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Move-Up vs. Second Home: Which One Is Right For You?

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If you're feeling cramped in your current space, you've probably considered a move. But what type of home would suit you best? A move-up home or a second home? For many South residents, the answer may be different today than it was just months ago. Why? Because the pandemic has changed the way many of us live, work, and attend school—and for many, those changes have shifted the priorities when it comes to choosing a home. According to a recent survey by The Harris Poll, 75% of respondents who have begun working remotely during the pandemic would like to continue doing so—and interestingly,  66% would consider moving if they no longer had to commute as often. Some of the top reasons people considering a move were to gain a dedicated office space (31%), enjoy a larger home (30%) and have more rooms overall (29%). 1       It's no wonder space has become. a major concern. Online school has become a reality for families everywhere - including here in the South Bay - ...
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The Home Buyer's Guide to Getting Mortgage Ready

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The Home Buyer's Guide to Getting Mortgage Ready   Don’t wait until you’re ready to move to start preparing financially to buy a home.   If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.   The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But I’ve outlined three simple steps to get you started on your path to homeownership.   Even if you’re a current homeowner, it’s a good idea to prepare in advance so you don’t encounter any surprises along the way. Lending requirements have become more rigorous recently, and changes to your credit history, debt levels, job type and other factors could impact your chances of approval.   It’s never too early to start preparing to buy a home. Follow these three steps to begin laying the foundation for your...
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Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

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  In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history. 1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?   While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%. 2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981. 3   Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012. 3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018. 4   So what’s causing today’s rates to sink to unpre...
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