Hope Leitner, Realtor®, CRS

Fall is in the air! This is the greatest season in San Diego! Warm sunny beach days, cool cozy evenings. Not too hot, and not too cold. It's the best time of year for long hikes, and lazy Sunday mornings.   I'm looking forward to the Ramona Art & Wine festival - maybe a side trip to Jullian for Apple Pie, and later in the month Ice Skating on the Beach re-opens at the Hotel del Coronado - a truly unique San Diego experience.  If you know anyone who might be interested in receiving this event calendar every month, please have them sign up at this link. November - Ponder This - "Acknowledging the good that you already have in your life is the foundation for all abundance," Eckhart Tolle - Before we can yearn for more - we need to be happy with everything we already have. I’m very grateful for my family, friends, and clients. Thank you!  Remember, I am always here for my clients and their friends and family. Hope Leitner, Realtor®, CRS HOPE OPENS DOORS

Waiting for the mortgage rates to come down before you buy a home may not be a good decision. If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase. As of 10/27/22, the 30-year fixed-rate was at 7.08% which is the highest level since April 2002.   If the rate drops to 5% in three years but the price increases by 5% a year, a $400,000 home today, will cost $463,050 three years from now. An increasingly, popular option that more buyers are considering is to purchase the home today with an adjustable-rate mortgage that could give them a 5.96% rate for five years.   Then, refinance to a fixed-rate when rates come down. Not only will the buyer have lower payments with the ARM, but the buyer will also own the home, and benefit from the appreciated prices which will build equity in the home and increase their net worth. Mortgage rates have increased over 3...

A soft second loan, sometimes called a silent second, is subordinate to the first mortgage, whose payment is deferred or forgiven until a specific date or the resale of the property.   This would mean that buyers would not have to contend with regular payments thereby keeping their debt-to-income ratio lower and more affordable. While normal lending institutions may not be open to such types of financing, family and friends may be.   In some cases, these relatives and friends may be inclined to make a gift to help buyers get into a home.   Instead of an outright gift, if the person makes the loan, they have options to be repaid at some point in the future or in other cases, they could forgive the debt but don't have to make that decision today. There are more than 2,000 down payment assistance programs nationwide.   State, county, and city governments run many of them.   Other programs could be from churches, employers, non-profit organizations, regi...

You may remember the famous line in the Dirty Harry movie when Clint Eastwood has just had a shootout with bank robbers and is standing in front of the lone surviving thief who is considering going for his gun. Harry with his gun pointed at the bad guy says to him " " Did he fire six shots or only five? Well, to tell you the truth, in all this excitement, I kinda lost track myself. But being this is a 44 Magnum, the most powerful handgun in the world and would blow your head clean off, you've gotta ask yourself one question:  Do I feel lucky? Well, do ya?"  Our economy has had a long recovery from the great recession, due in most part to the housing crisis of 2007-2009.   Then, the Pandemic hit in 2020 which tanked the worldwide economy but the surprise to homeowners happened to be housing.   2021 became a red-hot market with prices going up by 21% nationally.   In 2022, mortgage rates have increased by four percentage points and ...

  October 2022   This month's newsletter covers our ever-changing real estate market. The word "recession" is being thrown around a lot in the media these days - How will the affect Real Estate? The infographic offers some insight into this question.    The markets and inflation are starting to be felt across all market sectors, including Real Estate, but also construction. You may be contemplating a move that will allow you to pursue your passions and fulfill your lifestyle goals, explore how that would look below. You might have questions regarding the effects of our current economics, even if you're just curious, give me a call. I love hearing from everyone on this email list. I am here to support you whatever your real estate needs might be.     PONDER THIS -  “I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, dis...

Housing affordability has declined dramatically in 2022 due to continued rising home prices and a three-percentage point jump in mortgage rates.   Based on the popularity of Google searches for "housing bust" or "housing bubble", it could be surmised that buyers are anticipating relief, but they are probably not going to see it anytime soon. Home price appreciation is moderating and is down from the 20% level experienced in 2021.   Some of the major industry prognosticators are estimating anywhere from 9% to 14% for 2022.   Interest rates are expected to continue to rise through the end of 2022 and could be at 7%.   Freddie Mac 30-year fixed-rate mortgage was 6.66% on October 6, 2022. Even though homes currently for sale increased to 3.2 months in August 2022, it isn't that much more than it was for the same month in 2021 when it was at 2.6 months.   Most markets are still entrenched in favor of sellers because a balanced market ...

  Information is brought to you by Hope Leitner Berkshire Hathaway HomeServices California Properties Smart Home Gadgets That Will Elevate Your Home Technology seems to mutate with the speed of light, but is your home keeping up with the changes? Smarten it up with a few smart-home electronics that will boost safety, increase comfort and may even save you a few bucks: Video Doorbell The VTech Video Doorbell, about $115, lets you screen and even video chat with visitors before you answer the door. And the system takes a snapshot each time the doorbell is pressed, so you’ll always know who came a-knocking while you were away. Smart Door Lock The August Smart Lock uses keyless technology to keep your home safe no matter where you are. From your smartphone, you can let guests in, check to make sure you locked up before you left, keep a record of who has entered and exited, and unlock your door from the driveway. Cost? About $220. Home Automation You can ease into wireless control of yo...

The rapid rise in mortgage rates during 2022 coupled with continued appreciation of home prices have limited the number of buyers in the market which is reflected by the lower number of home sales currently.   "It's a fact that many households are impacted by higher mortgage rates as they no longer earn the qualifying income for the median-priced home." Nadia Evangelou, NAR Economist One of the things that agents are doing to help buyers lower their house payments is to suggest an adjustable-rate mortgage.   The rates on these types of loans are tied to indexes that reflect the current market rates and produce less risk for the lender.   The payments adjust on the anniversary date based on the index plus margin named in the note. While many people think that they only adjust upward, they also adjust downward when the index indicates it.   For the week of September 29, 2022, the Freddie Mac 5/1 ARM was 5.03% compared to the 30-year fixed-rate ...