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What will happen in the housing market for the rest of 2023? Here's what expert think Home Prices Home prices will vary by local market. The Good news is, prices are already appreciating again in many areas and the average of the expert forecasts shows positive price growth Mortgage Rates Where mortgage rates go for the rest of the year will depend on inflation. Based on historical trends, rates are likely to ease as inflation continues to cool. Home Sales While low inventory continues to be a challenge in the housing market, experts project 5 million homes will still sell this year. That pace should pick up rates come down. Curious about the upcoming trends in the #housingmarket for the rest of 2023? Take a glimpse at experts' projections for key indicators. The consensus among experts suggests potential growth in home prices, possible decline in mortgage rates, and a robust number of home sales. Interested in delving deeper? Let's get in touch. Contact us through call or email. 626-653-6903 | info@thechouteam.com Free Home Valuation: mikechou.lucidoglobal.com

Are you planning to sell a house in California? Well, get ready and brace yourself for the number of paperwork you will be doing. California has the most complex real estate laws in the country. Sellers need to comply with a lot of legal requirements - and there’s also the contingency removal form which should be prioritized. But what is a contingency? According to Mike Chou, a California real estate agent with 12 years of experience in the industry, a contingency protects the buyer where it allows them to back out without any consequence. Many real estate deals in the US have include contingencies however it’s only in California where you need to complete a contingency removal form in order for the sale to move and close. There are three primary contingencies. First is the inspection contingency where it allows the buyers to check or inspect the house physically and look into its condition. Second is the appraisal contingency which gives freedom to the buyer to back out if the house is appraised to a lower value. On the other hand, in loan contingency, the buyer may back out if they can’t get their loan approved. The use of contingency removal depends on the number of contingencies and the time period in which the buyer needs to sign off. A contingency is already removed after the buyer signs it and the listing agent has already received it. The removal of the contingencies helps the seller but it has to be completed by the buyer. This is why there are times when the removal of the contingency may lapse in time because your buyer’s real estate agent has no enthusiasm to finish it on time. This is also one of the reasons why the agents of the sellers need to be on top of this part of the process. Keeping tabs on the contingency removal forms is a must especially in California. It may be a minor detail in the real estate process but it can cause problems that may cost money and may delay the sale of your home. Thinking of selling your home or have general questions, please contact The Chou Team today at (626) 653-6903 or email at info@thechouteam.com. #starterhometips #realestateblogs #newhomeowner #realestatetips

There are many reasons homeow ners decide to forgo the real estate agent and list their home for sales as an FSBO (For Sale by Owner). FSBO sellers can utilize many of the same national real estate websites used to showcase property online. Most homebuyers start their house search online, so the online listing must showcase the home to generate offers. To sell quickly, one must avoid the common mistakes home sellers make online. Cell Phone Photos – Invest in professional photography. Pictures are the first thing buyers notice and poor-quality shots will prevent the buyer from noticing the home, or even setting up a showing. Responding Slowly – When a potential buyer reaches out, they expect a prompt response. Catching buyers quickly is the best way to move the buying process into the next stage of setting an appointment. Not Paying for Exposure – Regardless of the platform, there is an option to boost the listing to get featured exposure. The fee is a small price to pay to ensure more potential buyers see the home first when they search for properties. Poor Grammar and Misspellings – Always double-check listing information is accurate, clearly explained, and written with proper grammar and spelling. Listing on Only One Platform – More exposure only means more views. Consider all the major real estate platforms and use them all. Selling a home without a real estate agent involves more effort by the homeowner. The homeowner needs to be at every showing, and figure out how to write the contract. It certainly is not for everyone. If you are a FSBO seller and ready to let a real estate agent take over, contact us today! #starterhometips #realestateblogs #newhomeowner #realestatetips

New homebuyers often tell their agents that they are looking for their “starter home.” Several factors go into this approach. These are typically younger buyers, often without children. They may be looking for a maintenance-free home, like a condo, or they might assume that starter homes are more budget-friendly. There are plenty of good reasons to buy a home with the assumption that it’s only for a few years, but it’s usually wise to consider the fact that it might be for much longer. As 2020 demonstrated so clearly, things can change without warning. Homebuyers choosing a small condo with the intention of living in it for only a few years might later find themselves trying to carve out space for children due to employment challenges or market changes. The good news is that many times— once you add in association fees, taxes, and other costs—an older home that needs updating could be just as economical as a brand-new condo with all the latest design features. When buying your first home, it’s important to consider how you would manage if you needed to stay longer than expected. An older home might offer a yard where you could expand, or extra rooms which can become bedrooms. These options can give you flexibility as your lifestyle changes over the years. If you buy your first home with the future in mind, you can protect yourself from the unexpected income changes, real estate price booms, or any other outside influence. Don’t discount the older fixer-upper simply because you plan to move in a few years—plans change, and giving this some prior thought can help you adjust more painlessly in the future. #starterhometips #realestateblogs #newhomeowner #realestatetips