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Chrysti Tovani – Sacramento California Realtor

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The Evolving Landscape of Housing: Challenges, Solutions, and the Resilience of Community

August 10, 2023 By Chrysti Tovani

From Rental Roadblocks to Multi-generational Residences: Navigating Modern Housing Dilemmas

An in-depth exploration of today’s housing challenges, examining the pain points renters face, the socio-cultural divide between homeowners and renters, and the emerging trend of multi-generational living. Highlighting potential solutions and initiatives that seek to make homeownership more attainable for today’s young adults.

10 Pain Points Renters Face in Today’s Housing Landscape

Every life decision comes with unique challenges, and choosing to rent a home is no exception. While renting provides flexibility and freedom, it also comes with a host of pain points that renters often encounter.

1. The Sky-High Cost of Rent

The most significant pain point renters face is the daunting cost of rent, particularly in urban areas. This often translates into a substantial chunk of monthly income, leaving little room for other necessary expenses such as food, transportation, and healthcare. Keeping up with the rising costs can prove challenging and stressful for renters, making it difficult to maintain financial stability.

2. Yearly Rent Increases

Closely tied to the high cost of rent is the annual hike in rental prices. In most cases, tenants’ incomes do not increase proportionally, creating an ever-widening gap that can strain their finances. Budgeting becomes a constant game of adaptation and compromise, further complicating the financial aspect of renting.

3. The Dreaded Security Deposit

Before moving in, renters are typically required to put down a security deposit—often equivalent to one or two months’ rent. This substantial upfront cost can be a burden, particularly for those just starting out or living paycheck-to-paycheck.

4.  Restricted Customization

Everyone wants to create a living space that feels like home. Unfortunately for renters, options for customization are usually limited. Most landlords prohibit tenants from making significant modifications such as painting walls or changing fixtures, reducing the renter’s ability to personalize their home. Dealing with outdated kitchen cabinets, countertops, and aging appliances can dampen the mood.

5. Maintenance Hassles

One of the touted benefits of renting is that landlords shoulder the responsibility for maintenance. However, getting them to address these issues promptly can sometimes feel like pulling teeth. From leaking faucets to malfunctioning heating systems, renters often face prolonged discomfort due to delayed maintenance.

6. Unstable Tenure

Rental agreements inherently lack stability. Landlords may decide not to renew leases, sell the property, or increase rent beyond affordability, leaving tenants in a constant state of uncertainty about their living situation.

7. Pet Restrictions

For pet owners, finding a pet-friendly rental can be akin to searching for a needle in a haystack. Many landlords enforce strict no-pet policies, while others require additional security deposits or fees for pet owners, creating another hurdle for those wishing to share their home with furry friends.

8. Scarcity of Amenities

Not all rental properties come equipped with essential amenities like washers, dryers, dishwashers, or dedicated parking spaces. Renters might have to shell out extra money for laundromats, or parking permits, adding to the hidden costs of renting.

 9. Neighbor Issues and Noise

Living in close quarters with others brings its set of challenges. Noisy neighbors, disruptive construction, or even bothersome odors can significantly impact renters’ quality of life. With limited recourse in many situations, this remains a common pain point for those renting.

 10. Moving Costs and Hassles

Renters move more frequently than homeowners, leading to recurring moving expenses. The process of relocating involves numerous costs, including hiring movers, buying packing supplies, and potentially missing work. Moreover, finding a new place can be a time-consuming and stressful endeavor.

Despite these pain points, millions choose to rent their homes for reasons ranging from financial realities to the need for flexibility.

Home Ownership vs. Renting: The Growing Social Chasm

The distinction between homeowners and renters in many societies has historically been more than just a matter of property ownership. Increasingly, there’s a troubling socio-cultural aspect to this divide, wherein renters are sometimes perceived and treated as second-class citizens by homeowners. This disparity is not just limited to financial differences but also biases, stereotypes, and prejudices that can greatly influence a renter’s overall living experience. Such treatment can manifest in various ways, from exclusion from community decisions, discrimination in shared community resources, or being subjected to disdainful attitudes. It’s crucial to address this rising concern as it deepens societal divides and hinders the creation of cohesive, harmonious communities. Regardless of their housing status, everyone deserves respect, inclusion, and a sense of belonging.

1960s family and woman vacuming

Today’s escalating housing prices have restricted young adults’ opportunities to amass wealth through property.

In 1960, 54% of Californians aged 30 to 34 owned homes; today, that figure stands at roughly one-third. Prioritizing homeownership for the younger generation is essential for both housing stability and nurturing future equity. Building more homes, especially affordable ones targeting homeownership, is a vital step towards this goal. To assist first-time buyers, initiatives like the “The California Dream for All” program have been proposed to aid with down payments.

multigenerational family sitting on porch

The Rise of Multi-Generational Living: Making Homeownership Memorable and Manageable

For many, the path to homeownership seems like a distant and unattainable dream. As a result, there’s a rising trend of multi-generational households where families are merging homes to pool their resources. By combining incomes, families can qualify for more expansive residences that cater to everyone’s needs. Such arrangements often lead to adults looking after their elderly parents, while grandparents, in turn, offer the invaluable service of live-in childcare. This cohesive living not only eases daily challenges but also enriches lives by fostering deeper bonds, ensuring every moment spent together becomes a cherished memory.

Renting vs. Buying a Home: A Personal and Financial Journey to Making the Best Choice

Renting may be the ideal solution for some, while for others, owning a home can be a key step towards building wealth. If you’re keen on exploring the journey to home ownership, I’m here to provide guidance. Please don’t hesitate to contact me. I’m eager to sit with you, delve into your individual circumstances, and offer informed recommendations.

Your Comprehensive Guide to Buying a Condo: Tips for a Smart Purchase

July 17, 2023 By Chrysti Tovani

dining table in condo over looking view of city

Navigating the Path to Your Dream Condo with Confidence

Are you considering the exciting journey of buying a condominium (condo)? Condos offer a unique blend of convenience, amenities, and community living, but making an informed purchase requires careful consideration. Whether you’re a first-time homebuyer or looking to downsize, this guide will walk you through essential tips for a smart condo purchase.

1. Set a Realistic Budget:

 Before diving into the condo market, determine your budget. Consider the purchase price and additional costs like property taxes, insurance, and monthly homeowner association (HOA) fees. Ensuring that your dream condo fits within your financial means is the foundation of a successful purchase.

2. Location Matters:

 Location plays a pivotal role in your condo living experience. Choose a neighborhood that aligns with your lifestyle, work, and daily needs. Proximity to public transportation, schools, shopping centers, and recreational spots should be part of your decision-making process.

3. Understand the HOA: 

The HOA manages the condo complex and sets rules that residents must adhere to. Review the HOA’s regulations and fees to ensure they align with your preferences and expectations. A well-managed HOA with a robust reserve fund indicates a stable community.

4. Research Building Quality: 

Thoroughly research the history and condition of the condo building. Look for any signs of poor maintenance or unresolved issues. A well-maintained building not only ensures your comfort but also safeguards your investment.

5. Amenities and Services:

 Consider the amenities offered by the condo complex. Features like a fitness center, pool, parking facilities, and security services can enhance your quality of life. Additionally, these amenities can contribute to the property’s resale value in the future.

6. Think About Resale Value: 

While buying your dream condo is a personal choice, thinking about resale value is also essential. Opt for a property in a neighborhood with positive trends in property values and those with upcoming developments that could boost your investment’s worth.

7. Thoroughly Review Condo Documents: 

Don’t skip the fine print! Review condo documents, including bylaws, rules, and financial statements. These documents offer insight into the condo association’s health and any potential issues you might face as a resident.

8. Schedule a Home Inspection:

 An essential step in any real estate purchase, a home inspection can unveil hidden problems in the property. Engaging a qualified inspector can help you make an informed decision and identify potential repairs or maintenance needs.

9. Monitor Neighborhood Trends: 

Stay informed about trends in the neighborhood. Are property values on the rise? Are there any new developments in the vicinity? These factors can impact your condo’s long-term value.

10. Explore Financing Options: 

Research your financing options, including mortgage rates and down payment requirements. Pre-approval for a mortgage can enhance your bargaining power and make your offer more appealing to sellers.

Timing the Real Estate Market: 

The real estate market can also be cyclical. A good time to buy real estate depends on factors like market trends, interest rates, and financial situation. Buying during a buyer’s market when prices are lower and there’s less competition can be advantageous. However, remember that the best time to buy is when you’re financially ready, and the property aligns with your long-term goals.

Conclusion: 

Buying a condo is an exciting venture, but it requires thorough research and careful consideration. By following these tips, you can embark on your condo ownership journey with confidence, knowing that you’re making a well-informed decision that aligns with your financial goals and lifestyle aspirations. Remember, it’s not just a condo – it’s a piece of your future.

How To Get the Best Deal With a New Home Builder

September 5, 2019 By Chrysti Tovani

Looking at new model homes can be fun and exciting. There is so much possibility; unlike purchasing a home that someone has already lived in, you get to buy a fresh new home that can be customized for you. There are some differences between buying from a homeowner and a builder that are important to note.

When buying an existing home from a homeowner, you might be able to negotiate on price. However, a builder’s top priority is to build homes that sell for a set price and move on to the next project. For them to finance the development, they have to sell for a specific amount, so it is unlikely that you’ll get them to lower the sales price. They’ll often tell you that if you use their Lender, you can get some fabulous upgrades. It’s not always in your best interest to do that. I have put together a list of tips to help get the best deal you when buying a home in a new development. 

  1. Hire an agent at the beginning and bring your agent with you when you visit the new development. Do NOT register in the office without your agent present!  
  2. Don’t think you have to use the builder’s Lender. 
  3. Check the builder’s reputation
  4. Find out plans for the community
  5. Negotiate for upgrades
  6. Verify options and upgrades
  7. Hire a home inspector
  8. Know the home warranty. Consider having a third-party home warranty in addition to the builder’s warranty.

Check out the neighborhood and research what the plans are. What are your priorities? You need to decide if the community is a good fit for you. 

The most crucial part of buying a home is finding the right team to work with, and that is your Realtor and Lender. 

Shop for your money – Team up with a lender

You will want a Realtor when buying new construction. 

You’ll want a Realtor who knows how to negotiate with a builder. Someone you feel comfortable with who isn’t afraid to tell you the truth whether it’s good or bad. The Realtor who isn’t afraid to tell you what you don’t want to hear is golden. Keep that Realtor around. They are the ones who won’t get intimidated easily and will fight to get you the most out of the home buying process.  

You may think that by cutting out the Realtor the builder might give you a better price, but that is unlikely. Builders rarely budge on price. 

You want a Realtor who knows how to secure you the best deal possible. You might not get a lower price, but your Realtor can negotiate with the builder to get you upgrades that are worth thousands of dollars. Working with a builder without a Realtor could cost you thousands of dollars because the Realtor knows how to negotiate and without someone working for you, the builder isn’t going to offer those things if they don’t have to. 

Your Realtor will get everything in writing and secure a completion date. You wouldn’t go to court without a lawyer, and buying new construction is no different. 

You might think that buying a new construction home means you won’t need a home inspection, right? Well, that’s not true. Sometimes a home inspector will find things that the builder forgot to do. There could even be something that could be a potential problem down the road. 

The builder may offer a home warranty, and you’ll want to know the specifics of what is covered and find out about securing a home warranty from a third party to be on the safe side. It may include more things than the builder if offering. 

Your Realtor will guide you, protect you, and make sure that all parties are following through and completing all of the items agreed to in the contract within the time frames specified. And of course, your Realtor will do a final inspection of the property with you right before closing to make sure you received everything negotiated.

I asked Josh Tapp, from Sierra Pacific Mortgage, to weigh in on why you need your Lender when buying new construction and here’s what he had to say:

It is very easy for a new buyer to get caught up in the excitement of working with the Lender affiliated to a new builder. The builder can offer a slew of options like cash back at closing, better landscaping, maybe even upgraded appliances or new carpet if you work with their Lender. 

It is important to step back and examine who benefits from all of this, and if their Lender will actually be acting on your behalf or the builder. If the builder and Lender are financially tied together then they essentially are the same entity. They both profit from this so adding concession may sound nice, but no one is looking out for the buyers best interest. 

The buyer may not be aware of any fees associated with those “concessions” or if they are aware of those fees are equal to the cost if the buyer were to make those improvements on their own. 

It’s essential to do your research before going and seeing the builder’s Lender. Take time to find out how much new carpet installation costs, how much those new appliances will be etc. Shop around for your Lender to make sure you are getting the best deal. Another critical key is to include your Real Estate Agent in all of these negotiations with new builders so that you have someone who can fight for you. The last thing you want to feel is pressured into signing on the dotted line before you’ve had a moment to think which happens all too often in these scenarios.

I hope you found this helpful. If you or someone you know could use my services please get in touch. @sellwithchrysti

Why A Normal Market is Just What We Need

February 20, 2019 By Chrysti Tovani

The housing market has been hot for a while now. Homes have been flying off the shelves as fast as they have been listed. Buyers have been competing in bidding wars just to find a home to buy, let alone find their dream home.

This ‘seller’s market’ has driven home prices to new heights. Home price appreciation averaged over 6% across the country.

However, home price growth has recently started to cool down. The latest report from CoreLogic shows that home prices have only risen by 4.7% over the last 12 months.

Many buyers and sellers planning to enter the housing market this year have started to wonder if we are headed towards another housing crash. Ralph McLaughlin, Deputy Chief Economist at CoreLogic, recently stated in an interview,

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.

The real elephant in the room here is housing supply.”

The simple answer is we are returning to a ‘normal’ market. The inventory of homes for sale more closely matches the demand in the market. The added supply means fewer buyers are outbidding each other. Therefore, prices are experiencing less upward pressure. McLaughlin went on to explain,

“If there are a lot of homes on the market and suddenly no one wants to buy them, you’ll get into a downward spiral of price competition. Right now, however, we’re in the opposite situation, there isn’t an over-abundance of homes on the market.”

As more renters looking for their piece of the American Dream enter the housing market, demand for housing will continue to grow. The Joint Center for Housing Studies at Harvard University estimates over 30 million new households will enter the market from now through 2040.

“There’s the natural life cycle of young people getting older and starting to do adult life things which include … buying a house and that’s a lot of potential inertia that could last indefinitely.”

Bottom Line

Home prices will start to appreciate by historical norms as we continue to head towards a more ‘normal’ market, rather than the over 6% seen over the course of the last couple of years. This is great news! Homeowners looking to sell their home will have buyers, as more buyers will be able to afford them!

Is Student Loan Debt A Threat to Homeownership? No!

January 29, 2019 By Chrysti Tovani

graduation hat sitting on top of 100 dollar bills

Over the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations.

Due to this, student loan debt has soared to $1.5 trillion and represents the largest category of debt, surpassing credit card and auto loan debt in 2010 and never looking back. As more and more Americans continue their education amongst rising tuition costs, this number will no doubt increase.

Many housing experts have blamed student loans for a drop in the homeownership rate for young families, and to an extent, they’ve been right. Increased debt at the time of graduation has no doubt limited young people from being able to afford a home at the same rate as their parents or grandparents did at the same age.

In a recent Forbes article, the author explained that “in just the class of 2017, the average student has about $40,000 in debt — almost enough for a 20% down payment on a median-priced home.”

The Federal Reserve set out to determine exactly how much impact student loan debt has had on the homeownership rate of those 18-34 (millennials). Their results found that,

“Every $1,000 in student loan debt delays homeownership by about 2.5 months, but it doesn’t prevent homeownership entirely.

In fact, by the time college grads reach their 30s, those with student loan debt have a homeownership rate nearly identical to those who didn’t take out loans.” (emphasis added)

In the Wall Street Journal’s coverage of the Fed report, they found that recent graduates prioritize paying off their student loans over saving for a down payment, despite their desire to be a homeowner. Many with debt want to “get that monkey off (their) back (before they) make any new investments.”

This has just delayed the wave of young home buyers from hitting the market. But as Danielle Hale, the Chief Economist at realtor.com warns,

“2020 will be peak millennial, the year when the largest number of millennials will turn 30.”

By age 30, those who attained a bachelor’s degree right after high school will be one or two years away from paying off their loans and will have been in their career long enough to earn a higher salary.

In the long run, research shows that attaining a bachelor’s degree or more actually increases the chances that someone will become a homeowner.

Bottom Line

If you are one of the many millennials who has prioritized paying down your student loans over saving for a down payment, you’re not alone. Even if you are a couple years away from paying off your loans, meet with a local real estate professional who can help you determine if waiting really is the best decision for you!

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