Buyers • November 28, 2023

A Guide for First-Time Home Buyers in a High-Interest Rate Market

by Kirsten "Kris" Jardino

Embarking on the homeownership journey is an exciting milestone, but it comes with its own set of challenges. In the current real estate landscape, one of the prominent hurdles for first-time buyers is the presence of high-interest rates. While it might seem daunting, arming yourself with knowledge and a strategic approach can make all the difference. Let’s explore some tips to help first-time buyers successfully navigate the waters of a high-interest rate market.

Understand the Market Dynamics:
- Begin by gaining a comprehensive understanding of the current market conditions. Research the prevailing interest rates and their impact on mortgage rates. Recognize that interest rates fluctuate and are influenced by various economic factors.
Financial Preparation:
- Start by assessing your financial readiness. Scrutinize your credit score and financial history to ensure you present a strong case to lenders. A higher credit score often translates to more favorable interest rates.
Set a Realistic Budget:
- In a high-interest rate environment, setting a realistic budget becomes paramount. Evaluate your monthly income, expenses, and any additional costs associated with homeownership, such as property taxes and maintenance. This will help you determine the price range you can comfortably afford.
Explore Loan Options:
- Don’t settle for the first loan option that comes your way. Shop around and explore different lenders to find the best terms and interest rates. Consider fixed-rate mortgages for stability, especially in a market where interest rates are on the rise.
Save for a Larger Down Payment:
- A larger down payment can help mitigate the impact of high-interest rates on your monthly payments. Saving more upfront can also make you a more attractive borrower in the eyes of lenders.
Consider Adjustable-Rate Mortgages (ARMs) Wisely:
- While fixed-rate mortgages offer stability, adjustable-rate mortgages (ARMs) can have lower initial interest rates. However, they come with the risk of rates increasing in the future. If considering an ARM, understand the potential fluctuations and assess your ability to handle increased payments.
Work with a Knowledgeable Real Estate Agent:
- A seasoned real estate agent can be your greatest ally in navigating a high-interest rate market. They can provide valuable insights, negotiate on your behalf, and guide you toward properties and financing options that align with your budget and goals.
Be Patient and Flexible:
- In a competitive market, patience is a virtue. Be prepared for the possibility of a longer house-hunting process and multiple offers. Stay flexible and open-minded about the features and location of your potential home.

Conclusion: While high-interest rates may present challenges, they shouldn’t deter first-time buyers from achieving their homeownership dreams. Armed with knowledge, financial preparedness, and a strategic mindset, you can successfully navigate the complexities of a high-interest rate market. Remember, each real estate journey is unique, and with the right approach, you can turn challenges into opportunities on your path to becoming a proud homeowner.

Home Owners • Sellers • October 5, 2023

Reasons to choose Kris and Phyllis as your Realtor

by Kirsten "Kris" Jardino

As Realtors experienced with probate and trust sales, we have developed a unique skill set.

We work with clients going through one of the most challenging times in their lives and help them make important decisions about selling a special home. We approach these clients with sensitivity, empathy, and a deep understanding of the emotions they are experiencing.

We move at our client’s pace and respect their timelines. We understand that grief is a primary emotion. As Realtors experienced with probate and trust sales, we communicate calmly. Our job is to ask questions to learn how to assist them best.

Sometimes there is more than one trustee, and, in some instances, they don’t get along. In that instance, we must remain neutral and guide all parties through the sale with compassion. Reach out to interview us, 818-790-7325 or 626-590-1988

Kris Jardno Phyllis Harb Trust Realtors

Home Owners • Sellers • September 22, 2023

Choosing to Stay Put: 7 Compelling Reasons to Hold on to Your Current Home

by Kirsten "Kris" Jardino

In the not-so-distant past, it was common for empty-nesters and retirees to consider downsizing as a sensible choice, trading their spacious family homes for more manageable condos in warmer climates. However, today’s homeowners are reevaluating the retirement tradition of moving to a smaller dwelling.

While there are valid motivations to downsize, it’s essential to consider the reasons why staying put might be the better option.

If you’re currently wrestling with the decision of whether to reduce your square footage or remain in your current abode, here are seven compelling reasons to think twice before embracing downsizing.

Mortgage Rates Make Staying Put Attractive With mortgage rates hovering around 7% for 30-year fixed-rate loans, homeowners with lower rates may find it financially prudent to stay put. For instance, if your existing home carries a 2.95% interest rate for the next 15 years, downsizing might not yield the expected savings. In such a scenario, you’d essentially end up with a smaller house but the same housing payments over the next 15 years. In this case, downsizing would mean downsizing your space but not your financial commitments.
Hidden Costs of Selling For those who have paid off their mortgages, downsizing may appear to reduce long-term living expenses. However, in the short term, it can entail costs that outweigh the immediate financial benefits. These costs include real estate agent commissions, closing expenses, and market conditions that could affect your ability to sell at a desirable price. Additionally, when considering capital gains tax implications, it may make more financial sense to maintain your current larger home.
Aging in Place is Your Priority If your current home can be adapted to accommodate your needs as you age, downsizing might not be the best choice. Homes with features designed for aging in place, such as wider doorways, ramps, and accessible bathrooms, can be essential for those with mobility issues or health concerns. IN a larger home, you have more flexibility to undertake the necessary renovations and ensure your home remains comfortable and safe for your golden years.
Comfort Trumps Size: While downsizing may seem logical, it might not align with your personal preferences and comfort. In a smaller space, you may have to forgo that beloved home office or an extra bathroom, not to mention the precious storage area where your cherished holiday decorations reside. Sleepovers with the entire family could become a thing of the past. Mathew Pezon advises, “Downsizing could mean saying goodbye to those extra rooms that hold a special place in your heart. It could leave you feeling less content and fulfilled, especially when you’ve invested time and effort in making them special. So, if you’re already content with your current space, why downsize?”
Leverage Your Space for Extra Income If you’re on a fixed income during your post-retirement years, consider the potential of generating additional income with your surplus space. Transforming spare rooms into passive income generators through platforms like Airbnb is a savvy move, according to Jake Hill, CEO of DebtHammer, a personal finance website. This rental income can supplement your Social Security benefits and retirement savings, enhancing your quality of life and securing your retirement income. If renting rooms isn’t your cup of tea, explore alternative options like renting out storage space or adding an Accessory Dwelling Unit (ADU) in your backyard for rental income.
Catering to Multigenerational Needs There are situations where a larger home’s space becomes invaluable. Perhaps your elderly mother can no longer remain in her current home, or your adult daughter and her family require temporary housing. As estate investor Rod Khlief from Sarasota, FL, explains, “Having a larger home allows for better privacy and comfort for all family members involved, promoting a harmonious living arrangement.”
Sentimentality Rules Beyond financial considerations, emotional attachments are a valid reason to bypass downsizing. Many homeowners have profound sentimental connections to their homes, making it challenging to part ways. According to real estate agent Josh Steppling of Stuart, FL, “The memories and history intertwined with your current space can offer a deep sense of comfort.” Retiring can already be an emotionally demanding phase, and adding a move into the mix can amplify the stress. In such cases, prioritizing your emotional well-being and attachment to your home may lead you to choose staying put over downsizing.

These are just a few of the key reasons why staying put might be a more advantageous choice than downsizing your home. As you weigh your options, consider your unique circumstances and financial goals to make the most informed decision for your future.

Home Owners • Sellers • September 19, 2023

“Optimize Your Home on a Budget with Top DIY Home Improvement Projects”

by Kirsten "Kris" Jardino

When it comes to enhancing your home, the do-it-yourself route can offer substantial benefits by sidestepping hefty contractor fees and extensive renovations. However, not all DIY endeavors yield the same outcomes. Some can significantly boost your home’s value, providing a lucrative return on investment when it’s time to sell, while others may consume your time, energy, and resources in vain.

So, the pivotal question becomes: which DIY home improvement projects offer the most substantial returns?

1.Revitalize Your Kitchen Cabinets: While cabinet replacement can be a pricey and intricate process best left to professionals, you can rejuvenate your kitchen cabinets without their assistance. The secret weapon? Paint. Painting your kitchen cabinets is a cost-effective and relatively straightforward DIY task that can remarkably transform your kitchen’s aesthetics. This transformation can increase your home’s value significantly. However, bear in mind that although this project is budget-friendly, it demands time and patience to execute effectively.

2.Expand Your Storage: Augmenting storage in your home, such as installing cabinets, shelving units, or incorporating a pantry in your kitchen, serves a dual purpose. It not only creates additional space for your belongings but also proves to be a compelling selling point for prospective buyers. Thus, this DIY venture is certain to yield dividends in the long run.

3.Timely Tackle Minor Repairs: Neglected minor repairs and maintenance issues can quickly snowball into major problems, thereby diminishing your home’s value. Taking a proactive stance by addressing these issues as they arise can prevent them from escalating into costly predicaments, saving you both money and future frustration.

Buyers • September 14, 2023

Are you in the process of buying a home?

by Kirsten "Kris" Jardino

To achieve a successful home purchase in the current market landscape, it’s imperative to follow a precise approach. Regrettably, numerous buyers make critical errors in the process, potentially resulting in severe repercussions.

So, what specific pitfalls should you steer clear of when navigating today’s real estate market?

Solely Focusing on Mortgage Payments: While your mortgage payment is a significant financial commitment when acquiring a home, it’s not the sole one. Neglecting to consider additional expenses like insurance, property taxes, and ongoing home maintenance can lead you towards properties beyond your financial reach. Prior to embarking on your home search, craft a comprehensive budget that encompasses all monthly expenses, enabling you to tailor your quest accordingly.
Overlooking Credit Score Assessment: Your credit score holds considerable sway not just in securing a mortgage but also in securing the most favorable interest rates for your loan. Unfortunately, some buyers initiate their home search without assessing their credit score—a grave oversight. Prior to home hunting, scrutinizing your credit report is imperative. This not only provides insights into your current credit standing and ways to enhance it (such as reducing outstanding credit card debt) but also facilitates the identification and rectification of any discrepancies prior to loan application.
Rushing the Home Purchase: In today’s fiercely competitive market, speed is of the essence for prospective buyers. Nonetheless, there is a balance to strike, as haste can lead to missteps. The acquisition of a home constitutes a substantial commitment, and decisions should not be rushed. If you find yourself wavering on a property, allow ample time for contemplation before submitting an offer.

Buyers • Home Owners • Sellers • September 12, 2023

This Week’s Real Estate Insights for Pasadena, CA

by Kirsten "Kris" Jardino

Wed Mar 05 2025
This week the median list price for Pasadena, CA is $1,999,000 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has increased to 91.

Buyers • Home Owners • Sellers • September 10, 2023

This Week’s Real Estate Insights for Arcadia, CA

by Kirsten "Kris" Jardino

Kris Jardino Arcadia California Housing Market

Mon Mar 17 2025
This week the median list price for Arcadia, CA is $3,498,950 with the market action index hovering around 35. This is an increase over last month’s market action index of 33. Inventory has increased to 76.

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.

Buyers • Home Owners • Sellers • September 8, 2023

Real Estate Market Predictions for the Next 5 Years – September 2023

by Kirsten "Kris" Jardino

The real estate landscape has seen significant turbulence in recent years. Following a period of intense activity marked by record-low interest rates and fierce bidding wars, mortgage rates have surged to their highest levels in over two decades. Between August 2021, when rates were a mere 3 percent, and August 2023, they soared beyond 7 percent, resulting in a slowdown in home buying. Despite this, the persistently limited housing supply continues to render homeownership unattainable for many across the United States.

As we approach 2024, the housing market’s trajectory is a subject of considerable speculation. However, prospective homeowners often engage in long-term planning, so we’d like to ask about forecasts extending to 2028. To provide insight into the housing market’s future, we sought the perspectives of several industry experts.

The Current State of the Local Housing Market

The median list price for Los Angeles, CA is $1,499,000 with the market action index hovering around 43. This is about the same as last month’s market action index of 43. Inventory has held steady at or around 1,149. Click here to stay informed with the Los Angeles market!

Inventory

While inventory levels have improved compared to a year ago, data from the NAR reveals that the supply of available homes remains notably low. The unsold existing homes inventory stood at a 3.3-month supply, while a balanced market typically requires a 5- to 6-month supply.

Days on Market

The unsold existing homes inventory stood at a 3.3-month supply, while a balanced market typically requires a 5- to 6-month supply.

Homes Sold

Fewer existing homes are changing hands, as homeowners opt to retain properties with locked-in mortgage rates that are lower than current rates. In July, sales declined by over 16 percent year-over-year, according to the NAR. In contrast, data from the NAHB indicated a 4.4 percent increase in sales of new single-family homes from June to July.

Mortgage Rates

As of late August, Bankrate’s national survey of major lenders reported an average 30-year mortgage rate of 7.32 percent, the highest level seen since 2001.

Forecast for Mortgage Rates and Types

According to Lawrence Yun, NAR’s chief economist, mortgage interest rates may continue to rise, with a general level around 7 percent for the remainder of this year and most of 2024. Yun anticipates rates returning to 5.5 or 6 percent within two years. Danushka Nanayakkara-Skillington, assistant VP of forecasting and analysis for NAHB, concurs, predicting a drop to approximately 6 percent by mid-2024. Yun also anticipates increased interest in adjustable-rate mortgages in the near term, with a return to the traditional 30-year fixed-rate mortgage for around 90 percent of Americans in the subsequent years. Greg McBride, CFA, Bankrate’s chief financial analyst, believes that the 30-year fixed-rate mortgage will remain the dominant choice, citing borrower certainty, investor appeal, and a robust secondary market.

Predictions for Home Prices Nationally

Yun envisions minimal fluctuations in nationwide purchase prices in the coming year, with changes of only about 5 percent in either direction. California, however, may experience a 10 percent decline due to its sensitivity to interest rate shifts. This trend is already evident in high-priced areas like San Francisco, where median home prices have fallen by 9.71 percent since the previous year. Over a five-year period, Yun expects prices to appreciate by a total of 15–25 percent. McBride anticipates annual home price appreciation in the low- to mid-single digits over the next five years, consistent with historical trends.

Is a Housing Market Crash Looming?

Despite displaying some bubble-like traits, Yun does not foresee a bursting of the residential real estate market. He predicts a low point in sales next year, with only 5.3 million units sold, followed by a gradual increase to an annual rate of 6 million units by 2027. Yun underscores that even if home prices decline by 5 percent (or 10 percent in California), it would not constitute a crash, as a true crash involves a one-third drop, and current inventory levels do not support such a scenario. Moreover, stringent lending standards today prevent the issuance of unaffordable loans, effectively keeping foreclosure rates low.

Transitioning to a Buyer’s Market

Yun anticipates the persistence of a seller’s market as long as housing inventory remains scarce. However, he envisions a shift towards a more balanced market within five years, where neither buyers nor sellers have a significant advantage, and outcomes depend on individual circumstances. Caroline Feeney, director of content and executive editor at HomeLight, notes that this shift away from a seller’s market has already begun, with 51 percent of HomeLight agents describing their current local market as such. She also expects a balanced market to emerge within a few years, with 55 percent of agents believing that markets that heated up rapidly during the pandemic are likely to cool down, favoring buyers.

Where Will New Homes Be Built, and What Types?

With hybrid work schedules and reduced commuting relevance, Yun predicts ongoing strength in suburban markets, particularly in areas with growing populations like the Carolinas, Florida, Texas, and Tennessee. This prediction is supported by Nanayakkara-Skillington of NAHB, who notes that 50 percent of new single-family construction is concentrated in the South, a region that also performs well in Bankrate’s Housing Heat Index.

In contrast, the number of single-family homes under construction has declined in recent years, while multi-family homes’ construction has increased. Feeney attributes this to the lower price tags of multi-family units and pressure on municipalities to address housing shortages and affordability. Nonetheless, with high mortgage rates and inflationary building material costs, Nanayakkara-Skillington expects growth in the multi-family market to stabilize in the coming years, with a projected 8 percent decrease in new housing starts in 2023 and an additional 5 percent decline in 2024.

Information above compiled from Atlos Research and Bankrate

Sellers • August 30, 2023

“Your Comprehensive Guide to Selling Your Home: A Week-by-Week Breakdown”

by Kirsten "Kris" Jardino

In an ideal scenario, placing your home on the market would promptly lead to a profitable sale. However, for the majority of sellers, a certain timeframe exists between the listing and the actual offer reception.

So, what transpires during this interim? What should you anticipate during the weeks between initially listing your home and ultimately securing a buyer?

Though each sale possesses its unique nuances, a recent realtor.com article has outlined a generalized week-by-week timeline that encapsulates the common experiences for many homeowners as they sell their homes. This encompasses:

Week 1: In the initial week following the listing, homeowners can look forward to a surge of initial enthusiasm, buzz, and curiosity surrounding their property. This will inevitably involve numerous showings. It’s crucial during this period to maintain a consistently clean, organized space that’s constantly ready for showings.

Week 2: If no offer materializes in the first week, don’t be disheartened. It’s normal for properties to remain on the market for several weeks or even months. Consequently, continue to uphold the tidiness of your home and ensure it’s available for potential buyers to explore. At this point, you might begin to feel some apprehension regarding potential offers. If such concerns arise, engaging in a conversation with your real estate agent is beneficial. They can provide reassurance and alleviate your worries by reaffirming the eventual sale of your property. In some instances, exhibiting patience is the key.

Week 3: If your home has been listed for three weeks, and interest has been notably high, the third week could usher in an offer. However, if your home has received ample showings yet hasn’t yielded any offers, it could be opportune to consult your real estate agent about the property’s pricing accuracy. If deemed necessary, they may recommend adjusting the price to align with market demands.

Buyers • Home Owners • Sellers • August 29, 2023

Discover the Enchanting Allure of Arcadia, California

by Kirsten "Kris" Jardino

Nestled in the idyllic landscapes of Southern California, the city of Arcadia gleams as an authentic treasure. As a long-time resident and Realtor deeply connected to this vibrant city, I’m thrilled to unveil the myriad reasons that make Arcadia an exceptional place to call home.

Arcadia’s charm emanates from its breathtaking natural environs. Set against the backdrop of the majestic San Gabriel Mountains, the city offers an awe-inspiring panorama of scenic splendor. The Los Angeles County Arboretum and Botanic Garden, graced with lush gardens and serene lakes, allows nature enthusiasts to immerse themselves in their tranquil embrace. Numerous parks and hiking trails further enrich the outdoor experience, inviting exploration and adventure.

A hallmark that sets Arcadia apart is its distinguished educational institutions, rendering it an ideal haven for families. I have benefited from these schools, as has my daughter, now thriving as a young adult. The Arcadia Unified School District consistently garners top ranks in the state, fostering an environment of educational excellence. The district’s unwavering dedication to scholastic achievement and extracurricular engagement guarantees students a comprehensive and enriching learning journey. Additionally, the city’s proximity to esteemed colleges and universities opens doors to lifelong learning and higher education prospects.

Arcadia’s essence lies in its tight-knit community spirit, fostering an atmosphere of warmth and inclusivity. Throughout the year, the city hosts a diverse array of events and festivals, including the renowned Moon Festival, the Santa Anita Derby, and captivating summer park concerts. These gatherings encapsulate the essence of Arcadia’s communal bonds. Coupled with exceptional schools, libraries, and community centers, the city nurtures personal growth and meaningful connections.

Evident in its architecture, cuisine, and traditions, Arcadia takes immense pride in its rich cultural heritage. The vibrant Asian community has woven its distinctive flavors into the city’s culinary tapestry, rendering Arcadia a gastronomic delight. From authentic dim sum to tantalizing sushi, the local dining scene caters to diverse palates. Iconic landmarks like the historic Santa Anita Park, the esteemed Gilb Museum of Arcadia Heritage, and the Arcadia Performing Arts Center contribute to the city’s cultural fabric, inviting exploration and fostering appreciation.

For me, residing in Arcadia, California is a cherished privilege. From its awe-inspiring natural beauty to its vibrant community bonds, this city holds an unbreakable grip on my heart. Arcadia epitomizes an unparalleled quality of life, seamlessly weaving together the splendors of nature, cultural treasures, and a vivacious sense of community. Whether you seek serene reprieve or a canvas to pursue your passions, Arcadia stands ready to fulfill every aspiration.

Warmly, Kris Jardino