Is It Time to Downsize? Ask Yourself These 4 Questions First

When is the right time to “rightsize” to a home that’s better suited to your needs? Well, if you’re in the 60+ crowd (or have a parent in that demo), there are plenty of things that can go into that decision. Maybe you’re finding yourself in a (more or less) empty nest. Maybe you want to (finally!) get serious about retirement planning. Maybe all that maintenance on your current home is more than you can or want to handle. Or, heck, maybe you just want to simplify your life.
Whatever the scenario, you’ll find that you have plenty of company. The U.S. Census Bureau’s population projections forecast that the number of Americans aged 65 and older will more than double by 2030, increasing from 35 million in 2010 to an estimated 72 million.
Of course, getting older doesn’t mean you have to slow down or compromise on the lifestyle you want. It just means you have to make informed, calculated decisions on how best to achieve it. And that’s especially true when it comes to homeownership.
So if you’re thinking about downsizing, ask yourself these questions first:

Q: What kind of lifestyle do I want after I downsize?

For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.
Alex Haigh, a Realtor® with Illustrated Properties in Stuart, FL, says most folks come to South Florida for the warmer weather and amenities, and he’s seeing more seniors who are still working—because they enjoy it or want to have an extra cushion in their budgets.
Debra Whitfield, a Realtor in Charleston, SC, who specializes in working with seniors, sees her older clients making two types of moves.
“The first move are retirees looking to enjoy their freedom, so they come down to Charleston to find active adult communities where they meet like-minded people that they can befriend easily,” Whitfield says. “The second comes after retirees have enjoyed their freedom for 10 years or so and they decide to move one last time to live closer to family to have the physical, emotional, and spiritual support they need.”

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Q: What should my buying budget look like? 

If you’re planning to retire soon or have already entered those coveted golden years, you’ll likely be on a fixed income. Downsizing might net you a decent profit, especially if the home you’re buying next costs considerably less than the one you’re selling. Consider other expenses as you age: medical bills, health and life insurance, travel, estate planning, final expenses, and home maintenance. The common rule of thumb: Spend no more than 30% of your monthly income on housing. But in theory, it should be a lot less if you’re downsizing.






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916-224-7653
easterbrookteam@spmc.com


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The Six Most Common Open House Mistakes

One of the key factors to a successful career in real estate is hosting successful open houses. They provide an opportunity to expose buyers to homes, grow your client database and expand your business. However, many agents make crucial mistakes when conducting these events. To learn more about the worst kinds of errors, we spoke with two experienced agents, Frank Montro of Frank Montro Homes and Connie Tomlinson of Realty Executives.
1. Not Reaching Out to Potential Clients One of the most common mistakes real estate agents make at open houses is thinking that success means just selling the house. With dozens of people walking through the home, connecting with potential future clients is often more important than trying to close a deal on the house. “Most people don’t walk into an open house and whip out their checkbooks,” say Montro. “Real estate isn’t a transaction business; real estate is a relationship business. You’re looking to meet that one person who gives you four or five referrals. If you sell a house, and you do not get two, three, four, five referrals out of it, then you’re not selling. You’re just handling a transaction.” Tomlinson agrees, adding that the people walking through could serve as free advertising. “If you get multiple buyers through who show interest, they could spread the word that it’s a great house, and get that exposure out there.”
2. Doing Minimal Cleaning Cleanliness is paramount. But that doesn’t just mean wiping down the counters. The front lawn, the first thing potential buyers will see, should be trimmed and mowed so that people are excited to walk in. Indoors, everything should be spotless. “It’s amazing how important it is to have a clean house,” says Montro. “Nothing turns somebody off faster than to walk into a house that’s dirty.” Buyers have sharp eyes, so do not forget to double-check the nooks and crannies where dust or dirt might have built up. A solid understanding of the house will help with this, says Tomlinson. “You need to know the house, and go through the house ahead of time.” - See more at: https://chicagoagentmagazine.com/the-six-most-common-open-house-mistakes/#sthash.eo838ZKp.dpuf




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The Easterbrook Team
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Easterbrookteam@spmc.com


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Patty Aguon-NMLS#994635

U.S. Named Hottest Global Housing Market

In a survey of 14 countries, the United States emerged on top as the hottest market for global residential property, according to real estate advisors Savills. Savills researchers analyzed factors like population growth, rising wealth, and limited housing supply to rank the top picks for investors worldwide and which markets offer the potential for the highest price increases over the next five years.

NAR's International Buying Report: Foreign Buyers Spend More on U.S. Real Estate

The United States showed the most promise for highest returns for investors. Home prices are up about 30 percent from their 2009 downturn, according to the company. The survey singled out San Francisco, in particular, as having one of the highest growth potentials, ahead of New York, Los Angeles, and Miami.
According to Savills researchers, here are the countries that ranked the highest as having the most promise worldwide for residential investors:

1. United States
2. United Arab Emirates
3. Singapore
4. United Kingdom
5. Spain

http://realtormag.realtor.org/daily-news/2015/09/16/us-named-hottest-global-housing-market#sf13155028




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John Easterbrook-NMLS#226555-916-224-7653
Patty Aguon-NMLS#994635-916-833-5063


Easterbrookteam@spmc.com

5 tips to protect sellers’ homes during a showing

With strangers wandering through the house, these precautions will make your sellers feel more comfortable


Takeaways:

• Encourage the sellers to hide any valuables during a showing, including medication.
• Hide personal photos that show the homeowners’ faces.
• Make sure the sellers lock all doors except for the primary entrance where visitors will be entering.

There is a lot that goes into selling a home, and many homeowners often feel overwhelmed throughout the process. As a real estate agent, it’s your responsibility to make them feel at ease.
Homeowners might feel concerned about leaving their home during a showing — and rightfully so. Depending on the showing, there could be hundreds of strangers walking in and out of their home.
It’s easy to get caught up in making a home look perfect for a showing, but it is just as important to help clients keep their belongings safe while their home is on the market. There are things that both the agent and homeowners can do to stay safe.


It’s vital to help clients keep their belongings safe while the home is on the market.


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John Easterbrook-NMLS# 226555-916-224-7653
Patty Aguon-NMLS#994635-916-833-5063


EasterbrookTeam@spmc.com

Fed Keeps Interest Rate Steady, Preserving Job Growth

The Federal Reserve announced on Thursday that it is keeping its benchmark interest rate at or near zero, allowing job growth to continue unhindered.

The Fed’s federal funds rate -- the interest rate the Fed charges for banks to lend to one another overnight -- will remain at target rate of 0.0-0.25 percent, where it has been since December 2008 at the height of the financial crisis. The Federal Open Market Committee (FOMC), the central bank body charged with adjusting key rates, will have its next chance to adjust the influential interest rate when it meets again on Oct. 27 and 28.

By leaving the key interest rate untouched, the Fed is deliberately maintaining economic demand by preserving the current low cost of credit for consumers and businesses. If the Fed had raised rates, it would lower demand for goods and services, which in turn would reduce demand for workers and slow job growth. Fewer available jobs means less competition for workers, limiting wage growth.

The decision to postpone a rate hike was not unexpected. Some Fed officials have been indicating for weeks that fears about China and other emerging markets that spurred August’s stock market losses were giving them pause about a September rate hike. William Dudley, president of the Federal Reserve Bank of New York, expressed those concerns in remarks he made on Aug. 26, calling a September rate hike “less compelling” than it had been in the weeks prior.

The news will likely reassure anxious investors and prompt stock prices to rise. It guarantees another month without more expensive credit and the dampening effect it would have on trading, however minimal. 


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John Easterbrook & Patty Aguon


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CalHFA Changes & Updates

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.

How to Buy and Sell a Home at the Same Time—Without Losing Your Mind

Ah, to be a first-time home buyer again: How easy it was to buy a home when you weren’t carrying another mortgage on your back!
If you’re looking to graduate from first-timer to repeat buyer, you know things are about to get much trickier. Unless you’re a bona fide house collector, you’ll have to sell your home in order to buy anew—adding a whole separate layer of anxiety to what you already know is a stressful home-buying process.

Please, Mr. Postman

                           

In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but sellers might be quick to judge if you’re holding on to your current home.
Drew Snyder, a Realtor® with Snyder Sutton Real Estate in Topanga, CA, says one of his clients had difficulty getting sellers to “take them seriously unless the house was on the market or in escrow. As soon as we put it on [the market], they were considered as serious buyers.”
You can do this! If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.

Know the market first

Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?
Only then will you be able to fully strategize. As is so often the case, the best plan of action may differ depending on exactly who has the power.
That doesn’t mean to find one house you like and call it a day: Find multiple suitable options. That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.
Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages. Two very long months…

Plan your schedule carefully…

Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.
“It’s walking a tightrope,” says Gary DiMauro, a Realtor in New York’s Hudson Valley. And he’s not just talking about scheduling: Your finances will be on the highwire, too. When determining whether you should sell or buy first, think beyond “How can I make the move as easy as possible?” Instead ask: “Can I handle two mortgages? What if my home sells for less than its listing?”
Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.




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