Hope Leitner, Realtor®, CRS

Social Security was established, on August 14, 1935, to take care of the country's elderly in their retirement years.   Today, about 65 million or 1/6 of Americans collect benefits and the average monthly retirement amount received in January 2022 was $1,614 per month or about $19,370 per year. This annual Social Security benefits exceed the 2022 Federal poverty level of $13,590 for individuals and $18, 310 for a family of two but from a practical level, it is nowhere near enough to be comfortable in your "Golden Years." Every adult in the work force, can go to SSA.gov to find out what to expect to receive based on their planned retirement age.   Since it probably won't be the amount you need to retire comfortably, at least you'll know how short you'll be so that you can devise an investment plan. There's a quick formula to estimate the investable assets needed by retirement to generate a certain income.   The target annual income is divided

Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the   2022 Consumer Insights Report  from   Mynd   found the majority of people polled still view homeownership as a key life achievement. Let's explore just a few of the reasons why so many Americans continue to value homeownership. The Financial Benefits of Owning a Home One possible reason homeownership is viewed so highly is because owning a home is a significant  wealth-building tool , and it provides meaningful  financial stability  over renting by locking in your monthly housing payments for the length of your home loan. An article from  Forbes  explains: Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping  1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing. Over time, owning a home no

The real estate market has held steady, with slight declines due to the season and increasing interest rates. For those looking for a change, the market is actually quite normal right now - not a buyers' market - not a sellers' market - but a steady market.       I'm including August and September's reports at the bottom here, so you can see the changes.    If you know anyone who might be interested in receiving this market update every month, please have them sign up at this  link.   October - 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, discover that I had not lived.” Henry David Thoreau -  We are all moving through life in our own good time. Some people jump on change to make it happen! Other people contemplate their options. Are you contemplating a change?   I am always here for my clients and their friends and famil

Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight on financial issues including taxes, insurance, and other things. Depending on how long you've been a homeowner, you may have faced some of the decisions common to homeownership.   Occasionally, there could be something new that you haven't had to deal with in the past.   This is where having resource you can rely on becomes valuable. During the buying or selling process, it is natural to turn to your agent for information and advice but during those periods in between where do you go for counsel?   Sure, you can turn to the Internet but that may not be the best place to get advice for your situation. We encourage you to think of us as your "source of real estate information"; someone you're comfortable to ask a question and confident that you'l

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% in the

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, regional Federal Home Lo