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How Much Do Your Really Need for a Down Payment?
Preparing your finances for the down payment on your next home can be the most stressful and cumbersome part of the home buying process. While most home buyers believe that they need to put down at least 15 percent of the total cost of the home this is not always the case.
The belief among 28 percent of prospective home buyers that they need to come up with such as large down payment to qualify for a mortgage is a misconception.Many home buyers can qualify for a conforming, conventional mortgage with a down payment of only five percent and even as low as three percent of the total home price. The number of Freddie Mac’s purchases of mortgages that had down payments of less than 10 percent more than quadrupled between 2009 and 2013. More than one in five borrowers so far in 2014 put less than 10 percent or less down on conforming, conventional mortgages.
As a result, more and more people are now able to qualify for a home loan. Qualifying for a home loan with a low down payment does depend on many other factors, including a home buyer’s credit history. A new survey by credit score company FICO asked credit-risk managers what the single most important factor is in a loan application. Surprisingly, it was not a buyer’s credit scores. The key factor is the Debt-to-Income ratio. DTI’s are the most direct indication to a bank or financial institution about whether a buyer is able to afford to repay the loan. It is also important to remember that any home buyer that puts down less than 20 percent will be required to purchase mortgage insurance.
For all of your luxury real estate needs in the Los Angeles, Beverly Hills, Calabasas and the Conejo Valley areas, contact Betsy Dittman. As a Coldwell Banker agent specializing in California luxury real estate properties, I can help you find your next home that will meet all of your needs, no matter your budget or down payment.
Amazing Decks and Patios
Decks and patios are a great way to expand the living area of your home while being able to enjoy the outdoors. The design of the deck or patio is completely up to you, leaving space to add all of the comforts of the indoors, such as a lounge area complete with a TV to watch the games or to have a simple relaxing area with just a hammock and table for your ice tea. The most important part of the deck or patio is always the view. Here are a few examples of spectacular decks and patios to keep in mind when looking for inspiration for your new outdoor space.
This deck in La Quinta, California offers unobstructed views of the beautiful desert landscape. As one of the top vacation destinations in California, La Quinta has something to offer for everyone. Having a deck as beautiful and simple as this one will allow you to enjoy all of the beautiful landscape that the area has to offer.
This patio in Park City, Utah allows you to get up close and personal with nature. The fire pit is the perfect accessory to keep you warm after enjoying the many ski resorts in the area. A patio is the best place to relax after a long day and enjoy the sunset given the mild temperatures in the summer.
The glass wall around this deck in Penticton, Canada allows for all encompassing views of the surrounding lakes. With seasonal temperatures most of the year, this deck offers a beautiful spot to enjoy the scenery with your friends and loved ones.
There is no better way to enjoy the gorgeous weather in Cabo San Lucas, Mexico than sitting on an open deck such as this one. This deck offers a grill and plenty of seating to entertain all of your friends and family.
This spacious deck in Los Angeles, California features a beautiful skyline of the city. The warm temperatures and low humidity make this the perfect balcony to enjoy all year long! The glass wall makes this deck the perfect entertaining area for any gatherings.
For all of your luxury real estate needs from Beverly Hills to Calabasas, contact Betsy Dittman. As a luxury real estate agent, I can help you successfully sell or purchase your home.
All images of the perfect decks and patios were provided by HGTV.
The Most Beautiful Summer Home
With her collector’s eye and passion for beauty, a renowned decorator imbues her summer house with an artful grace.
BY MIMI READ (http://www.veranda.com/room-decorating/charlotte-moss-summer-house?src=email#slide-9)
A Great View
Twenty-five years ago, Charlotte Moss walked into an airy spec house with postmodern columns and track lighting. She had been looking for a captivating old East Hampton house and garden for years and couldn’t find the right one, so the real estate agent had finally started showing her new houses on bald lots.
But the siting of this one was sublime.
In the living room, oversize objects and symmetrical pairings anchor the soaring space. Ottoman, Colefax and Fowler Antiques. Mirror, estate of Tony Duquette. Sofa and club chair in a Brunschwig & Fils fabric by Charlotte Moss. French armchairs slipcovered in an Arabel Fabrics silk. Photographs, Charlotte Moss.
Warmth & Charm
“From the front door, I could immediately see right into the living room and out that big, beautiful window, all the way to the backyard,” Moss says. “I thought it was the antidote to city living.” She and her husband, Barry Friedberg, bought the house and have never looked back.
Imari lamps by Vaughan provide lighting for two areas where Moss often works: the Louis XV bureau plat on which they stand, and the sofa in front of it. Louis XV fauteuil in a Claremont fabric. Curtains in a Fabricut fabric..
Stacks of Books
A blue-chip decorator who has created some of the most comfortably elegant houses of our era, Moss is the sort of driven woman who dreams big but also attends to the tiniest details with the focus of a surgeon. These traits have gradually transformed the house into a full-blown paradise that’s quintessentially Charlotte, which is to say a cheerfully split personality.
Sofa, Restoration Hardware.
Collection of Antiques
It’s Jackie and Marilyn—a classically well-bred and meticulously turned-out summer residence, but with powerful come-hither enticements. A collage of engaging patterns, from ikat to leopard, enlivens the living room; a voluptuous canopy bed with billowing fabric softens the bedroom; and curvy upholstery throughout beckons like an invitation.
Every corner has been considered and filled, yet somehow it never looks fussy or cluttered. “I’m a collector,” Moss explains. “You know when you lock eyes with a person? I’ve been locking eyes with objects my entire life.”
The play of textures and hues in slight gradations warms up the dining room. 19th-century English lantern. Custom reclaimed-wood table. Louis XV fauteuils slipcovered in a Brunschwig & Fils fabric. Rug, Stark. Art, Rogers Turner.
Leaf-Green Kitchen
The living room ceiling is a daunting 22 feet high, but Moss has suffused the salon-like expanse with outsize warmth and charm. A plump sofa is upholstered in Digby’s Tent, a scrolling linen stripe with a Middle Eastern lilt that she designed. Two antique French bergères are covered in raw silk slipcovers with tabs—they’re fetching little sundresses that let the mahogany frame peek through. “Why cover up the pretty parts?” Moss asks. “To me, it’s all about showing a little leg.”
In the kitchen, hardworking surfaces—granite countertops, a limestone tile floor—are enhanced by decorative flourishes, such as a scroll-shape backsplash and custom pendant light.
Soft Colors
During cocktail hour, however, the real people magnet is the large gros point ottoman with long bullion fringe, where everyone seems to want to sit once the magazines are whisked away. Moss found it at Colefax and Fowler Antiques in London—an ecstatic moment in her annals of collecting. Since the large room doubles as a library, she spends hours there on quiet days, too, seated at the provincial bureau plat illuminated by a pair of richly patterned Imari lamps. She loves paging through her collection of garden books—20 or so packed shelves of them.
Antique French botanical paintings, porcelain flowers, and wallpaper in a delicate floral motif add romance to the master bedroom. Chandelier, Niermann Weeks. Bedside tables, Charlotte Moss for Century Furniture. Bed, estate of Evangeline Bruce. Canopy in a Ralph Lauren fabric. Rug, Stark.
Flower Room
Gardening is one of Moss’s consuming passions, and garden-related objects and themes are woven into every part of the house. Rooms have carefully composed garden views. The terrace’s dining table basks in a scenery of cloud-shape boxwood and spires of arborvitae. The master bedroom celebrates garden imagery with watercolors of flowers and porcelain hollyhocks by Moss’s friend Clare Potter.
In the flower room, Moss creates lush arrangements inspired by whatever flowers are in season.
Outside Entertainment
Is it any wonder that in such a setting, the arranging of flowers would become the chatelaine’s art form, and even her therapy? In the intimate candlelit dining room, Moss’s delftware collection is massed on the shelves of a Louis XVI–style painted cabinet. She loves picking out jardinieres and composing tablescapes of flower arrangements. All the clipping and sprucing is done in a designated room off the leaf-green kitchen, where baskets are strung from the ceiling and a thousand vases are categorized according to material.
Entertaining moves outside during warmer months. China, Richard Ginori.
Garden View
“It’s my wind-down from the city, the first place I go after I kick off my shoes,” says Moss of her flower-arranging sanctuary. “After all the business travel, the meetings, the clients and projects, making bouquets is heaven. It calms me down and connects me to the place, because I’m creating beauty for each room.”
A view of the gardens from the house.
View full article here.
Foreign Buyers are Scooping up U.S. Real Estate
During the past year, more and more overseas buyers have invested in the United States housing market. They accounted for $92 billion worth of home purchases, which is up 35 percent over last year .It is also the most amount ever that foreign buyers have spent in the U.S. real estate market.
While people from all over the world are buying property in America, Chinese buyers are leading the trend with almost one-fourth of all home purchases. They are focusing their real estate buying in Southern California with Los Angeles being the top destination for real estate searches coming from China, followed by San Francisco and Irvine. According to the National Association of Realtors, more than half of the $22 billion Chinese buyers spent on U.S. homes during the 12 months ended in March was spent in California, Washington and New York.
Many of the Chinese families that are purchasing real estate in the United States are doing so to enable their children to attend California universities and even high schools that are in some of the top districts. Another reason is that Chinese buyers see it as a smarter investment as opposed to the inflated values of real estate in China. California is particularly attractive because it is so close to the homeland and many cities have significant Chinese-American populations in addition to the attractive climate.
This huge influx of Chinese buyers is helping to drive the cost of real estate in California to pre-recession levels.
For all of your real estate needs, contact Betsy Dittman. I can help make sure that you find the best real estate property that fits all of the needs and your lifestyle. From Beverly Hills to Calabasas to the Conejo Valley, Betsy has your real estate needs covered.
The 40-Year Garden: The Making of 1,976 Acres of Versailles
Don’t you wish your garden looked like this?
With its 1,250 chimneys, 67 staircases, and 700 rooms, it’s no shock that the Palace of Versailles has become for many aspiring kings a siren, of sorts: so many have tried, and so many have failed, to replicate its size, stature, and extravagant interiors… Read the full article here!
What Sells a House?
While most people think that the location of a home is what sells, that is not always true. While location is a large factor when it comes to making a decision to buy a home, price is much more important. In fact, price trumps every other factor when it comes to selling a house. The location simply affects the price of the home, it does not sell it.
It does not matter if your luxury home is right on the ocean, or has beautiful panoramic views and is situated on a mountain top, the house will not sell if it is not priced right. Having a good location will allow the home to sell at a fair price. A home in a bad location will also help to set the fair price of the home, it just will not be as high as if the home was is a good location. Same goes for the condition of the home. A home in good condition will sell for a fair price, while a home in bad condition will sell for less, but also a fair price.
Do not fall into the trap of waiting for the special buyer who is looking for all your home has to offer, such as shag carpet or outdated bathrooms. Listing your home at the wrong price will cause it to sit on the market, which could end up costing you money. It is important to know what your home is worth in order for it to sell as fast as possible. Working with an experienced real estate agent who knows about the local market can help your home sell quickly.
If you are considering selling your home in the Los Angeles, San Fernando Valley, or Conejo Valley areas, contact me, Betsy Dittman. As a real estate professional I can help make sure that your home is priced properly. Let me show you how to make the most out of the 2014 real estate market.
Dog Houses that Rival Custom Luxury Homes
Anyone who has a furry friend knows that it is easy to spend hundreds of dollars to pamper them and make sure they are comfortable. With all the dog beds and toys to buy, there is no limit to how much pet parents will go for their animals. If you are trying to find the best place for you pooch to rest his head, be ready to spend the big bucks.
Some of today’s pet accommodations are giving some of the finest custom homes a run for their money. The newest luxury dog houses feature carpet, heating, air conditioning, indoor and outdoor lighting, and expensive music and entertainment systems. Some of them are also following the eco-friendly trend and include solar panels and planted green roofs.
All of these details come with a hefty price tag. A Victorian Kennel Dog House at Wal-Mart costs up to $4,400 and the Cape Cod Cozy Cottage Kennel Dog House sells for $4,600. Those are just the bottom of the line luxury dog houses. The Rockstar Puppy’s custom dog house starts at $6,000 and can reach up to $20,000. The Le Petite Maison builds doghouses that can exceed $25,000. These dog houses may seem like something only the rich and famous buy, and that is just what supermodel Rachel Hunter did. Her $16,000 includes hand-painted walls that are dotted with paw prints and bones, as well as framed pictures of her dogs inside.
There are many different designs that are available, including a Mediterranean dog house that includes a clay tile roof and copper gutters. You can also invest in a ranch style dog house that is made of high-quality lumber and stone siding, and comes with a private doggie pool.
If you are looking for the perfect house in the Los Angeles, San Fernando Valley, and Conejo Valley areas to put your luxury dog house in, contact me, Betsy Dittman. As an expert real estate agent, I understand the importance of finding a home that is pet friendly and pet accessible.
3 Tips to Avoid Falling Through Escrow
One of the most exciting parts of the home selling process is finally accepting an offer and opening escrow. One of the most devastating parts of the home selling process is if something goes wrong, such as if the buyer backs out, and the escrow falls through. While you cannot control every situation that could possibly cause your escrow to fall through, there are a few things that you can do. Keep these 3 tips in mind to help avoid your escrow from falling through:
- Tell everything. Think about what you would want to know about your house if you were buying it. Make sure to tell your real estate agent everything about your home.
- Accept only pre-approved buyers. Nothing kills an escrow faster than accepting an offer from a buyer who is not approved. The only things that should be left to be done after accepting an offer is having the home appraised and getting a home inspection.
- Require a deposit. Having an earnest money deposit from the potential buyer when you start escrow shows a commitment from the buyer and protects you in case the buyer does not comes through. The amount of the earnest money deposit depends on different factors, including state limitations, the current real estate market, and any requirements made by your listing agent. If there are problems with the home that you did not previously disclose, the money will be returned to the non-buyer. The money would go to you if the buyer does not complete the deal. If the deal is completed, the deposit would go towards the down payment and closing costs.
If you are looking into buying a luxury home in the Los Angeles, San Fernando Valley, and Conejo Valley areas, contact me, Betsy Dittman. As a real estate professional I can help you find the best home to fit all your needsand help you successfully sail through the escrow process.
Kids May be the Chief Purchasing Officer of the Family
More and more, children are influencing family purchasing decisions. In fact, more than half of families report that their children are the chief purchasing officers in the family, including when it comes to buying a home. Parents are paying more attention to their kids than ever before, and they are viewing the family purchases through the eyes of the kids.
Here are some other interesting facts about parents and children in regard to purchasing a home:
- Parents today are more concerned with how moving will affect their kids. 67 percent of Millennial families report being more concerned about the immediate impact a move would have on the emotional well-being of their children than if it is a good long term decision for the whole family.
- Each generation thinks that they are more involved in their children’s lives than in the past. This spreads across all three generations, the Millennials, Generation X, and Baby Boomers.
- Parents want to live closer to their own parents than ever before. 62 percent of Millennial and 57 percent of Generation X parents think that it is important to live near their parents or their spouse’s parents.
Before depending on your children when deciding to move, parents should think of the following issues when considering moving.
- Consider the impact. Make sure to think about the long-term and short-term impacts that moving would have on your family.
- Change can be powerful and positive. Children are very adaptable when they are loved and supported by their family. They will easily fit into a new school and neighborhood with the proper support.
- Allow your children to be involved. Make your children feel as if they are involved in the home choosing and buying process, but remember that the final decision should be made by an adult.
If you are considering a move, contact me, Betsy Dittman. As a luxury real estate professional, I can help you and your family find the best home in the San Fernando Valley, Conejo Valley, and Los Angeles areas.
