Mohammed Salim Shaikh (Realtor, Corona)

What's the Difference Between a Home Inspection and an Appraisal? If you're planning to buy a home , an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It's also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you'd like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here's the breakdown of each one and why they're both important when buying a home. Home Inspection Here's the key difference between an inspection and an appraisal. Bankrate says : "In short, while an appraisal helps you understand a home's value, inspections help you understand a home's condition ." The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If a...

Falling out of Love with Your House? It May Be Time To Move. Owning a home means having a place that's solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move. According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years . If you've been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn't have to be. Work with a local real estate agent to explore all your options in today's market before settling for your current home. That's actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three ...

5 Reasons Millennials Are Buying Homes In the United States, there are over 72 million millennials. If you're part of that generation and have thought about buying a home, you aren't alone. According to Zonda , 98% of millennials want to become a homeowner at some point if they aren't already. But why? There are plenty of reasons you may choose to become a homeowner. Here's why other millennials have made that decision ( see graph below ): This graph shows why millennials are buying homes according to Zonda 's 6 th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here's a look at each in more detail. Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way r...

Think Twice Before Waiting for Lower Home Prices As the housing market continues to change, you may be wondering where it'll go from here. One factor you're probably thinking about is home prices, which have come down a bit since they peaked last June. And you've likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that's not the best strategy. A recent survey from Zonda shows 53% of millennials are still renting right now because they're waiting for home prices to come down . But here's the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic , reports : "U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out ." And the latest data from Black Knight shows the same shif...

Equity Gains for Today's Homeowners Today's homeowners are sitting on significant equity, even as home price appreciation has eased recently. If you're a homeowner, your net worth got a boost over the past few years thanks to rising home prices. Here's what it means for you, even as the market moderates. How Equity Has Grown in Recent Years   Because of the imbalance between how many homes were for sale and the number of homebuyers in the market over the past few years, home prices appreciated substantially. And while price appreciation has slowed this year, that doesn't mean you've lost all the equity in your home. In fact, the latest Homeowner Equity Insights report from CoreLogic finds the average homeowner's equity has grown by $34,300 over the past year alone . And if you've been in your home longer than that, chances are you have even more equity than you realize. While that's the national number, if you want to know what happened in your ...

Want To Sell Your House This Spring? Price It Right. Over the last year, the housing market's gone through significant change. While it's still a sellers' market , homes that are priced right are selling, and they get the most attention from buyers right now . If you're thinking of selling your house this spring, it's important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains : "Move-in-ready homes with curb appeal and in desirable areas— and that are priced to sell —are especially likely to move quickly this spring." In today's market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell. Why Pricing Your House Right Matters Your asking price sends a message to potential buyers, especially today. 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 wo...

Your Tax Refund Can Help You Achieve Your Homebuying Goals Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs. But there's good news – your tax refund can help you achieve your goals by paying for some of these expenses. SmartAsset estimates the average American will receive a $1,798 tax refund this year. The map below provides a more detailed estimate by state: According to Freddie Mac , there are multiple ways your refund check can help you as a homebuyer. If you're getting a refund this year and thinking about buying a home, here are a few tips to keep: Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment . You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment. Paying for closing costs – You have to pay fees to your lender, real estate agent, and other parties inv...

The Big Advantage If You Sell This Spring Thinking about selling your house? If you've been waiting for the right time , it could be now while the supply of homes for sale is so low. HousingWire shares : ". . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . ." The National Association of Realtors (NAR) confirms today's housing inventory is low by looking at the months' supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers' market. And today, the number is much lower: "Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace , down 10.3% from January but up from 1.7 months in February 2022." Why Does L...

Why Buying a Home Is a Sound Decision If you're thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment. This year, we aren't seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That's why it's helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow. Home Price Appreciation in the Years Ahead Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return...

Avoid the Rental Trap in 2023 If you're a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward. In the past year, both current renters and new renters have seen their rent go up based on information from realtor.com : " Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn't exclusive to renters who have recently moved. Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months , and likely renewed their lease, have also reported increases in their rent." And if you look back at historical data, that shouldn't come as surprise. That's because, according to the Census , rents have been rising fairly consistently since 1988...