of American homeowners say living through a pandemic has made their home  more important to them than ever