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homebuyer

SOUTHERN CALIFORNIA’S BUSIEST MARKET IN OVER A DECADE

Year-end figures show it was the busiest year for home sales in over a decade years, with the biggest price leap on record. In December of 2021, the median price of a Southern California home hit a record high for the 10th time in the past 12 months, figures reported by DQ News on Friday, Jan. 21.   Sales in December moderated, as they usually do in a typical year. However the total for the year was the highest since 2006. Home prices had an annual gains of 16.3%, not just in December but in 2021, meaning last year had the highest price appreciation rate since 2013. Record high median prices also were recorded in four of the six counties in the region: Los Angeles ($805,000), Orange ($935,000), Riverside ($550,000) and San Bernardino ($485,750). The reasoning for the current state of the housing market in Southern California the demand far out weighs the supply. As well, agents have tagged the three main reasons for 2021’s extreme performance: record-low mortgage rates, record-low for-sale inventory and very high demand, driven by millennials aging into their prime home-buying years. State-wide 72% of home are being sold for above asking price, this is resulting in many potential buyers have turning to renting until the market calms down. …

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Paying your rent on time can help you buy a home

A couple of months ago, government-sponsored entity Fannie Mae allowed lenders to consider rental payment history in their decision to approve a loan. Now, Freddie Mac is joining their lead. The government agency is incentivizing landlords to report on-time rent payments to the three major credit bureaus—Equifax, Experian, and TransUnion. Why is this important? Through the new program, homebuyer credit scores can see a positive boost with up to 24 months of on-time rental payments. Now, True Property Management will be offering this as a service through their new Resident Benefit Package. As a part of the package, True will do positive credit reporting on behalf of their tenants to help boost their credit so, when the time comes, they may qualify to buy a home with a good interest rate. Roughly 17% of rejected mortgage applicants could have been approved if their rental payment history was considered. But so far, less than 10% of renters see their rental history reflected in their credit report. Moves like this can help make homeownership more accessible, especially to first-time buyers. To learn more about the Resident Benefit Package and how renting through True Property Management can help you with your financial and homeownership goals, check out the program …

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