Interest Rate Update: Memorial Day Weekend Jumbo Money 3.75% !

Once again we see the “Jumbo” money a 1/4 point or 25 basis points, under the conforming loan level which is now 4%. Either way, pretty spectacular interest rates. Now if you could just find a home to buy!

Rates provided by Erik O'quist from Wells Fargo Home Mortgage

Rates provided by Erik O’quist from Wells Fargo Home Mortgage

For information on the many other loan options we have available, please contact me. I look forward to hearing from you.

 

Erik Oquist

Home Mortgage Consultant
Residential Lending
NMLSR ID 447900

Wells Fargo Home Mortgage | 600 Bicentennial Way, Suite 200 | Santa Rosa, CA 95403
MAC A0626-020
Tel 707-535-2655 | Cell 707-889-5626 | Fax 866-617-5206 | Toll-Free 877-534-1810

erik.oquist@wellsfargo.com | http://www.erikoquist.com

loan Originations running Wild! But ONLY 28% from the Peak.

LoanOriginations

The above graph shows total loan “originations”.

“A strong fourth quarter finish to the year pushed total 2016 origination volumes to the highest level seen in nine years,” said Graboske. “We’ve now seen nine consecutive quarters of double-digit purchase origination growth, and growth overall in the purchase market in 21 of the past 22 quarters. The $2.1 trillion in first lien mortgages originated throughout the year represented a 17 percent increase over 2015, stemming from a 22 percent jump in refinance lending and a 13 percent increase in purchase loans. This was the second straight year of double-digit growth in purchase lending, which hit its highest yearly total since 2006 at $1.1 trillion. As good of a year as it was for purchase lending, it was still 28 percent off the peak volume seen in 2005. Refinance lending was up 22 percent, while purchase originations rose 13 percent

Will the City of Santa Rosa’s New ADU Rules make adding a 2nd Unit Easier? Tune in to find out.

David Guhin, City of Santa Rosa, CA Director of Planning and Economic Development will be on the show to discuss the State’s new requirements, and how cities are now required to make changes allowing for an easier, less restrictive process for adding an ADU (Accessory Dwelling Unit) to your property. More City of Santa Rosa info here

Tune us in at 9-10AM on KSRO 1350AM, 103.5FM and streaming live at KSRO.com.  Call in numbers are 707-636-1350

Search here for Santa Rosa homes for sale with granny unit, 2nd Unit, or ADU, or room to potentially add one? 

Missed the Show? – Listen HERE

 David GuhinDavidGuhin Director of Planning and Economic Development

City of Santa Rosa

 

Mr. Guhin has over 17 years of experience in the public sector, most of which has been with the City of Santa Rosa’s Water Department. In July 2015 Mr. Guhin was asked to lead the former Community Development Department through a series of strategic changes. His first tasks were to tackle the organizational changes that would create the new and revitalized Planning and Economic Development Department and to engage staff in visioning, developing, and implementing a comprehensive Process Improvement Action Plan aimed at positively altering the experience of doing business with and for the City.

Mr. Guhin’s areas of reasonability includes the Planning, Engineering, Building and Economic Development functions for the City of Santa Rosa.   In his time with Planning and Economic Development, Mr. Guhin has established the ongoing process improvement implementation, integrated the Engineering Development Services and Economic Development Divisions into the department, guided the development of the Housing Action Plan, and is leading the development of the City of Santa Rosa’s comprehensive policy on medical cannabis.

Mr. Guhin holds a Bachelor’s of Science degree in Engineering from the South Dakota School of Mines and Technology, and he is a Registered Professional Engineer in the State of California. Mr. Guhin’s recent community involvement includes being Past President for the Redwood Empire Food Bank, and he was the co‐chair for the Amgen Tour of California local organizing committee and has helped to bring the Ironman to Santa Rosa for the next 5 years.

David M. Guhin | Director

Planning and Economic Development

100 Santa Rosa Avenue | Santa Rosa, CA 95404

Tel. (707) 543-4299 | Mobile (707) 687-8806 | dguhin@srcity.org

 

Queen of Stagers! Denise Frye–Make Your House a Home. LIVE this Sunday!

DeniseOur delightful friend of the show and Queen of Stagers, Denise Frye, will be joining us to answer questions on home staging when selling a home. As Sellers are pondering selling during the upcoming spring marketplace, now is the time to ask Denise those tough questions on painting, decluttering, moving out and staging your home to sell? This and more!

Interest Rates 4.25% and a tad shaky!

Current Mortgage Rates for SONOMA COUNTY, CA

I hope you are having a great day! I’ve included below a selection of current rates for a few of our many products. I’d be happy to discuss options with you and your client based on their particular needs.

Conforming

Loan Type MI Type Interest Rate APR
5/1 ARM Conforming 3.625% 3.903%
30-yr fixed Conforming 4.250% 4.310%
FHA 30-yr fixed MIP 4.250% 5.001%
VA 30-yr fixed 3.875% 4.011%
15-yr fixed Conforming 3.750% 3.818%

Non-Conforming

Loan Type MI Type Interest Rate APR
5/1 ARM Non-Conforming 3.375% 3.800%
30-yr fixed Non-Conforming 4.000% 4.023%
VA 30-yr fixed 4.000% 4.126%
15-yr fixed Non-Conforming 3.750% 3.791%

Information displayed is accurate as of 1/13/2017 1:19:53 PM (CT) and is subject to change without notice.

For information on the many other loan options we have available, please contact Erik Oquist below:

 

Erik Oquist

Home Mortgage Consultant
Residential Lending
NMLSR ID 447900

Wells Fargo Home Mortgage | 600 Bicentennial Way, Suite 200 | Santa Rosa, CA 95403
MAC A0626-020
Tel 707-535-2655 | Cell 707-889-5626 | Fax 866-617-5206 | Toll-Free 877-534-1810

erik.oquist@wellsfargo.com | http://www.erikoquist.com

Sales for November of 2016 Sonoma County, California

Heading into the Holidays with low inventory and weak sales.
Heading into the Holidays with low inventory and weak sales.

Here’s the “Tale of the Tape” for home sales, Sonoma County, California, November 2016.

Median home price is up 9% over last year at this time but this is due to the tight inventory market, buyer demand and rates on the rise. As of this writing, December 7, 2016, rates are hovering just at 4 to 4.25%. So the threat of rising rates is bringing those looking to the table. It should be noted we have only 575 “Active” listings for every town in Sonoma County–all price points. Slim pickens

While the median SOLD price is $575,000, the “On the Market” median home price is $749,00. This means of those 575 homes half are below and above that number. Sales are actualy up +2%, or pretty darn close to “Flat” year over year. The “Solds” for 2016 never broke 500 sales in any month. Last year we had two months of 500+ sales.

An indicator of things to come is the “Under Contract” numbers which are down -8% over last year. But this is also seasonal as the slowest months of the year are upon us. Inventory is as you’d expect–down. New properties entering the market -6% and total inventory down -15% year over year.

Positives? DOM or Days on the Market is down -33%! 50 days is the time and our MSI or Month’s Supply of Inventory is only 1.8 months. Put this in context: a “normal” market is 4-6 months supply, under that its a Seller’s market. We have a BIG TIME Seller’s Market!

Here in Sonoma County,Ca our inventory is very tight and days on the market down to 50!
Here in Sonoma County,Ca our inventory is very tight and days on the market down to 50!

Still, if you are a buyer keep at it! Especially if you are below the median home price of $575,000. Less competition and motivated Sellers are a good combination for you! Let us know if we can help! 707-322-8503! Mike Kelly.

 

 

Santa Rosa is Lucky #13 of the top 20 Markets in the Country!

Realtor.com came out with their 20 Hottest real estate markets in the nation. 11 of these are in California and we’ve added two NEW spots–Eureka and Fresno. Eureka is way up north on the coast of California. Isolated, older fishing community but it is very affordable as is Fresno which is in the “Valley”.  “Valley” properties in the greatest state of California are fairly depressed and still have higher percentages of distressed homes. They have yet to get even close to their pre-bust highs. If you look at the top lists you’ll see 4 of these hottest market are in the California interior valleys—Sacramento, Stockton (at one time ground zero for the distressed market in California), Modesto and Fresno. What they all have in common is affordability. Median priced homes in these areas range from $270,000 to $317,000. Compare these prices with Santa Rosa (#13 on the list with a median price of $597,500).

Top "Hottest" real estate markets in the nature--Santa Rosa is lucky 13!
Top “Hottest” real estate markets in the nature–Santa Rosa is lucky 13!

  Continue reading Santa Rosa is Lucky #13 of the top 20 Markets in the Country!

Listen to Mike and Allison on "The Real Estate Hour", Sundays, 9 to 10am PST, KSRO, 1350AM or 103.5 FM and www.KSRO.com