Whittier Real Estate and Community News

We sell homes from L.A. to Palm Springs and we're based out of Whittier, CA. As a real estate agent Jose Perez and Associates offers insights and updates into the housing market in Whittier, Downey, Pico Rivera, Norwalk, Pomona, Chino, Chino Hills, Ontario, Eastvale, Norco, Corona, Riverside, Covina, and West Covina.

April 16, 2021

April 2021 Real Estate Update



It's a great day at Jose Perez and Associates. My name is Jose Perez here to give you an update for the month of April. Three topics I want to share with you guys today. So one, we're getting a lot of people asking us, should I add to my house? Should I make improvements or should I just sell and have a house that already has everything. That's one hot topic. Hot topic, number two why are people making these high offers? Should I even buy it right now? Joseph's going to share with you guys some great news on that. And number three, if you're thinking about selling your house and moving to the next one, and you don't want to be left homeless, we have nine strategies on how to do that safely. Stay tuned for that.

Do I Need An Addition Or A New House?

Welcome back. So, first off, if you're thinking about adding to your house, maybe creating a new office or a little school for your kids, we have options for that. You're weighing that out versus buying a bigger house that already has that built-in. Here's the beauty as a certified mortgage advisor and a broker with 21 years of experience, we have the ability to look at both options and see what makes sense for you. Sometimes in the market, we're in right now, the cost of construction is going up. So we want to explore the options and comparing contrast whether it's worth it for you to do a cash-out refinance, to have the funds to add to your property, or if it's easier for us to go out and find you a bigger home that already has those amenities. So if that's you give us a call so we can look at that directly.

Should I Put In An Above Asking Price Offer?

Hey, everybody, Joseph Portillo here with Jose Perez and Associates and I want to share with you some thoughts about buying a home. If you're on the fence about buying a home because it's competitive and you're hearing people writing offers over the asking price, and you think it's crazy. I want to share with you why it's not crazy. In California, the average appreciation price for homes last year was $55,000. That means that for some people writing offers 15 to $25,000 over the asking price, they're getting their money back and then some in a 12 month period. So in addition, you're able to secure some of the lowest interest rates we've seen in a long time. So people aren't crazy, people are just banking on appreciation, going up and it continuing to do so.

What Option Will You Use To Sell Your Home?

Number three, guys, if you're looking to sell your house and buy your next home, and you're afraid of being homeless, I just want you to know we have nine options that you can pick from now. I'm just going to give you two for today. The rest you have to call for. So number one is we sell your property contingent. That means there's a condition contingent on you finding that perfect replacement home. Or number two, a bridge loan. As a lender we have so many different options with lenders out there and a bridge loan will allow you to use your current equity so that you can get into your next home without being contingent. So if you're thinking about buying, selling refinancing, or just want to get an assessment of your equity position, give us a call today at 562-646-6321. We look forward to serving you next.

Posted in Market Updates
March 15, 2021

March 2021 Real Estate Update

It's a great day at Jose Perez and Associates. My name is Jose Perez. I'm here to give you an update for the month of March. We have three topics I want to talk to you about today. Number one, are we in a bubble? Have you heard of anybody talking about that? Number two interest rates are on the rise. How does that impact you? And number three, what are the benefits of homeownership? We're going to cover that today. So stay tuned for that.


Are We In A Bubble?


Welcome back. So, number one, are we in a bubble? Do you have a parent, a friend, a family member, somebody that might have PTSD from 2008 when we had that market crash, that has told you, "Hey guys, we're in a bubble. You shouldn't buy." We're hearing that a lot lately guys and we're trying to decipher the information so that you can make an informed decision. Now, I want you to take a look at this chart. This chart here shows us the four years leading up to 2006. When everything began, if you can see 2002, 2003, 2004, and 2005, the average appreciation across the country was 10.3%. If we look at the last four years, we're averaging 6.3%. That's a 4% difference that shows you that we are not in a bubble. In addition, the type of financing that's being provided today is really verifying everything. Making sure that everybody truly qualifies for their mortgage. So guys, when you hear these things out there, the naysayers, remember we are not in a bubble.


Interest Rates On The Rise


Hey everybody, my name is Joseph Portillo. I'm the buyer's specialist here at Jose Perez and Associates, and I want to share with you, the interest rates are on the rise and how that impacts you as a buyer. Number one, when interest rates go up, your buying power goes down, meaning you qualify for less. And number two, that can affect your monthly mortgage payment going up. So when you're buying a home, you're locking in that rate for 30 years and the higher the rate, the more you're paying over the life of the loan. So, if you're on the fence about buying a home, give us a call. We'd love to educate you on the buying process. The longer you wait, the higher the rate.


What Are Some Benefits Of Home Ownership?


Number three, I want to share with you guys the benefits of homeownership. So first and foremost, every time you make your payment on your mortgage, there's money going towards your principle and interest. Let's talk about the principle that might as well be called a forced savings account because as you make your payment, it's building equity. Just like if you would have the money in a savings account. Now, number two is your taxes. When you go do your taxes, you're going to have so many more write-offs that you didn't have before getting, the ability to write off your interest on your taxes. Don't take my word for it, talk to your tax person. But there's at least a couple of thousand dollars that you're going to be able to benefit from. And number three, which is my favorite, appreciation. You buy a house for 400,000, right? It goes up 6% this year, that's $24,000 that you just made in equity. What else could you have done where you would have made that kind of money by simply making your monthly payment? The last one, which a lot of people don't talk about is the homeowner's exemption. Are you aware that if you were to sell your property today as a single person, you can make $250,000 tax-free? As a married couple, you can make $500,000? Guys, there's so many benefits to homeownership. If you're thinking about buying a house or selling a house, reach out to us. As you know, we lead by education. Give us a call at (562) 646-6321.

Posted in Market Updates
Feb. 16, 2021

February 2021 Real Estate Update

It's a great day at Jose Perez and Associates. My name is Jose Perez, and I'm here to give you an update for the month of February. There's three topics we want to share with you today. Number one is forbearance. What you need to know, how it impacts your credit and your house. Number two, guys, home buyer, frustration, we're hearing you and what we've done is we've come up with two niches just for you to solve that issue. Number three, refinances, what you need to know when you're looking to refinance and what interest rates are doing for the rest of the year. Stay tuned for that.


What Is Forbearance?


Welcome back. So, number one, guys I want to talk to you guys about forbearance. Now, what it is, this is when the bank allows you a separate payment plan for the amount of payments you've fallen behind on your mortgage. Now it doesn't mean they forgive you for it. It means you've got your payment to make and then in addition to that, you have a separate payment for the months you've fallen behind. Now, while you're making those payments, that means you're in a forbearance plan. So a lot of people are now trying to refinance or sell their home or do different things and they're finding that that forbearance is impacting their credit. If you're one of those people that did a forbearance and are looking to find out what your options are and how this has impacted your home and how it's impacted your credit, give us a call. We'll give you a free personal consultation so you can know exactly what your status is. Now. Number two, guys, we've heard you, there's buyer frustration out there, and Joseph's going to present you guys with two niches that are really going to help you today.


New Home Builds


Hey everybody. My name is Joseph Portillo. I'm the buyer specialist here at Jose Perez and Associates, and I want to talk to you about buyer frustration. We found two niches that have helped our clients. Number one is new home builds. We've built partnerships with new home builds from LA to Palm Springs, and particularly in Whittier and in Ontario. New home builds is a great opportunity for you as a first-time buyer because you have less competition. And were you aware that with the new home build, you have a 10-year warranty that comes with the home? Also today, one in four people are working from home. That's up significantly from 6% back in 2019. That means that those folks will be upsizing to a larger home and their home would be up for sale, which is perfect for a first-time buyer.


Mortgage Rates


Number three refinances, I've realized that folks out there don't know how to shop for the best mortgage. Now, guys, this isn't like buying something on OfferUp where you see this pricing and you end up making an offer for a little bit less. You're not bargaining. What you want to do is you want to find the best possible mortgage for your family that's going to benefit you today and benefit you five years from now, 15 years from now, and even 30 years from now. You want to find the best mortgage that's going to be in alignment with your financial plans. So if your lender is not doing a total cost analysis for you, beware. We're doing that for free for our clients. If you guys are interested in finding out what's the best loan option for you, reach out to us directly. Now, interest rates really important that you know, interest rates are still low. They're hovering around 3% and we're expecting them to go a little bit higher. Look at this graph that I'm going to show you guys. Here in the second quarter of 2021, we're expecting rates to be on average 2.92, third quarter 3.02, and fourth quarter 3.07. So as you can see, interest rates are starting to go up a little bit higher, but are still are at record lows.

Now in the first week of March guys, we're going to be uploading our new Home Seller Guide and Home Buyer Guide. So I want you guys to stay tuned and make sure you download that. Until next time, please keep us in mind if you're looking to buy, sell or refinance, we are here for you.

Posted in Market Updates
Jan. 14, 2021

January 2021 Real Estate Update


My name is Jose Perez. I'm here to give you an update for the month of January. First, and foremost, Happy New Year. 2021 is here. We're here to talk about three topics. Number one, we're going to talk about recession versus home appreciation. Number two year over year equity gains and what that means to you. And finally, number three, I'm going to take my crystal ball and share with you guys what I think will happen this year of 2021.


Recession versus Property Values


Number one, last year, we shared a graph with you that showed the last five recessions and what that did to property values. Now we're pretty excited because we're dead on. We have the updated information and as we're getting out of the last recession, we can show you the last six recessions and I can share with you guys confidently that over this last recession, property values still went up 7.3%. Just showing that buying real estate is still a sound investment.


Property Values On The Rise In The Long Run


Number two, for those buyers working with us now, or those planning to take advantage of homeownership in 2021. I want to share some exciting news with you. Over the next five years, property values are going to continue to go up, and let me give you this example. A home sold at $300,000. Now over the next five years, it will appreciate $54,000. Nowhere else besides real estate, can you get a return that great. In addition, I want to share this chart with you guys that shows last year alone in California, property values went up $34,000, even during a pandemic. That was the second-highest appreciation in the nation.


What About Property Values This Year?


Number three, I'm gonna take my crystal ball and share with you guys where I think it's going to happen for 2021. Now we take all the experts and we figure out what they think property values are going to do over the next 12 months. Guess what guys? It's pretty much everybody thinks it's going to go, about 6%. I think Southern California is going to be a little higher than that. I particularly think that the second half of the year is going to be crazy for property appreciation. In addition to that interest rates are still at a record low. I think we're going to start going up a little higher, but right around 3% over the next few quarters. If you're thinking about buying a house, do it now, rates are low. You're thinking about refinancing your house, do it now rates are low. If you guys have any questions in regards to buying, selling, or refinancing, please reach out to us at 562-646-6321 or 951-444-5811.

Posted in Market Updates
May 11, 2020

Spring 2020 Buyers Guide

May 11, 2020

Spring 2020 Sellers Guide

Posted in Sellers Tips
March 31, 2020

iBuyers Suspend Programs

Are you familiar with what an iBuyer is?

Zillow Suspends ibuyer program


These are buyers that are making instant cash offers, thus the “i” in iBuyer, with flexible terms, usually at a heavily discounted price. Some of the biggest known iBuyers just pulled out from buying real estate last week.

Zillow, Redfin, Opendoor And Realogy Suspend iBuyer Programs As Coronavirus Weakens Housing Market.

This makes for very interesting food for thought. Zillow is a billion dollar company that has gathered great data throughout the years. Why do you think they’ve pulled out? What do they know? If you had that information, would you sell now rather than later?

The following was a great read by Brenda Richardson from Forbes regarding the impact a seller had.

The ripple effect of the iBuying tumult is upsetting people like Jeramiah Dooley, who is trying to sell his two-story townhome in Charlotte, North Carolina. After receiving bids from Zillow, Offerpad and Opendoor, Dooley told Forbes that Zillow made the highest offer on the home, and he signed a contract on January 13. 

“They gave me up to 90 days to close, which was perfect because I am scheduled to actually move on the 30th of this month,” Dooley said. “Then the day before yesterday, I got the same email that looks like everyone else has gotten, basically blaming the latest public health orders issued for a wholesale cancellation of every house that Zillow had under contract to buy.”

Dooley said he was given 48 hours to choose between two options from Zillow: “I could take a check for $5,000. That’s $1,000 in earnest money that they were contractually obligated to pay me for breaking the contract and $4,000 extra for the trouble. Or they would pay for a Realtor to relist the house. They were just going to cancel the contract and walk away.” 

Faced with that dilemma, the father of two said, “I chose the money. I didn’t have any choice. And the $5,000 doesn’t come close to the cost of what I put into getting the house ready to sell as well as what it’s going to cost me now that I have an additional mortgage payment that I have to take care of until I can find someone to buy the townhome.”

He noted, “I understand the financial part of it. I understand that Zillow feels like there is going to be a downturn in the market, and they need to get out from under these contracts now. Even if they have to pay some money to get out, the chances are the houses will be available on the market for less money in the next few months. I understand that. It stinks for me personally, but I understand how the math works.” 

Dooley said he could fully grasp if Zillow had said it would halt any offers that were in the negotiating stage. “But this was a contract that had been in place for almost exactly three months, and then we were less than 10 business days from closing. And we would have never had to have been in the same room,” he pointed out. “The contracts were done. The lawyers could have sent the papers back and forth.”

He said, “What has offended me the most, what I think has insulted me the most is that every step along the way, they have blamed these health orders. They have blamed this on decisions being made by health-care officials. They have blamed this on wanting to protect their employees and customers. They’ve very much latched onto this is a COVID-19 problem to the point where when they sent me the termination agreement, the agreement is called the coronavirus termination agreement, which is insulting. It’s taking this epidemic and using it as air cover for making a financial decision that just ends up screwing every customer that they are trying to do business with.”

Dooley added, “We absolutely could have closed on this house without ever having to break any sort of guidelines around social distancing. And so for Zillow to blame what’s going on from a health-care standpoint for their financial decision to break this contract and put that burden back on me and their customers is really insulting.”





Posted in General, Sellers Tips
March 27, 2020

Stimulus Package 2020


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Posted in General, Market Updates
Dec. 27, 2019

JP Brings Santa 2019


JP Brings Santa Recap


Every year we like to say thank you to our past clients and future clients. We create a fun event for the whole family with food, raffles, cookie decorating and we even bring Santa Claus so you can create a great family photo for free! Here is a recap of our 2019 event. We look forward to making each year bigger and better.

Posted in General, Holidays
Dec. 9, 2019

Sellers Guide Winter 2020