George L. Duarte

Mortgage Loans Fremont California Horizon Financial Associates

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Horizon Financial Associates

We are a full-service mortgage brokerage serving the San Francisco East Bay Area in Alameda and Contra Costa counties. We are pleased to be your comprehensive source for all of your home financing needs – from a first home, to investment property, construction loans, cash out refinances, equity lines of credit and reverse mortgages.

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Home Updates That Make Good Multi-Generational Sense

May 30, 2018 by George Duarte

Home Updates That Make Good Multi-Generational SenseMulti-generational households and the growing preference on the part of many retirees toward “aging in place”have altered home design in recent years. Interiors are more open, more functional and more adaptable that they were even a decade ago. Spaces tend to be less formal; living space is better integrated with work space like the kitchen, and rooms tend to serve more than once purpose, both for quiet pursuits and for family gatherings.

Universal Design

Home design has gained a new dimension — planning for the future and for a changing lifestyle. Universal design features and amenities that were once off the radar are now very much the focus. Even younger buyers are tuned in to accessibility concerns. Wider doors and hallways, easy to navigate stairs or single-level living, doorless and curbless showers, motion-activated faucets and lighting — these are just a sampling of what may soon become mainstream in American homes.

Add the popularity of home automation and connectivity, and today’s home is uniquely suited for all ages. If you’re thinking of remodeling an existing home, some of these features are well worth the extra cost. Not only do they offer living options, but they also promise great ROI should you wish to sell.

The New Face Of Home

If you are currently looking for a home to buy, view the existing floor plan with an eye toward modifications that would make it more accessible and multi-generation-friendly. Consider the possibility that you might someday share the home with aging parents or with grown children and grandchildren. 

Integrated “apartments”with separate entrances, “granny pods”or separate guest houses, dual master bedrooms, and “au pair”quarters are just some of the ways to offer future flexibility. They are common across the country, but also across price ranges, as sensible and cost-effective alternatives to home health care or retirement housing. 

Renovate For The Future

Renovations that reflect the changing face of family life are always good choices for return on investment in remodeling. Because the traditional family is no longer the norm, any home that offers such options is desirable. If you have questions about what features are important to buyers in a specific market, speak to a real estate professional about trends that go beyond energy savings and sustainability. 

No matter what choices you make about a home update, rely on professional advice and insist on reliable contractors. There is no substitute for quality materials and first-class work. Whether you’re adding space or rearranging it, planning for your future in the home or hoping to appeal to the right buyer, spending a lot or a little, you won’t go wrong with universal design features. Aging is, after all, a reality that we all face sooner or later.

 

Filed Under: Real Estate Tagged With: Families, Home Updates, Real Estate

What’s Ahead For Mortgage Rates This Week – May 29th, 2018

May 29, 2018 by George Duarte

What’s Ahead For Mortgage Rates This Week – May 29th, 2018Last week’s economic reports included readings on sales of new and previously-owned homes along with weekly readings on mortgage rates and new jobless claims.

Home Sales Lower in April

Sales of new and previously-owned homes were lower in April. The Commerce Department reported sales of new homes at a seasonally-adjusted annual rate of 662,000 sales. New home sales were 1.50 percent lower than for March, but were11.60 percent higher year-over-year.

Analysts expected new home sales to rise to 682,000 sales based on the March reading of 672,000 new homes sold.  Sales of new homes are calculated based on a small sample of sales and are typically subject to adjustment. Year-to date sales were 8.40 percent higher year-over-year.

New home sales were downwardly revised for the past three months, which could indicate a slowing in the market. Higher interest rates and rising home prices may be taking a toll on buyer enthusiasm. Fewer buyers caused the inventory of homes for sale to increase to a 5.40month supply. Real estate pros typically consider a six-month supply of available homes a normal inventory of homes for sale.

Sales of previously owned homes were also lower in April; the National Association of Realtors® reported seasonally-adjusted annual sales of 5.46 million homes as compared to expected sales of 5.50 million and March sales pace of 5.60 million sales of previously-owned homes. While fewer sales can relieve demand and ease rising home prices, it appeared that potential buyers are waiting for more options.

Sales of pre-owned homes were 2.50 percent lower than for March and were 1.40 percent lower year-over-year; this was the second consecutive month for a lower year-over-year sales reading. The inventory crunch of pre-owned homes for sale has reduced the average sales period to decrease to 26 days.

Mortgage Rates Rise, Sideline Buyers and Sellers as New Jobless Claims Rise

Freddie Mac reported the highest average mortgage rates in seven years. 30-year mortgage rates averaged 4.66 percent; rates for a 15-year fixed rate mortgage averaged 4.15 percent and rates for 5/1 adjustable rate mortgages averaged 3.87 percent.

Discount points averaged 0.40 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. Mortgage rates have not risen so fast at the beginning of the year for 40 years. Analysts at Freddie Mac said that home sellers, as well as buyers, may be sidelined as inventories of homes shrink and mortgage rates rise. This could mean that sellers as well as buyers will wait until market conditions and mortgage rates ease.

First-time home buyers accounted for 33 percent of existing home sales; this was lower than the average of 40 percent. First-time buyers are important to real estate markets as their purchases of pre-owned homes enable homeowners to buy their next homes.

New jobless claims rose to 234,000 claims filed as compared to expectations of 219,000 new claims filed. 223,000 new claims were filed the prior week.

What‘s Ahead

This week’s scheduled economic releases include readings from Case-Shiller on home prices, construction spending and pending home sales. ADP and Non-Farm payrolls and the national unemployment rate will also be released.

Filed Under: Financial Reports Tagged With: Home Sales, Jobless Claims, Mortgage Rates

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George L. Duarte

MBA, CMC, CMHS
Call 510.377.9059
Fremont, CA

California DRE Corp Lic no. 01032295
DRE Personal Brokers Lic. No. 00943635
NMLS Corporate Lic. No. 302358
Personal Lic. No. 302219

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