Happy Holidays for Home Sales

Happy Holidays for Home Sales

US existing home sales jump to 11-year high

Reuters reports that U.S. home sales increased more than expected to 5.6 percent in November.  Existing home sales hit their highest level in nearly 11 years - since December of 2006.  This is the latest indication that housing has bounced back after almost stalling this year. 

Despite the recent gains, existing home sales remain constrained by a chronic shortage of houses at the lower end of the market, which is keeping prices elevated and sidelining some first-time buyers, who accounted for 29 percent of transactions last month.  Economists and Realtors say a 40 percent share of first-time buyers is needed for a robust housing market.

You can read all the details HERE.  Our experience on the Easterbrook Team mirrors this article with our current amount of purchases closing now and in the New Year for Sacramento, El Dorado, and Placer Counties. We have created HomeLoanWorkshop.org to keep up with demand and provide an educational outlet for potential homebuyers.  For reservations, call (916) 850-6050 or visit the website HERE

Mortgage Subsidies Take Center Stage

The future of the mortgage-interest deduction and other federal housing incentives has proven to be one of the hot spots in the debate over tax reform.  But while Realtors and some industry groups say Republican proposals to scale down tax perks meant to spur homeownership could severely damage the market, other analysts say mortgage subsidies should be restructured or eliminated altogether.  Check out the article HERE.  Looking to buy or refinance? Now may be the time to do it as opposed to waiting until next year.  Call the Easterbrook Team at (916) 850-6050 or email us at easterbrookteam@spmc.com. 

How to Buy a Duplex with Less Than 5%

A duplex is a property with two units on one parcel. It’s traditionally a way to get into the investment real estate game, because you get shelter for yourself, plus rental income and extra tax breaks. The rent can offset or even completely cover your mortgage and other costs.

The owner-occupied unit can be treated as a primary residence. The rental unit can be treated as investment property. The rental side can be depreciated and write-off related repairs and improvements.  Always ask a tax professional for details.

Buy a Duplex with a VA Loan - VA guidelines allow qualified borrowers to purchase properties with one to four units and zero percent down. One unit, however, must be your primary residence.  Buying a duplex with the VA program can be very advantageous. First of all, purchasing with nothing down is extremely attractive. Also, you’ll get residential mortgage rates and not investor financing rates, and eligible borrowers can benefit under the VA’s unique qualification system.

Buy a Duplex with an FHA Loan - The FHA, like the VA, does not make investment loans. It requires all financing in its basic 203(b) program to be secured by a primary residence. You have to occupy the home.

That said, you can use the FHA program with 3.5 percent down to buy property with one-to-four units, so a duplex is okay as long as you occupy one of the two units.

The Easterbrook Team wants to hear your hopes and dreams of homeownership and real estate investment.  Call us today for an appointment.  We are located at 806 Bidwell Street in Folsom, California.  Our phone # is (916) 850-6050.

5 Things to Know Before You Look for a Home

When you decide to buy a home, it’s all too easy to jump into your home search without being prepared — after all, you’re eager to start looking at homes and find one that suits you. But rather than jump headfirst into the search, a savvy home buyer will do their research and prepare themselves before they start looking.

Here are 5 things you should know before you start looking for a home:

To continue reading click here!

What You Need To Know Before You Knock Down A Wall In Your Home

I would like to remove the two corner walls in my kitchen that are common with my living and dining room. This will allow me to install more cabinets and a countertop with a bar to eat at. The entire house will seem more open. Can the walls be removed? What’s involved? Who does this work? Do you think the average homeowner can successfully tackle a job like this? — Angel G., Dover, Idaho
I used to do remodeling work of the sort you envision. In the process I made more than one homeowner’s wildest kitchen remodeling dreams come true. You’ll not believe how taking down one or two walls can completely transform a space. Your smallish kitchen will seem triple the size once this job is complete.
The simple answer to your question is yes, the walls can be removed. The complex answer is the one about what’s involved in doing this. You need to determine what’s inside each of the two walls and whether one or both are bearing walls.

Based in Folsom, California, Sierra Pacific Mortgage has 144 offices nationwide. The Easterbrook Team (John Easterbrook, Patty Aguon, Lorae Oliver, and Kelly Mickelson) at Sierra Pacific Mortgage Corporation is associated with the #1 office in the nation for SPMC for the 3^rd month in a row!  We want to thank you so much for the support.  Come by and visit our office at 806 Bidwell Street in Folsom or call (916) 850-6050.

To Read The Entire Article Please Click Here!

Should you Buy or Rent in Today's Market?

Today's rental prices are increasing while interest rates are decreasing.  Now is the time to buy!

Home buying has earned a bad rap in recent years: The subprime mortgage crisis and ensuing economic meltdown left many homeowners underwater, unable to pay their mortgage, and even facing foreclosure. Homeownership rates fell throughout the recession, and are currently around 66 percent, compared with almost 70 percent in 2004, according to the Census Bureau.

Consider these ten reasons to take the plunge into homeownership.  

1.  You can ramp up energy efficency.

2.  You can customize your space. 

3.  Homeowners buy less furniture. 

4.  Owning a home forces you to save.

5.  Homeownership allows you to build a second income stream.

6.  No landlord can kick you out. 

7.  In fact, you don't have to speak to a landlord ever again!

8.  Unlike rent, a fixed rate mortgage can never go up during inflation.

9.  Homeowners can take tax deductions. 

10.  You can take advantage of the currently low interest rates and prices.

To read more about these top ten reasons to buy or the current low interest rates click here!

To speak with me about the current interest rates and how you can get prequalified for a loan today email me or give me a call. 

John Easterbrook
(916) 224-7653
John.Easterbrook@spmc.com
Licensed – NMLS # 226555