Hope Leitner, Realtor®, CRS

Like with any professional, there are tools and techniques available to help with particular situations.   They might be more popular at certain times and might even be put aside or forgotten at others. For real estate professionals, one of those is the backup offer.   In a situation where there are multiple offers, the seller can accept any offer for whatever reasons are important to them, leaving the makers of the other offers disappointed.   There is always some uncertainty that the buyers on a contract will close accordingly.   To hedge on that possibility, the seller may choose to make a counteroffer to one or more of the other offers to be a backup should the primary contract not close. From a buyer's perspective, the purpose of a backup offer is to be next in line to have the chance to purchase the property should the first contract fall through. The benefit is that you'll be next in line to purchase the home without having to submit another offer and possi

If you've ever been in a Monopoly game after most of the properties have been purchased and developed, it can be a relief to land on Free Parking, knowing the dice must rotate to the next player giving you a respite from paying rent.   Like the game, in real life, it would be nice to avoid paying rent and even better to have people paying you rent for property you own. Winning in the game of Monopoly is all about investing.   If you travel around the board, trying to buy the ultimate property and pass Go to get another $200, you're missing the opportunity to purchase good properties along the way that could lead to upgrading into your dream home. Starting early to buy your first home gives a buyer a chance to acquire a property with a minimum down payment, and inevitably, have a lower payment than paying rent for a similar home.   As the home appreciates and the loan amortizes, the equity grows.   Within a few years of average appreciation, the down payment can do

  A Smaller Home Could Be Your Best Option Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the  National Association of Realtors  (NAR),  says : “As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.” Lautz lists two options: move into a  multigenerational  home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn’t an option for everyone. And staying put may fit fewer and fewer of your needs. There’s a third option though, and for some, it’s the best one:  downsizing . When you  sell your house  and  purchase  a smaller one, it’s known as downsizing. Sometim

 I think of March as the beginning of Spring, the season of renewal and possibilities. This is true in life, and in real estate. I'm seeing in just the last few weeks; buyers are ready to buy. So, if you're ready to sell, I'll bring them right to you! On the calendar below are so many great events, I'm particularly interested in Tiny Fest California which is a peek at the popular new tiny home trend. As a real estate agent, all things homes are in my wheelhouse, so the Adobe Home Tour in Escondido is also interesting to me. Finally, I have to come up with an excuse to dine in a waterfront restaurant near Point Loma for the Haily Hansen Sailing World Regatta. Those fast boats whipping around San Diego Bay is a sight to see, and something unique to our little corner of the world. If you know anyone who might be interested in receiving this event calendar every month, please have them sign up at this link. March - Ponder this - “Nothing ever seems impossible in spring, y

The biggest shock to homebuyers is the soaring mortgage rates of 2022 that doubled in one year resulting in approximately 15 million mortgage ready buyers displaced from the market due to affordability issues. As of February 23, 2023, the 30-year fixed rate mortgage was at 6.5%.   While that is twice as high as it was on January 6, 2022, it is still lower than the 7.75% average rate since April 2, 1971, according to the Freddie Mac Primary Mortgage Market Survey. When rates increase at a rapid pace like this, it takes time for the public to adjust and begin to accept it as the new normal. Prior to the housing bust that led to the Great Recession, the normal for mortgage rates was in the 6% range and existing home sales were over 6.5 million for three years.   From 2007 to 2014, home sales were closer to 5 million with 2008-2011 at just above 4 million annually. From January 17, 2008 to March 5, 2020, mortgage rates averaged 4.32%.   In this 12-year period, buyers exper

  Information is brought to you by Hope Leitner Berkshire Hathaway HomeServices California Properties Unique Home Accents to Make Your Home More Fun Are you looking for out-of-the-box decorating ideas for your space? Below are a handful of interesting accent ideas to up the creativity of your interior design. Hanging accent lights.  Caged, bubbled, modern, antique—there are myriad styles for hanging accent lights, which can be clustered, paired or used solo to fill up an empty corner or decorate a blank wall. Mantels.  Who says a mantel should only sit above a fireplace? You can easily install a freestanding mantel to rest photos, art or your favorite books. Another trick? If your walls are dark, paint your mantel to match and your items will suddenly be floating. Dips.  Dipped frames, art or even doors are all the rage right now. Imagine a series of white picture frames with their bottom dipped in gold. The best part? You can DIY these in a couple of hours; all you need is your item f

Locking your interest rate protects you from increases due to market conditions.   Locking early safeguards your budgeted payment.   By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate. Knowing when to take the lock is determined by which direction you think the market is going.   If you think rates are going up, lock in early.   If you think rates are going down, ride the rate to within a few days of closing. Some lenders may allow a borrower to lock a rate after pre-approval but is more common to not offer a lock until there is a signed contract on a home.   Even with a pre-approval, it could easily take 30 days or more to close a transaction and the rates can move a lot in that period. There may be a fee charged to lock a rate which is determined by the lender.  Generally, the longer the time for the rate lock, the higher the fee. There is a lock period established by the l