Ventura County Realtor

Mortgage Rates 2023

As your local Ventura County Realtor and real estate team, we have been on the lookout for mortgage rate trends entering 2023. The trend of mortgage rates on the rise has directly impacted the buying power of most buyers on the market. This has halted the extreme buying frenzy that we witnessed in the last several years as rates hit historical lows. If you are considering buying or selling your home this year you will want to keep your eyes on the fluctuating interest rates.
Economists predict that rates will level off sometime in the year 2023. Entering this new year rates seem to be hovering around the 6% mark. Predictions set by many experts are hopeful that we have seen the peak of mortgage rates already at the end of 2022. In fact, we are finally starting to see a very slow and steady trend downward. Keep in mind that even if rates do dip back down, refinancing is not always the answer. You will want to take into consideration exactly how much longer you will stay in your home, closing costs, and your current monthly payment. If you plan to move in the near future your cost to close on a new loan will likely be greater than the savings, you will get for the duration you are in your home. Also, you will want to calculate the savings long-term by starting over with a new 30-year mortgage if there truly is a savings involved.
As your local Ventura County Realtor and real estate team we are always here to help advise you the best we possibly can. If you have any questions about how the mortgage interest rates are affecting your situation, please feel free to give us a call. We look forward to helping you achieve all of your real estate goals this year.

Thousand Oaks homes for sale

How to Know a House is Right for You

If you have been browsing Thousand Oaks homes for sale you might find yourself wondering, “how will we know which home is the right one?” This is a valid concern most families feel at some point during the home buying process. There are so many factors that come into play when determining if a home is the right fit. No one wants to keep moving and uprooting their family, so you want to make sure you have made a wise choice in selecting your next home instead of an emotional one. See below for some of the things to consider when taking a look at Thousand Oaks homes for sale.
Location: Location is always key when it comes to real estate. Make sure you consider your new homes proximity to school, work, grocery stores, etc. You will also want to take note of the home’s geographic location – is it next to a busy road, a school zone, etc.
Must have items: Make a list of your non-negotiable items in your new home that you cannot live without. Examples include number of bedrooms, number of bathrooms, and a minimum amount of square footage. Make sure you don’t start trying to convince yourself to budge on your non-negotiable items when you see a home you think you love but doesn’t meet your requirements.
Be realistic: Make a wish list of items that you hope to see in your new home but try to be realistic about your budget as well. Remember your wish list items are drastically different than your must have items.
Stick to your budget: You don’t want to get in over your head. It is important to stick to your budget as you will thank yourself later. Try to avoid looking at homes that stretch your budget too thin so that you are not tempted.

moorpark real estate

What is an HOA

A Homeowners Association, otherwise known as an HOA, makes and enforces rules for the community. While not every community is part of an HOA, if the home you are purchasing falls within the HOA jurisdiction you are required to join and pay monthly dues. An HOA is run by a board of directors that is typically made up of community members. The board is in charge of reviewing the budget, allocating funds, and imposing fines when any rules have been broken.
As your local Moorpark real estate team we are happy to explain the fact that there are many pros and cons when it comes to having an HOA. You should thoroughly consider the decision of whether or not you prefer to live within a covenant community prior to entering escrow. However, once you do enter escrow on a home that is part of an HOA you will receive a copy of the community’s CC&RS. These are known as the covenants, conditions, and restrictions. This is essentially a list of the requirements and restrictions of the community. Many people prefer to live within an HOA because it helps to keep the community looking uniform, neat, and tidy. It also prevents your neighbors from having unruly landscaping, interesting color housing choices, and trash galore. However, it also prevents homeowners from parking their RVs in front of their homes, painting their home the color of their choice, dictating what type of fencing they are allowed, and something as small as whether or not they can have a child’s basketball hoop located in the front of their home. These factors can be seen as largely negative for some families.
The fees imposed by an HOA can vary dramatically within Moorpark real estate, but typically run within the range of $200-$400 per month. These rates will vary based on the type of property, location, and amenities that the community has to offer. For example, if you live in a guard gated community you can expect the rates to be exponentially higher.

Simi Valley homes for sale

How Much Home Insurance Do I Need?

As you begin to browse Simi Valley homes for sale you may be wondering exactly how much home insurance you may need. The cost of homeowners insurance can vary drastically from home to home. Insurance providers assess the individual risk of each property including flood and fire risk concerns. These details can either raise or lower insurance policy premiums.
Homeowner insurance providers will calculate the rebuilding cost of each home based on details such as the location and the size of the home. Interior finishes and custom features will also affect the rebuilding costs involved and therefore the cost of the policy itself. The rebuilding cost is just one portion of homeowners insurance. Personal property must also be considered within the plan. Personal property is typically automatically set based off of a percentage of the cost to rebuild the home in question. Personal property is typically valued at 50-70% of the cost of rebuilding the home.
There are two major types of policy differences: Actual Cash Value and Replacement Cost Value. Actual cash value policies take depreciation into account. The policy will not pay out what it actually costs to replace any items within the home or the home itself. Instead, this type of a policy will pay what these items were worth in their condition prior to the loss. Replacement cost value is a more robust type of coverage. Replacement cost value will pay out the actual cost to replace these items in current day. This can apply to both the home itself and personal property. When taking a look at Simi Valley homes for sale you certainly want to consider the type of homeowners insurance policy you will want and the general cost involved. If you have any questions regarding homeowners insurance our team is always here to help.

camarillo homes for sale

2023 Conforming Loans

If you have been browsing Camarillo homes for sale, you have likely had your eye on the upcoming change in conforming loan limits. The upcoming year of 2023 will hold higher conforming loan limits for Ventura County. A high balance conforming loan will now have a limit of $948,750 and a standard conforming loan limit of $726,200. The increase in the conforming loan limits will allow buyers to purchase higher priced homes with greater ease and lower interest rates.
Ventura County has seen a significant increase in home values over the last 2 years, making it difficult for buyers to stay within the conforming loan limits. The limit increases in the upcoming year will help buyers fit into a conforming loan. A conforming loan tends to be seen as less risky for the investor and therefore is able to offer a lower interest rate. You may ask yourself why someone would ever venture outside of a conforming loan. The reason many buyers are forced outside of a conforming loan is that either their purchase price is too high, or they may have poor credit. There is also the chance that there is an extenuating circumstance. An example may be that the buyer has recently switched careers and lacks the two year work history most investors prefer to see.
The bottom line is if you are able to stay within a conforming loan you should do so. When considering Camarillo homes for sale we highly recommend sticking to a conforming loan to help save money on your interest rate as mortgage interest rates continue to rise in the new year. While a high balance conforming loan may have a slightly higher interest rate than a standard conforming loan, it will still be significantly easier to get with a better rate than a jumbo loan.

Ventura County Realtor

Property Tax

If you are a first-time home buyer in particular you may not be accustomed to the additional part of your mortgage that is property taxes. Even if you pay off your mortgage in full you will still be subject to property taxes. Property tax is calculated by the local government and is based on the value of your home including any land that you may own. Property taxes are used to help fund water and sewer improvements for the city. Property taxes are also used to help support law enforcement, the education system, road and highway construction, as well as local libraries.
As your local Ventura County Realtor and trusted real estate team we are happy to report that property taxes are a tax deduction. However, this tax deduction does come with a cap of roughly $10,000 per year. In an area such as Ventura County with high home values this deduction will be met very quickly. Luckily, many years back in 1978, California Proposition 13 was passed. Prop 13 allows for property taxes to be based on the purchase price of the home and not the current market value. This is a huge benefit to homeowners to stay in their current home.
Prop 13 also allows homeowners to transfer their property taxes one time as long as the homeowner is over the age of 55. This exception to the rule allows older homeowners to get into a retirement home if they so desire without having the pay current market value in property taxes. If you have any additional questions about property taxes or how to pay them, we would be happy to help. As your local Ventura County Realtor and real estate team we hope to make you feel as comfortable with the entire process of purchasing your new home.

ventura county realtor

Buying During The Holidays

Purchasing a home during the holidays can seem a bit overwhelming. There is no more overwhelming time during the entire year so that thought of adding the purchase of a new home on top of it can feel like too much. As your local Ventura County Realtor and real estate team we are here to show you that should the perfect home pop up it can actually be an ideal time for you to purchase a home. There are many benefits to trying to purchase a home during the holiday season.
1. Less competition: Many buyers who are looking to move just for the sake of moving will hold off until the new year or even into Spring and Summer if they can help it. This alleviates some of the strong competition we have seen in the market over the past year.
2. More time: If you are able to arrange your time so that you get all your holiday shopping done early or online you can use any extra breaks off school and work to hunt down the perfect home.
3. Lower interest rates: Mortgage interest rates are expected to rise again in the new year. Taking advantage of existing rates means that there has never been a better time to buy than right now.
4. Potential for negotiation: Sellers moving during the holidays likely need to move quickly and are therefore more likely to strike a deal. This is a huge benefit to being a buyer during the holiday season.
5. Tax break: Mortgage interest rate is a tax deduction that many buyers hope to take advantage of prior to the end of the year. Buyers are also able to write off many moving expenses. As your local Ventura County Realtor, we highly recommend taking the tax break and purchasing your new home prior to end of the year.

Ventura County Realor

Mortgage Interest Rates

The rise and fall of mortgage interest rates has played a significant role in the housing market. Mortgage interest rates directly impact a family’s ability to purchase a home and what their buying power is. Over the course of the last year, mortgage rates have hit a 20 year record high. As your local Ventura County realtor and real estate team we are seeing current 30-year fixed rates coming in at 7.08%. This is more than double what interest rates were at the end of 2021.
As we enter 2023, industry specialists predict that we will observe a leveling off effect throughout the coming year. The significant industry spike was a result of the federal reserve hiking its federal funds rate six times throughout this year. This was due to an effort to get a handle on the rising inflation. First time home buyers are expected to account for a large portion of the housing market demand in the near future. Since there is a significant lack of new construction in our particular area this is straining the market when it comes to entry level homes. Luckily for first time home buyers, prices are set to level off over the next year. However, this won’t impact the inventory issue. Despite the lack of inventory, prices starting to level off will create a more welcoming environment for first time home buyers than the past year has brought.
Most experts expect mortgage interest rates to lower to around 5.4% by the end of 2023. This decrease in interest rates and slowing of home price growth will allow household incomes to catch up. As your local Ventura County realtor and real estate team, we are here to help you interpret this information as it applies to your specific situation. As always, if you have any questions, please reach out to us at any time.

Moorpark Realtor

Curb Appeal

Updating your curb appeal can significantly improve your chances of receiving a higher offer on your home. As your local Moorpark Realtor and real estate team we highly encourage our sellers to update the curb appeal of their homes. However, even if you are not in the market to sell we highly encourage you to update your curb appeal. You should get to enjoy the fruit of your labor not just for selling purposes! Enjoy coming home every day to a freshly updated entrance. There are many simple things that you can do to update the curb appeal to your home.
Front Door: It has likely been some time since your home has received a new front door. We highly recommend either purchasing a new door all together for a more modern look or simply painting your existing one. You will be pleasantly surprised how updated your door can look with just a fresh coat of paint.
Add Trees: Landscaping will always improve the look of your home. Add a tree or two to the front of your home for a nice fresh look. These trees can also help to provide nice shade.
Pressure Wash: Your driveway, sidewalks, and entrance get dirty quite quickly. Pressure washing these areas will help to freshen up your curb appeal.
Display House Numbers: Depending on what your HOA will allow, presenting the house numbers on your house in a cute way to add a person touch to your home. An example would be adding the house numbers to a rock on the front of your home.
Update Lighting: Consider swapping out the lights either on your garage doors or near your front door. This will create an updated and personal look to your home.
As your local Moorpark Realtor and real estate team we would be happy to provide ideas on the best way to spruce up the curb appeal of your home.

Simi Valley homes coming soon

Halloween Décor

If you have been on the hunt for Simi Valley homes coming soon you have likely seen some beautifully decorated homes in the area. One of the greatest draws to the Simi Valley area is how family friendly it can be. If you are looking to raise your family in the Simi Valley area you have found a wonderful location. As you keep an eye out for Simi Valley homes coming soon you may be wondering the best way to dress up your future home for the upcoming holiday season. When it comes to Halloween décor there are several different routes you can go.
1. The Abandoned Home: A spooky route to go is the abandoned house style. This type of Halloween décor involves things such as adjusting your porch swing to hang crooked temporarily. You may consider putting up some broken glass stickers on your front windows and adding a dark porch light such as black bulbs for a spooky feel. You can also add flickering candles and cobwebs with fake spiders to make the home feel abandoned.
2. Kid Friendly: If you have young children, you likely want to dress up your home but in a more friendly and less spooky manner. A fun way to create this kid friendly appeal is adding your own homemade pumpkins that are either carved or painted. You can use an old bed sheet to make outdoor ghosts and Halloween trees with black and orange twinkle lights.
3. Gory Scene: If you want to go the scarier route a great way to complete this look is adding tombstones, skeletons, and even large spiders.
4. Harvest House: Try adding bales of straw to your porch with a scarecrow or two with pumpkins and corn. This type of décor can even stay up through Thanksgiving!

Hare and Associates