If you’re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.
As you weigh your options, especially in the face of inflation and talk of a recession, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.
1. Buy a Home That Fits Your Needs
If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.
If you want to upgrade your house, you can put your equity toward a down payment on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.
2. Reinvest in Your Current House
According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.
Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.
3. Pursue Your Personal Goals
In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.
Bottom Line
Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.
It’s no secret that hosting a holiday get-together can be challenging. Between the food, decorating, and getting your space in tip-top shape, who has time to make sure the table looks just right?
The good news is that setting up your table the proper way doesn’t have to be difficult. Follow these tips to impress all of your guests this season.
Utensils
All forks being used should go on the left side, with the one you’re using first on the inside. The knife and spoon should go to the right of the dishes.
Glasses
The water glass and wine glass should both be placed to the right of the plate, in the order in which they will be used. If a champagne glass is set out, it would go farthest away.
Charger
This European-style decoration dish isn’t used for food but is the prime distinction between formal and informal affairs.
Entrée plate
This is where the main course will go, and it should be placed on top of the charger.
Napkin
There are various ways to fold a napkin, but no matter what method you choose, the napkin should be placed on the entrée plate instead of under the silverware.
There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking – and the data that helps answer them – so you can make a confident decision.
1. Should I Wait To Sell?
Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:
While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.
2. Are Buyers Still Out There?
If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article in Forbesexplains:
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”
While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.
Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.”
Bottom Line
If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.
This November, get out and enjoy some of the great events happening around town. Whether you’re looking for a fun race to run, a festive lantern festival, or a unique craft market, there’s something for everyone. Check out our list of November events below and start planning your outings!
Two New Race Choices! Choose the best race for you and earn a custom finishers medal and a slice of fresh pumpkin pie! Run fast, jog, trot, walk, or enjoy a nice stroll on this flat scenic course. A scrumptious SLICE OF PIE awaits you at the finish. Along with So Cal’s best custom cast finisher medal, you get an awesome shirt and CHIP TIMED. Get your friends and family together and kick off the holidays together! Guaranteed to be a picture-perfect way to start celebrating THANKSGIVING DAY!
Run up a mini appetite with our family-friendly 1 Mile or kick it up a notch with our 5k. For those who plan to really indulge, you can double down and enter our Turkey Feast Combo and run the 1 Mile and the 5k back to back! This flat, friendly course is walker-friendly and stroller ready. Come out and see why it’s become a holiday tradition for thousands of people!
Join us for our 6th Annual Turkey Trot on The Ranch this Thanksgiving Day! This run will happen rain or shine!
Gobble up the scenic beauty and pick your own pace! Join in on the 10K, 5K, or the 1K Little Gobbler’s Run. Come dressed in theme or in running attire! Finish the course with a feathered friend “photo op”!
8:00 AM – 10K Race | Starts at The Pavilion, village of Esencia to Sendero Field
8:30 AM – 5K Race | Starts at The Pavilion, village of Esencia to Sendero Field
10:00 AM – 1K Little Gobbler’s Run | Starts and ends at Sendero Field
Now in its 9th year, we invite you to join us for our annual Turkey Trot OC 5K on Thanksgiving morning at 8 am. Our new goal this year is to raise enough funds to provide 50,000 meals for the hungry and homeless of Orange County! Your participation will continue the work of ending homelessness, one life at a time.
California’s Largest Thanksgiving Day Run Event – The Dana Point Turkey Trot – One of America’s Most Scenic Runs… hosted by The Dana Point Chamber of Commerce. Tour the beautiful beach, majestic cliffs, and coves of Dana Point. This flat, scenic race features a 10k, 5k, and Kids Gobble Wobble. Participants will receive a shirt and medal.
7:00 AM 10K Race
8:30 AM 5K Race #1
9:15 AM Costume Contest at the Start Line
9:30 AM 5K Race #2
10:15 AM Kids 1-mile Gobble Wobble (ages 2-12)
LOCATION: Dana Marina Plaza 34499 Golden Lantern, Dana Point, CA 949-496-1555
Enjoy a wonderful evening with your kids, grandkids, and the entire family at one of our signature events: St. Martin Lantern Parade at Old World German Courtyard in Huntington Beach.
Free tickets for General Admission are available. Lanterns will also be available for purchase. Bringing your own lantern is fine too (only battery-operated ones are accepted on the walk).
LOCATION: Old World Village 7561 Center Avenue Huntington Beach
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.
1. More Homes To Choose from
During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
2. Bidding Wars Have Eased
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.
3. More Negotiation Power
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
Bottom Line
While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
Enjoy “spooktacular” fun for all ages at SAMLARC’s Halloween Family Festival! Families can trick-or-treat in a safe and welcoming environment, play in bounce houses and inflatables, and enter the costume contest (child, pet, and family categories). Attendees are encouraged to capture their favorite memories at a festive photo booth, purchase refreshments from local vendors, and enjoy music, games, and more.
Entrance is complimentary for SAMLARC members. Be sure to bring your trick-or-treat bags to fill at the booths around the park!
LOCATION: Central Park 30842 La Miranda Rancho Santa Margarita
Join us for a church service at 9:45 or 11:00 am! Children in 5th grade and younger will have a blast in Kid City, then the Pumpkin Palooza fun continues out in the courtyard until 2:00 pm. Plus we’ll have a Trunk or Treat afternoon for the children. Mount of Olives Church
24772 Chrisanta Drive, Mission Viejo, CA 92691 Church Office: 24851 Chrisanta Drive 949-837-7467
Mission Viejo, come on back to Kaleidoscope for Halloween!! We’re keeping the festival theme going with a Halloween twist. We’ll have a costume contest, trick-or-treating for the kids., a bounce house, and of course SHOPPING!!
This event includes a costume contest and best trick contests on various obstacles throughout Skate Park. Additional event activities include games, food, giveaways, and raffles. Registration includes participation in best trick competitions and a raffle.
*Contest entry is $10 for annual pass members and $20 for non–members until October 28th
LOCATION: Laguna Niguel Skate Park 27745 Alicia Pkwy Laguna Niguel, CA 92677
For the past years, FALL FEST has become a favorite event for families to enjoy on Halloween night. Costumes are welcomed…and encouraged. Bounce house, giant slide, pony rides, and more!
But please, for the sake of our younger guests NO SCARY COSTUMES.
LOCATION: Compass Bible Church 150 Columbia in Aliso Viejo – There will be PLENTY OF PARKING and an event drop-off zone available onsite.
Get in the spirit of Halloween by joining the Historical Society Walking Tour Guides on a spooky walking tour of Los Rios Street, the oldest residential neighborhood in California. Be prepared for creepy tales of big black dogs, strange monks who have lost their heads, and ghostly tales about a lady in white who have all been seen in this area.
LOCATION: O’Neill Museum / Historical Society 31831 Los Rios Street San Juan Capistrano, CA
Come to Ocean Institute for Spooky Seas with new family-friendly frights from bioluminescence laser tag to the mad scientist laboratory there’s something fun for the whole family to enjoy! Bats & ghouls – come in costume to participate in our costume contest, trick or treat throughout the night, and enjoy food, drinks, and alcoholic drinks available for purchase.
LOCATION: Ocean Institute 24200 Dana Point Harbor Dr. Dana Point
The Spooky Treat Trolley will be making stops at the following park locations and handing out treats for children up to 12 years of age. The trolley features elaborate decorations, Halloween-themed music, and the City’s Recreation staff dressed up in costumes. Get in the SPIRIT and come dressed in costume!
LOCATIONS: Spooky Treat Trolley Stops: 3:30 pm-4:00 pm Pines Park, 34941 Camino Capistrano 4:30 pm-5:00 pm Sunset Park, 34345 Calle Naranja 5:30 pm-6:00 pm Dana Woods Park, 24900 Dana Woods 6:30 pm-7:00 pm Sea Canyon Park, 33093 Santiago Drive
Walk through 2.5 acres of the most haunted mansion on the block! Werewolves, vampires, and ghosts are waiting behind every corner of our historic home, and you can bet on plenty of creepy crawlies in the gardens. Casa Creepy Haunted House is suitable for most families with children ages 8 and up; please use your discretion. Costumes are encouraged; costume masks are not allowed but medical masks are allowed.
$15 ages 13 & up • $10 ages 12 & under
LOCATION: Casa Romantica Cultural Center and Gardens 415 Avenida Granada San Clemente, CA 92672
We’re all treats and no tricks here in the city! Come be a part of our special trick-or-treat extravaganza as our Pretendgineers give away some neat surprises! This party is bound to be a scream! Stop by the museum and take part in our Halloween party inside the Art Studio as well as trick-or-treat at different stations throughout the city! We will surely have a ghostly good time!
Trick-or-Treat in the city! Families will be encouraged to come in costume and engage in a trick-or-treat in the city! We will have multiple stations throughout the city that families can visit for a special treat!
As the days grow shorter and the weather turns cooler, it’s time to start thinking about making your home cozy for fall. One of the easiest ways to do this is to add some fluffy throws and toss some pillows around your living room. This will add layers and texture to your space, and if you have a fireplace, it will also help to accentuate it. You can also bring in some fall-scented candles or diffusers to make your home smell like autumn. And finally, don’t forget to take advantage of the cooler weather by opening up your windows and letting in some fresh air. With just a few simple changes, you can transform your home into a warm and inviting space that feels like fall. Follow these tips to make your home the coziest it can be.
Layers and textures Fluffy throws, cozy blankets, and warm throws are a must for making your home feel cozy in the fall. But it doesn’t stop there! You can also add layers and textures with pillows, rugs, and curtains. And don’t forget to dress your windows up with some autumn-inspired window treatments. Candles are another great way to cozy up your space and make it feel like fall. So light a few of your favorite fall scents and enjoy the warmth of your home this season.
Accentuate your fireplace Nothing says cozy like a crackling fire on a chilly fall evening. One of the best ways to do this is to accentuate your fireplace. Candles burning in the fireplace also add to the cozy ambiance. If you don’t have a fireplace, you can still create a cozy feeling by lighting candles throughout your home. Dimming the lights and using warm-toned light bulbs can also help to create a cozy atmosphere.
Toss some pillows After a long summer of bright colors and light fabrics, it’s nice to switch things up and add some warmth and texture to your space. One easy way to do this is by adding some pillows in autumn hues. Toss a few on your couch or chairs, or even on the floor for extra coziness. You can also add a throw blanket in a rich color or pattern. One of the easiest ways to do this is to toss some pillows on the floor in front of the fireplace. Not only will they add color and texture to the room, but they’ll also be a welcoming spot to curl up with a good book.
Dim the lights dimming the lights will create a more intimate atmosphere, and flickering candles or smart bulbs can help set the mood. sting lights are also a great way to add ambiance, whether you’re entertaining guests or simply spending time with family. And if you’re looking for something truly romantic, consider hanging string lights in your bedroom or another private space. By making a few small changes, you can transform your home into a cozy haven this fall.
Bring the outside in As the weather cools and the days grow shorter, it’s time to start thinking about making your home cozy for fall. One of the best ways to do this is to bring the outside in. Sunflowers and mums make cheerful displays, while leaves can be used to add color and texture to wreaths and garlands. Houseplants are also a great way to bring a touch of nature indoors. Not only do they look lovely, but they also help purify the air. So take a few minutes to enjoy the autumnal splendor of your garden, then bring some of that beauty inside your home. Soon you’ll be feeling cozy and content, despite the chill outside.
As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.
If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.
The 20% Down Payment Myth
If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Macexplains:
“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. There are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.
This is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.
Down Payment Assistance Programs Can Be a Game Changer
A professional will be able to show you other options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from downpaymentresource.com, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.
A recent article explains why programs like these are helpful:
“These resources can immediately build your home buying power and help you take action sooner than you thought possible.”
And if you’re wondering if you have to be a first-time buyer to qualify for these programs, that’s not always the case. According to an article from downpaymentresource.com:
“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.”
There are also location and profession-based programs you could qualify for as well.
Bottom Line
Saving for your down payment is an important first step on your homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.
LOCATION: Old World Village, 7561 Center Ave, #49 Huntington Beach 714-696-TAP1 (8271)
EVERY Wednesday through Sunday, Eat, Drink, Dance & be Merry at Southern California’s BEST & Most DIVERSE OKTOBERFEST (voted by German World Magazine) with Oom-Pah-Pa Bands directly from Germany. Sample Imported German Beers, Bratwurst, Rotisserie Chicken, Hamburgers, Pork Sandwiches, Strudel, Pretzels & more. Guests can also enter the Beer Drinking & Stein Holding Contests and, of course, do the Chicken Dance! Wednesday through Saturday are adult nights & Sundays are family days with Dachshund Races.
LOCATION: Orange Coast College 2701 Fairview Rd Costa Mesa 714-838-4528
October 2, 2022,| 9:30 am – 4:30 pm The Orange County Children’s Book Festival is designed specifically for children of all ages. This family-fun festival attracts more than 20,000 visitors who will be entertained and delighted by authors, illustrators, booksellers, animals, storytellers, costumed characters, train rides, crafts, food and entertainment, and much, much more.
LOCATION: Silverado Community Center & Fairgrounds 27641 Silverado Canyon Rd Silverado
October 8th-9th 2022 The Annual Silverado Country Fair and Folk Festival is one of the best family events of the season which explores the wonders of the area’s Old West rustic culture, great live Bluegrass, Country and Folk music, Wild West reenactments, handmade arts and crafts, 1800’s activities & lock ’em up makeshift jail, tasty food, beer & wine saloon, plus some silly ‘ole timey’ contests, all nestled under the Oak trees below Orange County’s famous Saddleback Mountain. $5 adult admission, $3 kiddos, and under 3 are free!
Saturday, October 8, 2022, |10 am – 6 pm Boasting artistic cultural performances on three stages, the Festival’s live entertainment is a mosaic of music and dance representing more than 50 cultures from Europe, Asia, Africa, and North and South America. Immerse yourself in cultural displays, world religion, and demonstrations, indulge in international cuisine, explore our world marketplace and keep the little ones in motion with hands-on art projects, games, and activities in a giant, interactive Kids Village. Festival admission and parking are free.
October 13-20, 2022 Showcasing more than 350 films from around the world, offering an ambitious and international selection of features, shorts, documentaries, and animation that will compete for both Jury and Audience awards. During the week of the festival, screenings are held at several venues in the Newport Beach area. With 15 screens showing films each day, our venue partners provide a fantastic viewing experience for all festival-goers
LOCATION: William Peak Park 7225 El Dorado Drive Buena Park
October 14-16, 2022 Held each October, this community festival includes a parade, food, and game booths. Featured contests include World Amateur Arm Wrestling Championship, Custom Car Show,a pie-eating contest, International Chili Society Chili Cook-off, hog calling, sexiest/hairiest legs, Little Miss Chili Pepper & Mr Hot Stuff Baby Contest, dog show, and Karaoke Contest.
October 22nd | 10:00 am – 3:00 pm Sponsored by the San Clemente Chamber, this event features a Chowder Cook-off, an Arts & Craft Show, Business Expo, entertainment and an array of fresh seafood, served seaside on the beach in the historic San Clemente Pier area.
The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is, just how financially strong are homeowners throughout the country? Mortgage debt grew beyond 10 trillion dollars over the past year, and many called that a troubling sign when it happened for the first time in history.
Recently Odeta Kushi, Deputy Chief Economist at First American, answered that question when she said:
“U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.”
“Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.”
What Is LTV?
The term LTV refers to loan to value ratio. For more context, here’s how the Mortgage Reportsdefines it:
“Your ‘loan to value ratio’ (LTV) compares the size of your mortgage loan to the value of the home. For example: If your home is worth $200,000, and you have a mortgage for $180,000, your LTV ratio is 90% — because the loan makes up 90% of the total price.
You can also think about LTV in terms of your down payment. If you put 20% down, that means you’re borrowing 80% of the home’s value. So your LTV ratio is 80%.”
Why Is This Important?
This is yet another reason we won’t see the housing market crash. Home equity allows homeowners to be in control. For example, if someone did need to sell their home, they likely have the equity they need to be able to sell it and still put money in their pocket. This was not the case back in 2008, when many owed more on their homes than they were worth.
Bottom Line
Homeowners today have more financial strength than they have had since 1983. This is a combination of how homeowners have handled equity since the crash and rising home prices of the last two years. And this is yet another reason homeownership in any market makes sense.
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