Real Estate from L.A. To Palm Springs

We sell homes from L.A. to Palm Springs and we're based out of Whittier, CA. As a real estate agent Jose Perez and Associates offers insights and updates into the housing market in Whittier, Downey, Pico Rivera, Norwalk, Pomona, Chino, Chino Hills, Ontario, Eastvale, Norco, Corona, Riverside, Covina, and West Covina.

Feb. 16, 2021

February 2021 Real Estate Update

It's a great day at Jose Perez and Associates. My name is Jose Perez, and I'm here to give you an update for the month of February. There's three topics we want to share with you today. Number one is forbearance. What you need to know, how it impacts your credit and your house. Number two, guys, home buyer, frustration, we're hearing you and what we've done is we've come up with two niches just for you to solve that issue. Number three, refinances, what you need to know when you're looking to refinance and what interest rates are doing for the rest of the year. Stay tuned for that.

 

What Is Forbearance?

 

Welcome back. So, number one, guys I want to talk to you guys about forbearance. Now, what it is, this is when the bank allows you a separate payment plan for the amount of payments you've fallen behind on your mortgage. Now it doesn't mean they forgive you for it. It means you've got your payment to make and then in addition to that, you have a separate payment for the months you've fallen behind. Now, while you're making those payments, that means you're in a forbearance plan. So a lot of people are now trying to refinance or sell their home or do different things and they're finding that that forbearance is impacting their credit. If you're one of those people that did a forbearance and are looking to find out what your options are and how this has impacted your home and how it's impacted your credit, give us a call. We'll give you a free personal consultation so you can know exactly what your status is. Now. Number two, guys, we've heard you, there's buyer frustration out there, and Joseph's going to present you guys with two niches that are really going to help you today.

 

New Home Builds

 

Hey everybody. My name is Joseph Portillo. I'm the buyer specialist here at Jose Perez and Associates, and I want to talk to you about buyer frustration. We found two niches that have helped our clients. Number one is new home builds. We've built partnerships with new home builds from LA to Palm Springs, and particularly in Whittier and in Ontario. New home builds is a great opportunity for you as a first-time buyer because you have less competition. And were you aware that with the new home build, you have a 10-year warranty that comes with the home? Also today, one in four people are working from home. That's up significantly from 6% back in 2019. That means that those folks will be upsizing to a larger home and their home would be up for sale, which is perfect for a first-time buyer.

 

Mortgage Rates

 

Number three refinances, I've realized that folks out there don't know how to shop for the best mortgage. Now, guys, this isn't like buying something on OfferUp where you see this pricing and you end up making an offer for a little bit less. You're not bargaining. What you want to do is you want to find the best possible mortgage for your family that's going to benefit you today and benefit you five years from now, 15 years from now, and even 30 years from now. You want to find the best mortgage that's going to be in alignment with your financial plans. So if your lender is not doing a total cost analysis for you, beware. We're doing that for free for our clients. If you guys are interested in finding out what's the best loan option for you, reach out to us directly. Now, interest rates really important that you know, interest rates are still low. They're hovering around 3% and we're expecting them to go a little bit higher. Look at this graph that I'm going to show you guys. Here in the second quarter of 2021, we're expecting rates to be on average 2.92, third quarter 3.02, and fourth quarter 3.07. So as you can see, interest rates are starting to go up a little bit higher, but are still are at record lows.

Now in the first week of March guys, we're going to be uploading our new Home Seller Guide and Home Buyer Guide. So I want you guys to stay tuned and make sure you download that. Until next time, please keep us in mind if you're looking to buy, sell or refinance, we are here for you.

Posted in Market Updates
Jan. 14, 2021

January 2021 Real Estate Update

 

My name is Jose Perez. I'm here to give you an update for the month of January. First, and foremost, Happy New Year. 2021 is here. We're here to talk about three topics. Number one, we're going to talk about recession versus home appreciation. Number two year over year equity gains and what that means to you. And finally, number three, I'm going to take my crystal ball and share with you guys what I think will happen this year of 2021.

 

Recession versus Property Values

 

Number one, last year, we shared a graph with you that showed the last five recessions and what that did to property values. Now we're pretty excited because we're dead on. We have the updated information and as we're getting out of the last recession, we can show you the last six recessions and I can share with you guys confidently that over this last recession, property values still went up 7.3%. Just showing that buying real estate is still a sound investment.

 

Property Values On The Rise In The Long Run

 

Number two, for those buyers working with us now, or those planning to take advantage of homeownership in 2021. I want to share some exciting news with you. Over the next five years, property values are going to continue to go up, and let me give you this example. A home sold at $300,000. Now over the next five years, it will appreciate $54,000. Nowhere else besides real estate, can you get a return that great. In addition, I want to share this chart with you guys that shows last year alone in California, property values went up $34,000, even during a pandemic. That was the second-highest appreciation in the nation.

 

What About Property Values This Year?

 

Number three, I'm gonna take my crystal ball and share with you guys where I think it's going to happen for 2021. Now we take all the experts and we figure out what they think property values are going to do over the next 12 months. Guess what guys? It's pretty much everybody thinks it's going to go, about 6%. I think Southern California is going to be a little higher than that. I particularly think that the second half of the year is going to be crazy for property appreciation. In addition to that interest rates are still at a record low. I think we're going to start going up a little higher, but right around 3% over the next few quarters. If you're thinking about buying a house, do it now, rates are low. You're thinking about refinancing your house, do it now rates are low. If you guys have any questions in regards to buying, selling, or refinancing, please reach out to us at 562-646-6321 or 951-444-5811.

Posted in Market Updates
May 11, 2020

Spring 2020 Buyers Guide

May 11, 2020

Spring 2020 Sellers Guide

Posted in Sellers Tips
March 31, 2020

iBuyers Suspend Programs

Are you familiar with what an iBuyer is?

Zillow Suspends ibuyer program

 

These are buyers that are making instant cash offers, thus the “i” in iBuyer, with flexible terms, usually at a heavily discounted price. Some of the biggest known iBuyers just pulled out from buying real estate last week.

Zillow, Redfin, Opendoor And Realogy Suspend iBuyer Programs As Coronavirus Weakens Housing Market.

This makes for very interesting food for thought. Zillow is a billion dollar company that has gathered great data throughout the years. Why do you think they’ve pulled out? What do they know? If you had that information, would you sell now rather than later?

The following was a great read by Brenda Richardson from Forbes regarding the impact a seller had.

The ripple effect of the iBuying tumult is upsetting people like Jeramiah Dooley, who is trying to sell his two-story townhome in Charlotte, North Carolina. After receiving bids from Zillow, Offerpad and Opendoor, Dooley told Forbes that Zillow made the highest offer on the home, and he signed a contract on January 13. 

“They gave me up to 90 days to close, which was perfect because I am scheduled to actually move on the 30th of this month,” Dooley said. “Then the day before yesterday, I got the same email that looks like everyone else has gotten, basically blaming the latest public health orders issued for a wholesale cancellation of every house that Zillow had under contract to buy.”

Dooley said he was given 48 hours to choose between two options from Zillow: “I could take a check for $5,000. That’s $1,000 in earnest money that they were contractually obligated to pay me for breaking the contract and $4,000 extra for the trouble. Or they would pay for a Realtor to relist the house. They were just going to cancel the contract and walk away.” 

Faced with that dilemma, the father of two said, “I chose the money. I didn’t have any choice. And the $5,000 doesn’t come close to the cost of what I put into getting the house ready to sell as well as what it’s going to cost me now that I have an additional mortgage payment that I have to take care of until I can find someone to buy the townhome.”

He noted, “I understand the financial part of it. I understand that Zillow feels like there is going to be a downturn in the market, and they need to get out from under these contracts now. Even if they have to pay some money to get out, the chances are the houses will be available on the market for less money in the next few months. I understand that. It stinks for me personally, but I understand how the math works.” 

Dooley said he could fully grasp if Zillow had said it would halt any offers that were in the negotiating stage. “But this was a contract that had been in place for almost exactly three months, and then we were less than 10 business days from closing. And we would have never had to have been in the same room,” he pointed out. “The contracts were done. The lawyers could have sent the papers back and forth.”

He said, “What has offended me the most, what I think has insulted me the most is that every step along the way, they have blamed these health orders. They have blamed this on decisions being made by health-care officials. They have blamed this on wanting to protect their employees and customers. They’ve very much latched onto this is a COVID-19 problem to the point where when they sent me the termination agreement, the agreement is called the coronavirus termination agreement, which is insulting. It’s taking this epidemic and using it as air cover for making a financial decision that just ends up screwing every customer that they are trying to do business with.”

Dooley added, “We absolutely could have closed on this house without ever having to break any sort of guidelines around social distancing. And so for Zillow to blame what’s going on from a health-care standpoint for their financial decision to break this contract and put that burden back on me and their customers is really insulting.”

 

References:

 https://www.inman.com/2020/03/23/zillow-suspends-homebuying-in-all-24-zillow-offers-markets/?utm_source=inbriefselect&utm_medium=email&utm_campaign=inbrief&utm_content=784285_textlink_1_20200323

https://www.forbes.com/sites/brendarichardson/2020/03/28/zillow-redfin-opendoor-and-realogy-suspend-ibuyer-programs-as-coronavirus-weakens-housing-market/#5c071c4f5856

Posted in General, Sellers Tips
March 27, 2020

Stimulus Package 2020

 

View More
Posted in General, Market Updates
Dec. 27, 2019

JP Brings Santa 2019

 

JP Brings Santa Recap

 

Every year we like to say thank you to our past clients and future clients. We create a fun event for the whole family with food, raffles, cookie decorating and we even bring Santa Claus so you can create a great family photo for free! Here is a recap of our 2019 event. We look forward to making each year bigger and better.

Posted in General, Holidays
Dec. 9, 2019

Sellers Guide Winter 2020

Dec. 9, 2019

Buyers Guide Winter 2020

Nov. 20, 2019

November 2019 Market Update

 

It's a great day at Jose Perez and Associates. My name is Jose Perez. I'm here to give you an update for the month of November. So there's three topics that I want to talk to you guys about. Number one, if you are looking to buy or sell and you're thinking about holding off until next year, please stay tuned to what I have to say today. Number two, I'd like to give you guys access to the new buyer and seller guides and number three guys, business plan. Are you working on your business plan?

Are you waiting until 2020?

Number one, are you're thinking about waiting until 2020 to buy or sell?  Remember in economics class your senior year, they talked about supply and demand, well bring that thought back to now. So what happens is at the end of the year, most people, start holding off. They get in holiday mode, both buyers, sellers, and even some real estate agents, and they hold off until next year. Here's what happens if you're a seller, and there's less properties on the market, and there's still a high demand of buyers. What happens to your property? It looks more attractive. If you wait until January and you put it on the market, then there's more sellers that are thinking like you. And guess what happens? Now you have more competition because there's more houses on the market. So if you're a seller and you're thinking about selling, give us a call. We will be glad to analyze your particular property to see if it would make sense for you to sell now or wait until January. If you're thinking about buying. Same concept guys. There is going to be more serious sellers right now during the holiday season. There's also less buyers. Come January, you know, new year new me, everybody's new year's resolution to buy a house. You're going to have more competition out there. So if you're thinking about buying, consider that you have less competition during the holidays. Keep that in mind and again, if you're looking to get a strategy session as to when is the best time to buy or sell, give us a call for a personalized consultation. 

Winter Buyer and Seller Guides coming soon!

Number two guys I want to give you guys access to our new buyer and seller guys, we are going to be rolling those out on December 5th so please click on our website and check those out. The winter additions are coming out. 

Need help with your Business Plan?

Lastly guys, I am working on my business plan for 2020 and I'd like to get your help. This December is gonna be 20 years that I've been in the industry. I'm 40 years old, that's half my life, and more and more every year I've depended on my clients, my friends, to refer me business. What I realize is I want to help my friends and my clients accomplish their goals. So if you're working on your business plan and there's something that I can do to help you, please reach out and let me know. Until next time, guys, if you know anybody that might be looking to buy, sell, or invest anywhere from LA to Palm Springs, please give us a call 951-444-5811.