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05.28.24

Written by Chase Majerus

VA Buyer Agent Commissions

Good morning/afternoon/evening! Oddly enough, I wrote everything else before I wrote the introduction and am now realizing how much we talk about California in the newsletter this week. Maybe I have my mind on the incoming summer. Maybe it’s because I recently read that “most California houses sell for over $900,000“. Now I know I’d be safe and warm (and broke) If I was in L.A. (cough cough)

Let’s make like a true Californian, grab your breakfast burrito with avocado, pour yourself a lavender latte, and let’s explore the mortgage, real estate and financial world!

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VA Buyer Agent Commissions

This news was a pretty big shakeup for those in the mortgage and real estate industry.

The U.S. Department of Veterans Affairs (VA) will soon issue a circular (an essential letter containing important information that is to be circulated to a large section of people) to address a policy that prevents VA buyers from paying real estate agents, announced by Michelle Corridon at a recent conference. This circular, expected by June 12, will help bridge the gap while a formal rule-making process is underway.

Current VA policy prohibits veterans from being charged brokerage fees when using their VA loan benefits, which conflicts with a recent National Association of Realtors (NAR) settlement that changes commission practices.

The Mortgage Bankers Association (MBA) and NAR have expressed concerns that this rule disadvantages veteran homebuyers, especially in a competitive market. The new circular will allow veterans to compensate real estate agents, ensuring they receive necessary professional representation. This move is crucial as it levels the playing field for veterans in the housing market. It ensures they can compete fairly and achieve homeownership, protecting their interests and opportunities.

Read the full Housingwire article here

Major Manor

Marilyn Mansion

Our headline is confusing but YES this has to do with Marilyn Monroe not Manson. We just like a little bit of fun wordplay.

The current owners of Marilyn Monroe’s former home in Brentwood, California, are suing the city of Los Angeles to prevent it from being designated as a historic and cultural monument. They bought the home in July 2023 for $8.35 million and received a demolition permit in September, sparking public outrage.

The city temporarily suspended the permit and has been taking steps to declare the home a historic site, arguing that it’s significant as Monroe’s only purchased home and the place where she died. The owners claim the city violated legal procedures and their property rights in this process.

This drama was even aired on the news not long ago. Watch it Here

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Financial Fitness

Dear Gen Z and Millennials, DON'T TAP YOUR RETIREMENT

Read More Here

  • Nearly one-third of aspiring homeowners, particularly Millennials and Gen-Z, plan to withdraw funds from their 401(k) accounts to buy a home, according to a survey by BMO Financial Group
  • Financial experts advise against this move, citing potential taxes, penalties, and the long-term impact on retirement savings
  • Early 401(k) withdrawals can trigger significant financial consequences, including penalties and taxes, and reduce the funds available for retirement
  • While a 401(k) loan may be a slightly better option, it still carries risks, such as the need to repay the loan within five years and the possibility of having to repay it faster if you change jobs
  • Experts emphasize the importance of careful financial planning to avoid overextending on home purchases and risking financial instability
  • If you want our advice, check out S1 FinFit, the app designed to help you better understand your financial fitness, so that you can achieve your goals of owning your own home! Also, we don’t recommend tapping your retirement savings either.
    Download S1FinFit here on your app of choice from the appropriate link in the section below!

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Vlog

Sergio Haros on the topic of Buying Now

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It’s not hard to see why fewer mortgages are being written these days. A large percentage of homeowners are clinging to their 3% mortgages, especially with interest rates predicted to remain around 7% through the end of the year.

However, in every market, there is opportunity. One significant advantage of buying now, even in a blazing hot market, is the reduced competition. Instead of competing with 20 offers, as was common just last year, you can choose your home with much less competition.

Sure, you might pay more in interest today, but consider this: Would you rather pay a higher interest rate now and secure the right home, or wait until next year, compete with 20 offers, and possibly miss out on the home you want?

Reach out to us to find out how you can take advantage of this market. You can gradually bring your payment down in the years to come as interest rates eventually decrease.

Watch the full video here!: Here

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