Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 3/17/2019

Want to own a house? Enter the real estate market today, and you can take the first step to make your homeownership dream come true.

Ultimately, there are many reasons to launch a home search sooner rather than later, and these include:

1. You can search for houses in cities and towns across the United States.

There is no shortage of top-notch homes available in cities and towns nationwide. Regardless of whether you want to live in a small town or a big city, you should have no trouble discovering a great residence at a price that you can afford.

Of course, it often helps to establish homebuying criteria prior to starting a home search. With homebuying criteria in hand, you can accelerate the homebuying journey and find your ideal residence faster than ever before.

2. Many home financing options are available.

Although you've always dreamed of owning a home, money might have been a problem. Lucky for you, banks and credit unions offer many home financing options to make it easy for anyone to purchase a residence.

Lenders are happy to meet with you, explain different mortgage options and respond to your mortgage concerns and questions. Then, once you review all of your mortgage options, you can make an informed home financing decision.

Also, it may be beneficial to get pre-approved for a mortgage. If you receive pre-approval for a mortgage, you'll know exactly how much you can spend on a house before you start a home search. Plus, you can tailor your home search based on your budget and speed up your quest to acquire your ideal home.

3. You can receive expert help throughout the homebuying journey.

One of the biggest challenges for a homebuyer is figuring out exactly what to do at each stage of the property buying journey. Fortunately, if you hire a real estate agent, you can receive comprehensive assistance as you go from homebuyer to homeowner.

A real estate agent understands the challenges associated with buying a house. As such, he or she will do everything possible to identify and address these challenges before they escalate.

Typically, a real estate agent will learn about you and your homebuying goals. He or she next will teach you about the local housing market and help you craft a homebuying strategy. And when you're ready, you and your real estate agent can work together to find your dream house.

After you discover your dream residence, your real estate agent will help you put together a competitive offer to purchase this house. If the offer is accepted, your real estate agent will help you navigate the final steps of the homebuying journey. Best of all, if you ever have homebuying concerns or questions, your real estate agent will respond to them immediately.

Take the guesswork out of finding and buying your ideal residence Ė reach out to a real estate agent today, and you can begin your quest to find your dream house.




Categories: Uncategorized  


Posted by Duarte/Downey Real Estate Agency, Inc on 2/17/2019

If you're on the lookout for your dream house, it helps to be persistent. In fact, there are many reasons to take a persistent approach to the real estate market, and these include:

1. You can pounce on the opportunity to acquire your ideal residence.

A persistent homebuyer should have no trouble finding lots of homes that match or exceed his or her expectations. Then, this buyer can take the necessary steps to submit an offer on his or her dream house and finalize a home purchase.

As a persistent homebuyer, it is essential to submit a competitive offer on any residence that you want to acquire. By providing a competitive offer, you can increase the likelihood of receiving an immediate "Yes" from a seller.

2. You can stay ahead of the competition.

When it comes to buying the best house at the lowest price, the early bird catches the worm. Thus, a persistent homebuyer may be better equipped than others to find and purchase his or her dream residence as soon as this house becomes available.

To stay ahead of the homebuying competition, it helps to assess the real estate sector closely. This will enable a homebuyer to identify his or her dream house in no time at all.

Furthermore, a homebuyer should create a checklist of dream home wants and must-haves. This list will allow a homebuyer to narrow his or her home search, making it easier than ever before to discover a great house.

3. You can boost the likelihood of a seamless homebuying experience.

No one should be forced to deal with a long, arduous homebuying experience. Fortunately, a persistent homebuyer can act quickly on available houses, ensuring this buyer can accelerate the homebuying journey.

For a persistent homebuyer, it often is a good idea to get extra help from a housing market professional as well. Thankfully, real estate agents are available who can provide comprehensive support to persistent homebuyers in any city or town.

A real estate agent understands the ins and outs of purchasing a house in a buyer's or seller's market and is happy to share his or her industry expertise with a homebuyer. By doing so, a real estate agent can provide valuable insights to help a homebuyer accomplish his or her goals.

In addition, a real estate agent offers plenty of support at each stage of the homebuying journey. He or she will learn about your homebuying aspirations, set up home showings and keep you up to date about new residences that become available. Plus, once you find your dream house, a real estate agent will help you submit a competitive offer right away.

If you want to pursue your dream house, it may be beneficial to take a persistent approach to the housing market. With the aforementioned tips, you can enter the real estate market as a persistent homebuyer who knows exactly what he or she wants to find. Take advantage of these homebuying tips, and you can move closer to acquiring your ideal house.




Categories: Uncategorized  


Posted by Duarte/Downey Real Estate Agency, Inc on 1/20/2019

Closing costs are usually an unavoidable part of buying a home. While there are ways to reduce some closing costs and fees, they are an expense you will likely have to consider when it comes time to save for a home.

On average, buyers can expect to pay between 2 and 5 percent of the purchase price in closing costs and fees.

In this article, weíre going to break down those costs and talk about some ways to plan for, or limit, the fees associated with closing on a home.

A breakdown of closing costs

Most closing costs in a real estate transaction are paid for by the buyer. When getting approved for a mortgage, your lender is required to provide you with an estimate of the closing costs. This is called a ďClosing Disclosure statementĒ which overviews the details of your loan.

Different lenders will charge varying amounts in fees. Some are even willing to waive certain fees. But, weíll discuss that later.

For now, letís focus on the closing costs buyers typically have to pay:

  • Attorney fees - a flat-fee or hourly rate depending on the attorney

  • Origination fees - an upfront fee charged by the lender for processing your mortgage application

  • Prepaid interest or discount points - a payment for the interest that will accrue on your mortgage from the time you close until your first mortgage payment is due

  • Home inspection fee - the fee that a professional home inspector charges to inspect a home

  • Escrow deposits - Usually split with the seller, this is the fee charged by an escrow agent

  • Recording fees - fees for legally recording the new deed and mortgage

  • Underwriting fees - fees paid to the lender for researching your mortgage case and determining whether or not to approve your application

These are just some of the many fees that can be due upon closing on a home. Depending on where you live, which lender you choose, and the type of mortgage you secure, your closing costs will vary, so itís a good idea to shop around for a lender and mortgage type with reasonable closing costs.

Reducing closing costs

Some lenders offer no-cost, or low-cost mortgages. However, these savings often come with a higher interest rate which, over the lifespan of your loan, can cost you more in the long run.

You should also be aware of the different loan types that you may be eligible for. FHA loans, USDA loans, and VA loans are all designed for buyers hoping to make lower down payments on their home.

Each loan type provides different amounts due at closing. Fortunately, your mortgage lender will be able to give you an estimate of costs for each loan type.

Want to get an estimate of the closing costs youíll have to pay when you buy a home? You can use this online calculator to see an average.




Categories: Uncategorized  


Posted by Duarte/Downey Real Estate Agency, Inc on 12/23/2018

Open houses can be a great way to get to know a home and the neighborhood it sits in. Sure, the seller will be trying to put their best foot forward on the big day. But, youíll still be able to get a chance to tour the home relatively uninterrupted.

But what should you look for in particular when attending an open house?

There are a number of things you can learn at an open house. Many prospective buyers spend the time looking at things like paint color and cosmetic touches that can easily be changed, and very little time considering important factors that should go into their home buying decision.

So, in todayís post, Iím going to cover some of the lesser known things you should be looking out for when you attend an open house. That way, youíll know which houses are worth considering further and which ones should be left behind.

Not enough storage space

If you find yourself constantly running out of storage space (and who doesnít?), youíll want to make sure the home has ample space to store your belongings. If it doesnít, see if you can find ways to repurpose areas for storage, such as spare bedrooms or garage space.

Overly scented areas

Itís perfectly normal for a sellerís agent to place one or two choice candles in the home during an open house.

However, if you notice some rooms have an overpowering smell of candles or air fresheners, thereís a good chance itís there to mask offensive and hard to remove smells. Pet and cigarette odors are among the worst culprits.

The windows, doors, and cabinets should work like a dream

When attending an open house, take note of how well the doors open and close. If appropriate, ask the sellerís agent if you can try out the windows and cabinets as well.

Problems with these items can be signs of poor craftsmanship, cheap materials, or neglect.

Traffic and neighbors

If youíve found what you think is the perfect home, it can be easy to see the world through rose-colored lenses.

However, itís important to take them off when looking around the yard. Take note of the traffic level, and the amount of privacy the home receives. If you like the home, itís also a good idea to stop by the neighborhood during rush house to gauge how traffic would affect your commute.

Air flow issues

Improper ventilation can lead to mold growth, especially in bathrooms and kitchens. Make sure bathroom vents and fans work properly, and check windows for condensation.

In rooms with sinks, check around the base of the sink and counter for signs of water damage or mold.

Large cracks in foundations or ceilings

While small, hairline cracks in the foundation of a home are completely normal, large ones can be dangerous.

They can allow water and pests to enter the home, causing all types of costly damages.


Keep those six tips in mind when you attend the open house, and be sure to bring a list of any other questions you might have for the sellerís agent.





Posted by Duarte/Downey Real Estate Agency, Inc on 12/9/2018

Buying a home as a single individual comes with its own set of unique experiences and challenges. Some are to be expected, like financing with a single income. While others not so much, like a more competitive market.

You know that financing will be based on your sole income. However, the vast majority of homeowners are couples who have dual incomes. Your eligibility is going to be very different than that of a couple and for some home buyers when they receive a lower number this comes as a shock. Expect to see numbers that are on the lower side of those who apply as couples.

Since you are on a sole income you may want to look into various loan types such as those that offer low-interest rates and lower down payments. Two to look at are first-time buyers programs and FHA loans.

When comparing options watch the lenders fee in comparison to the interest rate. Where you may have low-interest rate it might come with a higher lender fee. Do the math on these ratios to get a true value of each.

Before applying for mortgage approval, clean up your budget and handle any existing debts, especially expensive ones. Pay off card balances, refinance student loans, and swap out expensive monthly car payments for one that is more reasonable.

Draw up a budget and get really clear on just how much house you can afford month to month. Include the cost of house ownership and maintenance in your budget in addition to the cost of future monthly mortgage payments.

As a sole earner having savings is incredibly important as you donít have a second income to rely on. In addition to setting aside your down payment (as close to the recommended 20% as you can), build up a nest egg of three to six months worth income should anything misfortune arise.

Start the buying process well prepared with the right mindset. Smaller houses make up a lower percentage of the housing market and cheaper homes are competitive when it comes to the buying process. Be ready for a search that might go a little longer and a buying process that needs you to move a little faster than traditional ones.

Bring a trusted friend or family member with you to home viewings to have a sounding board for your decision process. Itís easier to get swept away emotionally when you donít have a partner to hash out the gritty details with. Find someone who can come to each viewing with you so that you can compare the different homes proís and conís together.

Buying a home as an individual is a unique process but it doesnít have to be a difficult or lonely one. Ask for feedback from your realtor, bring a trusted friend and know what to expect from the buying process as a sole income earner.