Hoffman Murphy Team Blog

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Rent is more expensive than ever! Rental prices have risen faster recently than in the last 9 years. Studies show that the cost-of-living barometer in Southern California jumped from 3.9% to 4.7% in a 12 month period- the biggest rise since 2007.

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The Sellers Market:

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There are some renters who have not yet purchased a home 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.

As an owner, your mortgage payment is a form of 'forced savings' that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

With a 30-year fixed rate mortgage, you'll have the certainty and stability of knowing what your mortgage payment will be for the next 30 years - unlike rental payments which will continue to rise over the next three decades.

Bottom Line - This year, why not give yourself the gift of home ownership? Lock in your housing costs for the next 30 years and guarantee you are the one building wealth. Additionally, the tax write offs that happen with home owners is not something that renters take advantage of.

Do you want to know if you can qualify to purchase a home? Odds are it is less expensive than you think! We're happy to connect you to a lender that can quickly let you know your buying power and run some scenarios of renting and buying to see what makes the most sense for you.

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We often have buyers and sellers inform us that the Zestimate on Zillow for a home is quite different than the price it is listed for sale. Did you know that the Zestimate can be off on pricing by 20% or more? The reason is that the Zestimate is based on a "proprietary formula" from data given to Zillow from the public and their users, according to Zillow's website. According to the website, the Zestimate also "forecasts" what the property would be worth in a year based on market conditions. The problem we see with this kind of an estimate for the valuation of a home is that it is not based on actual current market data. An appraiser will look at the most recent comparable sold properties within the last 6 months within +/- 300 sq. ft. of the home. They also will only look at properties within the same residential area of the home. The Zestimate may pull data from many different areas to compare and does not look at only recent sales...sometimes from a year out! We believe that the best way to get an accurate evaluation of a home is to talk to your real estate agent who knows the area and can pull up verifiable data on the recent comps of similar properties and also know what is currently happening in the local market with home prices. Relying on a Zestimate is risky and unreliable. In evaluating your largest asset- your home- you owe it to yourself to obtain an accurate and professional evaluation from an experienced agent. An experienced, local Realtor can provide accurate data and up to date, hyper local market information. Our team of professional and experienced real estate agents is available to provide this information at no cost to you.

Are you looking for an accurate valuation of what your home is worth? Contact us today info@hoffmanmurphy.com or 310-939-9393

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