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Top 5 Reasons You Should Become a Homeowner

There are a number of low down payment alternatives Available to help buyers get into a home sooner. Down payment assistance programs offer loans, typically with a low interest rate. Some of them aimed specifically at helping both first-time buyers and low- to moderate-income buyers get into a home. Mortgage credit certificates allow an increase in income by obtaining a tax credit for a specified percentage of mortgage interest. Grants and gifts may be offered by state and federal governments, non-profit organizations, or the local community. For more information, visit downpayment.car.org

Posted on December 1, 2019 at 9:38 PM
Carlos Camargo | Category: Real Estate Market Update

Homeownership Has Its Benefits

10 Benefits of Owning Your Own Home

Homeownership is a rite of passage many of us dream of. Owning a home means putting down roots and having a space that is truly yours. It’s a significant moment of your life when you finally own a home.


But owning a home can be daunting because of the responsibilities and obligations that come with it, combined with the initial process it takes to get there. When done properly, though, buying and owning a home is a process that limits your financial risk, increases your investment power, and saves you tons of money over the long term—and it can even save you money immediately.

 

Renting has little to no ROI. Renters don’t have to worry about maintaining a residence or paying the mortgage. But if you’ve been renting long term, chances are you’re already performing home maintenance on some level and you’re at your landlord’s mercy when it comes to major repairs. And when it comes to paying the mortgage, there are many advantages over rental payments, which don’t provide any return on investment beyond securing a place to live through the end of the month or lease.

 

How much is rent actually costing you? Consider the amount one pays over a 10-year period. A $2500/month rental payment adds up quickly to a whopping $300,000 over 10 years, when the same amount of money could have gone toward reducing 1/3 of the debt on a 30-year home mortgage by essentially making the payments to yourself instead of a landlord. Wow!

Here are 9 more benefits to owning your own home:

1. Homeownership is an investment. Unlike a car and many other purchases that decrease in value, a home is a purchase that appreciates over time. While each local market has its own unique factors, the national median home price goes up each year, even in times of recession. As you pay your mortgage each month, your debt amount goes down, while the value of your home continues to rise. This creates the buying and reinvestment power better known as equity.

 

2. Gain equity. When it comes to homeownership, investment and equity are directly related. As you make mortgage payments each month, part of the payment goes toward the interest, while the rest pays down the principal balance. Equity can be better defined as the part of the principal balance you’ve already paid, or the percentage of your home you already own. Paying the principal is like depositing money in the bank, because that money becomes available for reinvestment in the home itself or a new home.

 

3. Take advantage of tax benefits. The federal government encourages homeownership (which in turn encourages economic growth) by offering tax incentives for homeowners. The biggest one is the option to deduct interest from mortgage payments on your income tax return, especially at the start of a mortgage when most of the payment is applied to the interest. Payments on private mortgage insurance (PMI) and certain home-related purchases also qualify for tax benefits.

 

4. Stabilize your housing costs. A fixed-rate mortgage means you’ll have the same mortgage payment for the term of the loan (usually 30 years), while monthly rental payments will continue to climb. And even adjustable-rate mortgages (ARM) have a fixed cap on them. Homeownership also stabilizes other home-related expenses like utilities and gives you more control over your ability to make investments in your property that keep those expenses down.

 

5. Gain control over your living space. Renting doesn’t usually come with a lot of options for modifying your living space to better suit your needs. Renters with changing needs must also deal with changing residences. Homeownership means you can make improvements to your home, and home improvements usually lead to increased home value, both financially and in daily home life. The power of equity can give homeowners the extra financing they need to reinvest in their homes when cash funds aren’t an option.

 

6. Increase your own sustainability. Homeownership can help you create a sustainable future in many different ways. Long-term renters lack sustainability because a high percentage of their income usually goes toward housing expenses that are constantly increasing. Locking yourself into a mortgage payment helps level out living expenses, so when income goes up it can be budgeted elsewhere. Paying off a mortgage allows homeowners a long-term plan to significantly reduce their living expenses as they move toward a retirement budget.

 

7. Stop moving. Homeownership increases sustainability and stability. Moving from rental to rental is a major inconvenience and a financial and emotional burden. Renting can mean that you never really know where you’ll be living next or what your expenses will be. Staying in the same home allows a financial and emotional investment in both your living space and your community.

 

8. Social benefits. Staying put for longer periods of time also creates social benefits that range from friendships with neighbors to community involvement and consistent educational opportunities for children.

 

9. Use your investment to make another investment. The equity that comes from paying a mortgage is what allows many individuals and families to make future investments in the same home, a higher-valued home, or second home. A home equity line of credit helps homeowners use the part of their home that’s already paid off to obtain financing for investments apart from the home itself, such as purchasing a boat or RV.

Homeownership comes with a bevy of benefits; these are only a handful. What other benefits have you experienced with homeownership? What makes you want to own your own home?

 

Posted on October 29, 2019 at 3:19 AM
Carlos Camargo | Category: Buying a House, Fair Housing, First-time Buyer, Investment Property, Newsletter-CFC, Real Estate Market Update

CFC’S COMPLETE BUYER’S PACKET FOR FALL 2019 – EAST BAY

THE COMPLETE BUYER’S PACKET

I’ve assembled my clients’ favorite buyer documents in one easy-to-read download, making this the Perfect Buyer’s Packet.
This buyer’s packet includes:
  • The Buyer’s Questionnaire,
  • Real Estate Terminology,
  • Benefits of Home Ownership,
  • The House Hunting Checklist, and
  • The Home Buyer’s Roadmap.

 

Why you should choose me to be your Buyer’s Agent?  www.carlosfcamargo.net
For most families, choosing a new home is the biggest financial decision they will ever make. There are many complicated decisions involved in choosing your new home. To protect your interests and assure that you make the best possible decisions, it’s important that you have an agent on your side who is an expert in the local real estate market.

As your agent, my focus is on getting you the best possible home at the best possible price. I will work hard not only in finding you potential new homes to see, but also in keeping you informed of everything that takes place. As your agent and a top expert in the local market, I’ll negotiate the best prices and terms for you and answer all of your questions as they arise. I’ll be representing you, not the seller. This assures that my experience and expertise in the local market will be used in your best interests during the negotiation process.

As your agent, I will:

@ Assure that you see all the properties in the area that meet your criteria. Not just those listed on the local MLS, but also many un-listed properties that I find through my local contacts and affiliations.

@ Guide you through the entire process, from finding homes to look at, to getting the best financing.

@ Make sure you don’t pay too much for your new home. As a real estate expert in this area, I help people negotiate and make home purchase decisions every day. I can help you avoid costly mistakes.

@ Answer all of your questions about the local market area. Not just about homes for sale, but about schools, market trends, neighborhoods, the local economy and more.

Let me help you find your dream home and assure your best interests are protected throughout the entire process. Feel free to call or e-mail me with any questions you may have at any time. Fill out this form and I’ll get back to you right away.

Looking to buy a home this year? I can help? Email me at Carlos.Camargo@BHGhome.com

Posted on October 10, 2019 at 7:03 PM
Carlos Camargo | Category: Buying a House, First-time Buyer, Real Estate Market Update

Monthly Real Estate Statistical Update (October 2019)

Monthly Real Estate Statistical Update (October 2019)
+ California homes sales volume to continue down
+ The yield spread forecasts the next recession
+ Active agents & brokers decline

Posted on September 30, 2019 at 11:10 PM
Carlos Camargo | Category: N.A.R. - C.A.R. Update, Newsletter-CFC, Real Estate Market Update

Statewide Rent Control and Just Cause Eviction Bill Approved by the California Legislature

Statewide Rent Control and Just Cause Eviction Bill Approved by the California Legislature
The California Legislature recently approved Assembly Bill 1482 — a statewide rent control and just cause eviction bill. Although not yet law, Governor Newsome is expected to sign the bill. Some of its major provisions include:
  • Rent Cap. A cap on annual rent increases set at 5% plus inflation, up to a maximum of 10% per year.This cap applies retroactively to all rent increases since March 15, 2019.Any rent increases initiated on or after that date will count toward the rent cap, and if over the maximum, will have to be rolled back effective January 1, 2020.
  • Just Cause. A prohibition on evictions without “just cause.”Landlords can no longer terminate month-to-month tenancies at will and may now only evict tenants for one of 15 specific reasons. The permissible reasons are divided into two categories: “at fault” and “no fault.”
    • “At fault” termination is generally allowed when tenants have breached their lease and does not require the payment of relocation assistance. “At fault” reasons include non-payment of rent, nuisance, criminal activity, refusal to allow entry, and breach of a material term of the lease.
    • “No fault” termination is allowed even when the tenant has not breached the lease and will require the landlord to pay one month’s rent in relocation assistance. “No fault” reasons include an owner or family member intending to occupy the property, withdrawal from the rental market, substantial remodeling and compliance with a government order to vacate the property,
  • Exemptions. The bill’s just cause eviction provisions only protect tenants who have been in possession for a year or more.  Certain types of housing are exempt including:
  • Single family homes and condos if:
    • Tenants have received notice of the exemption and,
    • The owner is not a REIT, corporation, or LLC owned wholly or in part by a corporation
  • Homes built within the last 15 years
  • Owner-occupied duplexes
  • Owner-occupied single-family homes where two or fewer rooms are rented out (exempt from just cause but not rent cap)
  • Government assisted housing

Posted on September 20, 2019 at 3:32 PM
Carlos Camargo | Category: Fair Housing, Investment Property, N.A.R. - C.A.R. Update, Real Estate Market Update

6 REASONS WHY FALL MAY BE THE BEST TIME TO BUY A HOME IN THE BAY AREA

Traditionally, spring is considered peak season in the Bay Area real estate market. Families with school-aged children find it less disruptive to move over the summer. Spring is also a time when people are eager to get outside and properties usually look their best.
On the flip side, however, there are a number of good reasons for homebuyers to hold off until fall:

1. Sellers are Motivated

If they weren’t, they’d probably hold off until spring, since April is the best month to sell a home. By fall, sellers who were “testing the waters” with a listing in prime selling season are either eliminated or are now serious sellers.

These motivated sellers often want to get things settled before the end of the year, completing their own move before the holidays. Living “in limbo” for several months can be exhausting and provides another motivating factor.

The longer a house has been on the market, the more likely a seller is willing to negotiate on everything from price, to closing costs, to move-in dates.

2. There are Fewer Buyers

Potential buyers with children are less likely to be in the market once school has started. Other autumn buyers may become hampered by inclement weather, shorter daylight hours, and holiday demands. If you are flexible, less competition in the fall can pay off for you!

3. Lower Home Prices

October may be the best month to buy a home. After reviewing 32 million sales of single family homes over a 15-year period, RealtyTrac found that properties that went under contract in the month of October sold for an average of 2.6 percent below estimated full market value.

While pointing out that specific results vary by location, RealtyTrac found that October also had more “best days” to buy than any other month in the year. Among the top 10 best days to buy, all but two were in the last quarter of the year:

4. The Focus is On You

During prime selling months, everyone involved in real estate transactions tends to be swamped. In fall, however, real estate agents, lenders, inspectors, title companies, moving companies, etc., experience a lighter schedule, giving them more time and energy to focus on helping you. In general, their response time will be improved and your experience may be less stressful and more snag-free.

5. Tax Advantages

Even if you close on the last day of the year, you can apply the property taxes you paid and any interest or points (pre-paid interest to lower interest rates) on a home purchase to offset your income for that entire calendar year. This could be a significant advantage when April rolls around.

Consult with your tax or financial planning professional to determine how to leverage the timing details and other aspects of your purchase to your benefit.

6. Needed Changes and Upgrades May be Cheaper

If you are purchasing a house that needs new carpet, paint, appliances or other upgrades, buying in the fall may save you money beyond the purchase price of the home. Many of these items are at their lowest prices in the fall. According to Consumer Reports, September is the best time to buy paint and carpeting and the best time to purchase major appliances is November and December.

With careful negotiation, you may be able to get price concessions from the seller on cosmetic issues like worn carpeting, faded wall paint, or outdated appliances that exceed the cost of the upgrades, saving money on the cost of the house and getting brand new paint, carpet and/or appliances at the same time!

Additionally, September is the best time to get deals on snow blowers as well as outdoor plants, shrubs, flowers, and trees. September and October are the best time to buy lawn mowers and tractors. The savings can really add up, leaving you with a bit more cash to cover other expenses.

The Best Time To Buy Varies By Location

Remember that the advantages of buying in the fall may be diminished in certain markets. For instance, in Florida where I grew up, you may find yourself competing with “snowbirds” looking to purchase in the area, making fall months less of a buyer’s market than in northern locations.

Posted on September 19, 2019 at 9:56 PM
Carlos Camargo | Category: Buying a House, First-time Buyer, Real Estate Market Update

REAL ESTATE ADVISOR: SEPTEMBER 2019 –  Down payment got you down?

Down payment got you down?

Ten things to know before buying a home

• LOOKING TO BUY OR SELL A HOME IN THE EAST BAY? I can help! Visit ===> www.carlosfcamargo.net 

Posted on September 11, 2019 at 5:54 PM
Carlos Camargo | Category: Buying a House, Credit & Home Finance, First-time Buyer, Glossary of Housing & RE Terms, Real Estate Market Update

SMARTmoves Newsletter | SEPT 2019 | VOL 3 | ISSUE 9

SMARTmoves Newsletter | SEPT 2019 | VOL 3 | ISSUE 9

+ Ten Tools Every New Homeowner Needs
+ Homeowner Tip: Check Gutters & Downspouts
 
+ The Basic and Beautiful Bulb
 
+ Greet Autumn with Grilled Creamed Corn

LOOKING TO BUY OR SELL A HOME IN THE EAST BAY?

🏠 Visit: www.carlosfcamargo.net | Call: 510.798.5016
 
#bayarea #BHGReliancePartners #contracostacounty #alamedacounty #reliancepartnersbhgre #RealEstateLifeStyle #RealEstateTips #successtips #home #HomeDecor #HomeDesign
Posted on September 1, 2019 at 8:23 PM
Carlos Camargo | Category: Home Care & Maintenance, Newsletter-CFC, Real Estate Market Update

1st Half of 2019 – California Housing Affordability

2019-Q2 CA Housing Affordability – https://lnkd.in/eE2k2_J

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2019 dipped to 30% from 32% in the first quarter of 2019 but was up from 26% in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). California’s housing affordability index hit a peak of 56 percent in the second quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $122,960 was needed to qualify for the purchase of a $608,660 statewide median-priced, existing single-family home in the second quarter of 2019. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,070, assuming a 20% down payment and an effective composite interest rate of 4.17%. composite interest rate was 4.62% in first-quarter 2019 and 4.70% 2Q-19

🏠 LOOKING TO BUY OR SELL A HOME IN THE EAST BAY?
🏠 Visit: www.carlosfcamargo.net | Call: 510.798.5016

#BHGRE #CarlosFCamargoPhD #RealEstate #RealEstateAgent#RealEstateBroker #RealEstateLife #NoPlaceLikeHome_EastBay#OaklandCA #Realtor

Posted on August 30, 2019 at 9:10 PM
Carlos Camargo | Category: Buying a House, Credit & Home Finance, Español - Comprar Vivienda, First-time Buyer, N.A.R. - C.A.R. Update, Real Estate Market Update

Monthly Real Estate Statistical Update (September 2019)

Monthly Real Estate Statistical Update (September 2019):

Homeownership demographics struggle

+ The homeownership decline hits young homeowners hardest

+ Student loan debt holds back homeownership for the young

+ Negative immigration to continue chipping away at home sales

 

#BHGRE #CarlosFCamargoPhD #RealEstate #RealEstateAgent#RealEstateBroker #RealEstateLife #NoPlaceLikeHome_EastBay#OaklandCA #Realtor #RealEstateForSale #RealEstateExpert #Broker#HomeForSale #HouseForSale #PropertyForSale #realestatemarket#HouseHunting #ExpectBetter #BHGRealEstate #bayarea#BHGReliancePartners #contracostacounty #alamedacounty#reliancepartnersbhgre #RealEstateLifeStyle #RealEstateTips#successtips #home #HomeDecor #HomeDesign

Posted on August 30, 2019 at 1:24 PM
Carlos Camargo | Category: Buying a House, First-time Buyer, Real Estate Market Update