James Y. Kuang Realtor Blog Real Estate San Gabriel Valley Homes For Sale: November 2017

Tuesday, November 21, 2017

Kitchen Updates That Don’t Require a Remodel

If your sellers are looking for ways to improve their kitchen before listing, or if your buyers want to make cost-effective updates to a dated kitchen in their newly purchased home, professional organizer Colleen Klimczak, owner of Peace of Mind Professional Organizing, has five tips.

Install under-cabinet lighting. This simple project is low in cost and leaves a big impact, giving the whole kitchen a beautiful glow. Try LED rope lights that plug into an outlet or battery-operated single lights.
Clear the counters. This is imperative for sellers. Change out the dish drying rack for a smaller dish drain that fits over one side of the sink.
Create kitchen zones. For example, set aside space for a “breakfast zone” where the coffeemaker and toaster sits along with a fresh fruit basket and napkins.
Rethink cabinets. If your clients are considering an update, cabinets that reach the ceiling are an ideal use of space. But if that’s out of the question, clear off the dusty tops and declutter the space so there’s visible storage. Place an indoor, shade-friendly plan to add some life to the space.
Choose one appliance to update. Consider the kitchen space itself and what would have the most impact. If the kitchen opens into a family room, a quieter new dishwasher could be a game changer for some buyers.

SOURCE: DAILY REAL ESTATE NEWS

Any questions or comments, feel free to contact James Y. Kuang at (626) 371-5662 or by email: james.kuang@coldwellbanker.com

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Tuesday, November 14, 2017

Newbie Buyers Make Smaller Down Payments

About 60 percent of first-time home buyers put down 6 percent or less on a home purchase in September. The median down payment has dropped from 6 percent to 5 percent for first-time buyers, according to the National Association of REALTORS®’ 2017 Profile of Home Buyers and Sellers.

But there are still many potential buyers on the sidelines who may be under the impression they need a bigger down payment before they can buy.

NAR conducted a survey of non-homeowners earlier this year and found that most consumers believe you need a down payment of 10 percent or 20 percent to buy a home.

“They may not be aware that these programs are available, and they may not be taking advantage of them,” Jessica Lautz, NAR’s managing director of survey research and communications, said in the latest Down Payment Report, published by the Down Payment Resource.

Thirty-two percent of first-time buyers said they saved for more than two years in order to be able to have enough to buy a home. Student loan debt was the most often cited obstacle to saving. The second most cited barrier for saving was credit card debt.

“Despite widespread access to low down payments, looser lending standards, and mortgage rates that are still historically low, potential first-time buyers are putting off buying a home until conditions improve,” according to The Down Payment Report. “For many of these discouraged young families, rising rents and high levels of debt, especially student loan debt, are keeping them trapped in rentals by making it harder to save for a down payment.”

By September, first-time buyers had showed more signs of pulling back. They comprised just 29 percent of sales, down from 34 percent a year prior. Since 2011, the share of first-time home buyers has been below the historic norm of 40 percent.