What Buyers Should Know About Closing

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Often, clients ask me, “What happens to our escrow if we change our minds? Do we lose our deposit?”

The quick answer is no. You will not lose your deposit. In fact, many real estate contracts allow a contingency period of nineteen days. During this time period, the buyer has the ability to investigate the property, such as home inspections and exploring the neighborhood. Within those nineteen days, the buyer can take back their decision to buy.

They have the opportunity to contact a real estate expert and draft a cancellation of escrow. It’s a quick process that helps you get your deposit back within a couple days.

If you have any questions about the closing process or a cancellation of escrow, give us a call or email today!

Should You Consider Buying During the Holidays?

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Today I just wanted to take a moment to answer a question that I’ve been getting a lot lately.  

The fall season is in full swing, and buyers have been wondering whether they should buy a home now, or wait until the market is more active at the beginning of next year. The short answer is yes, you want to buy as soon as possible. Here are two great reasons why:

1. Interest rates are expected to rise soon, from around 4% up to 4.7%. This will greatly affect your affordability, and you won’t be able to afford as nice of a home as you could with rates at their current level.
2. We are in the middle of a strong real estate recovery. Home values are going up, and are expected to go up between 5% and 7% this year. This will increase monthly payments by 10-15% for buyers who wait.

The good news is that we are heading into the holiday season, which will see a higher concentration of serious buyers. The market won’t be as active as it is in the spring or the summer, but sellers are more flexible, and there is less competition out there for the best homes.

If you have any questions for us, feel free to give me a call or send me an email. I can’t wait to hear from you!

Are Home Prices Rising in Brea?

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Welcome to my video real estate blog! I'll be providing you with bi-weekly updates on the real estate market here in Brea. This information should be useful to you whether you're buying, selling, or investing.

Overall, home prices have passed pre-recession prices in a lot of Orange count marketplaces. According to a recent UCLA forecast, the market is actually still only halfway through a solid recovery, so we're going to see even more improvement ahead! Experts predict four more years of rising prices and a 35% increase overall in prices.

Even though houses are getting more expensive, nobody is ringing the 'bubble alarm' yet. This is because the current rise in home prices is driven by actual demand, not speculation.

So, what does this mean for you?

It means that whether you're buying or selling, now is a fantastic time to enter the real estate market. Home prices are rising and affordability is sky-high. It's a win-win for everyone!

If you have any questions, please don't hesitate to contact me!