Sacramento Real Estate and Community News

April 1, 2021

How Much It Really Costs To Buy A House

Are you looking to buy a house but want to know how much it’s really going to cost you? In this episode of Rescue Me, I’m going to explain what you can expect to pay in closing costs when buying a new home. By knowing these three main closing costs upfront, you’ll be better prepared when the time comes to make an offer.

Understanding Buyer Closing Costs

Buying a home can be very exciting, but it can also be a little scary. The more you know before you start the process, the better. The one thing you don't want in the middle of buying a home is an unpleasant surprise.

By knowing your closing costs, you can better plan and budget to make a wise financial decision. The truth is that good deals go quickly. Knowing your numbers ahead of time will allow you to take advantage of those good deals without hesitating.

There are three main things you'll be spending your money on when you buy a house. Let's take a look at those three things now.

#1: Money Down

The first cost is the money you put down towards the cost of the house. While this really isn't a closing cost, it will still be leaving your bank account. It's an important part of the budgeting process when buying a house.

#2: Loan Fees, Title Costs, And Prepaid Fees

Your closing costs can be broken down into a few categories: loan fees, title costs, and prepaid fees. Loan fees are what you pay to get the loan from the bank. Title fees are the fees you pay the title company for title insurance, as well as transferring the property into your name. Prepaid fees are things like homeowner's insurance and property taxes that you have to pay upfront. When you go to close the sale, you'll need the cash to cover both the down payment and closing costs.

#3: Appraisal And Inspections

There's one more category of things you'll spend money on when buying a home: the appraisal and inspections. I don't include these in closing costs, since you'll probably pay these fees upfront to the individual inspectors that you hire. An appraisal will typically run between $500 and $800. And the inspections? That just depends on what inspections you'd like done to your house.

How Much You’ll Pay

Now that you understand what you’ll need to pay for, the total cost really depends on the price of your home. For a rough estimate, expect to pay about 2% of the purchase price towards your closing costs. Rest assured, I have a fantastic calculator that will help me determine what your closing costs will be depending on the price of your house. If you'd like a pretty good estimate of what you can expect to pay, you can always reach out to me.

Another thing to note is that the seller can help pay some of your closing costs. While it depends on the market we're in and how things are going, we can have that conversation when we're negotiating and writing up your offer.

I hope this helps you understand what you’ll pay when you buy a house. If you're looking for an agent to help you buy a home in the Sacramento area, give me a call. And remember, when you use me to buy a home, you're also helping a dog get out of the shelter and into their new backyard.

March 30, 2021

6 Quick Tips so You Don't Lose Your Home Loan

 

Are you looking to buy a house but are worried about losing your loan? In this episode of Rescue Me, we're going to talk about things you shouldn’t do before or when you’re in contract to buy a house. We’ll look at why a few small mistakes could cost you your loan and discuss 6 rules to avoid them.

How Not To Lose Your Loan

There are a few things that could cost you your loan, and many of them may surprise you. To avoid any last-minute surprises, follow these key rules

Rule #1: Don’t deposit large sums of money into your account unless you speak with your lender first. Lenders have to source the monies that are coming into your account. They have to track everything and figure out where all the money is coming from. We're not saying you can't put money into your account, but you have to let the lender know so they can track the funds.

Rule #2: Don't make any large purchases. This includes things like buying a car, furniture, or appliances for your new house. Doing so can affect your credit scores and whether or not you still qualify for the loan. I have had buyers go out and buy $2,000 worth of appliances by opening up a new credit card. In doing so, they lost their loan in the middle of a transaction because they didn’t inform their lender. Again, always consult with your lender if you're making any big financial purchases during an escrow.

Rule #3: Don't co-sign on loans for anyone else. While it might be that you're trying to help someone—and chances are you'll never have to make any payments on that loan—it will still count against your credit. So please, do not co-sign any loans for anyone just before or while you're in escrow.

Rule #4: Don't change bank accounts. Very similar to putting large sums of money into your account, the lenders have to track everything. If you're changing bank accounts, it makes things very difficult for them to track. So wait until after your purchase, and then you can change banks if you're not happy with the bank you're with.

Rule #5: Don’t apply for new credit. Typically what happens with buyers is that they're very excited, and they want to go out and start buying appliances and getting things ready for their new house. They may get a great deal from one of the big box stores that says: "If you open up this credit card account, we're going to save you 20%." It sounds great, but it's a new line of credit that can affect your credit score. It could also affect your debt to income ratio and knock you out of qualifying for your loan. Don't do it.

Rule #6: Don't close any credit accounts. I know this rule sounds backward. You might be thinking, "I have five credit cards. What if I close two or three of them? It makes it look better." In actuality, it doesn't. Keep those accounts open, talk to your lender, and they'll guide you through what to do.

Consulting Your Financial Lenders

The bottom line is that if you're doing anything financial right before you're going to buy a home or during an escrow, always consult your financial lenders. They'll let you know what you can and can't do as well as what things are okay. They’ll also look out for things that could cause you a problem later down the line.

If you have questions, please reach out as I'm always happy to help. If you're thinking of buying a house and you don't have a lender, give me a call. I have great lenders I've been working with for 15 years because they do their job and they're very good at it. And remember, when you use me to buy a house, not only will you get a great home but you'll also be helping a dog get out of the shelter and into their new backyard.

March 29, 2021

How To Use The Buyer's Triangle To Find The Perfect Home

 

Are you looking to buy a home but are having a hard time deciding where to settle? In this video, I’m going to help you narrow down your choices using a tool called the Buyer’s Triangle. By using the process of elimination and balancing your needs and wants, you’ll be able to find a home that fits you best.

Choosing A New Home

One of the hardest things about buying a home is trying to figure out where to settle. There are often so many choices that it can easily become overwhelming. Should I be near work? What are the schools like? What is the best area for my budget? All of these are completely normal questions to be asking yourself.

When you're buying a new home, I suggest using the Buyer’s Triangle to narrow down your search. It works simply on the process of elimination, based on the strengths and weaknesses of your needs and wants. Ultimately, there are three things to consider when moving into a new house: your ideal monthly payment, the convenience of the location, and the kind of features you’re looking for in your new house.

Using The Buyer’s Triangle

Before we get started, it's extremely important to know that most people don't get everything they want in their new house. The goal of this exercise is to weigh the areas against each other so you can put down on paper what's most important to you. If you could get two out of the three things on your list, you're doing pretty good. In fact, that's what most people end up getting.

For example, let's say you found a house that was at a great price in a fantastic neighborhood, but the interior wasn't as updated as you'd like. Or let’s say a house goes over your budget by $20,000, but it’s the home of your dreams in a perfect location. Alternatively, what if you stayed under budget, found everything you wanted in the house, but sacrificed location? These are all probable outcomes. You simply have to use the Buyer’s Triangle to choose what’s most important to you.

As you begin to list out your wants and needs and establish a budget, this will help you narrow down potential locations so you can begin your home search. A good real estate agent will help you realize this as well. I'm going to warn you that, in my experience, most buyers purchase homes that are completely different than the one they described to me when we first met. By doing this exercise, however, it will allow you to see what's most important to you when you're buying a house.

Finding The Perfect Home For You

By listing your needs and wants concerning location, price, and amenities, you'll be able to find the best home that fits your lifestyle. I hope this helped you narrow down your search in finding what is most important to you when you buy your next home.

If you have any other questions, please reach out. Remember, when you buy a home with the Adopt a Dog Realtor, you not only will find a great home, but you'll help a dog get out of the shelter and into their new backyard.

March 29, 2021

What It Means To Be in a Sellers’ Market

What It Means To Be in a Sellers’ Market

What It Means To Be in a Sellers’ Market | MyKCM

If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.

The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace.

Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):What It Means To Be in a Sellers’ Market | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.

As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.

Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.

Bottom Line

Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.

March 8, 2021

The Home Buying Process.. Explained!

 

 

Are you looking to buy a home in Sacramento and want to make the best financial decision? In this episode of Rescue Me, I'm going to rescue you from making a bad financial decision when it comes to buying a house. I’ll introduce you to my Buyer’s Learning Center to give you the best education on the home buying process.

The Buyer’s Learning Center

Buying a home is probably the largest financial decision you will ever make. If you don't take the time to learn about the process, you could potentially lose thousands of dollars. The good news is I’m here to help. I'm going to make you the most educated buyer in the marketplace with my program, The Buyer’s Learning Center.

The Buyer's Learning Center is a series of videos I've created to help you educate yourself about the entire process of buying a home. I’ll answer questions like, how much home can I afford? How much will my closing costs be? What's escrow, and do I need title insurance? I'm going to answer as many questions as I can to make you the most educated buyer in the marketplace. 

All Your Questions Answered

If you have a question, I hope to have a video that will answer that question for you. If I don't have a video, chances are one's coming soon. If you have questions and don't want to wait for a new video, please reach out. You can call, text, or email and I'm always happy to help.

With the knowledge gained from these videos, I hope you will feel comfortable knowing you have made the best financial decision when it comes to buying your new home. Please watch as many videos as you'd like, and I'd love for you to subscribe to my YouTube channel. Make sure to click the bell so you'll be notified when new videos come out. 

 

Remember, I'm the Adopt A Dog realtor. When you use me to buy a house, not only will you get a fantastic property, you'll be helping a dog get out of the shelter and into their new backyard. Stay tuned for the next episode!

 

Home Buyer Videos:

 

The 9 Steps Of The Home Buying Process - Click Here

 

What You Need To Get Preapproved For a Home Loan - Click Here

 

How Much Does It Really Cost To Buy a Home - Click Here

 

How Much Should I Spend On a House Payment - Click Here

 

How To Use The Buyer's Triangle To Find The Perfect Home - Click Here

 

6 Quick Tips So You Don't Lose Your Home Loan - Click Here

 

Buy a House, Save a Dog - Click Here

March 3, 2021

Buy a House, Save a Dog

 

Best Realtor in Sacramento | Buy a House, Save a Dog!

Do you love dogs?

Are you interested in real estate investments or buying a home to live in? Wondering how the two combine? Well I'm here to tell you that you can have the best of both worlds!

Hi, I'm Tim Pantle and I'm a realtor here in the greater Sacramento area. With my passion for dogs and helping others, I decided to donate a portion of the proceeds from closed listings to sponsor a dogs adoption. So when you work with me, you're directly putting a dog in a new home. Want to hear more about the impact? Check out the video! These are the reasons I'm the best realtor in Sacramento; because I work to serve others. Get in touch to find out how I can help you!

#livinginsacramento #movingtosacramento #sacramentorealestate

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📲 Please feel free to reach out Day/Nights/Weekends whenever you want! We never stop working for you!! Tim Pantle

Email: tim@timpantle.com

Phone: 916-834-6376

Website: https://https://www.timpantle.com/

 

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Feb. 23, 2021

The Reason Mortgage Rates Are Projected to Increase and What It Means for You

 

The Reason Mortgage Rates Are Projected to Increase and What It Means for You | MyKCM

We’re currently experiencing historically low mortgage rates. Over the last fifty years, the average on a Freddie Mac 30-year fixed-rate mortgage has been 7.76%. Today, that rate is 2.81%. Flocks of homebuyers have been taking advantage of these remarkably low rates over the last twelve months. However, there’s no guarantee rates will remain this low much longer.

Whenever we try to forecast mortgage rates, we should consider the advice of Mark Fleming, Chief Economist at First American:

“You know, the fallacy of economic forecasting is don't ever try and forecast interest rates and/or, more specifically, if you're a real estate economist mortgage rates, because you will always invariably be wrong.”

Many things impact mortgage rates. The economy, inflation, and Fed policy, just to name a few. That makes forecasting rates difficult. However, there’s one metric that has held up over the last fifty years – the relationship between mortgage rates and the 10-year treasury rate. Here’s a graph detailing this relationship since Freddie Mac started keeping mortgage rate records in 1972:The Reason Mortgage Rates Are Projected to Increase and What It Means for You | MyKCMThere’s no denying the close relationship between the two. Over the last five decades, there’s been an average 1.7-point spread between these two rates. It’s this long-term relationship that has some forecasters projecting an increase in mortgage rates as we move throughout the year. This is based on the recent surge in the 10-year treasury rate shown here:The Reason Mortgage Rates Are Projected to Increase and What It Means for You | MyKCMThe spread between the two is now 1.53, indicating mortgage rates could rise. Actually, a bump-up in rate has already begun. As Joel Kan, Associate VP of Economic Forecasting for the Mortgage Bankers Association, reveals:

“Expectations of faster economic growth and inflation continue to push Treasury yields & mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, & last week climbed to its highest level since Nov 2020.”

How high might they go in 2021?

No one knows for sure. Sam Khater, Chief Economist for Freddie Mac, recently suggested:

“While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3% range for the year.”

What does this mean for you?

Whether you’re a first-time buyer or you’ve purchased a home before, even an increase of half a point in mortgage rate (2.81 to 3.31%) makes a big difference. On a $300,000 mortgage, that difference (including principal and interest) is $82 a month, $984 a year, or a total of $29,520 over the life of the home loan.

Bottom Line

Based on the 50-year symbiotic relationship between treasury rates and mortgage rates, it appears mortgage rates could be headed up this year. It may make sense to buy now rather than wait.

Feb. 10, 2021

February Dogs for Adoption

Three New Dogs Sponsored For Adoption...
These 3 beautiful dogs are now available for FREE adoption at the Front Street Animal Shelter.
Meet:
Please share. The more people that see these beautiful dogs the better chance they have of being adopted quickly.
Jan. 31, 2021

What You Need To Get Preapproved For A Home Loan

 

Are you looking to get preapproved for a loan so you can buy a new home? In this episode of Rescue Me, we're going to talk about all the paperwork you need to collect before you go meet with your lender to get your new home loan. Because homes are selling fast in this market, you want to be as prepared as possible so you don’t miss out on a great deal.

Gathering Your Paperwork For Preapproval

There are a few things you’ll need to have together so you’ll be prepared and ready to jump when that perfect home hits the market. Part of that process is sitting down with a lender and getting pre-approved before you start looking at homes. When you walk into that house and you fall in love with it, you'll want to jump quickly and move fast—and having that preapproval letter will streamline the process.

These are the documents you'll need when you sit down with your lender to get pre-approved. Number one, you'll need your W-2s or 1099s for the past two years. Those are the documents that you get from your employer that you use to file your taxes.

Number two, you’ll want pay stubs for the last two months for each job you have. If you have multiple jobs, you'll have multiple pay stubs. Third, you need proof of supplemental income. Any other monies that you have coming in, get that paperwork together and bring that to your lender.

Number four, you need tax documents for the last two years. Fifth, bring your bank statements for the last three months. If you have multiple bank accounts, bring all those with you. As new ones come in, be sure to set them aside and keep them.  Your lender's probably going to want you to update those as you get new bank statements each month.

Sixth, bring paperwork on any investment accounts that you might have. Seventh, gather statements for any debt that you have, whether it’s credit cards, car payments, student loans, alimony, or child support. Anything and everything you're paying out to people, bring that documentation with you when you meet your lender.

Getting Your Preapproval Letter

Your final piece of documentation should be an easy one: a copy of a driver's license or a state ID. You’ll also want to write down a history of where you've lived for the past two years. That's it. If you walk into your lender with all those documents, there is a good chance you can walk out of that meeting with a pre-approval letter.

As always, if you have questions, please reach out to me and I’d be happy to help. And remember, when you use me to buy a house, you don't just get a great house, you'll be helping a dog get out of the shelter and into their new backyard.

 

Jan. 29, 2021

Is Right Now the Right Time to Sell? [INFOGRAPHIC]

 

Is Right Now the Right Time to Sell? [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition.
  • With buyer demand rising and historically low inventory for sale, if you’re in a position to move, your house may really stand out from the crowd.
  • Let’s connect today to get your homebuying process underway.