Wednesday, October 2, 2024 / by Vic Markarian
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.
According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years (see graph below):
A recent post from Realtor.com notes a similar trend:
“During the week ending Sept. 14, homes stayed on the market eight days longer compared to last year. With more choices available and mortgage rates expected to fall, buyers are taking their time, which means sellers will need to be patient and flexible.”
Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control. But here’s the secret. There’s something you can control – it's also wherk ...
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Thursday, September 12, 2024 / by Vic Markarian
Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don't forget about closing costs. Here’s what you need to know.
What Are Closing Costs?
Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes:
Application fees
Credit report fees
Loan origination fees
Appraisal fees
Home inspection fees
Title insurance
Homeowners insurance
Survey fees
Attorney fees
Some of these are one-time expenses k ...
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Thursday, August 29, 2024 / by Vic Markarian
Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.
Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.
Mortgage Rates Are Projected To Come Down Slightly
Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart below):
Mortgage rates are projected to come down because continued easing of inflation and a slight rise in unemployment rates are key signs of a strong but slowing economy. And k ...
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real estate tips, home seller, home prices, home buying, selling homes, buyer's market, competitiveness, los angeles, homeownership, glendale, for buyers, buying a home, first time home buyers, buyer tips 2024, for sellers, real estate market 2024, homeowner tips 2024, seller update 2024, home equity 2024, glendale real estate agent, homebuying, home seller tips 2024, 2025 housing market, what to expect for 2025 housing market
Monday, August 26, 2024 / by Vic Markarian
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Vic Markarian, a top teal estate agent in Granada Hills, CA, sheds light on the long-term financial benefits of buying a home over renting, particularly in the context of building equity. “In today’s market, understanding the value of home ownership is more crucial than ever,” Markarian states. With increasing numbers of homes hitting the market, he is keen to assist buyers in navigating their options and making informed decisions that align with their financial goals.
Vic Markarian has helped thousands of renters to become home buyers in the last 34 years. “As a dedicated Realtor agent in Granada Hills, CA, I’m here to help you decipher the complex dynamics of the real estate market, including the fluctuating mortgage rates influenced by various economic factors,” says Markarian. He emphasizes that while the upfront costs of buying might seem higher, the long-term gains in equity can substantiallk ...
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Wednesday, August 21, 2024 / by Vic Markarian
In today's housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest.
Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing (see graph below):
If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.
Not Paying Attention To Current Market Conditions
Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lok ...
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