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Michael Toledo
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  • Recent Posts

    Selling your House?


    Financial Planning: 4 Reasons to Buy a House Today

    Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post.

    1. Buying is Cheaper Than Renting

    The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that:

    “Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates would have to reach 9.1% for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.”

    2. Homeownership “Forces” You to Save

    According to SavingAdvice.com, homeownership is a great way to save. Their advice is quite simple:

    “Homeownership is a “forced” savings account because you own the home, you have no choice – that monthly housing cost has got to be paid no matter what…Homeownership can be an outstanding way to force yourself to be more frugal in the rest of your spending so that you can save and build equity in your home.”

    3. Homeownership Offers Several Tax Deductions

    According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership. Here are three:

    1. Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage.
    2. Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.
    3. Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale.

    4. Experts Expect Home Price Appreciation to Continue

    Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

    Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

    Bottom Line

    Some are afraid that home values may have already peaked. However, we believe that purchasing a home now will prove to be a sound financial decision for years to come. As Warren Buffet said, “When others are greedy, be fearful. When others are fearful, be greedy.”

     


    Do You Know the Cost of Waiting?

    Some Highlights:

    • The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
    • Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
    • Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!

    164 Calder Drive, Glendora, CA 91741 (MLS # TR17064834)

    (all data current as of 10/24/2017)
    Price $490,000
    Beds 3
    Baths 1 full
    Home size 1,035 sq ft
    Lot Size 6,217 sqft
    Days on Market 92
    Status Sold
    Huge Price Reduction!!!!!!! Turn Key!! You will absolutely love this place. All interior work is Permitted and approved by the city of Glendora. All New Frigidaire Appliances are included (Refrigerator, Stove, Microwave, and Dishwasher. New self closing Cabinets in kitchen linen cabinets , New Laminate Flooring, New Kitchen Quartz counter tops, New fixtures, New Plumbing, New Recessed Lighting, New Tile, New Air Conditioning/Heating system, fresh interior and exterior Paint, New Windows, New Sprinkler system. Interior Hook ups for washer and Dryer. New Crown and Base Moldings throughout the home. Again, this home is Turn Key for those who just want to move in and relax. The roof is also new. Plenty of yard space for the kids and located in a great neighborhood with distinguished award winning schools. A two car detached garage. Absolutely a must see home and will not last very long!!!

    Property Type(s): Residential, Single Family Residence

    Last Updated 6/28/2017 Tract n/a
    Year Built 1952 Community Glendora
    Garage Spaces 2.0 County Los Angeles
    Total Parking 4 Walk Score ® 72

    Price History

    Prior to Apr 8, '17 $509,900
    Apr 8, '17 - Apr 18, '17 $505,000
    Apr 18, '17 - May 8, '17 $499,000
    May 8, '17 - Today $490,000

    Schools

    School District Glendora Unified

    Additional Details

    AssociationFee 0 BathroomsFull 1
    GarageSpaces 2.00 LandLeaseYN 0
    PricePerSquareFoot 473.43

    Features

    City Glendora
    CommonWalls No Common Walls
    CommunityFeatures Sidewalks, Street Lighting
    Cooling Central
    Country US
    CountyOrParish Los Angeles
    EatingArea Breakfast Counter / Bar
    ElevationUnits Feet
    Fencing Blockwall, Chain Link
    FireplaceFeatures None
    Flooring Laminate
    Heating Central Furnace
    HighSchoolDistrict Glendora Unified
    InteriorFeatures Open Floor Plan
    Levels One
    ListAgentAOR Tri-Counties
    LivingAreaUnits Square Feet
    LotFeatures 0-1 Unit/Acre
    LotSizeSource Assessor
    LotSizeUnits Square Feet
    MajorChangeType Closed
    MLSAreaMajor 629 - Glendora
    ParkingFeatures Driveway
    PatioAndPorchFeatures Patio
    PoolFeatures None
    PreviousStandardStatus Pending
    PropertyCondition Updated/Remodeled
    PropertySubType Single Family Residence
    PropertyType Residential
    RoadSurfaceType Paved
    Roof Shingle
    RoomKitchenFeatures Quartz Counters
    RoomType All Bedrooms Down, Laundry
    SecurityFeatures Carbon Monoxide Detector(s), Smoke Detector
    SpaFeatures None
    SpecialListingConditions Standard
    StandardStatus Closed
    StateOrProvince CA
    StreetSuffix Drive
    Utilities Sewer Connected, Water Connected
    View Mountain, Neighborhood
    WaterSource Public
    YearBuiltSource Assessor

    Location

    Listing information deemed reliable but not guaranteed. Read full disclaimer.

    Listing provided by : Michael Toledo, Coldwell Banker Top Team

    (view all details for MLS #TR17064834)


    Again… You Do Not Need 20% Down to Buy NOW!

    A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

    1. Down Payment

    The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 40% of consumers think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.

    Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

    2. FICO® Scores 

    The survey also revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.

    The average conventional loan closed in February had a credit score of 752, while FHA mortgages closed with a score of 686. The average across all loans closed in February was 720. The chart below shows the distribution of FICO® Scores for all loans approved in February.

    Again… You Do Not Need 20% Down to Buy NOW! | MyKCM

    Bottom Line

    If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.