Real Estate - Jennifer Gascon - Coldwell Banker West selling San Diego

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The Benefits of Using Your Equity To Make a Bigger Down Payment

Did you know? Homeowners are often able to put more money down when they buy their next home. That’s because, once they sell, they can use the equity they have in their current house toward their next down payment. And it’s why as home equity reaches a new height, the median down payment has too.According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that’s nearly 15% more than last year, and the highest on record (see graph below):Here’s why equity makes this possible. Over the past five years, home prices have increased significantly, which has led to a big boost in equity for current homeowners like you. When you sell your house and move, you can take the equity that gives you and apply it toward a larger down payment on your new home. That’s a major opportunity, especially if you’ve had concerns about affordability.Now, it’s important to remember you don’t have to make a big down payment to buy your next home—there are loan programs that let you put as little as 3%, or even 0% down. But there’s a reason so many current homeowners are opting to put more money down. That’s because it comes with some serious perks.Why a Bigger Down Payment Can Be a Game Changer1. You’ll Borrow Less and Save More in the Long RunWhen you use your equity to make a bigger down payment on your next home, you won’t have to borrow as much. And the less you borrow, the less you’ll pay in interest over the life of your loan. That’s money saved in your pocket for years to come.2. You Could Get a Lower Mortgage RateProviding a larger down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage rate they’ll likely be willing to give you. And that amplifies your savings.3. Your Monthly Payments Could Be LowerA bigger down payment doesn’t just help you reduce how much you have to borrow—it also means your monthly mortgage payment may be smaller. That can make your next home more affordable and give you a bit more breathing room in your budget.4. You Can Skip Private Mortgage Insurance (PMI)If you can put down 20% or more, you can avoid Private Mortgage Insurance (PMI), which is an added cost many buyers have to pay if their down payment isn’t as large. Freddie Mac explains it like this:“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage. It is not the same thing as homeowner's insurance. It's a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%.”Avoiding PMI means you’ll have one less expense to worry about each month, which is a nice bonus.Bottom LineDown payments are at a record high, largely because recent equity gains are putting homeowners in a position to put more money down. If you’re thinking about selling your current house and moving, reach out to a trusted real estate agent. They’ll help you figure out how much home equity you have right now, and how it can boost your buying power in today’s market.
Why an Agent Is Essential When Buying a Newly Built Home

For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes. Unfortunately, this is turning some buyers away from what may be one of their best options in today’s housing market. As Builder Online says:“As resale inventory remains limited and the price spread between new and resale homes narrows, new homes are increasingly an attractive value proposition for buyers, with incentives such as rate buydowns a way to help address ongoing affordability challenges.”So, is there any merit to the myth? Let’s break down the best way to make sure you feel good about looking into new home construction. That way, you’re not missing out on such a great option today.Choosing the Right BuilderThe key to making sure you get a quality newly built home is to choose a good builder. Reputable builders adhere to strict building codes and standards, use advanced construction techniques, and often offer warranties that cover structural issues for several years. That’s why the Mortgage Reports offers this advice:“When embarking on the journey of buying a new construction home, one of the most important steps is selecting the right builder. This decision can significantly impact the quality and satisfaction you derive from your new home.”And while you could dig into research about all the builders in your area, there’s an easier option to get the job done: lean on a pro. When you work with a local real estate agent, they already know about the builders and the new home communities under construction in your area. Beyond that, maybe they’ve even worked with other buyers who opted for a home in one of those neighborhoods. Here are just a few of the things your agent will help you with:1. The Builder’s Reputation: Your agent will help point you toward builders with strong reputations and positive reviews from previous buyers. Additionally, your agent will make sure the builder is licensed and insured. Membership in professional organizations, such as the National Association of Home Builders (NAHB), is also a good sign of a builder’s commitment to industry standards.2. Their Model Homes: Your agent will also be able to tell you if the builders have model homes you can tour. And when your agent walks through the model with you, they’ll draw your attention to the little details that matter most. Things like the quality of finishes, layout, and overall feel of the home.3. Builder Warranties: Your agent will also be able to help you navigate any builder offers or incentives. Reputable builders often provide warranties to cover major structural elements of the home for a significant period of time. This is a testament to their confidence in the quality of their construction. 4. Getting Inspections: Even with new homes, inspections are crucial. Your agent will coordinate the inspections with licensed professionals to ensure the home meets safety and quality standards before you move in.Agents Are the MVP When You’re Buying a Brand-New HomeMaybe that’s why data shows homebuyers unanimously scored their agents higher than their builders when looking back on their recent purchase:So, you don’t need to worry that they just don’t make them like they used to. By working with a knowledgeable real estate agent to choose a reputable builder, you can feel confident when buying a newly built home today. As Realtor.com says:“If you are interested in buying a new construction . . . You need your own real estate agent from the get-go. Even if it seems like plug and play to sign up with the builder’s on-site agent, you’re going to want someone representing your side of the deal.”Bottom LineIf you’re considering buying a brand-new home, don’t let misconceptions hold you back. Work with a local real estate agent to find a home you’ll love and be proud to call your own.
Why a Condo Could Be Your Perfect First Home

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.Since they're usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:“The share of townhomes being built is at an all-time high.”That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.So, if you're comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.The Perks of a Condo Lifestyle Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:They help you start building equity. When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.They can be low maintenance. Condos are great if you want to own your place but don't want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.They usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.They create a sense of community. Buying a condo means you'll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.Remember, your first home doesn't have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent. Bottom LineReady to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Contact a local real estate agent today to start your search.

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Xiong

**FIRST-TIME HOMEBUYER, HERE** Courteous, Punctual and Considerate. **HIGHLY RECOMMENDED**We are nothing but thankful and impressed with Jennifer with helping us navigate through the purchase of our First Home. We recently closed having started our search in November of 2021, having gone through the holidays and New Year- through it all: Jennifer was readily available and able to schedule/ coordinate through the transition into the New Year. Jennifer was courteous, responded promptly and utilized our preferred method of communications (SMS and E-mail). We laid out our expectations, our experience(s) prior to Jennifer helping us and she was able to address and prepare us for Escrow.
Crystal

Professionalism at it’s finest! Jennifer was so helpful during the search portion of my house hunting. I told her the areas I was thinking of living and she should me homes that were great options, but ultimately I settled on one in a different part of town. Jennifer would answer all my questions during the buying process, gave solid advice when it came to putting in an offer, and when the offer was accepted she would always update me on what was going on. Jennifer was so very sweet and helpful during this process, and really helped ease any fears I had. Anybody would be lucky to work with her! Verified by RateMyAgent
Jessyca

Jennifer was amazing! She went above and beyond to help us find our new home. She was available and attentive and her knowledge of the San Diego area helped us find the home of our dreams. I would recommend her to anyone, and will be using her again for future purchases! Verified by RateMyAgent
Ernest

Jen helped us get our first home! She was very helpful walking us through the entire house buying pr Jen helped us get our first home! She was very helpful walking us through the entire house buying process. She was always available to respond to any questions or concerns we have. We took a break from house hunting during the peak summer months, but Jen kept in touch with us and provided us with new listings we might be interested in. Her hard work paid off when we finally got our house with her help! Verified by RateMyAgent
Tim

Excellent experience! Jen is very knowledgeable, friendly and most importantly results driven when it comes to finding the right property and getting the deal done! I would recommend Jen to help buy or sell any property. Verified by RateMyAgent
Dan and Kristen

When you’re the best around... Jen is never gonna let you down! I would recommend her to anyone one house hoping! Tasks were completed timely and correctly. Her warm, sweet personality will definitely make you smile. Verified by RateMyAgent
Valarie

Tell me I don't have the GREATEST REALTOR Jennifer Gascon of Jennifer Gascon Real Estate sent me this yummy cookie basket to celebrate my home funding last week! Thanks to Jen and Tracie Schmidt of The Schmidt Team for helping us find and finance our home! These wonderful and beautiful ladies were with us every step of the way and got it all done in under 30 days! Thanks again and God bless!!
Chris

Jen is amazing! A true professional at what she does. She goes above and beyond for her clients always putting their best interest first. I would highly recommend Jen and her services to anyone!
Terri

Jen was the perfect agent for me. She walked me through every step of the process - from locating multiple properties that she knew I would be interested in to finally purchasing my new condo. She was always available to respond to my numerous emails, texts, and phone calls. We experienced all types of situations in the buying process (pulling out of a purchase due to bad disclosures, being out bid, to the perfect place). Jen was knowledgeable in all. She recommended a great lender, multiple inspectors for me to choose from, and sent me tips all along the way. I couldn't have gone through this very life changing process without her.
Mike

Jennifer stayed in constant contact with us. Helped us with resources to get our house ready. She was a real pro. Verified by RateMyAgent
Anderson and Ana

Jen helped us get our first home. She always promptly replied to all our queries and helped us throughout all steps. It was a great experience and gave us peace of mind. We surely recommend her. Verified by RateMyAgent
Sheye

Jennifer was very helpful and responsive throughout my FIRST experience with purchasing my home. She made the entire process seem easy and was able and willing to help with questions and concerns. Verified by RateMyAgent
Joanna

Jennifer is amazing! Always puts clients first and is honest, wonderful and always puts in 110% of herself in all that she does. If you are looking for a trustworthy and amazing agent look no further! This is the agent of your dreams!
Micha H

From our first meeting Jennifer was prepared and ready to get started. She listened to what I had to say and took all my concerns into consideration. She helped me to decide how to proceed and took over all the details and made everything run smoothly. We listed, showed and had an offer in 3 days. All I had to do was sit back and wait for the money to arrive. Her professionalism was beyond reproach. I would highly recommend her.
Brennan

My husband and I loved working with Jen Gascon! She made the home buying processes smooth and enjoyable. She was available when we needed her and worked around our busy schedules. She is truly amazing and went above and beyond to help us find our home.
Ernest

Jen helped us get our first home! She was very helpful walking us through the entire house buying process. She was always available to respond to any questions or concerns we have. We took a break from house hunting during the peak summer months, but Jen kept in touch with us and provided us with new listings we might be interested in. Her hard work paid off when we finally got our house with her help!
Charles

Jen was great! She helped me with my first home purchase, answered all my questions, was responsive, and took me to see many homes! She even called her handy man and paid to fix a screen that was damaged when the previous tenants moved out. I rushed through the final inspection so I missed that the screen door and the sliding balcony door were damaged during their move out so my only advice is to not to get too excited and really take your time with the final inspection, it's worth it. I would recommend Jen to everyone!
Steve

Jennifer is the BEST realtor. I didn’t even think I could afford one I talked to her she set me up with the lender and figured out how much I was comfortable in spending told her where I wanted to live and what I was looking for in a home she took care of the rest from day one to closing. It can be pretty scary, it was the biggest purchase of my life and you want someone you can trust and easy to talk to. She’s not only the best realtor but she’s all around good person and that’s what you want.
Sandra

From the Start Jennifer was extremely helpful as this was our first purchase. She was always available, always had an answer, and was so patient. She made sure we were comfortable through the whole process. I highly recommend her!!!!
Trisha B

Hands down, one of the most memorable experiences EVER! A tremendous thank you to Jennifer Gascon Real Estate who tirelessly continued to comb through the market with our real estate dreams and made them a reality! You went above and beyond the expectations of a realtor and never left our side through any of the setbacks this competitive market threw at us. If ANYONE wants/needs an honest, hardworking agent to fulfill your dreams, we highly recommend Jennifer Gascon! We cannot say enough good things about her! Thanks for everything, Jen!
Michelle P

Jennifer Gascon went above and beyond in helping us sell our home in California, while we lived out of state. Jennifer's responsiveness time was wonderful, and she would be so patient with us when we had questions and even when she didn't have an answer, she found someone who did and got us a response quickly. Thanks Jennifer.
jesus7nicole

Always available to answer questions or help with concerns I have about a property. She had time to venture out to see properties when ever needed. It was a great experience working with her on the purchase of our first home.
Micha Hamilton

From our first meeting Jennifer was prepared and ready to get started. She listened to what I had to say and took all my concerns into consideration. She helped me to decide how to proceed and took over all the details and made everything run smoothly. We listed, showed and had a offer in 3 days. All I had to do was sit back and wait for the money to arrive. Her professionalism was beyond reproach. I would highly recommend her.
Mcdiver987654

Jennifer Gascon went above and beyond in helping us sell our home in California, while we lived out of state. Jennifer's responsiveness time was wonderful, and she would be so patient with us when we had questions and even when she didn't have an answer, she found someone who did and got us a response quickly. Thanks Jennifer.

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