Sd insland hb webinar 12132012

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Sd insland hb webinar 12132012

  1. 1. Home Buying Webinar December 13, 2012 San Diego, CA Presented by: Reina Acuna Follow: @RedfinSanDiego Like: http://www.facebook.com/RedfinSanDiegoSlide 1 of 30
  2. 2. A Little Bit About Who We Are Redfin is a real estate brokerage that has helped over 20,000 people buy or sell a home; 97% would refer us to a friend. ● Customers, not commissions ● Informed decisions ● The right home for the right price No obligation Get back a portion of our commissionSlide 2 of 30
  3. 3. To Buy or Not to BuySlide 3 of 30
  4. 4. Why You Should Buy a Home ● You have a family and need room to grow ● You expect to stay put for 5 or more years ● You want a home that is difficult to rent ● You’re handy & and ready to invest ● You’ve saved up a down paymentSlide 4 of 30
  5. 5. Why You Shouldn’t Buy a Home ● You don’t have a good reason like family or schools ● You can’t afford the down payment ● You can rent for much less ● You plan on moving soon ● You’re worried about job securitySlide 5 of 30
  6. 6. Market ConditionsSlide 6 of 30
  7. 7. Case-Shiller: San Diego v. 20-City 300.00 San Diego 20-City Composite 250.00 200.00 150.00 100.00 50.00 0.00Slide 7 of 55
  8. 8. Case-Shiller – By the Numbers San Diego Up 1.9% year-over-year Peak was November 2005 Down 35% from peak Currently at February 2011 prices 20-City Composite Up 2.0% year-over-year Peak was July 2006 Down 29% from peak Currently at October 2010 pricesSlide 8 of 30
  9. 9. San Diego Nov. Stats for HousesSlide 9 of 30
  10. 10. San Diego Nov. Stats for Houses Tip: Local information can be found for any city, zip or county under “Stats and Trends” from the map page:Slide 10 of 30
  11. 11. National Market Trends Multiple Offers ● More than a Quarter of Listings Still Selling Fast ► For the month of September through October, 27.1% of new listings were under contract in two weeks or less. ► This measure of how competitive the market is for buyers has been holding steady for the last seven months. ► And from here on out, the inventory crunch will only get worse. With the holidays, few sellers will jump into the market now, so supply will keep falling. ► Multiple offers are not only against 3 or 5 buyers, but more like 10, 20 and sometimes even 30 or more ► More on how to tackle multiple offers in a minute…Slide 11 of 30
  12. 12. National Market Trends ● The key metrics across 19 major metropolitan markets are: ► Home prices in September increased 5.4% year over year, and were down 0.8% month over month. ► The number of homes for sale declined 29.3% from September 2011 to September 2012, and by 4.3% since August. ► Home sales increased 4% from last year, and fell 17% since August—a typical seasonal decline. ► The percentage of listings that sold within 14 days of their debut held steady in September at 27%. ► Home prices in September were 5 percent higher than a year earlier.Slide 12 of 30
  13. 13. What Happens After You Find a Home You Love?Slide 13 of 30
  14. 14. What to Ask Any Agent ● Is this your full-time job? ● Familiar with foreclosures or short-sales? ● Where were your last five deals? ● Who else will be working with me? ● Will you show me all properties for sale? ● When am I committed to working with you? ● Has a client ever filed a complaint? ● How are you paid?Slide 14 of 30
  15. 15. Traditional vs. RedfinSlide 15 of 30
  16. 16. Highlights of Redfin’s Site ● Search by zip code or neighborhood ● Saved searches/instant alerts ● Agent notes ● Download results ● Price your home ● Forums ● Home buying guide ● Home inspection guide ● Search by school ● Any questions about the site?Slide 16 of 30
  17. 17. Search by SchoolsSlide 17 of 30
  18. 18. How Touring with Redfin Works ● Up to six homes per tour in two hour blocks ● Go on as many tours as you need ● Led by agent or associate agent ● Need to be verified ● No obligationSlide 18 of 55
  19. 19. We List Homes, Too! ● More people see your home ► Premium placement on Redfin.com ► Mobile apps target on-the-go buyers ► Professional flyers ● You’ll know it all at every step ► Email all buyers who see your home ► See how many people have viewed your home ► Advise you at every step in the processSlide 19 of 30
  20. 20. MortgagesSlide 20 of 30
  21. 21. Getting Pre-Approved A pre-approval letter is a letter from a bank or a lender estimating how much theyll lend you ● Establishes what you can afford & makes offer process go faster ● Good for 90 days, depending on lender ● Ask for a few different amounts ● Redfin asks that you get pre-approved before your third tour ● Similar, yet different from pre-qualification Information needed: ● W-2, two pay-stubs, tax returns, bank statementsSlide 21 of 30
  22. 22. Organize Your Assets ● Get ready for the down payment ● Cash accounts (liquid funds) ● 401k, stocks, other investments ● Gift funds? (max. allowed varies) ● Move funds around earlySlide 22 of 30
  23. 23. Review Your Debt ● Pull credit report, look for errors ● Figure out how much monthly income goes towards debt: 28 – 33% healthy ● Pay down credit balances to 1/3rd ● Don’t open any new lines of credit ● Don’t buy any big ticket items ● Co-borrower will need to do the sameSlide 23 of 30
  24. 24. Start Shopping for Lenders Compile a list of 3-4 lenders & brokers Good sources include: ● Redfins partner lenders ● Referrals from friends, family & co-workers ● Banks or credit unions you have accounts at ● A large, national bank with an advertised rate ● Your real estate agent ● Online review sites, such as YelpSlide 24 of 30
  25. 25. Local Recommended Lenders *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!Slide 25 of 30
  26. 26. Types of Loans ● Conventional: ► As low as 5% down ► Fixed or adjustable rates, conforming or non-conforming ● Federal Housing Administration Loan (FHA): ► Always have mortgage insurance ► Buyers need only a 3.5% down payment ● VA Guaranteed Loan: ► Veterans, active duty personnel, reservists/national guard, surviving spouses ► No down paymentSlide 26 of 30
  27. 27. Where Are Rates Headed? Type of Loan November 15, 2012 November 21, 2012 30-Year Fixed 3.34% 3.31% 15-Year Fixed 2.65% 2.63% 5/1 ARM 2.74% 2.74% 1-Year ARM 2.55% 2.56%Slide 27 of 30
  28. 28. Where Are Rates Headed?Slide 28 of 30
  29. 29. Comparing Loan Estimates ● Gather loan estimates ► A minimum of three, more is better ► These aren’t final numbers, but within a few thousand dollars ► Compare similar loans Program (FHA, conventional) Timeframe (same day) ● Compare costs side-by-side ► Discount & origination points ► Interest rates ► Insurance premiums (FHA, PMI) ► APR (interest rates + fees + points + PMI)Slide 29 of 30
  30. 30. Make Your Decision ● When possible, get a loan commitment ● Make alternative funds liquid (401k, stock) Good news! Loan payments are made in arrears, so your first loan payment won’t be for two months.Slide 30 of 30
  31. 31. Next Steps • Check out our agents and their reviews • Study the inventory and houses in your areas • Go out on Tour with us, no obligation • Ask a lot of questions and see a lot of houses • Email us: reina.acuna@redfin.com • Check the events page for upcoming classes • Go back to work!Slide 31 of 30

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