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Renting or Buying… Either Way You’re Paying a Mortgage

Renting or Buying Either Way Youre Paying a Mortgage | MyKCM

There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either yours or your landlord’s.

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It's a Seller's Market! Should I Downsize Now?

It's a Seller's Market! Should I Downsize Now? | MyKCM

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

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The Foreclosure Crisis: 10 Years Later

The Foreclosure Crisis: 10 Years Later | MyKCM

CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.

With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.

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Careful…Don’t Get Caught in the Rental Trap!

CarefulDont Get Caught in the Rental Trap! | MyKCM

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

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Real Estate Mogul: Here’s Why You Should Buy

Real Estate Mogul: Heres Why You Should Buy | MyKCM

Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house?

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The 'REAL' News about Housing Affordability

The 'REAL' News about Housing Affordability | MyKCM

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Inventory Shortages Are Slowing Down the Market

Inventory Shortages Are Slowing Down the Market | MyKCM

The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.

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Again… You Do Not Need 20% Down to Buy NOW!

Again You Do Not Need 20% Down to Buy NOW! | MyKCM

A survey by Ipsos found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. There are two major misconceptions that we want to address today.

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Financial Planning: 4 Reasons to Buy a House Today

Financial Planning: 4 Reasons to Buy a House Today | MyKCM

Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post.

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San Diego Architecture: Spanish Colonial

Here in San Diego there are many architectural styles including mid-century modern, Craftsman, and contemporary, but Spanish Colonial is one of the most popular and enduring, with good reason.

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Gallup: Real Estate is Best Long-Term Investment 4 Years Running

Gallup: Real Estate is Best Long-Term Investment 4 Years Running | MyKCM

Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

For the fourth year in a row, Real Estate has come out on top as the best long-term investment! This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26%. The full results are shown in the chart below.

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3 Reasons the Housing Market is NOT in a Bubble

3 Reasons the Housing Market is NOT in a Bubble | MyKCM

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the reasons that caused the bubble ten years ago.

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Is the Current Pace of Home Sales Maintainable?

Is the Current Pace of Home Sales Maintainable? | MyKCM

There are some experts questioning whether the current pace of residential home sales is maintainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.

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San Diego Architecture: The Craftsman

San Diego is home to many beautiful architectural styles including Spanish, Tudor, Contemporary, Ranch, and Cape Cod, but the Craftsman is one of the most appealing styles which has stood the test of time and is perfectly adapted for modern life. 

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Buying a Home? Do You Know the Lingo?

Buying a Home? Do You Know the Lingo? | MyKCM

Buying a home can be intimidating if you are not familiar with the terms used during the process. To start you on your path with confidence, I have compiled a list of some of the most common terms used when buying a home!

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Get All the Facts about PMI

Get All the Facts about PMI | MyKCM

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7 Wonderful San Diego Landscape Architects and Designers

Landscaping can make the difference between a nice house and a gorgeous house, so choosing the right landscape company or landscape contractor is an important decision. Hiring someone to make your vision come to life or to design a yard that works for you and your family can be stressful, but there are a ton of great landscaping companies and landscapers thought San Diego, and here are 7 of the best! 

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San Diego Events - May 2017

What’s happening in San Diego in May 2017? There are a ton of great events throughout the month, from Oceanside to Chula Vista! Here are some of the best things happening this month.

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9 Beautiful Bar Carts for Your Home

Bar carts are everywhere, and if you've been thinking of buying a bar cart for your home there are some fantastic options out there right now. These 9 bar carts cover classic to modern, with everything in between!

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Measuring Your Ability to Achieve the American Dream

Measuring Your Ability to Achieve the American Dream | MyKCM recently released the results of their new American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”

The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.

The national index score was rounded out to 100 in January and saw a modest jump to 100.5 in February.

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Slaying Myths About Buying a Home!

Do you have to have perfect credit and 20% for a downpayment to buy a home? No way!

The average FHA approved loan has a FICO score of just 686, and 80% of first time homebuyers put down less than 20%.

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Style Spotlight: 10 Great Ways to Use Herringbone Tile

Herringbone is back, and better than ever! In the past herringbone was confined mainly to floors, but today it has become one of 2017's hottest home designs and trends. On a wall, backsplash, shower, or floor, here are 10 great inspirational photos for using herringbone pattern tile in your home!

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Thinking of Selling? Now Is the Time to Act

Thinking of Selling? Now Is the Time to Act | MyKCM

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale in San Diego is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

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March 2017 Home Sales in California

March has been another strong month for home sales throughout California, especially here in San Diego!

With plenty of demand and little supply, homebuyers are looking to purchase before affordability declines. The median home price in San Diego county has gone from $$559,950 in February to $571,000 in March, a 2% increase!

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Mortgage Rates Set a New 2017 Low

The 30-year fixed-rate mortgage continued to drop last week, setting a new low for 2017, Freddie Mac reported in its weekly mortgage market survey. This marks the fourth consecutive week that 30-year rates have fallen.

"Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” explains Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent.”

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5 Kitchen Design Trends to Take From Model Homes

The model homes of builders are known for showcasing the latest interior design trends in trying to appeal to home shoppers. So what’s trending when it comes to the kitchen?

“Today’s home buyers are willing to spend more in the kitchen – from energy-efficient appliances to quartz countertops,” says Janice Jones, PulteGroup’s national vice president of interior design. “We continuously conduct consumer focus groups to best understand what they want in their kitchens and are constantly refining our kitchen designs and its elements to ensure it delivers on functionality, creative design and easy maintenance across all our buyer groups.”

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Millennials Flock to Low Down Payment Programs

Millennials Flock to Low Down Payment Programs | MyKCM

A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.

The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.

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Do a Foundation Check: 5 Things to Watch For

Take a closer look at the home’s foundation before buying, says Matt Stock, president of U.S. Waterproofing, based in the Chicago area. An undisclosed structural foundation repair could leave a new buyer facing a price tag of $20,000 or more. “We’ve seen foundations sink 8 inches,” says Stock. “That was a $150,000 repair for the homeowner.”

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80% of First-time Homebuyers Put Down Less than 20% Downpayment

More first-time homebuyers take advantage of a low downpayment loan compared to all homebuyers, according to the February 2017 REALTORS® Confidence Index Survey Reporta monthly survey of REALTORS® about their sales activity and local market conditions.

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Public Transportation, Commuting, and San Diego

Here in San Diego, more and more people are opting for a car-free lifestyle, or simply downsizing to a single car instead of having two. Areas like North Park, Hillcrest, and Downtown are all easily walkable, with all of the necessities of life just a short distance from your front door, plus there are some great public transportation options!  

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Buying this Spring? Be Prepared for Bidding Wars

Buying this Spring? Be Prepared for Bidding Wars | MyKCM

Traditionally, spring is the busiest season for real estate, and nowhere is that truer than San Diego. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!

Buyers have already been out looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.

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Bathroom Trends for 2017

Move over traditional styles. Contemporary and transitional-styled bathrooms are overtaking traditional in design preferences, according to the 2017 Kitchen & Bath Design Trends Report by the National Kitchen & Bath Association. The member survey reveals some of the following bathroom trends this year:

Most popular color schemes: Whites, off/whites, and gray

Also, young design professionals are showing greater preferences for incorporating violets and purples.

Most commonly used bathroom storage solutions: Linen storage cabinets and wood vanities

Floating vanities and open shelving are catching on, while the use of toilet topper cabinets are fading. Also, more bathroom remodels are adding in power outlets directly inside drawers or vanity cabinets for powering up hair dryers, curling irons, and shavers.


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Consumer Confidence in Economy & Housing is Soaring

Consumer Confidence in Economy & Housing is Soaring | MyKCM

The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, it is thought that 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.

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Technology Takeover

Technology affects our lives in a multitude of ways, and different generations have different technological preferences. Unsurprisingly, younger generations are much more comfortable with communicating via text, would like to make payment over their phones and some couldn't get by without their phones. 

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Historical Homes and the Mills Act

A historical designation can provide a property tax reduction. San Diego is a relatively young town, but many residents are beginning to take notice of one of our most valuable resources, our historic sites and houses. The Mills Act, named for San Diegan James Mills, a former State Senator, provides an important monetary incentive designed to encourage the preservation, maintenance, and restoration of designated historic properties.

What is the Mills Act? 

The Mills Act provides that property that is subject to a historical property contract be valued using the rental income that could be expected from that property rather than using comparable sales to establish the assessed value. This generally results in a much lower assessment if the property has been recently purchased.

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New-Home Sales Jump 6%

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What Are the Experts Saying about Mortgage Rates?

Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market here in San Diego? 

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The Power of Pets

Buying a home in San Diego is challenging, but when you have pets there are additional needs to consider!

Pets are family, and their needs are just as relevant as our own - which is why 91%  of clients consider a fenced yard important. Hardwood or laminate floors are also a wonderful feature when looking for a home, but luxury items like an animal pool aren't as much of a priority.

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2 Myths That May Be Holding Back Buyers

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%.

Read more to find out Myth #2!

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Over Half of All Buyers Are Surprised by Closing Costs

According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

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Interest Rates are on the Rise!

Thinking of buying a home here in San Diego? Now is the time to buy, before interest rates rise again!

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February 2017 Home Sales in California

Home sales in February remain strong, and even though sales were down slightly from the previous month they were up almost 5% from January 2016. 

Here in Southern California home sales have increased almost 4% over last year, and the median price of a single family home increased by 5.6% within that 12 month timeframe. 

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When Should I Sell My Home?

Home buying season is fast approaching, and that means that now is the time to put your home on the market! According to Jamie Anderson over at Zillow:

  • In order to maximize sale price, sellers should aim to list their home near the end of spring
  • Listing at the end of the work week – or even on the weekend – will maximize how many people see your listing.
  • When deciding the best time to host open houses or set offer review dates, know that listing interest drops off quickly. In many markets, half of all views of a listing within the first month occur during its first week on market.
  • Less than 1 in 4 homes that take longer than 1 month to sell end up selling for their initial list price or more.

"For the second year in a row, listing near the end of the selling season looks to be the best option for those sellers looking to both earn the highest return on their home and sell it quickly."

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Millennials and Home Buying

Millennials, the generation born between the early 1980's and the early 2000's, are buying homes and currently make up over 1/3 of homebuyers

Here in beautiful San Diego we actually have the nation's largest population of millennials, so it is very important to understand where their priorities lay in order to help them (or anyone!) find their dream home! 

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How Different Generations Buy and Sell

Buying or selling a home is a complicated process, but different generations have different priorities. For instance, millennials make up over 1/3 of recent home buyers, and almost half of them have children! Check out this great infographic for more information!

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Credit and Homebuying

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GSFA Grant Program

Did you know that there is a California-wide program that gives you money to help purchase a home? The Golden State Finance Authority Platinum Program was created to help low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance, currently in the form of a non-repayable grant.

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January 2017 Home Sales in California

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