If you need assistance, please call 818-248-8668

Real Estate Tips | The Markarian Realty Guide Blog

Thursday, May 2, 2024   /   by Vic Markarian

What Is Going on with Mortgage Rates?

You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of what’s happening with mortgage rates and what experts say is ahead.
Economic Factors That Impact Mortgage Rates
When it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve (the Fed) and its decisions on monetary policy. And that’s what you may be hearing a lot about right now. Here’s why.
The Fed decided to start raising the Federal Funds Rate to try to slow down the economy (and inflation) in early 2022. That rate impacts how much it costs banks to borrow money from each other. It doesn't determine mortgage rates, but mortgage rates do respond when this happens. And that’s when m ...

  real estate tips, home buyer, mortgage, mortgage rates, buyer tips 2024, real estate market 2024, housing market updates, mortgage 2024, the latest 2024 housing market forecast, what is going on with mortgage rates?

Thursday, May 2, 2024   /   by Vic Markarian

The Perks of Buying over Renting

Thinking about buying a home? While today’s mortgage rates might seem a bit intimidating, here are two solid reasons why, if you’re ready and able, it could still be a smart move to get your own place.
1. Home Values Typically Go Up Over Time
There’s been some confusion over the past year or so about which way home prices are headed. Make no mistake, nationally they’re still going up. In fact, over the long-term, home prices almost always go up (see graph below):

Using data from the Federal Reserve (the Fed), you can see the overall trend is home prices have climbed steadily for the past 60 years. There was an exception during the 2008 housing crash when prices didn't follow the normal pattern, but generally, home values kept rising.
This is a big reason why buying a home can be better than renting. As prices go up and you pay down your mortgage, you build equity. Over time, this ...

  real estate tips, home buying process, home prices, home buying, competitiveness, buyer's market, market value, pricing strategy, mortgage rates, homeownership, for buyers, buying a home, buyer tips 2024, rent vs. buy, real estate market 2024, buying myths, mortgage 2024, the perks of buying over renting

Thursday, April 25, 2024   /   by Vic Markarian

Is a Multi-Generational Home Right for You?

Ever thought about living in the same house with your grandparents, parents, or other loved ones? You're not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let's check out why they think it’s a good idea to see if it might be a good fit for you, too.
Why People Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):
 
Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take care of their parents more easily. And 19% did it to spend more time with them. A lot of older adults want to age in place, and living in a home with loved ones can help them do just that. If your parents are hoping to do the same, but need a bit of help, a multi-generational home may be worth considering. ...

  real estate tips, home buyer, home buying process, home prices, buyer's market, buying a home, rent vs. buy, housing market updates, homeowner tips 2024, the latest 2024 housing market forecast, boomers, is a multi-generational home right for you?

Thursday, April 18, 2024   /   by Vic Markarian

Is It Better To Rent Than Buy a Home Right Now?

You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.
What the Headlines Are Based on
The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:
 
But if you’re looking for something with 2 bedrooms, the gap between the median rent and the median mortgage payment starts to shrink to a differ ...

  real estate tips, home buyer, home seller, home buying process, for buyers, los angeles, for sellers, rent vs. buy, buyer tips 2024, real estate market 2024, seller update 2024, mortgage 2024, home equity 2024, homeowner tips 2024, is it better to rent than buy a home right now?

Thursday, April 18, 2024   /   by Vic Markarian

Is It Getting More Affordable To Buy a Home?

Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:
“We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more affordable and incentivize buyers to come off the sidelines.”
Here’s a look at the latest data for the three biggest factors that affect home affordability: mortgage rates, home prices, and wages.
1. Mortgage Rates
Mortgage rates have been volatile this year – bouncing around in the upper 6% to low 7% range. That’s still quite a bit higher than where they were a couple of years ag ...

  real estate tips, home buyer, home prices, home buying, competitiveness, buyer's market, pricing strategy, homeownership, los angeles, glendale, buyer tips 2024, real estate market 2024, mortgage 2024, how to price your home, home equity 2024, homeowner tips 2024, millennials, baby boomers, home equity, american dream, boomers, is it getting more affordable to buy a home?

Markarian Realty Group
3237 N. Verdugo Rd.
Glendale,, CA 91208
818-248-8668
DRE# CalBRE# 01059771

Based on information from California Regional Multiple Listing Service, Inc. as of May 25, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
This site powered by CINC: www.cincpro.com