Andrew Borow - Your Trusted Real Estate Economics Specialist

According to the Consumer Financial Protection Bureau, about half of U.S. home buyers only meet with one mortgage lender before signing up for a home loan. But these borrowers could be missing out in a big way. Why? Because lenders’ offers and interest rates vary, and even nabbing a slightly lower interest rate can save you big bucks over the long haul.

In fact, the CFPB has found that a borrower taking out a 30-year fixed-rate conventional loan can get rates that vary by more than half a percent.

So to make sure you’re getting the best deal possible, meet with at least three mortgage lenders. You’ll want to start your search early (ideally, at least 60 days before you start seriously looking at homes). When you meet with each lender, get what’s called a good-faith estimate, which breaks down the terms of the mortgage, including the interest rate and fees, so that you can make an apples-to-apples comparison between offers.

Should you find yourselves going into escrow this Spring/Summer, here are some tips on how to keep the deal from getting unnecessarily messed up.

Not everyone can wait out the toughest housing market in years.

Sellers are listing homes because they need to relocate, even if it means giving up superlow mortgage rates. Empty-nesters need to move to places without stairs and with walk-in showers. Growing families that are spilling out of starter homes need to upsize.

In year three of the Federal Reserve’s high-rate policies, some home sellers and buyers are giving up waiting for the central bank to change course. With inflation still elevated, the Fed is in no rush to cut its own rates. Mortgage rates once again rose above 7% this week.

“We can’t just let our kids grow up while the Fed figures out what they think about inflation,” said Luke Bolton, who listed his home in March and expects to close soon on a purchase.

The housing market needs more sellers like these to bounce back. Existing-home sales fell in March, marking a sluggish start to spring home-buying. Sales in 2023 dropped to the lowest level since 1995.
READ THE STORY:

These Home Sellers Are Done Waiting for the Fed to Lower Rates Some owners need to upsize, downsize and change jobs, even if mortgage rates don’t fall soon.

Now that you own the place, dress it up.

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Prices for Condos/Townhomes... Now vs. Then (2016)
Reseda has risen from $342k to $841k.
Valencia has nearly doubled from $410k to $805k.
Even condominiums can build you vast amounts of equity!
Time to re-think prices.

These "We'll Buy Your Home As-Is" Companies are the Worst!
FTC: "Opendoor" to Refund $62MIL to SoCal Home Sellers.
FTC sends refunds to people who lost money selling their home to an online real estate business
The FTC sends payments totaling nearly $62 million to 54,689 homeowners who sold their homes to Opendoor Labs, Inc., an online real estate company.

According to the complaint brought by the FTC, Opendoor promised to pay sellers market value for their homes while saving them money on costs.
The FTC says that Opendoor often offered sellers less money than market value and charged more than they said they would. As a result, most homeowners LOST money by selling their homes to Opendoor.

As a result of the FTC’s action, Opendoor paid $62 million and is banned from making false and misleading claims about the costs of using Opendoor’s service or how much money sellers will receive when they sell to Opendoor.

It’s no secret that the U.S. housing market is tough right now, especially for first-time buyers. But there are some spots across the country where homeownership is easier to achieve, according to a new ranking from a real estate portal. The company used four metrics — rent affordability, available inventory, ratio of affordable for-sale inventory to renter households, and the share of households ages 29-43 — to come up with a list of the 10 best markets for first-time homebuyers in 2024. More affordable rent shortens the time it takes to save for a down payment, and a higher number of active for-sale listings relative to the potential homebuyer population means more options – and more bargaining power – for potential first time home buyers in those markets.
These are the 10 best markets for first-time home buyers this year:
1. St Louis, MO
2. Detroit, MI
3. Minneapolis, MN
4. Indianapolis, IN
5. Austin, TX
6. Pittsburgh, PA
7. San Antonio, TX
8. Birmingham, AL
9. Kansas City, MO
10. Baltimore, MD

As of now, the central bank is still projected to cut rates by 75 bps this year and the first rate-cut is expected to be in June. If the prediction turned out to be true, rates should begin a more sustainable declining trend in May, which should help improve the housing market in the spring home buying season.

Here's your chance to give a shout out to a great restaurant and help make sure they are staying in business for years to come. Never assume they're crushing it..

Millennials surpass baby boomers and become the largest group of home buyers at 38%.

8 Tips For Homeowners in Fire Zones on how to get or keep Fire Insurance.

Charleton Heston may have dropped the plaque with these inscribed on them, but we've pieced it together to save your real estate souls.😊😊

Data from the Federal Housing Finance Agency shows that in the 15 years between December 2008 and December 2013, seasonally adjusted home prices in the U.S. more than doubled. With FHFA numbers as a guide, a $500,000 home you bought in 2008 might be worth $1.08 million today.

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These Home Improvement Projects Are Tax Deductible
https://bit.ly/3PCM8vr

You Can Get Back $3,200 on Your Taxes for These Home Projects Find out what's tax deductible before you file.

The California Housing Finance Agency announced Phase 2 of the California Dream For All Shared Appreciation Loan Program, launching in April 2024. DOWN PAYMENT ASSISTANCE THAT COVERS YOUR ENTIRE DOWN PAYMENT. This initiative aims to assist Californians in achieving homeownership, particularly those who may not otherwise have the opportunity. Key points include:

- A reservation system opening in early April for potential homebuyers to register for a Dream For All Voucher, with random drawings in late April.
- Borrowers must meet specific income limits and at least one must be a first-generation homebuyer.
- Interested parties are encouraged to start by contacting an approved lender to qualify.

For more details, you can view the full article [here](https://content.govdelivery.com/accounts/CAHFA/bulletins/38b1012%20).

Hands-On Learning: Utah High School Students Build New Home in 2 Years.
Utah’s Murray High School allows students interested in construction to take part in the ultimate hands-on learning: building a house from scratch. Over the past two years, teens enrolled in the school’s CTE Construction Program worked to craft a new four-bed, four-bath home in a Salt Lake City suburb.
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Students receive credits toward the building program at Salt Lake Community College, per KSTU. “The very best way to learn something is to do it. And here they got to put their hands on and actually do it and learn real-life skills that they will be able to use for the rest of their life,” instructor Quinn Drury told the local news outlet.
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Murray’s program is one of many that have been operating around the country for years, offering experience to kids who see a potential career in construction or simply want to learn more about the process. The two-story home was listed earlier this month, and already has an offer pending.
This is a great idea for our southland cities.

DID YOU KNOW? According to Fannie Mae, 5.2% of all homebuyers, 9.5% of first-time buyers and 14.5% of low-income first-time buyers have closing costs that are greater than or equal to their down payment.
Closing costs will go down due to the upheaval in the industry following the $418 M settlement agreed to by the Natl. Assoc. of Realtors. Stay Tuned for how this impacts home buyers and sellers.

Is your home your sanctuary or a storage facility? Here's some tips on making it a sanctuary, for the mind. https://bit.ly/3IGwivD

How To Make Your Home Happier Here’s how to make your home happier with small, affordable tweaks that create big, cheerful changes.

How to get into your first home? Buy a fixer..

Taking a single day break from posts about real estate to show you.... real estate, lol and far more.. in the Sony 2024 Photography Contest winners. https://bit.ly/4a6fni4?

2024 Open competition Winners & Shortlist Architecture view gallery Creative view gallery Landscape view gallery Lifestyle view gallery Motion view gallery Natural World & Wildlife view gallery Object view gallery Portraiture view gallery Street Photography view gallery Travel view gallery

Home Buying Season is in full swing.. Prices are too, so it just makes sense to look at homes that have been on the market since early February. .Want a list of those homes? Just ask me in the comments section.

And the nominations for WORST REAL ESTATE PHOTOS OF THE YEAR ARE:
Dishwasher
Messy Bed
Clutter
Houseplant
Casket in Bedroom
Gun on Bed

Sellers, it's not just your home that might sit on the market forever, it happens to all sellers if they price their home too high. https://bit.ly/43dCaWJ

Why Can’t Kylie Jenner and Travis Scott Sell Their Beverly Hills Home? Reality TV star Kylie Jenner and rapper Travis Scott are still looking to part ways with their Beverly Hills, CA, megamanse.

And the Award fro Best Home goes to... https://bit.ly/4c1irgW

From Cher's Marvelous Malibu Mansion to J. Lo's L.A. Lair—These Celebs Deserve Oscars for the Best in Real Estate Please allow us to present the most outstanding achievements in celebrity real estate that we witnessed over the past year.

Los Angeles housing prices by bedroom type for February 2024 compared to the previous year:
The home price of
1 bedroom homes decreased by 2%,
2 bedroom homes decreased by 2.3%,
3 bedroom homes decreased by 3.3%,
4 bedroom homes decreased by 2.6%, and
5+ bedroom homes decreased by 9.5%.

Now, perhaps more than ever, down payment assistance is a lifeline for would-be home buyers. See what programs you qualify for here: https://bit.ly/3V3C4z8

Down Payment Resource Directory The California Down Payment Resource Directory is a powerful search tool that identifies current down payment assistance programs in communities throughout California.