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Jim Supples

Real Estate Marketing Consultant -

Jim's Real Estate Blog

Mortgage Interest Rates Reverse Course in 2017

6/8/2017

 

 

 

 

Mortgage Interest Rates Reverse Course in 2017 | Keeping Current Matters

 

Mortgage Interest Rates Reverse Course in 2017

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.

However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year:

Mortgage Interest Rates Reverse Course in 2017 | Keeping Current Matters

Projections still call for an increase…

Four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year.

Mortgage Interest Rates Reverse Course in 2017 | Keeping Current Matters

Bottom Line

No one knows for sure where interest rates will be in six months. However, if you are thinking about buying your first house or trading up to the home of your dreams, you can still get a mortgage at historically low rates RIGHT NOW.

We're not moving out of California...

5/17/2017

Californians Staying Put

This is a bit of a surprise, but you don’t have to be rich to stay put!

http://www.ocregister.com/2017/05/07/california-the-state-where-people-dont-move/

IRS data for 2015 shows 207,861 tax filers — a good estimate of households — from other states lived in California the year before. We may miss those old relatives or friends, but they add up to only 1.48% of 14 million California filings. Only Michigan had a lower exits-to-population ratio.

California’s departure rate is far less than the national norm, which shows movers between states account for 2.14 percent of all U.S. filers. States that did a poor job at keeping its taxpayers included Utah (losing 2.33 percent of its filers); Arizona (2.72 percent); and Nevada (3.32 percent). These Western states, frequently cited as popular places for ex-Californians, have out-migration challenges, too.

The data also shows us the incomes that move with migration patterns.

To be sure, it’s eye-catching to see what departing Californians took with them: a combined taxable income of $16 billion in 2015. When you consider total incomes of Californian filers of $1.22 trillion, though, the outflow is only 1.3 percent of dollars earned – again, the second-best rate among the states (behind Michigan) and better than the national average of 1.8 percent.

Who’s leaving the state? IRS data suggest those with less wealth: the average income of movers was $77,000 per filing in 2015 vs. $87,000 statewide. But the tax data also shows California’s ability to retain population beats the national average at all six income levels broken out by the IRS — from those with little income to those making $250,000 or more.

Please note that one bit of homebuying data also shows Californians are pretty geographically stable.

When Attom Data Solutions ranked five dozen major U.S. markets for how long recent home sellers had lived in their homes, five of the 12 markets with the greatest tenure were in California. Plus, the average length of ownership had grown by two years since 2012 to above 10 years in some cases.

In 2015, California gained 197,200 new filers with total incomes of $13.9 billion. But that’s tiny vs. the state’s huge population and economic heft. On a per-capita basis, only four states — Michigan, Ohio, Wisconsin and Illinois — fared worse in bringing in new taxpayers.

So, why have you heard tales of data showing large numbers of Californians leaving the state?

One often quoted metric is what is called the “net migration “– the difference between inbound and outbound.

Yes, population and tax data shows California with a negative net migration – more departures than arrivals. However, the seemingly large raw number of California exits is actually relatively modest when you compare it to the state’s scale as the nation’s most populous state.

IRS data shows 10,700 more departing Californian filers than arrivals, moving a “net” income of $2 billion out of state. Only three states — New York, Illinois and New Jersey — lost more “net” dollars in 2015. But when you see that net outflow in terms of California’s $1.11 trillion in taxable income, the state ranks 27th — middle of the pack – in proportional net income loss.

Need a new house with a PokeStop???

8/4/2016

Hire the agent that knows what you're REALLY looking for.

Pokemon Go, San Diego, Real Estate, Houses, Homes, BuyingSanDiego.com #pokemongo #picachu #houses #homes #sandiego 

Five ideas that can dramatically improve your living room

8/2/2016

Five ideas that can dramatically improve your living room


 

Can’t seem to create a living room that feels quite right?

Looking for some styling tips that will bring your living room up a notch? Here are five ideas that can dramatically improve your living room.

  1. Move the furniture away from the walls: The tendency is to place your furniture against the walls, but giving it a little room to breathe will make the seating area seem cozier while also making the room seem more spacious.
  2. Mix old and new pieces: Using the same furniture set to furnish an entire room can make it seem a bit sterile. Try mixing and matching different pieces and styles to give your living room a more eclectic feel.
  3. Keep everything low: Arranging photos and artwork lower on walls will make a room appear larger, and can also draw more attention to the pieces themselves.
  4. Place a bookshelf behind the sofa: It doesn’t have to be your entire personal library. Mix and match books with knick-knacks and other items to add some depth and texture to the space behind your sofa.
  5. Try a smaller coffee table: Your current coffee table is probably larger than it needs to be, and it may be dominating the room. Try downsizing to a table that can still hold magazines, a centerpiece, and a few drinks, but will also give you a bit more room to move around your furniture.

RE/MAX CEO Debunks Myth of 20% Down Payment

7/11/2016

RE/MAX CEO Debunks Myth of 20% Down Payment

Op-Ed Alerts First-Time Home Buyers to Multiple Mortgage Choices 
July 07, 2016
DENVER – An Op-Ed by RE/MAX CEO Dave Liniger posted on the Investor’s Business Daily website assures potential homebuyers that they don’t need a large down payment to become a homeowner. The Op-Ed titled “The Down Payment Myth Stumps First-Time Homebuyers” debunks the notion that a 20% down payment is required to buy a home.
 
“Consumers need to know that there’s a great variety of mortgage products out there and many of them are designed specifically for first-time buyers,” said Liniger. “For example, FHA loans offering a 3.5% down payment have been around for many years and have traditionally been the mortgage of choice for first-time buyers.”
 
Surveys show that one of the most challenging obstacles to buying a home, especially for first-time buyers, is saving enough money for the down payment. In fact, saving for a 20% down payment on an average home could take an average wage earner many years. Most Millennials believe that a 20% down payment is an absolute requirement and 73% of those 19-35 are unaware of low down payment mortgage options.
 
To help educate potential homebuyers, RE/MAX has also distributed an informational article posted on many newspaper websites that details four specific low down payment loan programs.
 
Government guaranteed loans by FHA, Fannie Mae and Freddie Mac can offer down payments as low as 3%, but borrowers do need good credit and verifiable income. Such mortgages may also require mortgage insurance if less than 20% is used as a down payment.
 
Homebuyers should understand that a mortgage is like any other commodity they buy. They should shop around and find the one that suits them best. A loan officer or real estate agent can provide valuable guidance,” Liniger added.
 
In today’s economic environment, first-time homebuyers, who tend to be younger, are often facing difficult financial realities, including student loan debt and slow wage growth. However, saving enough cash for a down payment on a home purchase should not prevent them from becoming homeowners. In many locations, rents are rising rapidly and a mortgage payment could be much less.

6 Tips for Puppy-Proofing Your Home

5/17/2016

6 Tips for Puppy-Proofing Your Home

Preparing to bring home a furry bundle of wagging joy? Keep your puppy (and belongings) safe by following these tips.

Maggie

1. Harvest your plants

Puppies are known to nibble indiscriminately – make sure they don't munch on a toxic houseplant! Find out which of your plants are dangerous (azalea, philodendron and jade are a few) and either hang them high or make a neighbor's day with a gift of green.

2. Hide your cords

Everything can look like a chew toy to pups, and electrical cords are no exception. If you can't tuck them safely out of sight, try feeding cords through PVC tubing. Cords hanging from drapes and blinds also can be tempting to puppies. Tie them up out of reach.

3. Stash your trash

Items such as Q-tips and twisty ties can cause serious damage if your puppy consumes them. Chicken bones can be ever-so-enticing – and highly dangerous – to dogs. If you have under-counter storage space that can accommodate your trash can, use it. Otherwise, be sure to use a sturdy trash can with a locking lid.

4. Secure your snacks

Avoid the temptation to slip your dog table scraps. Lots of common foods, like onions and grapes, are poisonous to dogs. Foods stored in plastic bags are also dangerous, as puppies could suffocate on the plastic. Stash them on high shelves, or in pantries and cabinets.

5. Mind your pocketbook

Hang a hook or clear some space in a closet where you can place your purse as soon as you walk through the front door. You'd be amazed how quickly a pup can pilfer pills, sharp objects, pens (that could leak all over your carpet), makeup and other dangerous items from your bag.

6. Store cleaners

Make sure all household cleaning agents, like laundry detergent, pods, bleach and furniture polish, are stowed safe from the puppy in a cabinet that either locks or has a child-proof latch.

Need a home with a yard for your puppy to grow into?  I have a lifelong experiences with raising little fur babies.  I'd be happy to help! 

Here are 9 tips for taking great photos of your home!

4/17/2016

1. Turn off the flash.
Open the curtains and try to use as much natural light as possible. Flashes can create unattractive shadows and distracting bright spots.

2. Think big.
Shoot from the doorway or from the corner to include as much of a room as possible. Rooms shot from an angle seem bigger.

3. Avoid photobombs.
Yes, your kids and pets are darling, but you’re not trying to sell them (hopefully). Keep them out of your listing shots.

4. No selfies.
To avoid starring in your photos, shoot mirrors from an angle.

5. Shoot from the hip.
Or chest. Shooting from a kneeling position helps make a room seem more spacious.

6. Go for a close-up.
Highlight architectural detailing, such as molding or tile work, with a close-up image.

7. Overcast is underrated.
Exterior photos have more depth when they’re taken on a cloudy day.

8. Take tons.
Take several pictures from each angle and in different lighting schemes to give yourself some options.

9. Use photo-editing software.
There are lots of free, easy-to-use photo editing tools available online that allow you to brighten your images and crop away distractions.

Donít forget about homeowner tax breaks

4/7/2016

Don’t forget about homeowner tax breaks

One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!

Mortgage Interest Deduction: Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away!

Home Office: There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax responsibility.


If you're needing real estate needs in San Diego, contact Jim Supples with RE/MAX United.  He has 2 decades of experience and looks forward to assisting you.

5 De-cluttering Tips for Your Kitchen

4/6/2016

5 De-cluttering Tips for Your Kitchen


Is the chaos on your countertop out of control? Here are a few tips to conquer the clutter.

1. Use it or move it
If you don't use a mixer, food processor, or other tool more than once a week, stash it in a cupboard. Counter space is precious real estate.

2. Wall-to-wall organization
Mount a rack on your wall for storing all those things that tend to pile up on your kitchen table and counters – like mail, to-do lists and receipts.

3. Look up
The space on top of your wall cabinets and fridge are great places for wire baskets that let you see the contents, or fabric bins that hide things from view.

4. What's behind Door #1?
Place over-the-door storage racks inside pantry doors to free up counter space.

5. Hang ten
Or even a dozen. Keep lightweight items such as aprons, oven mitts, large utensils and towels off counters by mounting wall hooks.

If all the organization in the world won't make you love your kitchen, it may be time to explore your options in a new home in San Diego.  Spend a few hours spring cleaning so you can go hit the beaches in La Jolla, or take the dog for a walk in Ocean Beach.

Youíve received several offers on your property

4/1/2016

What a splendid dilemma! You’ve received several offers on your property. Which one should you choose? It’s not always the highest one.

Here are just some of the areas your agent could ask you to pay particularly close attention to as you’re weighing the options.

1. Do the math
This goes beyond simply calculating the dollar difference between the various offer prices. Before you do that, be sure to do all the math. Subtract things like closing costs, fees and potential repairs to determine the net proceeds of each offer.

2. Consider the financing
Can the buyer provide proof from the bank that there are funds to back the offer? Your agent can help verify this – and help you understand the terms of the buyer’s financing.

3. Motivation
Do the buyers have a baby-sitting parent in the neighborhood? A new job just around the corner? Buyers with extra motivation to purchase your home are less likely to press for concessions and more likely to work harder to close the deal. Some buyers even include a personal letter with their offer to explain why they want the home. These letters can be particularly helpful in multiple-offer situations.

4. Timeline
Note the closing date each offer proposes. You’ll want a closing date that best meets your needs. You can always counter a closing date, too, if the best offer doesn’t quite meet your timeline.

Weighing the pros and cons of each offer can be tricky. An experienced agent like Jim Supples with RE/MAX United can help you clarify, calculate and secure the very best deal for you on your purchase in San Diego.

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