Category Archives: Buyer Updates and News!

On this week’s show: April Sales and Market Activity–Flat, lack-luster here in Sonoma County.

Here are Sonoma County April Sales information. Big take-aways? Lack of inventory but increasing, Median home price up “only” 6% over last year. 1.5 Month’s Supply of Inventory (4-6 months is considered “normal”.

MSI

Average Days on the market is a remarkable 42 days. Note how this number has been dropping. Blame low inventory and big Buyer demand due to historically LOW interest rates in the upper 3% range.

AverageDOM

Homes for sale by month is down -10% over last year–c’mon–let’s get those homes on the market!

ForSaleProp

New properties coming to the market is down slightly.

NewProperties

Indicator of future activity is the “Under Contract” properties down -5% over last year. Hmmmm?

UC

Sold Properties by month is down -13%. This with historically low rates? Price wall happening?

SoldsMay

Median Home price shows dramatic slowing of higher price activity.

Medianhomepricemay

 

Weekly Interest Rate update, Courtesy of Otto Kobler of Summit Funding

Mortgage Rates for March 11, 2016

FIXED AND ARM CONVENTIONAL PROGRAMS RATE         APR
30 Year Fixed Conventional 3.875%      4.040%
15 Year Fixed Conventional 3.125%      3.265%
5/1 LIBOR ARM Conventional 3.875%      3.963%
7/1 LIBOR ARM Conventional 3.750%      3.803%
———————-
JUMBO PROGRAMS ($417k +) RATE          APR
30 Year Fixed 3.750%       3.967%
15 Year Fixed 3.500%       3.259%
5/1 LIBOR ARM 2.875%       2.972%
7/1 LIBOR ARM 3.250%      3.411%
————————
FHA/VA FIXED PROGRAMS RATE          APR
30 Year FHA/VA 3.500%      4.647%
15 Year FHA/VA 3.500%      4.910%

Continue reading Weekly Interest Rate update, Courtesy of Otto Kobler of Summit Funding

Homes Available by Price Bracket-National vs. Sonoma County.

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.

SalesPricePointDifferenceFeboverFeb2016

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!

Boomerang Buyers-Default,Deed-in-Lieu,Loan Mod,Short-Sale, Foreclosure, or BK’s?

If you’ve had any of the adverse credit events mentioned above then you need to re-check your eligibility for obtaining a home loan. This chart below is a great guide:

Homeowneraferadversecredit

 

Perhaps you did a BK to stop a foreclosure. If it’s been officially resolved then check the chart below as you might be able to now SELL that home and move down OR up. Continue reading Boomerang Buyers-Default,Deed-in-Lieu,Loan Mod,Short-Sale, Foreclosure, or BK’s?

We have buyers just waiting for YOUR Sonoma County, Ca. home to hit the market!!

search for homes

The Kelly Norman Team Current list of BUYERS

These buyers have seen everything on the market. Do you have a home that fits their needs? We’d love to hear about it.

1. Country property with 2nd unit (studio/granny), or 2 acre property with room for a 2nd unit. Any Condition – Up to $800,000 Continue reading We have buyers just waiting for YOUR Sonoma County, Ca. home to hit the market!!

Income to Purchase a Home–Tale of two Cities: SF vs Sacto

  On Sundays show we discussed how much home YOUR median income will purchase. Below you see 3 charts. The first one shows how many of you making the median income for your county can afford the “Median” home price. I’ve underlined “Sonoma County”.

housing affordabilityby county

 

 

 

 

Below is the income needed to buy the median income home in Sacramento. Then below that the same chart but in SF. The difference is staggering! Why Buy a home in Sacramento? How about it takes 4 times as LESS as in SF!

IncomerequiredtobuySF

Why Buy a home in Sacramento? How about it takes 4 times as LESS as in SF!

Otto Kobler, Summit Funding Joins us on the Real Estate Hour – New Loan Programs and Updates

Did you miss it??…here’s the podcast;

Real Estate Hour favorite, Otto Kobler of Summit Funding will explain a new more -flexible (?) Fannie Mae loan. Plus; What’s up with interest rates, Jumbo financing, Bridge loans, and more.

Otto Kobler Summit Funding, Inc. Branch Manager / Senior Loan Officer okobler@summitfunding.net
Otto Kobler
Summit Funding, Inc.
Branch Manager / Senior Loan Officer
okobler@summitfunding.net

NMLS ID#: 225957
CA BRE ID#: 00981742
1400 N. Dutton Avenue Suite 5
Santa Rosa, CA 95401
Office: (707) 522-6300 (Ext: 311)
Fax: (707) 522-6303
Email: okobler@summitfunding.ne

– See more at: http://www.summitfunding.net/okobler#sthash.c3kBjNOr.dpuf

Unique Property? Unique Situation? You Need Unique Financing – Chances are Jennifer Foster, Umpqua Loan Officer, can do that Loan!!

Did you miss the show, or, want to listen again? Here’s the podcast:

Join us on The Real Estate Hour -Sunday 9-10AM pdt. 1350AM, 103.5FM or Streaming live at www.KSRO.com.

Jennifer Foster, Umpqua Bank NMLS #486146 Direct: (707) 636-3404 Cell: (707) 280-9502 JenniferFoster@UmpquaBank.com
Jennifer Foster, Umpqua Bank NMLS #486146 Direct: (707) 636-3404 Cell: (707) 280-9502 JenniferFoster@UmpquaBank.com

Umpqua’s loan products include;  unusual properties, portfolio lending and re-hab and construction loans. Some of our clients have directly benefited from Jennifer’s expertise in these products, as well as the more traditional loans.

We’re excited to hear more.

*By the way – This information is not just for home buyers!*
If you’re a Sonoma County home seller with a unique property, or you’ve been told your home isn’t “finance-able”,  tune in. This show is for you too!

Wouldn’t it be great if you could improve your home’s chances on the market, by increasing your home’s buyer pool? – by overcoming that obstacle upfront with creative financing options for your potential buyers!  win-win!!

This is just one of the extras we at The Kelly-NormanTeam offer our home sellers and buyers. We think outside the box to find solutions…and, so does our guest, Umpqua Bank loan officer, Jennifer Foster.

If you’re buying your first home or you’re a seasoned investor,  navigating through the mortgage process takes time, work, and expertise. Jennifer Foster has that covered, and she’s here to help.

Jennifer’s passion for helping people with their home loans is the driving force behind her success. She especially enjoy working with first time buyers – educating and assisting them throughout the lending process. (which she does very well) Whether you are purchasing, refinancing or building,  she provides consistent communication with everyone involved, ensuring a smooth and worry-free transaction.

Jennifer began her career in lending 25 years ago right here in Sonoma County, and she is proud to have joined Umpqua Bank because they believe in providing that same exceptional customer experience based on superior customer service.

More about Jennifer Foster;

  • Started her mortgage lending career in Sonoma County more than 25 years ago at IMCO Realty Services which became North American Mortgage.
  •  Passionate about educating clients and providing financing solutions that meet long term .
  • Specializes in Custom Construction and renovation financing.
  • With Umpqua Bank for almost 5 years.
    • Product mix includes unusual properties, portfolio lending and construction
  • Active in community serving on local boards and community organizations including
    • Schools Plus Board Member
    • Affiliate Member of North Bay Association of Realtors

Real Estate Hour Podcast; Great show and information from Tom Havstad-Permit Consultant…

profile pictureIn case you missed it, ^^^^ here’s the podcast from 7/26/2015 with Tom Havstad joined by Ryan Giannecchini (SC Barns) discussing  the vacation rental ordinance in Sonoma County, and a controversial proposed change in the PRMD’s (Sonoma County Permit and Resource Division) policy affecting auxiliary buildings. Because of public uproar, the policy changes were removed.

However, the fact that PRMD tried to sneak this in, has left a bad taste in our mouths.

Tom is a wealth of knowledge when it comes to resolving permit issues. His company is Permit Consulting Services:

Tom Havstad – Permit Consulting Services                                                        Phone/fax: 707-874-2078                                                                                     Cell phone: 707-695-0857                                                                              Website: www.permit-help.com  – Email: havstad@sonic.net

 

 

This is not your Grandparent’s Reversed Mortgage. Today’s Reverse Mortgage Explained

Think you know ALL about reverse mortgages? You might be in for a few surprises. Jill Grom , Reverse Mortgage Specialist with Alliance Reverse Mortgage, joins us on this Sunday’s show to talk about the many things you may not know about Reverse Mortgage.

Tune in every Sunday from 9-10AM pst for The Real Estate Hour on KSRO 1350AM, 103.5FM and streaming live at www.KSRO.com

Reverse Mortgage specialist--a great guest too! Very informative.
Reverse Mortgage specialist–a great guest too! Very informative.

Jill Gromm |  VP, Reverse Mortgage Specialist 707-535-2926 – Cell 707-235-2269                             www.allreverse.com (Formerly California Reverse Mortgage Consultants)

cid:3511512905_16256324
A TRUSTED CREDIT UNION PARTNER

3033 Cleveland Avenue Suite 150  |  Santa Rosa CA 95403  |  CA BRE 01326979  |  NMLS 246723
MEMBER OF NATIONAL REVERSE MORTGAGE LENDERS  ASSOCIATION

About Jill:
Jill Gromm is an experienced mortgage professional providing mortgage loans for over 14 years and has spent the last 9 years specializing in Reverse Mortgages. She works for Alliance Reverse Mortgage which is located in the Redwood Credit Union’s corporate office on Cleveland Blvd.
Jill’s mission is to educate the senior homeowner and provide safety, security and peace of mind on every loan. She is a trusted advisor that not only works with each client through the loan process but also keeps in touch with all of her clients after the loan closes to answer any questions during the servicing of the loan.
Jill’s keys to success is to listen to her clients needs and educate them on all mortgage options to see what is in the clients’ best interest. She gives every client personal and professional service including in-home consultations. Continue reading This is not your Grandparent’s Reversed Mortgage. Today’s Reverse Mortgage Explained