California is an affordable state for home insurance at $1,380/ yr.
Experts anticipate home insurance rates to be 10%-15% higher in 2024.
CalHFA allows financing up to 96.5% of the home's purchase price with low down payment and lenient credit requirements.
CalHFA assistance programs:
– MyHome: Provides up to 3.5% deferred-payment junior loan
– School Program: Aids K-12 teachers
– ECTP: Assists teachers with down payment
The settlement aims to shift commission responsibility to buyers, potentially reducing costs for sellers in the process.
Legal experts anticipate negotiations over commissions, which may pose challenges for both agents and first-time buyers.
Buying a house can be challenging when competing with other bidders. Providing a mortgage commitment letter with your offer shows you're a serious buyer. There are conditional and firm commitment letters, both requiring specific conditions to be met. The letter does not guarantee approval but is a crucial step in the homebuying process.
Late-Fall 2023 Median Home Prices: Median price rises across Southern California by 5.1%.
County-wise Median Prices (2024): Orange County leads with $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.
While rents are still 29.9% higher than before the pandemic, the yearly increase in February was only 3.5%.
This slowdown is likely due to a combination of more rental housing being built and a general economic slowdown.
Coverage:
– Most multi-unit buildings in California (exceptions apply).
– Single-family homes owned by corporations, REITs, or LLCs with corporate members (unless exempt).
Exemptions include:
– New buildings (built within the last 15-yr).
– Owner-occupied duplexes.
– Units with stricter local rent control.
– Single-family homes as separate units.
To find the best mortgage, compare offers. A down payment is an upfront payment, usually a percentage of the house's price, showing financial investment. Different loans require varying down payment percentages. Some lenders offer low down payment options. Larger down payments can lead to lower interest rates and monthly payments.
Every show home uses tactics to create an idealized version of a property. Tricks include creating a lifestyle story, using pitch-perfect props, subtle symmetry, heating up the space, omitting TV screens, using mirrors for illusion, showcasing high-end finishes, clever lighting, missing internal doors, uniform flooring, child-sized furniture, and missing essential items like fridges.