The Mowery Group Real Estate Podcast

The Latest Market Update From Rancho Cucamonga

don@donmowery.com (Don Mowery) — Fri, 15 Sep 2017 12:26:00 -0700

What’s truly going on in the Rancho Cucamonga market? Today, I’m bringing you the latest numbers.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

What’s really happening right now in the Rancho Cucamonga market?

Today, I’m bringing you the latest update. Let’s take a look.

The median comparable price was $500,750 a year ago. Six months ago, that price increased to $529,450. This year, the median sale price so far is $539,000.

Although sale prices are rising, the pace has slowed down slightly.

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Right now, sale prices are rising.

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The median list price has also seen some interesting changes. Last year the median comparable list price was $569,000. Six months later, that number made a dramatic leap up to $667,000. But right now, this number has dropped down to $645,000.

In terms of days on market, the current average is about 42 days.

Another statistic to look out for right now is mortgage rates. Currently, mortgage rates are sitting at 3.69% for a 30-year fixed rate and 2.95% for a 15-year fixed rate.

If you’re interested in letting us help you with your real estate needs, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why You Can’t Trust Zillow’s Zestimates

don@donmowery.com (Don Mowery) — Tue, 18 Apr 2017 11:21:00 -0700

Have you heard of Zillow’s Zestimate tool? The home value estimates they create aren’t as accurate as you might think.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

As both a broker and an appraiser, I hear about Zillow’s Zestimate quite often. The Zestimate is an automated value model, which is really just a range of numbers. Zillow even provides a range of low to high prices, as well as an estimated midpoint. It’s really just a reflection of what has sold in your neighborhood in terms of price per square foot. There are many things that Zillow can’t account for though, like your home’s condition, view, or numerous other factors that affect its value. There are a lot of inaccuracies in public record data, which Zillow uses to evaluate homes.

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To learn the true value of your home, you need to consult an expert local real estate agent.

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In reality, the Zestimate is a marketing tool to drive users to Zillow.com so they can tell their advertisers, “Look how many unique visitors we had this month!” If you want to know the true value of your home, you need to consult an expert real estate agent who is local and has experience. Much more depth goes into the report of an appraiser when determining our opinion of a home’s market value. So don’t take Zillow too seriously. If you’d like to know what your home is worth, you’re thinking about selling it, or you’re thinking about buying a home, give me a call or send me an email today. I’d love to help you!

New Construction Buying Tips

don@donmowery.com (Don Mowery) — Thu, 30 Mar 2017 10:43:00 -0700

Are you looking to buy a new home? Here are some things you should know before you start the process.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

If you’ve been out there looking for a home lately, you already know how competitive the market is. There are few homes for sale right now due to the strong demand and low interest rates we are continuing to see. You may be tempted to walk into a home builder’s sale center, but it’s important to know that the agent you meet there is representing the buyer, not you. They won’t tell you about any construction defects or problems with the neighborhood because it’s not in the builder’s best interest. This is where a great buyer’s agent comes in. They know all the different developments, different builders, and which ones are good or bad. They can help you find the right development, too. It’s important to work with an agent who represents your interests, not the interests of the builders.

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A buyer’s agent can assist you greatly.

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One of our lender partners offers a program that will allow you to lock in your interest rate now and look for a new construction home for up to a year. We all know rates are going up this year, so why not reach out to us and lock in your rate now if you plan on buying anyway? If you have any questions for us or are in search of a new home, give us a call or send us an email. We would be glad to help in any way possible.

How the Internet Has Changed How Homes Are Sold

don@donmowery.com (Don Mowery) — Tue, 21 Feb 2017 09:31:00 -0800

Selling a home in the current marketplace requires some updated methods. You need to make sure the agent selling your home has a complete marketing plan. Here’s why.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

Selling a home in today’s marketplace is a little different than it was a few years ago. I’ll go over what you should focus on if you’re looking to list your home this year or in the future. Technology has changed the way people sell their homes. In the old days, people would simply stick a for sale sign in their yard and put their home on the MLS. However, because of technology and the internet, people now search for homes online. In fact, according to the National Association of Realtors, 92% of buyers begin their search online. That’s why now more than ever it’s important that you have a complete marketing plan in order to sell your home. First, you want to have a clear understanding of the market conditions. You’ll want to know what homes have sold, what the current inventory is, what’s in escrow, and also what homes haven’t sold.

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Make sure your agent has a complete marketing plan and will spend the money necessary to implement that plan.

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Once you have an accurate pricing for your home, you’ll want to tackle your marketing plan. This should include professional photography and video, a 3-D walkthrough, print media, and social media. So, when choosing an agent to sell your home, make sure that they have a complete marketing plan and that they’re going to spend the amount of money necessary to get your home the most exposure, the most qualified buyers, and the highest possible price. At the Mowery group, we have an entire team that will be able to handle all of your marketing needs as well as everything involved in the selling process. If you have any questions or would like to find out the value of your home, feel free to send me a text, shoot me an email, or give me a call. I look forward to hearing from you!

How Can Our Programs Help You Buy a Home?

don@donmowery.com (Don Mowery) — Wed, 4 Jan 2017 12:07:00 -0800

If you are looking to buy a home, don’t let a low FICO score or lack of a down payment stop you. I’ll go over a few programs that can help you qualify for a loan.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

It’s very possible you’re thinking about jumping into our real estate market in 2017. If you’re looking to buy, There are some programs that will help you with a down payment to get you into a new home. Most people dream of owning their own home, but some feel that if they don’t have the right credit score or a big enough down payment, they won’t qualify. However, if you want to purchase a home, there are many programs available to you to help you do so. Right now, our lenders have a program they are offering that would let you purchase a home with a FICO score as low as 580. They also have a financing program that wouldn’t require you to put any money down.

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You don’t need a huge down payment to purchase a home.

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Additionally, if you are a public school teacher that teaches any grade K-12, you can get 100% financing and up to $15,000 to cover closing costs. There are credit and income requirements associated with these programs, so if you have any questions about your ability to qualify for a home, please give me a call or shoot me an email. I look forward to getting you in touch with one of our lenders!

Individual Real Estate Agents vs. Real Estate Teams

don@donmowery.com (Don Mowery) — Fri, 18 Nov 2016 11:18:00 -0800

There are many benefits to working with a real estate team over an individual agent. I will go over the top three benefits today.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

There are many benefits to working with a real estate team versus an individual agent. I would like to share a few of those benefits with you today.

First of all, you get specialization. For example, if you are looking to buy a home, we have agents that only work with buyers. When they wake up in the morning, all they do is search for homes for you. They look at traditional sources, like the MLS, and also look into pocket listings that may not be available to you online. Buyer’s agents will also canvass neighborhoods that you’re interested in to find sellers that might not have listed yet.

We also have agents that specialize in listings. Listing agents wake up and work hard to sell your home. They optimize your home for search engines, make sure you get professional photographs of your home, and work with buyer’s agents to negotiate the best terms for you.

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Real estate teams provide specialization.

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The second benefit of working with a team is time. Everybody needs a day off now and then. If you work with an individual agent who takes the day off, you are adding time to your home search or home sale. By working with a team, if your agent takes the day off, someone else will be available to help you. That way, you get more one-on-one time to help you find the right home or sell your current one.

Finally, real estate teams have more resources. Our team has a dedicated marketing division that works with buyers and sellers full time. We also have a transaction coordinator and listing coordinator; they work to keep you informed throughout your transaction. The transaction coordinator and listing coordinator also create a more efficient real estate transaction.

If you have any other questions about working with a real estate team, give us a call or send us an email. My team and I would be happy to help you!

3 Major Mistakes Buyers Make

don@donmowery.com (Don Mowery) — Mon, 24 Oct 2016 13:04:00 -0700

Buyers keep making the same mistakes over and over. Here are three things you should avoid doing if you’re in the market to buy a home.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

Buyers tend to all make the same major mistakes when going through the home buying process. Here are the three biggest mistakes they make and how you can avoid making them yourself.

1. Refusing to confide in a trusted advisor. An agent is similar to an attorney in this transaction. They are representing you and acting on your behalf and in your best interest. They have a fiduciary obligation to you but many times, buyers withhold information from them because they are fearful of how they will be perceived, they believe they have all the answers, and they don’t believe the buyer’s agent is important. We often see buyers jumping around to work with different agents when looking at different properties, but we think it’s a better idea to find one agent you trust from the beginning and stick with them.

2. Altering their financial picture. Going out and making a big purchase before the close of escrow is a huge mistake. When you go out and purchase appliances or furniture on credit, it alters your debt-to-income ratio and could affect your FICO score as well. This could cause you to miss out on the home. Wait until the home closes to make these kinds of purchases.
3. Buying the wrong home. A lot of buyers don’t take the time to make a list of the things that are most important to them in a home. These could be things like the home’s proximity to your daycare or office, or what the neighborhood is like. It’s important to make that list beforehand so you can share it with your buyer’s agent and they can do their due diligence in ensuring the home you’re buying is everything you want it to be.

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I hope this answers some of your questions.

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I hope this answers some of your questions about buying a home. If you have any questions, give us a call or send us an email. We look forward to hearing from you.

All Signs Point to a Market Correction in the near Future

don@donmowery.com (Don Mowery) — Fri, 9 Sep 2016 11:43:00 -0700

Below is a graph of the San Francisco Housing Affordability Index. This market area has been a good leading indicator of the overall health of the U.S. Housing Market, since it is located close to both China and Silicon Valley. Historically, once this index drops below 15%, a market correction soon followed. The California Association of Realtors indicated that the Traditional Housing Affordability Index for the 2nd Quarter of 2016 for San Francisco was 13%, Marin County was 18% and San Mateo was 14%.

If there is one thing I can predict for sure, it’s that market conditions are constantly changing. Historically, we can see that any time the housing affordability index fell below 15% for the San Francisco market a correction in housing prices soon followed.

The NATIONAL ASSOCIATION OF REALTORS® affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home. A typical home is defined as the national median-priced, existing single-family home as calculated by NAR. The typical family is defined as one earning the median family income as reported by the U.S. Bureau of the Census. The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board. These components are used to determine if the median income family can qualify for a mortgage on a typical home. Any significant increase in mortgage interest rates will have a severe negative impact on housing affordability.

DO NOT WAIT CALL THE MOWERY GROUP AT 951-313-1746 FOR YOUR FREE HOME EQUITY ANALYSIS.

The correction is already happening in other markets. In a recent CNBC article the Miami housing market the average sales price has fallen 7.5%.

Now, this prediction is based upon the current lending standards. If the government and banks loosened credit standards like they did in 2005 and 2006, they could fuel a further increase in the housing market. However, this is highly unlikely since the government is still paying for the last bailout.

If you are worried about losing your low property tax rate, you may be eligible to transfer your base year value to your new home using Proposition 60 or 90. Proposition 60 and 90 allows you to transfer your lower property tax rate to another property. Click here for more information.

Why choose the Mowery Group?

Donald L. Mowery, II is a top producing Real Estate Broker and Certified Residential Appraiser, specializing in serving the Foothill Communities of Southern California for over 26 years.

Mr. Mowery has also completed retrospective and current market value appraisals, rental surveys, and reports related to the impact of damages to real property. He has authored numerous articles for newspapers and journals including the Inland Daily Bulletin, Redlands Daily Facts, and The 909 Magazine.

Regarding his real estate transactions, he has successfully completed multi-millions in sales of both residential and commercial transactions including short/distress sales and marital dissolution sales.

Why Do You Need an Agent When Buying a New Construction Home?

don@donmowery.com (Don Mowery) — Tue, 9 Aug 2016 09:09:00 -0700

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Value Report

Why do you need to use an agent when purchasing a new construction home?

The first advantage is that we can be your resource. We have all the new home developments in the area, and we can be your resource center to help get right price range in the home that you’re looking for. This will save you the trouble of driving around the neighborhood a few hundred times.

We want to be your partner who walks hand-in-hand with you through the entire process and be able to answer any questions you may have. Many times, for instance, buyers don’t understand the details of special assessments and the Mello-Roos tax. In Southern California, the property tax rate typically runs from 1.1% to 1.2%. However, in some of the newly-constructed developments, we’ve seen tax rates as high as 2% of your purchase price.

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We can be your resource center.

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In addition, there are private transfer fees to consider. Sometimes a builder will contractually stipulate that if you sell the home in the future, you’ll have to pay as much as .5% on the resale.

These are many questions buyers simply don’t understand or don’t think to ask during a new construction home purchase. Then they end up signing an agreement that they also don’t fully understand. Let us be your partner in this process and make sure this doesn’t happen, whether you’re buying a new or existing home.

If you have any more questions, please give me a call or send me an email. I’d love to talk with you.

The Best Way to Invest in Rancho Cucamonga Property

don@donmowery.com (Don Mowery) — Fri, 13 May 2016 09:28:00 -0700

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Have you ever considered long-term real estate investment?

Flipping is not the only way to be an investor in Rancho Cucamonga. In addition, residential rentals are a great way to save for retirement, because rents will continue to rise by about 2 to 3% per year. Here’s a quick example.

Say we purchase a $150,000 home with a 25% down payment and gross rent of $1,200 per month. Annually, gross income comes in at $14,400, but we have to deduct some for vacancy and collections, which is estimated at 5% or $720. Or effective annual gross income comes after subtracting operating expenses like property taxes, insurance, yard work, water, sewer, repairs, or management expenses. These costs can equal about 8% to 10% of the gross rent.

This would give us our net operating income of $10,605. If we divide that by our sales price, we have a return of 7.07%, but it gets better. Let’s look at our cash-on-cash. If you actually divide the net operating income by the down payment, you would be getting a 21% return on your investment!

The good thing about this is that it’s very measurable, and it’s consistent. It’s much easier to predict than the stock market. This doesn’t even consider if the value of the home appreciates, which could add even further to your investment.

If you’re looking to get into real estate investment or to buy a home, give us a call. We’d love to work with you!

What’s the Key to Buying and Selling Success in Rancho Cucamonga?

don@donmowery.com (Don Mowery) — Tue, 19 Apr 2016 10:48:00 -0700

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

If you plan on buying or selling real estate, should you hire a team to help you or should you work with a single agent?

Working with a team is important because it gives you the best shot at accomplishing your real estate goals. If you’re a buyer and you’re looking for a home, a buyer’s agent with a team behind them has the time and energy to dedicate solely to finding you the right home. Every morning, they are scouring the MLS for homes that match your preferences and setting appointments on your behalf.

If you work with an individual agent when buying, that agent is going to be busy taking listings and doing paperwork for other clients. As a result, they will be unable to be as attentive to the MLS and might miss the perfect home once it’s added. Rather than spending every moment looking for the home that meets your specifications, a solo agent is going to be so overwhelmed you’ll be lucky to find much of anything.

When you’re selling, a listing agent with a team behind them will have the freedom to work solely on your behalf. They will not be busy representing buyers and doing tedious paperwork, like a solo agent will be. Teams have the benefit of having highly specialized positions to ensure that each part of every real estate transaction is handled well and in a timely manner. For instance, our team has a marketing specialist whose only job is to maximize your listing’s online presence and get it in front of as many potential buyers as possible.

Our team also has a dedicated transaction coordinator who takes care of all the paperwork in a real estate transaction. There is a lot of it, and many solo agents get so buried in paperwork and stuff that should be handled behind the scenes that they are unable to fully serve their clients. Today’s market is awfully complex, which makes it all the more crucial that you hire a highly specialized team to handle your real estate needs.

If you have any additional questions about what makes a team better than an individual agent, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

What to Know About VA Loans in Rancho Cucamonga

don@donmowery.com (Don Mowery) — Thu, 31 Mar 2016 07:28:00 -0700

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, I’ll discuss the scoop about purchasing a home using a VA Loan in the surrounding area. How do you get those offers accepted? How do VA loans look in the eyes of a seller or a listing agent, compared to a different type of loan?

Several years ago, VA loans were frowned upon if you were a seller or listing agent. Back then, sellers would incur additional costs on behalf of the veteran if they accepted a VA home loan. Fortunately, those days are behind us and a lot of changes have been made in this realm to ensure sellers don’t incur any additional costs. That’s helped VA buyers become more competitive in the marketplace.

It’s an incredible opportunity if you qualify, for a few reasons. Rates are lower than conventional loans. The credit underwriting process is a lot more lenient. The overall monthly payment will be lower compared to a different loan. You can also get a loan with 100% financing, which doesn't require a down payment.

Today, in the eyes of the seller, this loan will present an identical offer to any other type of loan. The only thing you can’t negotiate on a VA loan is the termite report, which is required to not only conduct, but to pass. The seller has to pay for this, and that’s standard for California real estate.

If you’re thinking about buying or selling a home in Rancho Cucamonga, give me a call or send me an email at your earliest convenience. I’d be happy to talk with you, answer your questions, and serve your local real estate needs.

What Can You Negotiate During a Rancho Cucamonga Home Sale?

don@donmowery.com (Don Mowery) — Tue, 1 Mar 2016 08:05:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

When you’re buying or selling a home in Rancho Cucamonga, what can be negotiated? Most people think of price, but just about everything in a real estate contract can be negotiated.

For instance, you can negotiate the amount of time to complete inspections. If there’s something that concerns you as a buyer, you can ask for more time to finish inspections. You might want to ask for a termite inspection in addition to the standard home inspection. As a seller, if you’ve already disclosed all the problems in the home, you can set stricter deadlines for inspections.

You can also negotiate on when you close escrow. Typically, most home sales close in 30 days, but you could close in 90 days or more depending on the agreement.

Another contract term that needs to be negotiated is repairs. Which repairs will be done? Who is going to pay for them? These are important questions to consider and contemplate.

Finally, you can also negotiate on possession, in other words, when you get the keys. Typically, the buyer receives the keys at the close of escrow. However, you have the ability to work around this if you need to.

For example, we recently listed a home where Zillow said the value was $665,000. We listed the property at $699,000 and sold it for $740,000. Not only did we negotiate a great price, but we also were able to allow the seller to remain in the property for three months after closing at no cost to them.

If you have any questions on today’s video, or about real estate in general, just give us a call or send us an email. We would be happy to help you!

How Can Overpricing Your Rancho Cucamonga Home Ruin Your Home Sale?

don@donmowery.com (Don Mowery) — Mon, 18 Jan 2016 09:20:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

If you're thinking about selling, the worst possible thing you can do is price your home too high. In order to avoid having your home sit on the market for an extended period of time as a result of overpricing it, keep the following things in mind:

Agents want your listing. Many real estate agents will tell you what you want to hear in order to get you to sign the listing agreement. Once you've signed it and the home has been sitting on the market for a while, they're going to ask you for a price reduction. It's crucial to work with a knowledgeable agent who knows the market and who can set your home's price right in the beginning.
The direction of home prices. If prices are dropping, you want to be aware of that and price your home accordingly. Your home will scare buyers away if you price high in a falling market. The same goes for a rising market -- ask for more than you would in a normal market in order to take advantage of the trend!
Days on market. Your agent should provide you with a good market analysis. Not only should you look at days on market of the comps, but also homes that are still selling around you!
The importance of price for online listings. Ninety-two percent of buyers only wait so long for the price to drop before giving up on your listing entirely. If the price is too high, buyers won't even click on the listing, let alone give it a chance in person!

If you have any questions about how you can price your home correctly, please don't hesitate to reach out to us. We have a great deal of experience in the Rancho Cucamonga market, and would love to help you get your home sold quickly and for top dollar!

Energy Efficient Items to Add Value to Your Rancho Cucamonga Home

don@donmowery.com (Don Mowery) — Mon, 21 Dec 2015 12:59:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

When working with buyers and sellers, one common question we get is, "How do energy efficient items affect my home value?"

Add a solar electrical system. You can buy or lease a solar system. If you do lease the solar system, the appraiser cannot get any value for the system on the appraisal report because the system is considered personal property. However, there will be a UCC filing on the title report if you choose to sell your home or refinance it.

If you choose to sell the home, the solar system lease will have to be transferred or paid off. Before you lease a solar system, see how the solar company handles home sales so you know what to expect if you sell down the line.

There's also a program called the Home Energy Renovation Opportunity. This program has over 900 energy items you can add to your home. These items will be added to your property taxes and paid through the tax bill. Again, if you plan to sell your home, it's important to pay attention to the cost of these items. Some can be transferred through the sale, and some may need to be paid off at the time of the sale.

Hopefully, this answered a few basic questions about energy efficient items and home value. If you have further questions, give us a call or send us an email. We look forward to hearing from you!

Contract Timeline Guidelines for Rancho Cucamonga

don@donmowery.com (Don Mowery) — Mon, 7 Dec 2015 12:05:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, I want to share contract timeline guidelines to help de-mystify the process a bit.

It all starts with an offer and the acceptance of that offer by the seller. The clock then begins ticking, and the buyer then has three days to get the deposit check in. Typically, the verification of down payment and the pre-qualification letter is provided with the offer, but if it isn't, the buyer has three days to get those things to the seller as well.

The seller then has seven days to get all the disclosures to the buyer. These include the Seller Property Questionnaire and Transfer Disclosure, among others.

Next, the buyer has 17 days after the accepted contract to have their appraisal done, their home inspection, and review all the disclosures provided by the seller. The seller cannot cancel during this contract period, but the buyer can cancel the contract and get their deposit back within the contingency periods.

Twenty-one days after acceptance comes the removal of the loan contingency. If everything goes smoothly, the buyer has five days prior to the close of escrow to verify the property's condition and to see if any repairs have been completed.

If everything is done and ready to go, we go to close of escrow and the property is finally sold! Something critical to keep in mind is the rights of the buyer, which in my opinion outnumber those of the seller. The buyer can cancel during this period, but the seller cannot cancel unless the buyer does not perform!

I hope this gives you a bit more clarity regarding the contract timeframes. If you are looking to buy or sell a home, or if know someone who is, please don't hesitate to give us a call. We would love to hear from you!

Why Is the Pre-Approval Process so Important?

don@donmowery.com (Don Mowery) — Thu, 19 Nov 2015 10:10:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, I’ll discuss the importance of the pre-approval process. The pre-approval process is imperative and essential to be completed prior to you making any offers. The listing agent and seller typically require a pre-approval letter to accompany your offer with the Realtor you work with.

This process can happen a couple of different ways. The preferred methods are to either do this in person or over the phone. You can also go to my website and fill an application there. I typically conduct a follow-up call after you submit an application.

Ultimately, we need to ask you all the necessary questions. Depending on your answers, we can ask follow-up questions. By the end of the conversation, we will have a great loan profile for you. This allows us to email you a list of required documents.

We want a smooth escrow process. There’s nothing worse as a home buyer to be running around at the last minute. We do all this work upfront. We can discuss rates and programs. We want to educate you at the end of the first conversation. We want to help you make the best decision for your situation.

We look forward to assisting you with your finance needs!

How Do You Begin Your Home Search?

don@donmowery.com (Don Mowery) — Wed, 4 Nov 2015 16:04:00 -0800

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, we'll discuss common websites that buyers go to when looking for homes that are available for sale. Many buyers begin their home search process on sites such as Zillow, Trulia, and Realtor.com.

While these sites may be a good starting point, they don't really give you all the information that you need to know. You need to know whether the home is a short sale or a standard sale, or other important information, such as whether the seller needs to buy a home before you can close on escrow.

While the Web is a great place to start, I highly recommend contacting a professional real estate agent. You will get all the information you need and save you time and energy. A real estate agent will make sure that your purchase transaction closes in a timely manner.

If you have any questions, please give me a call or send me an email. I would be happy to help you!

Meet Our Preferred Lender, Tommy Barro

don@donmowery.com (Don Mowery) — Wed, 21 Oct 2015 09:32:00 -0700

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today we are very excited to introduce you to Tommy Barro, and our preferred lenders here at First Centennial Mortgage in Irvine, California. They have been our preferred lender for the last several years.

We’ve worked with them because they provide excellent service, great interest rates, and constant communication to buyers, sellers, Realtors, and escrow companies to ensure on-time closings and efficient processes.

First Centennial Mortgage is a direct, regional mortgage banking company that has been given the “Lend Right Company” designation by both the CFPD and Forbes magazine. These designations are only given out to the top mortgage banking institutions in the country.

Tommy and his associates take pride in this designation, and give credit to their talented loan officers, great operations staff, and their platform, which allows them to offer the lowest interest rates in the industry, and a team that ensures on-time closings and great communication.

If you have any financing needs, whether it be a home loan or a refinance, give Tommy and his team a call. They are the best option for you, no matter what type of mortgage you need.

What's the Difference Between Home Warranties and Home Inspections?

don@donmowery.com (Don Mowery) — Tue, 6 Oct 2015 08:35:00 -0700

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Today, we'll discuss the differences between a home warranty, home insurance, and a home inspection.

The home warranty covers items such as the appliances, the water heater, and heating and air conditioning systems. This is different than most home insurance policies, which would cover you for a fire or, depending on your area, flooding.

Home inspections come during your inspection period, usually within the first 17 days of the contract period. A home inspector looks over the home to determine the quality and condition of certain components of the home. It is not an insurance policy; this just gives you a clear idea of the condition of the home.

When getting a warranty, be aware that different home warranties cover different things. For example, if you get a warranty for the pool on the property, that would typically only cover items above the ground, such as the heater and the pump. It would not cover any cracks or leaks that develop in the pool. So when selecting a warranty, really read through it and see what is covered.

When you get a home inspection, make sure you have a certified home inspector. There is no license for home inspectors in California, but you can at least get someone who is certified.

I hope this clears up any confusion for you. If you have further questions, please do not hesitate to reach out to me. I would be happy to help you!

Rancho Cucamonga Real Estate Market Update

don@donmowery.com (Don Mowery) — Wed, 16 Sep 2015 12:56:00 -0700

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Today, we'll discuss current market conditions. A lot of people have been asking, "Is today's market a buyer's or seller's market?" The answer really depends on what price range you're looking in.

For homes below $417,000, the market is a seller's market with a strong demand for homes. For homes priced $700,000 and up, it is more of a buyer's market. That's due to the difficulties of obtaining financing in that particular price range.

Mortgage rates are very good right now, ranging between 3.75% to 4% for a 30-year fixed loan. Overall, market values have increased by about 10% year-over-year for this particular month.

But where are they going from here? It is expected that the Fed will increase interest rates by about a quarter of a percent. That is a small amount, and should not have a significant impact on the overall values of homes.

Overall, it's a good time to buy. If you have any more questions, give me a call or send me an email. I look forward to hearing from you!