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🎨 WEEKEND BEAT ☀️
What fun things are going on this weekend?
➡️Click to find out!:
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🚗 Goombah’s Annual Car Show
Stop by this annual Classic Car Show and Food Drive and help support the community with funds and donations to Second Harvest Food Bank and many other causes.

🖼️ Mountain View Art & Wine
Spend a day at one of the largest and most beloved festivals in the Bay Area, featuring over 350 of the area’s finest artists and craft-makers, and live music.

🌕 Moon Festival Carnival
Get ready for the Harvest Moon with a “Voices of Joy” Senior Singing Contest, dragon and lion dances, food vendors, mooncake sharing, and more.

🍿 "Beetlejuice Beetlejuice"
Find out what happens after an unexpected family tragedy as three generations of the Deetz family return home in the sequel to Tim Burton’s award-winning Beetlejuice.

🏈 It’s Game Time
Baseball and football seasons overlap this month; catch either the SF Giants or the Oakland Athletics at home this weekend–or the 49ers’ opening game Monday night.

🏠 See our Intero Open Houses!
Looking for your dream home? Stop by one of our Intero Open Houses this weekend.

🌧 Rain or Shine☀️
Get the weekend forecast for your neighborhood!

What Mortgage Rate Are You Waiting For?

You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):
And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.
Expert Projections for Mortgage Rates
Experts say the overall downward trend should continue as long as inflation and the economy keeps cooling. But as new reports come out on those key indicators, there’s going to be some volatility here and there.
What you need to remember is it’s not wise to let those blips distract you from the larger trend. Rates are still down roughly a full percentage point from the recent peak compared to May.
And the general consensus is that rates in the low 6s are possible in the months ahead, it just depends on what happens with the economy and what the Federal Reserve decides to do moving forward.
Most experts are already starting to revise their 2024 mortgage rate forecasts to be more optimistic that lower rates are ahead. For example, Realtor.com says:
“Mortgage rates have been revised slightly lower as signals from the economy suggest that it will be appropriate for the Fed to begin to cut its Federal Funds rate in 2024. Our yearly mortgage rate average forecast is down to 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.”
Know Your Number for Mortgage Rates
So, what does this mean for you and your plans to move? If you’ve been holding out and waiting for rates to come down, know that it’s already happening. You just have to decide, based on the expert projections and your own budget, when you’ll be willing to jump back in. As Sam Khater, Chief Economist at Freddie Mac, says:
“The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.”
As a next step, ask yourself this: what number do I want to see rates hit before I’m ready to move?
Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once they hit 5.99%. The exact percentage where you feel comfortable kicking off your search again is personal. Once you have that number in mind, you don’t need to follow rates yourself and wait for it to become a reality.
Instead, connect with a local real estate professional. They’ll help you stay up to date on what’s happening and have a conversation about when to make your move. And once rates hit your target, they’ll be the first to let you know.
Bottom Line
If you’ve put your moving plans on hold because of higher mortgage rates, think about the number you want to see rates hit that would make you re-enter the market.
Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.

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🎨 WEEKEND BEAT ☀️
What fun things are going on this weekend?
➡️Click to find out!:
https://intero.com/weekend-beat

🍻 Art Wine & Beer Festival
Find summer entertainment with 100 local artists, award-winning wineries, live music, the Cops ‘n Rodders Car Show on Saturday and Dog Day Sunday at Sky Park.

🎨 Family Art Day
Explore a FREE day of art making with Community Arts, activities at Bedford Gallery, and live music on the Rudney Plaza at the Lesher Center for the Arts, Walnut Creek.

🎶 Summer Stage at Filoli
Get your tickets to see Indian American singer/songwriter and People Magazine’s 2023 Emerging Artist, Paravi, for an Alt Pop Night on the beautiful grounds of the Filoli estate.

🐼 "Kung Fu Panda 4"
Join the City of Palo Alto’s Recreation Department for the last event of the 4th annual Summer Family Movie Night Series at Mitchell Park.

⚾ It’s Game Time
Cheer for either of two Bay Area teams when the Oakland Athletics play the San Francisco Giants this weekend at the Oakland Coliseum.

🏠 See our Intero Open Houses!
Looking for your dream home? Stop by one of our Intero Open Houses this weekend.

🌧 Rain or Shine☀️
Get the weekend forecast for your neighborhood!

Home Inspections For Sellers: How To Prepare

Some Highlights
If you’re thinking about selling your house, it’s important to know what the home inspection is and what inspectors look for.
As supply grows and buyers regain negotiation power, you may find you want to do some select repairs with a good return on investment before listing to get ahead of things a buyer may ask you to fix.
To decide what's worth tackling, you need expert advice. Let's chat so you know what to prioritize.

Where Will You Go After You Sell?

If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.

So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.

Perks of a Newly Built Home
Here are some benefits of buying a newly built home right now:

Have brand new everything with never-been-used appliances and materials
Use energy efficient options to save money and leave a smaller footprint
Minimize the need for repairs and benefit from builder warranties
Take advantage of builder concessions that can help with affordability
In today’s market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen.

That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in today’s market is actually lower than the median price of an existing home – which isn’t usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, shares:

“Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”
If you’re interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process.

Perks of an Existing Home
Now, let’s compare that to the benefits of buying an existing home.

Join an established neighborhood that you can get a feel for before moving in
Choose from a wider variety of floorplans and styles
Appreciate the lived-in charm that only an older home can provide
Enjoy the privacy and curb appeal of mature trees and landscaping
In addition to these lifestyle benefits, there’s strategic value to buying an existing home, too. Remember, you can always make upgrades to an existing home down the road to give it some of the latest features available. This gives you the best of both worlds: you’ll get the charm, the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, you’ll likely increase the home’s value too. An article from LendingTree explains:

“. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”
Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs.

Bottom Line
There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Let’s connect so you have expert guidance as you explore the options in our area.

Interest Rate History!

🎆 WEEKEND BEAT ☀️
What fun things are going on this weekend?
➡️Click to find out!:
https://intero.com/weekend-beat

🎆 Redwood City Family 4th
Be a part of the largest Independence Day parade in Northern California in the morning and watch fireworks over the port of Redwood City in the evening.

🏀 California Classic
Chase Center is hosting the 6th Annual California Classic, with participating teams from the Golden State Warriors, Sacramento Kings, LA Lakers and Miami Heat.

🇺🇸 Morgan Hill Freedom Fest
For 145 consecutive years the City of Morgan Hill has been celebrating the 4th of July to bring the community together.

🍿 Chronicles of a Wandering Saint
Find out if miracles happen in Chronicles of a Wandering Saint–a comedy with a twist and a film with Latin American magical realism by Tomás Gómez Bustillo.

⚾ It’s Game Time
Join the San Jose Giants after the game against the Stockton Ports for fireworks on Wednesday, July 3rd.

🏠 See our Intero Open Houses!
Looking for your dream home? Stop by one of our Intero Open Houses this weekend.

🌧 Rain or Shine☀️
Get the weekend forecast for your neighborhood!

Tips for Younger Homebuyers: How To Make Your Dream a Reality

If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly stacked against you.

While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.

Here are some helpful tips you may get from a pro.

1. Explore Your Options for a Down Payment
If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to LendingTree.

And chances are you won’t need to put 20% down (unless specified by your loan type or lender). So be sure to work with a trusted mortgage professional to explore your options, find out how much you’ll really need, and learn about any guidelines on getting a gift from loved ones.

2. Live with Loved Ones To Boost Your Savings
Another thing a number of Gen Z buyers are doing is ditching their rental and moving back in with friends or family. This can help cut down your housing costs so you can build your savings a whole lot faster. As Bankrate explains:

“. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR.”
3. Cast a Broad Net for Your Search
When you’ve saved up enough, here’s how a pro will help you approach your search. Since the supply of homes for sale is still low and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options.

For example, it’s usually more affordable if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider smaller homes and condos or townhouses, you’ll give yourself even more ways to break into the market. As Colby Stout, Research Analyst at Bright MLS, explains:

“Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for first-time buyers.”
4. Take a Close Look at Your Wants and Needs
And lastly, an agent can help you really think about your must-have’s and nice-to-have’s. Remember, your first home doesn’t have to be your forever home. You just need to get your foot in the door to start building equity. If you want to buy, you may find making some compromises is worth it. As Chase says:

“An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge. This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well.”
An agent will help you prioritize your list of home features and find houses that can deliver on the top ones. And they’ll be able to explain how equity can benefit you in the long run and make it possible to move into that dream home down the line.

Bottom Line
Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice along the way. As Directors Mortgage says, with that support you can make it happen:



“The path to homeownership may not be a straightforward one for Gen Z, but it’s undoubtedly within reach. By adopting the right strategies, like exploring down payment assistance programs and sharing living costs with relatives, you can bring your dream of owning a home closer to reality.”


Let’s connect to get you set up for long-term success.

🆃🅷🅸🆂 🅸🆂 🅷🅾🆆 🆆🅴 🅳🅾 🅸🆃!

Homeowners Today Have Options To Avoid Foreclosure

Even with the latest data coming in, the experts agree there’s no chance of a large-scale foreclosure crisis like the one we saw back in 2008. While headlines may be calling attention to a slight uptick in foreclosure filings recently, the bigger picture is that we’re still well below the number we’d see in a more normal year for the housing market. As a report from BlackKnight explains:

“The prospect of any kind of near-term surge in foreclosure activity remains low, with start volumes still nearly 40% below pre-pandemic levels.”
That’s good news. It means the number of homeowners at risk is very low compared to the norm.

But, there’s a small percentage who may be coming face to face with foreclosure as a possibility. That’s because some homeowners may have an unexpected hardship in their life, which unfortunately can happen in any market.

For those homeowners, there are still options that could help them avoid having to go through the foreclosure process. If you’re facing difficulties yourself, an article from Bankrate breaks down some things to explore:

Look into Forbearance Programs: If you have a loan from Fannie Mae or Freddie Mac, you may be able to apply for this type of program.
Ask for a loan modification: Your lender may be willing to adjust your loan terms to help bring down your monthly payment to something more achievable.
Get a repayment plan in place: A lender may be able to set up a deferral or a payment plan if you’re not in a place where you’re able to make your payment.


And there’s something else you may want to consider. That’s whether you have enough equity in your home to sell it and protect your investment.

You May Be Able To Use Your Equity To Sell Your House
In today’s real estate market, many homeowners have far more equity in their homes than they realize due to the rapid home price appreciation we’ve seen over the past few years. That means, if you’ve lived in your house for a while, chances are your home’s value has gone up. Plus, the mortgage payments you’ve made during that time have chipped away at the balance of your loan. That combo may have given your equity a boost. And if your home’s current value is higher than what you still owe on your loan, you may be able to use that increase to your advantage. Freddie Mac explains how this can help:

“If you have enough equity, you can use the proceeds from the sale of your home to pay off your remaining mortgage debt, including any missed mortgage payments or other debts secured by your home.”
Lean on Experts To Explore Your Options
To find out how much equity you have, partner with a local real estate agent. They can give you an estimate of what your house could sell for based on recent sales of similar homes in your area. You may be able to sell your house to avoid foreclosure.

Bottom Line
If you’re a homeowner facing hardship, lean on a real estate professional to explore your options or see if you can sell your house to avoid foreclosure.

Frank Ciglar
Realtor
Intero – A Berkshire Hathaway Affiliate

The Latest Trends in Housing

Finding Your Perfect Home in a Fixer Upper

If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. That’s a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if you’re looking to break into the housing market or want to stretch your budget further. According to NerdWallet:

“Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days, a move-in ready home can be hard to find, especially if you’re on a budget.”
Basically, since the number of homes for sale is still so low, if you’re only willing to tour homes that have all your dream features, you may be cutting down your options too much and making it harder on yourself than necessary. It may be time to cast a wider net.

Sometimes the perfect home is the one you perfect after buying it.
Here’s some information that can help you pinpoint what you truly need so you can be strategic in your home search. First, make a list of all the features you want in a home. From there, work to break those features into categories like this:

Must-Haves - If a house doesn’t have these features, it won’t work for you and your lifestyle.
Nice-To-Haves - These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender.
Dream State - This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.


Once you’ve sorted your list in a way that works for you, share it with your real estate agent. They’ll help you find homes that deliver on your top needs right now and have the potential to be your dream home with a little bit of sweat equity. Lean on their expertise as you think through what’s possible, what features are easy to change or add, and how to make it happen. According to Progressive:

“Many real estate agents specialize in finding fixer-uppers and have a network of inspectors, contractors, electricians, and the like.”
Your agent can also offer advice on which upgrades and renovations will set you up to get the greatest return on your investment if you ever decide to sell down the line.

Bottom Line
If you haven’t found a home you love that’s in your budget, it may be worth thinking through all your options, including fixer-uppers. Sometimes the perfect home for you is the one you perfect after buying it. To see what’s available in our area, let’s connect.

If you find the financial part of home buying confusing, message me with your questions!

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Dreaming of owning a home but finding saving for a downpayment daunting? 🤔 Fear not! As your helpful loan officer, I'm here to assure you that with the right game plan and determination, we can make your homeownership dreams a reality! Let's embark on this journey together!

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Case-Shiller, Black Knight, CoreLogic - they're all saying the same thing: home prices are "almost universally" rising again across the country. If you're waiting for prices to fall significantly, you could be waiting a very long time indeed. And don't forget that there's a very real 'cost of waiting' when home prices are moving upward.

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Home price declines may already be over. The Case-Shiller index showed that national home prices increased for the 2nd-straight month, with most of the big cities posting gains. Meanwhile, good news on the debt ceiling and Fed commentary about potentially 'skipping' a rate hike in June helped send mortgage rates back below 7%.

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Are you looking to purchase your dream home but don't have a 20% down payment? Private Mortgage Insurance (PMI) could be the solution for you! With PMI, you can secure a mortgage with a lower down payment, making homeownership more accessible. For more homebuying tips, send me a message!

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𝐂𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐦𝐚𝐠𝐞 𝐭𝐨 𝐫𝐞𝐚𝐝 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞!⁣
⁣

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Applying for a mortgage won't be the only time you hear the term "hard credit check"; applying for any loan may result in one. You may also hear the term "soft credit check." Unlike a hard credit check, a soft credit check typically does not affect your credit score and may be used for things like background checks.

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𝐂𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐦𝐚𝐠𝐞 𝐭𝐨 𝐫𝐞𝐚𝐝 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞!

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While these two terms sound interchangeable, they are very different. Understanding the differences and when you should complete each step is not only essential but may be confusing. But don't fret; I can help you every step of the way. I'm only a message away!

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Lenders use a FICO score to calculate credit risk. It’s based on the credit reports of the borrowers. The higher the score, the better. But don’t let a low score keep you from pursuing financing. Let’s talk and see what you can afford.

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