by Kathy Gibson | Sep 12, 2024 | Buying, Home and Garden, Market, Neighborhood
Buying a home is a monumental decision, often marked by excitement and uncertainty. Home buyers’ biggest dilemma is choosing between a starter home — a first step on the property ladder — and a forever home, where many years (if not a lifetime) will be spent. Understanding various considerations is critical to making this significant choice a little easier. Realtor Kathy Gibson shares more: Understanding Your Financial Landscape The first and perhaps most critical factor in your decision-making process is assessing your current financial situation and budget. Buying a home, whether a starter or a forever home, is a substantial financial commitment. Understanding what is fiscally feasible for you at this point in your life is vital. Consider your savings, income, debts, and other financial obligations. Remember that the cost of a home isn’t just the listing price; it includes property taxes, insurance, maintenance, and potentially homeowner association fees. Deciphering Loan Terms Another essential aspect is understanding the loan terms available for starter and forever homes. The type of loan, interest rate, duration, and down payment requirements can significantly impact your monthly expenses and long-term financial planning. Different loan products are tailored for various types of buyers and homes, so it’s essential to find the one that best suits your situation. Energy Efficiency — A Cost-Effective Future Evaluating a home’s energy efficiency is increasingly important. More up-to-date, energy-efficient homes — often found among forever homes — can lead to significant cost savings in the long run. These homes might feature better insulation, energy-efficient windows, solar panels, or newer HVAC systems to reduce your carbon footprint and lower utility bills....
by Kathy Gibson | Sep 9, 2024 | Buying, Home and Garden, Market, Selling
Pasadena, CA Mon Sep 09 2024 This week the median list price for a single family home in Pasadena, CA is $1,799,000 with the market action index (MAI) hovering around 50. This is an increase over last month’s market action index of 49. Inventory has decreased to 95. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward...
by Kathy Gibson | Sep 3, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
Photo by Freepik Flipping real estate offers a unique opportunity for adult students to fund their college education while building a profitable business. With the right preparation and a solid understanding of the market, you can turn property investments into a reliable source of income. This approach allows you to manage both your educational pursuits and entrepreneurial ambitions, making it possible to achieve financial stability and academic success simultaneously.Master the BasicsBefore you start flipping properties, familiarize yourself with the fundamentals of real estate. This involves understanding market trends, property valuation, and the renovation process. These are critical areas that will influence your ability to make profitable investments. Consider enrolling in real estate courses, attending workshops, or learning from seasoned flippers. This initial investment in education will provide the knowledge you need to navigate the complexities of the market and make informed decisions.Plan Your FinancesCreating a financial plan is crucial for any real estate venture, especially when your goal is to fund your education. Start by determining how much capital you can invest initially and how much profit you need to generate to cover educational expenses. Include a detailed budget for purchasing and renovating properties, and ensure you have a financial buffer for unexpected costs. This financial planning will help you stay on track and avoid the pitfalls of overspending or underestimating expenses.Study the MarketThorough market research is the backbone of successful house flipping. Focus on identifying areas with high growth potential, where property values are on the rise and there is a demand for housing. By understanding local market conditions, you can make more informed investment choices that maximize...