Category: For Buyers

Having Trouble Saving Enough for Your Down Payment? Crowdfund It!

First Time Buyers, For Buyers, Millennials, Rent vs Buy, Sacramento Housing MarketChrysti Tovani
You read that right! First-time buyers across the country are getting creative when it comes to saving the necessary down payment to buy a home. Many couples are asking their wedding guests to contribute to their “Down Payment Fund” rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage and already have the necessary items to make a house a home…they just need the house! The average wedding in the United States has 120 guests who give wedding gifts valued, on average, at $186. This means that couples could walk…

5 Real Estate Reality TV Myths Explained

Buying Myths, For Buyers, For Sellers, Selling MythsChrysti Tovani
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting. When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check. Reality TV Show Myths vs. Real Life: Myth #1: Buyers look at 3 homes and…

The Net Worth of a Homeowner is 44x Greater Than A Renter!

First Time Buyers, For Buyers, Move Up Buyers, Rent vs BuyChrysti Tovani
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. Owning a home is a great way to build…

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC]

First Time Buyers, For Buyers, Infographics, Interest Rates, Move Up BuyersChrysti Tovani
Some Highlights: Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home! Chrysti TovaniChrysti Tovani is a REALTOR® based in Fair Oaks, CA, serving the greater Sacramento area—including Orangevale, Carmichael, and nearby neighborhoods. She’s also a multimedia journalist and founder of I Love Fair Oaks, a local media platform spotlighting the people, places, and businesses that make…

Housing Market: Another Gigantic Difference Between 2008 and 2018

For Buyers, For Sellers, Housing Market Updates, Move Up BuyersChrysti Tovani
Some are attempting to compare the current housing market to the market leading up to the “boom and bust” that we experienced a decade ago. They look at price appreciation and conclude that we are on a similar trajectory, speeding toward another housing crisis. However, there is a major difference between the two markets. Last decade, while demand was being artificially created by extremely loose lending standards, a tremendous amount of inventory was coming to the market to satisfy that demand. Below is a graph of the inventory of homes available for sale leading up to the 2008 crash. A normal…

Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts

First Time Buyers, For Buyers, Generation X, MillennialsChrysti Tovani
It should come as no surprise that buying a home in a good school district is important to homebuyers. According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries. What is surprising, however, is that 78% of recent homebuyers sacrificed features from their “must-have” lists in order to find homes within their dream school districts. The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living…

Have You Outgrown Your Starter Home?

For Buyers, For Sellers, Housing Market Updates, Move Up BuyersChrysti Tovani
For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning your own home and building your family’s wealth through your monthly mortgage payment. It may seem hard to imagine that the first home you purchased (which made your dreams come true) might not be the home that will allow you to achieve the rest of your dreams. The good news is that it’s ok to admit that your home no longer fits your needs! According to CoreLogic’s latest Home Price Index,…

Are You Thinking of Selling Your Home? Competition Is Coming!

For Buyers, For Sellers, Move Up BuyersChrysti Tovani
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May. How will this impact buyers? More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy: “The continued year-over-year growth in completions means more homes on the market in the…

Supply & Demand Will Determine Future Home Values

For Buyers, For Sellers, Housing Market Updates, PricingChrysti Tovani
Will home values continue to appreciate throughout 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available homes for them to buy. This is known as the theory of “supply and demand,” which is defined as: “The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.” When demand exceeds supply, prices go up. Every month this year, demand (buyer traffic) has increased as compared to last year and for the first five months of 2018, supply (the…

The Wave of Millennial Homebuyers Continues to Swell

First Time Buyers, For Buyers, Millennials, Rent vs BuyChrysti Tovani
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream. Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things. For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice. According to the Urban Institute’s State of Millennial Housing, the probability…

5 Reasons to Hire a Real Estate Professional Before Entering the Market!

First Time Buyers, For Buyers, For Sellers, FSBOs, Move Up BuyersChrysti Tovani
Whether you are buying or selling a home, it can be quite the adventure. In this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO,’ but it’s not as easy as it may seem. That’s why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal! The 5 reasons you need a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates and home prices as the market continues to pick up steam. 1. What do…

Millionaire to Millennials: Owning Your Home Can Help You Retire Sooner!

For Buyers, Millennials, Move Up BuyersChrysti Tovani
In a CNBC article, self-made millionaire David Bach explained that: “Buying a home is the escalator to wealth in America. Homeownership can also help you retire early, that is, if you pay your mortgage off.”  Bach suggests that homebuyers should, “Take out a 30-year mortgage, but with the intention of paying it off in 25, 20 or ideally, 15 years.” How does he suggest you do this? Here’s the secret: “…If you were paying $1,000 a month, now you’re going to make $1,100 payments every month. Inform the bank that you are doing this and that you want the extra $100 a month…
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