Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

Rising Home Prices Pressure Whittier Home Buyers

by The Domis Team

Whittier home buyers face tough decisions these days: buy a home now, before home prices rise higher and mortgage rates increase? Or, wait for better home inventory and risk paying a bit more?

According to industry analysts, the rise in home prices, especially in California, will not slow down anytime soon. The New York Times reports that sunbelt states are seeing double-digit increases in price rates from a year ago, with hot markets like San Francisco and Phoenix setting examples.

What keeps California home prices on the rise? In addition to our improving economy and employment outlook, homes in California are a popular choice for retirees, vacation home buyers, and international buyers and investors. We are also seeing an uptick in corporate relocations.

In other words...if you don't buy a Whittier home that's on the market today, someone else will! We should see some improvement in home inventory in the upcoming months, but we are unlikely to see a glut of homes on the market. As long as home demand remains strong, prices will push higher.

Meanwhile, mortgage interest rates are expected to gradually climb higher, from the 3.50% we are seeing today for 30-year fixed rate mortgages, to 3.75% or 4.00% in the next 12 months. Slow growth in the economy will keep mortgage rates behaving, but unexpected market shifts and global events can influence rate hikes.

The biggest challenge for first-time California home buyers who face escalating prices, involves staying qualified for a mortgage as rising rates and home prices affect debt-to-income ratios. Home buyers who are in the entry-level price ranges, who qualify for a mortgage today, are the least equipped to gamble with what the market could bring tomorrow!

Need help with your home buying questions? Turn to the Domis Team for expert, professional assistance for Los Angeles and Orange County real estate! Let us be your guide to the newest home listings and the latest market activity. Contact us today - we will be glad to help you!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

Protect Your Mobile Devices in California With 12 Simple Steps!

by The Domis Team

Are your electronic devices safe from hackers? Phishing scams alone cost consumers and businesses $2.8 billion dollars annually! The problem is growing in California, as our use of Smartphones, iPads and other mobile devices present opportunities for data thieves, especially on public networks.

Wi-Fi “hotspots” can pose a special hazard, because it’s easy to assume the first available connection is the connection belonging to the business, and therefore “safe” for public use. This isn’t always the case, and hotspot hijacking is another growing problem.

To help you keep your mobile devices safe, I’m sharing 12 security tips from eweek.com and the Better Business Bureau for your computer and Smartphone!

1. Update your software. Your computer should have the latest anti-virus software installed, along with a secure firewall. You can find product reviews about anti-virus software in this PC World article from January 2013.

2. Shop on trustworthy websites. Check a seller's reputation and customer satisfaction at bbb.org. Look for the “s” in https:// in the URL address box to ensure you’re shopping on a secure website.

3. Beware of phishing. Avoid clicking on links from emails sent from anyone you do not know, or if they appear suspicious.

4. Set strict privacy settings. Consider restricting access on social network profiles to only friends or family, or people you know. Avoid connecting with anyone on social networking sites who you are unfamiliar with.

5. Set strong passwords. Make sure all passwords, most importantly your passwords for online banking, social media and email accounts, are difficult to guess. Passwords should contain a combination of letters, numbers and punctuation marks. Change your passwords periodically.

6. Lock your phone. Add a security code to your phone to prevent thieves from accessing your data. Set your phone to lock automatically when not in use for a specified time.

7. Update your operating system. Regularly updating your phone closes security loopholes and helps stop hackers.

8. Beware of unknown apps and links. Do not download any apps or click on links in your email or social media pages without first researching the source. They may contain viruses, malware or spyware that can compromise your personal data.

9. Avoid unsecured Wi-Fi. If you choose to connect to an unsecured or public Wi-Fi network, do not enter passwords or access any personal data. Never check your banking data or credit card info from an unsecured location.

10. Treat your cell phone like your wallet. Do not hand your phone to a stranger who wants to borrow it to make a call. Do not leave your cell phone unattended.

11. Check your permissions. Check all of your apps to see what data they are accessing. Revoke permissions for invasive information that your apps don’t need in order to properly operate.

12. Erase data from old phones completely. If you’re selling, donating or recycling your old phone, ensure all your data is completely erased and the phone is returned to factory settings.

Looking to buy or sell a home in Whittier? Look no further! At the Domis Team, we have the local expertise and the friendly, professional service you can count on. Whether you need a comparative market analysis to find your home value, or you'd like to visit Whittier homes for sale, we are here to help you! Contact us today for the Whittier real estate guidance you can trust!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

 

Rising California Housing Costs Challenge Renters and Home Buyers

by The Domis Team

California’s housing costs are rising again as home values appreciate and monthly rents escalate. According to an article in the Los Angeles Times, a two-bedroom apartment unit in California has an average rent of $1,341.00.

Comparatively, the median California home price reached $337,040 in January 2013, an increase of 24.1% from January 2012.

An FHA mortgage for this amount, figuring a 5% down payment and a 30-year fixed rate loan at 4% interest, would have monthly principal and interest payments of $1,528.63. Of course, you would still have to factor in escrows for property taxes and homeowner’s insurance.

Whether renting or owning, affordable housing has been a long-running concern in California. The National Low Income Housing Coalition says that an annual household income of $53,627 is needed to rent a two-bedroom California home.

In these examples, home affordability is measured by the percentage of monthly income needed to support rent or a mortgage payment. Ideally, tenants should not spend more than 30% of their monthly income on rent. Based on average California rents, a tenant would need to earn $25.78 per hour to stay under this ratio. 

For the purpose of mortgage underwriting, FHA loans require the mortgage payment, including principal, interest, taxes and insurance, to be 31% or less of the buyer’s monthly income. A home buyer would need to earn approximately $29.39 per hour based on average home prices. Or, have a co-borrower whose income could help meet the required ratios.

Housing affordability isn’t likely to get easier. Nationally, home prices are expected to increase annually by 3.3%. Rents are expected to increase by 3% to 4% this year. In California, our limited home inventory and increased housing demand will keep upward pressure on both home prices and rents.

Home buyers have the advantage of insulating themselves against future housing cost increases. Low interest rates make long-term home ownership attractive, and home prices, while escalating, are still below their peaks. Buyers who have been waiting to get into the market may see their best chance this year, as improvements in values allow more homeowners to sell.

Looking to buy or sell a home in Whittier? Look no further! At the Domis Team, we have the local expertise and the friendly, professional service you can count on. Whether you need a comparative market analysis to find your home value, or you'd like to visit Whittier homes for sale, we are here to help you! Contact us today for the Whittier real estate guidance you can trust!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

California Pending Home Sales Reach 4-Year High!

by The Domis Team

Pending home sales in California hit a new milestone in January, according to the California Association of Realtors®. Pending sales are based on contract activity, and provide a forecast for the strength of the market. More homes went under contract in January 2013 than at any point in the last 4 years, reaching a market high we have not seen since March 2009!

By the numbers, pending home sales were up 1.4% compared to January 2012. On a month-to-month basis, the jump is much sharper - January's pending home sales were up 23% over December!

Does January's roaring start mean that 2013 home sales will keep up this pace? It's a little early to say, but we can tell you that we are seeing more equity sales and fewer distressed home sales. This is another positive sign of health in California's real estate market. Homes with equity accounted for 64.4% of pending home sales in January. This is a good improvement from a year ago when equity sales represented less than half of all home sales.

The ratio of foreclosures to short sales is also important to understand, because short sales are less harmful to surrounding home values. There's good news to report here as well, because out of the 35.6% of distressed home sales, 21.5% of those are short sales. We still have more distressed home sales than a "normal" market would present, but because we are seeing fewer foreclosures, home values should continue to recover at a consistent pace.

The recovery in home values should help provide relief to the scarce home inventory we've been seeing throughout California. In fact, we have more homes on the market as of January and February, but not enough to take the pressure off California home buyers.

Please remember that all real estate is local, and what is happening on the statewide average may not be the same as what's going on in your neighborhood. For this reason, you should always work with experienced real estate professionals who know the local markets in Whittier and La Habra - like us!

Whenever you are thinking of buying or selling a home, get the local expertise you can trust! Let the Domis Team show you the wonderful real estate opportunities available in our markets today! Whether you need information about your current home value, or you just have a few questions, you can always expect the best in courteous, professional service!

The Domis Team
Prudential California Realty
Visit Our Website
See Our Listings
Find us on Facebook
Follow us on Twitter
Contact Us

 

Displaying blog entries 1-4 of 4

Syndication

Categories

Archives

Share This Page

Contact Information

Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

Contact the Domis Team

Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
Whittier Homes for Sale | La Habra Homes for Sale
Lake Park Brea Senior Community | Lake Park La Habra Senior Community

© Keller Williams is a real estate franchise company. Each Keller Williams office is independently owned and operated.
Keller Williams is an Equal Opportunity Employer and supports the Fair Housing Act.