Toni Espositi of Old Republic Exchange Company (OREXCO) joins us on the Real Estate Hour Sunday June 5th 9-10AM pst., 1350AM, 103.5FM, and streaming live with Podcast immediately following the show at KSRO.com.
Regional Sales Office – California ‒ Northern
& Pacific Northwest – Ms. Toni Esposti, CES®
Here in the “Wine Country” of Sonoma County, California–home availability is very tight and our price brackets for homes do NOT reflect very well for affordability when compared to the overall nation. See the graph below.
Yes, there are places in the nation where homes/condos are readily available for UNDER $100,000. And you’d be very surprised how much home you can get up to $250,000. In Sonoma County it is slim to none and slim just left town. Our big price point is $500,000 to $750,000 followed by the next highest price bracket. The age old question of affordability–where do all the service folks, teachers, police officers, fireman, find a home without breaking the monthly budget? Tis the question!
In 2014 , did you Sell a House? Buy a House? Short Sale? Small business owner ? Realtor? Wondering what you can write off? On This week’s Real Estate Hour, we’ll have the answers to those and many other questions. Call in with your questions 9-10AM Sunday 707-636-1350. and, tune in to 1350AM, 103.5FM or KSRO.com
Madelyne Cromwell, Enrolled Agent has expertise in tax return preparation and tax planning, and is authorized to represent clients before the IRS. Madelyne is a member of the National Association of Enrolled Agents (NAEA), the California Society of Enrolled Agents (CSEA), the Sonoma County Executives Association (SCEA) and the American Institute of Professional Bookkeepers (AIPB).
Prior to joining Cromwell Tax & Bookkeeping, Madelyne spent 15 years in financial services. Most recently, she was a Director at BlackRock, the world’s largest asset manager, where she held senior management positions in finance and technology. Madelyne started her career as a financial analyst at Lehman Brothers in New York City.
Madelyne has a B.S. degree, magna cum laude, in Foreign Service from Georgetown University and an A.S. degree from the Santa Rosa Junior College.
When she is not working, Madelyne enjoys spending time with her partner and two furry (canine) children, playing golf, and watching the Oakland A’s.
Realtor Magazine came out with a list of “Top 10 Reasons 2015 will Rock in Real Estate”. On today’s show we’ll bring the items on this list to the LOCAL level, as some make sense, some are “Not Applicable” in our market, and some are just wrong (in our opinion). Remember–all real estate is very local!
Don’t get me wrong. We think 2015 will be a great year in Real Estate. For the best “local” real estate coverage look no further than our weekly talk show on KSRO, 1350AM and 103.5FM, 9 to 10am, EVERY Sunday! And Happy New Years!
The “New York Fed” has this great series of maps showing the housing surge, decline and THEN surging redeux. Interesting aside is the map for 2011 which shows strengthening home values only to have them disappear by 2012. June 2013 resembles CLOSELY the height of the market. Here we go again? Tune in to the Real Estate Hour and find out the real information behind these maps!
What a Big SWING–from -20% to +20% all in 5 years. Yes–one heckuva roller coaster ride. Are we done? Will we keep on accelerating our ascent? Remember, the fuel of the last boom/bust market was “DUMB” money where if you could fog a mirror–“Boy, have we got a loan for you!”. That has been replaced with a full PHYSCIAL checkup (Financially speaking) to get anywhere NEAR a loan approval. “Pendulum swings like a pendulum do”
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced last week that it will raise premiums by 10 basis points, or 0.1 percent, on most of the new mortgages it insures.
(FHA makes a lot of sense for many borrowers, in some cases it’s the only option, but it’s important to note that there may be other low down-payment options available that do not require mortgage insurance. It’s definitely a conversation worth having with your Realtor or your lender…give us a call/email for more info)
Making sense of the changes;
A borrower opting for a 30-year, fixed-rate mortgage who puts down 5 percent or more will now pay an annual insurance premium of 1.3 percent of their outstanding balance. Someone who puts down less than 5 percent will pay a premium of 1.35 percent.
The FHA said it also will raise premiums for borrowers with jumbo loans – loans of $625,000 or more – by 5 basis points, and increase the minimum down payment requirement on these loans to 5 percent from 3.5 percent.
Additionally, the FHA said it will require most buyers to pay insurance premiums for the life of their loan. A policy that was put in place in 2001 allowed borrowers to cancel premium payments once their debt fell below 78 percent of the principal balance. One exception will be for borrowers who put more than 10 percent down at the time of purchase.
Other new policies include a requirement that any mortgage for an applicant with less than a 620 credit score and debt-to-income ratio above 43 percent must be underwritten manually. Lenders who want to issue loans to these applicants must be able to adequately document why they decided to approve the loans.
The FHA also decided to put new restrictions on reverse mortgages, no longer permitting retirees to take such large, upfront payments.
In Sonoma County, Ca., most “bubble” loans (loans originated 2004-2007) were not sold to Fannie or Freddie. However, double check with the sites below to see if your loan is owned by Fannie and Freddie. If you are in foreclosure, you may have a holiday delay in the sale of your home. The links below will help you figure it out.
We discussed some of these key slides this morning on our radio show and wanted to give our listeners full acess to the presentation by CAR’s Chief Economist, Leslie Appleton-Young. Here’s the Link. Just CLICK HERE to go to the presentation. What’s REALLY startling is the “Foreclosure Radar” slides for Southern California–WOW!! Enjoy and let us know if you have any questions or as always–YOUR feedback is much appreciated!
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