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Spring-Summer Outlook Says Buy a Home Now

Over the last two years, homeowners accrued about $21,300 in home equity, $8,700 of which occurred over the past 12 months, according to the National Association of REALTORS (NAR). That’s an average of $10,650 per year, enough to pay back their closing costs and put them almost halfway to eliminating private mortgage insurance they may have.

Equity is only one reason people buy homes, partially explaining why home sales continue to be brisk. NAR Chief Economist Lawrence Yun said that a combination of lower mortgage rates, more inventory, rising income and higher consumer confidence are driving sales.

However, rising prices aren’t discouraging homebuyers. According to a recent quarterly NAR survey, more Americans believe that now is a good time to purchase a home, citing the improved economy as an incentive. Yun explained that other factors are spurring buyer optimism, including more available homes for sale and stabilizing home price trends. Data gleaned from electronic lockboxes report increased foot traffic at open houses.   

Yun also notes that mortgage affordability in 2019's first quarter was favorable to homebuyers, because the Federal Reserve isn’t going to raise overnight borrowing rates to banks, which contributed to mortgage rate declines and making homeownership slightly more affordable for homebuyers. Mortgage rates remain at historically low levels.

Whatever your reasons for wanting to buy a home, the outlook appears promising, especially if more sellers decide to put their homes on the market.

*Source: Nar.Realtor

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.Mark Your Calendars

May 1 - 19 - 2019 Pasadena Showcase House of Design - The Boddy House at Descanso Gardens @ 9am - 4pm 

May 1, 8, 15, 29 - Altadena Farmers Market - Loma Alta Park @ 4pm - 8pm

May 1 - 3 - One Colorado Happy Hour Week - One Colorado Courtyard @ 5:00pm - 8:30pm

May 2, 9, 16, 23, 30 - South Pasadena Farmers' Market - Corner of El Centro St. and Meridian Ave. @ 4:00pm

May 3 - Tacos and Tequila - Institute of Culinary Education @ 6pm - 10pm

May 4 Old Pasadena Historic District Walking Tour - 9am - 11:15am

May 4-5 - 57th Annual Sierra Madre Arts Fair- Sierra Madre Memorial Park @ 9:30am - 5pm

May 4 - Vintage X Artisan Market - One Colorado Courtyard @ 10am - 3pm 

May 6-10 - Pasadena Restaurant Week - Participating Pasadena Restaurants 

May 8 - Music in The Chinese Garden - The Huntington Library, Art Collections, and Botanical Gardens @ 1pm - 3pm 

May 11 - Mt. Wilson Observatory Engineering Tour - Mt. Wilson Observatory @ 9am - 2:30pm 

May 11 - Annual Spring Ceramics Sale - Community Center of La Canada Flintridge @ 3pm - 8pm 

May 12 - R.G. Canning Flea Market - Rose Bowl Stadium @ 5am - 4:30am 

May 12 - Mother's Day Brunch at The Huntington - The Huntington Library, Art Collections, and Botanical Gardens @ 9am & 11:30am 

May 12 - Mother's Day Brunch at Descanso Gardens - Descanso Gardens @ 9am - 2pm

May 12 - Mother's Day Tours - The Gamble House @ 11am & 3:40pm

May 15-16 - Justin Wine Dinner - Roy's Pasadena @ 6:30pm

May 18-19 - A Ticket to JPL - JPL @ All Day Event 

May 19 - Friends of Altadena Library Annual Book Sale - Altadena Library District @ 1pm-4pm

May 20 - 2019 Bacchus Live Concert Series: Larry Fuller Trio - Bacchus' Kitchen @ 6pm

May 21 - Free Tuesday at Descanso Gardens - Descanso Gardens @ 9am - 5pm 

May 22 - Wine Wednesdays With Live Music at One Colorado - One Colorado Courtyard @ 7pm - 8:30pm

May 30 - Final Fridays - Food Truck Festival - Rose Bowl Stadium @ 4pm - 8pm 

*Source: PasadenaNow.com

Contract Corner 

Contingencies

Under contract law, a contingency provides a party to the contract the ability to condition performance on the occurrence or non-occurrence of another event. For example, a buyer may condition performance under a real estate purchase contract on the outcome of the buyer's inspection. If the buyer is dissatisfied with the results of the inspection, then the buyer may cancel the contract without being held in breach of contract. Another common example: the buyer under a real estate purchase contract may condition performance on obtaining a specific loan.  After making a good faith effort to obtain such a loan, if the buyer is not approved for such a loan, then the buyer may cancel the agreement without being held in breach of contract. The same concept applies to the appraisal contingency as well. 

There are other types of contingencies. For example, some sellers may want to have a contingency of entering escrow on a replacement home before they are bound to perform on the sale of their existing home. 

Navigating through the labyrinth of details and information of a transaction is exactly why you, savvy buyers and sellers, need an experienced team. The SARKISSIAN + PERERA GROUP is here to help guide you through this process and ensure that you achieve all of your real estate goals! 

© 2019 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. Any unauthorized reproduction or use of this material is prohibited. This information is believed to be accurate as of May 1, 2019. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data. Information has been obtained from various sources and will not be verified by broker or MLS.

*Source: Car.org

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©2019 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.