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Lowest Mortgage Rates in History-What It Means for Homeowners and Buyers

Lowest Mortgage Rates

Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers
Lowest Mortgage Rates
In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.3

Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012.3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.4

So what’s causing today’s rates to sink to unprecedented lows? Economic uncertainty.

Mortgage rates generally follow bond yields, because the majority of U.S. mortgages are packaged together and sold as bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. Increased demand has driven bond yields—and mortgage rates—down.5

However, according to National Association of Realtors Chief Economist Lawrence Yun, “the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities.” According to Yun, “we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed’s stance.”6

HOW DO LOW MORTGAGE RATES BENEFIT CURRENT HOMEOWNERS?

 Low mortgage rates increase buyer demand, which is good news for sellers. But what if you don’t have any plans to sell your home? Can current homeowners benefit from falling mortgage rates? Yes, they can!

A growing number of homeowners are capitalizing on today’s rock-bottom rates by refinancing their existing mortgages. In fact, refinance applications have surged over the past few months—and for a good reason.7 Reduced interest rates can save homeowners a bundle on both monthly payments and total payments over the lifetime of a mortgage.

The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.

 Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage

 

Loan Amount 4.0% 3.0% Monthly Savings Savings Over 30 Years
$100,000 $477 $422 $55 $20,093
$200,000 $955 $843 $112 $40,184
$300,000 $1,432 $1,265 $167 $60,277
$400,000 $1,910 $1,686 $224 $80,368
$500,000 $2,387 $2,108 $279 $100,461

Be sure to factor in any prepayment penalties on your current mortgage and closing costs for your new mortgage. For a refinance, expect to pay between 2% to 5% of your loan amount.8 You can divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use an online refinance calculator. For a more precise calculation of your potential savings, we’d be happy to connect you with a mortgage professional in our network who can help you decide if refinancing is a good option for you.

HOW DO LOW MORTGAGE RATES BENEFIT HOME BUYERS?

We’ve already shown how low rates can save you money on your mortgage payments. But they can also give a boost to your budget by increasing your purchasing power. For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000.

Now let’s assume the mortgage rate falls to 4.0%. At that rate, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment. That’s a budget increase of $35,000!

If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month. That’s $76,000 over your original budget! All because the interest rate fell by two percentage points. If you’ve been priced out of the market before, today’s low rates may put you in a better position to afford your dream home.

On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighborhood. So if you’re planning to move, don’t miss out on the phenomenal discount you can get with today’s historically-low rates.

HOW LOW COULD MORTGAGE RATES GO?

No one can say with certainty how low mortgage rates will fall or when they will rise again. A lot will depend on the trajectory of the pandemic and subsequent economic impact.

Forecasters at Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.9,10 However, economists at Fannie Mae expect them to dip even lower to an average of 2.8% next year.11

Still, many experts agree that those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. “With rates now at all-time historic lows, it’s hard to imagine that people may be holding out for something even better,” warns Paul Buege, president and COO of Inlanta Mortgage.12 Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.

HOW CAN I SECURE THE BEST AVAILABLE MORTGAGE RATE?

Lowest Mortgage Rates in History

While the average 30-year mortgage rate is hovering around 3%, you can do a quick search online and find advertised rates that are even lower. But these ultra-low mortgages are typically reserved for only prime borrowers. So what steps can you take to secure the lowest possible rate?

  1. Consider a 15-Year Mortgage Term

 Lock in an even lower rate by opting for a 15-year mortgage. If you can afford the higher monthly payment, a shorter mortgage term can save you a bundle in interest, and you’ll pay off your home in half the time.13

  1. Give Your Credit Score a Boost

The economic downturn has made lenders more cautious. These days, you’ll probably need a credit score of at least 740 to secure their lowest rates.14 While there’s no fast fix for bad credit, you can take steps to help your score before you apply for a loan:15

  • Dispute inaccuracies on your credit report.
  • Pay your bills on time, and catch up on any missed payments.
  • Hold off on applying for new credit.
  • Pay off debt, and keep balances low on your credit cards.
  • Don’t close unused credit cards (unless they’re charging you an annual fee).
  1. Make a Large Down Payment

 The more equity you have in a home, the less likely you are to default on your mortgage. That’s why lenders offer better rates to borrowers who make a sizable down payment. Plus, if you put down at least 20%, you can avoid paying for private mortgage insurance.

  1. Pay for Points

Discount points are fees paid to the mortgage company in exchange for a lower interest rate. At a cost of 1% of the loan amount, they aren’t cheap. But the investment can pay off over the long-term in interest savings.

  1. Shop Around

 Rates, terms, and fees can vary widely amongst mortgage providers, so do your homework. Contact several lenders to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.16

 

READY TO TAKE ADVANTAGE OF THE LOWEST MORTGAGE RATES IN HISTORY?

 

Mortgage rates have never been this low. Don’t miss out on your chance to lock in a great rate on a new home or refinance your existing mortgage. Either way, we can help.

 

We’d be happy to connect you with the most trusted mortgage professionals in our network. And if you’re ready to start shopping for a new home, we’d love to assist you with your search—all at no cost to you! Contact us today to schedule a free consultation.

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

  1. CNN Business –
    https://www.cnn.com/2020/07/16/success/30-year-mortgage-rates-record-low/index.html
  2. Freddie Mac –
    http://www.freddiemac.com/pmms/pmms30.html)
  3. Value Penguin –
    https://www.valuepenguin.com/mortgages/historical-mortgage-rates
  4. Federal Reserve Bank of St. Louis –
    https://fred.stlouisfed.org/graph/?g=NUh
  5. Bankrate –
    https://www.bankrate.com/mortgages/how-interest-rates-are-set/
  6. Washington Post –
    https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/
  7. Yahoo! Finance –
    https://finance.yahoo.com/news/mortgage-refinancing-makes-big-comeback-151500346.html
  8. Bankrate –
    https://www.bankrate.com/mortgages/is-no-closing-cost-for-you/
  9. Freddie Mac June 2020 Quarterly Forecast –
    http://www.freddiemac.com/fmac-resources/research/pdf/202006-Forecast.pdf
  10. Mortgage Bankers Association Mortgage Market Forecast July 15, 2020 –
    https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary
  11. Fannie Mae July 2020 Housing Forecast –
    https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_071420.pdf
  12. Washington Post –
    https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/
  13. Investopedia –
    https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp
  14. Money –
    https://money.com/mortgage-rates-below-three-percent/
  15. Experian –
    https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/improve-credit-score/
  16. Equifax –
    https://www.equifax.com/personal/education/credit/report/understanding-hard-inquiries-on-your-credit-report/
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Is Now a Good Time to Buy or Sell Real Estate in Palm Springs?

Is Now A Good Time to Sell My Palm Springs House?

Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.1

Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.2

But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?

Before you decide, it’s important to consider where the housing market is headed, how it could impact your timeline and ability to buy a home, and your own individual needs and circumstances.

WHAT’S AHEAD FOR THE HOUSING MARKET?

The economic aftermath of the coronavirus outbreak has been severe. We’ve seen record  unemployment numbers, and economists believe the country is headed toward a recession. But people still need a place to live. So what effect will these factors have on the housing market?

Home Values Projected to Remain Stable

Many Americans recall our last recession and assume we will see another drop in home values. But the 2008 real estate market crash was the cause—not the result—of that downturn. In fact, ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that home prices actually went up in most cases. Only twice (in 1990 and 2008) did prices fall, and in 1990 it was by less than one percent.

Many economists expect home values to remain relatively steady this time around. And so far, that’s been the case. As of mid-May, the median listing price in the U.S. was up 1.4% from the same period last year.4 

Demand for Homes Will Exceed Available Supply

There’s been a shortage of affordable homes on the market for years, and the pandemic has further hindered supply. In addition to sellers pulling back, new home starts fell 22% in March.5 In fact, Fannie Mae doesn’t foresee a return to pre-pandemic construction levels before the end of 2021.6

This supply shortage is expected to prop up home prices, despite recessionary pressures. Fannie Mae and the National Association of Realtors predict housing prices will rise slightly this year7, while Zillow expects them to fall between 2-3%.8 Still, that would be a far cry from the double-digit declines that occurred during the last recession.9 

Government Intervention Will Help Stabilize the Market 

Policymakers have been quick to pass legislation aimed at preventing a surge in foreclosures like we saw in 2008. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress gives government-backed mortgage holders who were impacted by the pandemic up to a year of reduced or delayed payments.10

The Federal Reserve has also taken measures to help stabilize the housing market, lower borrowing costs, and inject liquidity into the mortgage industry. These steps have led to record-low mortgage rates that should help drive buyer demand and make homeownership more affordable for millions of Americans.11

HOW HAS THE REAL ESTATE PROCESS CHANGED? 

As the pandemic hit, real estate and mortgage professionals across the country revised their processes to adapt to shifting safety standards and economic realities. While these new ways of conducting business may seem strange at first, keep in mind, military clients, international buyers, and others have utilized many of these methods to buy and sell homes for years.

New Safety Procedures

The safety of our clients and our team members is our top priority. That’s why we’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.

For our listings, we’re holding online open houses, offering virtual viewings, and conducting walk-through video tours. We’re also using video chat to qualify interested buyers before we book in-person showings. This enables us to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.

Likewise, our buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? We can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.

The majority of our “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer. 

Longer Timelines and Higher Mortgage Standards

The real estate process is taking a little longer these days. Both buyers and sellers are more cautious when it comes to viewing and showing homes. And with fewer house hunters and less available inventory, it can take more time to match a buyer with the right property.

In a recent survey, 67% of Realtors also reported delays in the closing process. The top reasons were financing and buyer job loss, but appraisals and home inspections are also taking more time due to shifting safety protocol.12

Securing a mortgage may take longer, too. With forbearance requests rising, lenders are getting increasingly conservative when it comes to issuing new loans. Many are raising their standards—requiring higher credit scores and larger down payments. Prepare for greater scrutiny, and build in some extra time to shop around.13 

IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

Is Now the Right Time to Move?The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

Why do you want or need to move?

It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.

However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis. 

How urgently do you need to complete your move? 

If you have a new baby on the way or want to be settled before schools open in the fall, we recommend that you begin aggressively searching as soon as possible. With fewer homes on the market and a lengthier closing process, it’s taking longer than usual for clients to find and purchase a home.

However, if your timeline is flexible, you may be well-positioned to score a deal. We’re seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to us about setting up a search so we can keep an eye out for any bargains that pop up. And get pre-qualified for a mortgage now so you’ll be ready to act quickly.

If you’re eager to sell this year, now is the time to begin prepping your home for the market. A second wave of infections is predicted for the winter, which could mean another lockdown.14 If you wait, you might miss your window of opportunity. 

How long do you plan to stay in your new home?

The U.S. real estate market has enjoyed steady appreciation since 2012, which made it fairly easy for owners and investors to buy and sell properties for a profit in a short period of time. However, with home values expected to remain relatively flat over the next year, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, at today’s rock-bottom mortgage rates, you can lock in a low interest rate and start building equity right away.

Can you meet today’s higher standards for securing a mortgage?

Mortgage lenders are tightening their standards in response to the growing number of mortgage forbearance requests. Many have raised their minimum credit score and downpayment requirements for applicants. Even if you’ve been pre-qualified in the past, you should contact your lender to find out if you meet their new, more stringent standards.

Is your income stable?

If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.

WHEN YOU’RE READY TO MOVE—WE’RE READY TO HELP

While uncertain market conditions may give pause to some buyers and sellers, they can actually present an opportunity for those who are willing, able, and motivated to make a move.

Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s record-low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.

If you’re hoping to sell this year, you’ll have fewer listings to compete against in your neighborhood and price range. But you’ll want to act quickly. Economists expect a surge of eager buyers to enter the market in July—so you should start prepping your home now. And keep in mind, a second wave of coronavirus cases could be coming in this winter. Ask yourself how you will feel if you have to face another lockdown in your current home.

Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. We can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

  1. Forbes – https://www.forbes.com/sites/ellenparis/2020/05/08/latest-housing-market-update-from-realtorcom/#20bf7829113e
  2. HousingWire –
    https://www.housingwire.com/articles/realtor-com-housing-market-will-bounce-back-this-year-but-the-rebound-will-be-short-lived/
  3. Curbed –
    https://www.curbed.com/2019/1/10/18139601/recession-impact-housing-market-interest-rates
  4. com –
    https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-9-2020/
  5. com –
    https://money.com/coronavirus-real-estate-home-prices/
  6. Fannie Mae –
    https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_051320.pdf
  7. HousingWire –
    https://www.housingwire.com/articles/pending-home-sales-tumble-on-covid-19-shock/
  8. HousingWire –
    https://www.housingwire.com/articles/zillow-predicts-small-home-price-drop-through-rest-of-2020/
  9. Federal Reserve Bank of St. Louis –
    https://fred.stlouisfed.org/series/CSUSHPINSA
  10. Consumer Financial Protection Bureau –
    https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/
  11. Bankrate –
    https://www.bankrate.com/mortgages/federal-reserve-and-mortgage-rates
  12. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/documents/2020-05-11-nar-flash-survey-economic-pulse-05-14-2020.pdf
  13. Forbes –
    https://www.forbes.com/sites/alyyale/2020/04/17/buying-a-home-during-the-pandemic-dont-expect-your-everyday-home-purchase/#fadad3d33b0c
  14. Washington Post –
    https://www.washingtonpost.com/health/2020/04/21/coronavirus-secondwave-cdcdirector/

 

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20 Ways to SAVE Money and Stretch You Household Budget

20 Ways to Save Money

Household Budget TipsThese days, it seems like everyone’s looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.

 

 

Here are 20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.

 

  1. Refinance Your Mortgage – For prime borrowers, mortgage rates are at or near historic lows. Depending on your current mortgage rate and the terms you choose, refinancing could save you a sizable amount on your monthly payments. There are fees and closing costs associated with refinancing, so you’ll need to talk to your lender to find out if refinancing is a good option for you.

 

  1. Evaluate Your Insurance Policies – If it’s been a while since you priced home or auto insurance, it may be worthwhile to do some comparison shopping. Get quotes from at least three insurers or independent agents. Try bundling your policies to see if there’s a discount. And inquire about raising your deductible, which should lower your premium.1

 

  1. Bundle Cable, Phone, and Internet – You can also save money by bundling your cable, phone, and internet services together. Shop around to see who is willing to give you the best deal. If switching is too much of a hassle, ask your current provider to match or beat their competitor’s offer.

 

  1. Better Yet, Cut the Cord on Cable – In many cases, you can save even more if you cancel your cable subscription altogether. An antenna should give you access to the major stations, and many of your favorite shows are probably available on-demand through a less expensive streaming service subscription.

 

  1. Revisit Your Wireless Plan – You can often save by switching from a big brand to an independent, low-cost carrier. If that’s not feasible, ask your current provider for a better deal or consider downgrading to a cheaper plan.

 

  1. Adjust Your Thermostat – Turning your thermostat up or down a few degrees can have a noticeable impact on your monthly heating and cooling costs. To maximize efficiency, change your filters regularly, and make sure your windows and doors are well insulated.

 

  1. Use Less Hot Water – After heating and cooling, hot water accounts for the second largest energy expense in most homes.2 To cut back, repair any leaks or dripping faucets, install low-flow fixtures, only run your dishwasher when full, and wash clothes in cold water when possible.

 

  1. Lower Overall Water Consumption –   To decrease your water usage, take shorter showers, and turn off the sink while you brush your teeth and wash your hands. All of our local Coachella Valley water agencies can provide assistance and tips for using less water and reducing your water bill here in the Palm Springs area. If you don’t have a low-flow toilet, retrofit your current one with a toilet tank bank or fill cycle diverter. And irrigate your lawn in the morning or evening to minimize evaporation.

 

  1. Conserve Electricity – Save electricity by shutting off your computer at night and installing energy-efficient LED light bulbs. You can minimize standby or “vampire” power drain by utilizing power strips and unplugging idle appliances.4

 

  1. Purchase a Home Warranty – While there is an upfront cost, a home warranty can provide some protection and peace of mind when it comes to unexpected home repair costs. Most plans provide coverage for major systems (like electrical, plumbing, and HVAC) and appliances (such as your dishwasher, stove, or refrigerator).

 

  1. Outsource Less – From lawn care to grocery shopping to minor home repairs, we pay people to do a lot of things our parents and grandparents did themselves. To save money, try cutting back on the frequency of these services or taking some of them on yourself.

 

  1. Prepare Your Own Meals – It costs nearly five times more to have a meal delivered than it does to cook it at home.5 And home cooking doesn’t just save money; it’s healthier, cuts down on calorie consumption, and can offer a fun activity for families to do together.

 

  1. Plan Your Menu in Advance – Meal planning is deciding before you shop what you and your family will eat for breakfast, lunch, and dinner. It can help you lower your overall food bill, eliminate waste, and minimize impulse purchases. When possible, buy produce that is in season, and utilize nutrient-rich but inexpensive protein sources like eggs, beans, ground turkey, and canned tuna.

 

  1. Plant a Garden – You can save even more on produce by growing it yourself. If you have space in your yard, start-up costs are relatively minimal. Gardening can be a rewarding and enjoyable (not to mention delicious) hobby for the whole family. And it could save you around $600 per year at the grocery store!6

 

  1. Review Memberships and Subscriptions – Are you paying for services and subscriptions you no longer need, want, or can utilize? Determine if there are any that you should suspend or cancel.

 

  1. Give Homemade Gifts – Who wouldn’t appreciate a scratch birthday cake or tin of cookies? And if you enjoy crafting, Pinterest and Instagram are full of inspiring ideas. Show your recipient how much you care with a homemade gift from the heart.

 

  1. Minimize Your Debt Payments – The best way to reduce a debt payment is to pay down the balance. But if that’s not an option right now, try to negotiate a better interest rate. If you have a good credit score, you may be able to qualify for a balance transfer to a 0% or low-interest rate credit card. Keep in mind, the rate may expire after a certain period—so be sure to read the fine print.

 

  1. Get a Cash-back Credit Card – If you regularly pay your credit card balance in full, a cash-back credit card can be a good way to earn a little money back each month. However, they often come with high-interest rates and fees if you carry a balance. Commit to only using it for purchases you can afford.

 

  1. Ask for Deals and Discounts – It may feel awkward at first, but becoming a master haggler can save you a lot of money. Many companies are willing to negotiate under the right circumstances. Always inquire about special promotions or incentives. See if they are able to price match (or beat) their competitors. And if an item is slightly defective or nearing its expiration date, ask for a discount.

 

  1. Track Your Household Budget – One of the most effective ways to reduce household expenses is to set a budget—and stick to it. A budget can help you see where your money is going and identify areas where you can cut back. By setting reasonable limits, you’ll be able to reach your financial goals faster.

 

 

Want more help getting a handle on your finances? Use the budget worksheet below to track income and expenses—and start working towards your financial goals today! Please reach out to me for a downloadable version.

 

HOUSEHOLD BUDGET WORKSHEET
  Expected Actual Difference
HOUSING
Mortgage/taxes/insurance or Rent
Utilities (electricity, water, gas, trash)
Phone, internet, cable
Home maintenance and repairs
FOOD
Groceries
Restaurants
TRANSPORTATION
Car payment/insurance
Gas, maintenance, repairs
OTHER
Health insurance
Clothing and personal care
Childcare
Entertainment
Gifts and charitable contributions
Savings, retirement, college fund
INCOME
Salary/wages
Tips and other
MONTHLY TOTALS
Total Actual Income
Total Actual Expenses
ADDITIONAL SAVINGS

 

 

WE’RE HERE TO HELP

We would love to help you meet your financial goals. Whether you want to refinance your mortgage, save up for a down payment, or simply find lower-cost alternatives for home repairs, maintenance, or utilities, we are happy to provide our insights and referrals. And if you have plans to buy or sell a home this year, we can discuss the steps you should be taking to financially prepare. Contact us today to schedule a free consultation!

 

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

 

 

Sources:

 

  1. Insurance Information Institute –
    https://www.iii.org/article/twelve-ways-to-lower-your-homeowners-insurance-costs
  2. Department of Energy –
    https://www.energy.gov/energysaver/water-heating/reduce-hot-water-use-energy-savings
  3. Money Crashers –
    https://www.moneycrashers.com/ways-conserve-water/
  4. Harvard University –
    https://green.harvard.edu/tools-resources/poster/top-5-steps-reduce-your-energy-consumption
  5. Forbes –
    https://www.forbes.com/sites/priceonomics/2018/07/10/heres-how-much-money-do-you-save-by-cooking-at-home/#2c53b2f35e54
  6. Money –
    https://money.com/gardening-grocery-savings/

 

 

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Moving to Palm Springs – 6 Steps to Make Your Move Easier and Smoother!

Moving to Palms Springs - 6 Tips to make your move to Palm Springs Easier.

Moving to Palm Springs California – 6 Steps to Make Your Move Easier! Thinking of Moving to Palm Springs?

We’ve helped lots of people move here and have suggestions to make your move to Palm Springs as easy and stress free as possible.

We want to make the Moving to Palm Springs and Buying in Palm Springs the best experience it can be. Follow this 6 Step Plan to make your moving to Palm Springs as smooth as possible.

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Neal Nussbaum Call/Text Direct: 760-895-1868

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Thinking of Moving to Palm Springs? The Best Neighborhoods Palm Springs Has to Offer

Thinking of moving to Palm Springs? People are always talking about the many and desirable Palm Springs neighborhoods, but where are they? Let’s take a time out and find out where the best neighborhoods Palm Springs has to offer are!

My name is Neal Nussbaum and my colleague Stephen and I are going to take you through a tour of some of Palm Springs best neighborhoods. Palm Springs has many different areas with homes ranging from our well-known mid century architecture to more moderately priced homes all the way up to upscale luxury properties and the locations vary. We think of Palm Springs as three different areas, Palm Springs, north, Palm Springs, central and Palm Springs South. All three areas have different pluses and minuses, so let’s get started. 

Desert park estates: it’s a neighborhood made up of a diverse mix of housing styles, and building started here in the 1950’s and it continues today. This neighborhood also contains many mid century type homes and the home prices here range from the 350,000 price range all the way up to a million to a million and a half dollars.

Old Las Palmas, some of Palm Springs most stately homes and grand estates are here. Many of these were built by Hollywood movie producers and movie stars. One famous home here is Rancho Autry, former residents of America’s favorite singing cowboy gene Autry. Most of these homes are surrounded by lush landscaping with historical architectural splendor. Old Las Palmas is located between the San Jacinto mountain and downtown Palm Springs. Price ranges on these homes start a little over a million and go up as high as 20 million. 

Ruth Hardy park: this area is fairly close to the desert regional hospital complex. This area has a mix of small homes plus larger fence to States. And, of course the popular Ruth Hardy park is in the neighborhood as well. One home here was owned by Lucille ball and Desi Arnaz. Homes in this neighborhood range from about 500,000 all the way up to between two to $3 million as senior Palm Springs. This is a 450 acre plan community, but the Jack Nicholas golf course and the asina lounge and grill. These are all newer, larger homes having been built in the past few years. Pacino homes are noted for their great blend of desert views and architectural styles. Most homes have their own pool and some have to see this. The scene is close to the Palm Springs airport but has little airport noise prices ranging from 600,000 up to about a million 0.2. 

Andres Hills is located in the South part of Palm Springs in the Indian canyons. These are some of the newest homes in the South Palm Springs area. It’s a quiet and peaceful area and many of the homes have spectacular mountain views. The prices range from around 800,000 all the way up to $8 million. Some of the condos, however, are less expensive. 

The Movie Colony, along with old Las Palmas, the Movie Colony was also named for all the movie stars, producers and directors that have owned and still own homes today in this neighborhood. Some of these homes and gated property state back to the 1930s. Frank Sinatra’s first Palm Springs home was called twin Palms. It was designed by desert architect E Stuart Williams. Homes here in the Palm Springs movie colony range from about 1 million up to 5 million.

The Historic Tennis Club: area hugging the mountains just West of downtown Palm Springs. This area is also a mix of many Palm Springs small boutique hotels and it’s great if you want to be close to downtown Palm Springs. 

Deepwell prime Palm Springs neighborhood in Palm Springs third most important celebrity neighborhood. It has some larger homes and many with lush landscaping and Palm trees. The home behind me was once owned by film and TV legend, Loretta young. Deepwell is close to fine dining and shopping and is almost Winfrey most of the time. Many of these homes have been recently upgraded over the last few years. Price ranges here from 500,000 up to about 2 million

Park Andreyes, Bella Monte, Monte Sereno – these are all newer, larger homes in new neighborhoods in South Palm Springs. These neighborhoods have a mix of full time and part time residents. Homes in these neighborhoods, but bugger trail range from 800,000 all the way up to three to $4 million. 

The warm sands neighborhood is located just East of downtown Palm Springs. This area is a diverse mix of architectural styles including homes and condos and also boutique small hotels. Most of the boutique hotels that were originally built still exist, although the names of tank. Prices range here from the mid five hundreds up to about 2 million. 

The Mesa is located South of downtown Palm Springs and it’s right up next to the mountains. It’s also a favorite area for celebrities and no two homes in the Mesa are exactly alike. It’s a great area that really overlooks all the Palm Springs. Sonny bono of Sonny and Cher fame used to live in a home here. Sonny was also the former mayor of Palm Springs and then later our local Congressman. These homes in the Mesa had great views and they range from $750,000 all the way up to $30 million.

Los Palmas is  located between old Las Palmas and the San Jacinto mountain. There are many homes in this neighborhood and many of these were built in the 1950s and 1960s and many are now being upgraded. Many of the homes in this neighborhood sell from about 500,000 all the way up to about $3 million.

Indian canyons is home to one a Palm Springs oldest and well known golf courses, the Indian tannins golf course. It’s also near the smoke tree stables and is the gateway to the Indian canyons on the Southeast side of Palm Springs. Many of these homes have been recently renovated and are contemporary and design ranging from about 700,000 up to about 3 million. 

The racket club, known as the racket club, is actually the North gateway to Palm Springs. It runs very close to the old pony expressway into Palm Springs. This historic neighborhood takes its name from the racquet club hotel and resort, which was founded by Charles Farrell and the actor Ralph Bellamy. This home has a wide variety of architectural styles and the prices range from around 400,000 all the way up to $3 million. 

Chino Canyon and little Tuscany is West of the racket club and fairly close to the Palm Springs aerial tramway. It’s a mixture of large homes and different architectural styles. Many of these homes have large boulders and they’re incorporated into the landscape. The King of rock and roll, Elvis Presley loved Palm Springs and Palm Springs loved Elvis and incidentally, Elvis bought this home from Dick McDonald, one of the brothers that founded the McDonald’s hamburger chain. Homes here in Chino Canyon and little Tuscany ranged from about 500,000 all the way up to about $3 million.

So, there you have it, a brief tour of some of Palm Springs best neighborhoods. If you’d like more information about these and any other Palm Springs neighborhoods, be sure to let us know. Both of us can help you with that information.