Tag Archives: buyer

Bubble? Not with this lack of inventory–but affordability woes persist.

Here in Sonoma County, California, “The Wine Country”, we are seeing persistent scarce homes to sell and lack of affordable homes is raising its ugly little head. The only category where sales are out-performing last year is in two price categories: $500 to $750K and $750 to $1,000,000K. These are for detached single family houses.

SalesPricePointDifferenceFeboverFeb2016

Open House THIS Sunday, February 21st 1 to 4pm ! 1200 Halyard Drive, Santa Rosa,Ca 95401 Traditional Beauty.

VWN_3885-f VWN_3914-f VWN_3964-f VWN_3929-f VWN_3899-f VWN_3896-f  This stunning traditional home is back on the market and OPEN this Sunday–All reports NOW on file! 4 bedrooms and 3 FULL baths the home has 3 bedrooms upstairs and one bedroom down wit adjacent full bath and exterior door–perfect “Multi-generational” living or for guests who savor their privacy. Kitchen new flooring in a rich brown with matching entry statement. Home is over 2100 sqft and has enormous living room with adjoining Dining area big enough for your Grandma’s sideboard, hutch and dining table and chairs. A big sectional would be swallowed up in the living room. Kitchen has newer appliances, flooring and is adjoins the family room with fireplace. Breakfast bar serves your hurried mornings or quick lunches. Yard has gate for ez acess  and patio for al fresco dining. Priced to sell at: $560,000. Join Allison THIS Sunday, February 21st from 1 to 4pm.

New Listing in NW Santa Rosa–Stately home seeking lovers of space!

VWN_3879-f1200 Halyard Drive, Santa Rosa: $560,000–Traditional home beckoning to new owners seeking 4 bedrooms and 3 full baths in a quiet NorthWest Santa Rosa neighborhood. Oversize lot with big side yard. Inside, new flooring in Entry Way and Kitchen. Living room will swallow up your big sectional and adjoining “formal” dining area will take a big dining room table, hutch and sideboard. See the virutal tour by clicking RIGHT HERE!

VWN_3885-f VWN_3896-f VWN_3899-f VWN_3914-f VWN_3907-f VWN_3929-f VWN_3938-f VWN_3943-f VWN_3964-f VWN_3969-f VWN_3973-f VWN_3978-f VWN_3957-f

 

“Where’s the Beef?” Sales are flat, Inventory Short.

“Where’s the Beef?” Sales are flat, Inventory Short.

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  Sonoma County selling and buying season here in the lovely “Wine Country” just an hour north of the “Gate” is flat with sales down 2% over last year but the bigger issue–Inventory! Usually March will signal the beginning of the “Selling” season by more homes coming onto the marketplace. March was a GOOD month but instead of being the beginning of an inventory surge–it was the end. March was our best month and inventory has been declining since. WHAT are the reasons? Below is a slide from the California Association of Realtors. I’ve added on the last three.

Reasons for LACK of Home Inventory  I think the “Off Market” or “pocket listings” is an issue but I’ve NOT seen any hard numbers on it. I’m waiting for CAR or perhaps Core-Logic, to come out with a study showing MLS sales vs. recorded sales. I know in our super tight inventory market, Realtors/Agents are always asking to see new listings not yet on the market. We hear of sales being made off MLS all the time. I keep waiting for the law suit which will define this isssue to apppear. Sellers and their Realtor/Agents who state, “They got their price.” really have no idea at how much that “price” could have been! The current disclosures by CAR, reflect this very issue which came out of the ’89 market scarcity.

Continue reading “Where’s the Beef?” Sales are flat, Inventory Short.

“How to Beat Out a Cash Buyer” with Otto Kobler, Summit Funding.

Otto Kobler-Summit Funding
Otto Kobler, Summit Funding showing off his American Spirit at the North Bay Association of Realtors, Santa Rosa Chapter marketing meeting and 4th of July Celebration on Tuesday.

Real Estate Hour favorite, Otto Kobler, of Summit Funding will be joining us this Sunday.

In this hot and heavy real estate market, cash buyers often beat out financed buyers in a multiple offer situation.

Learn Otto’s strategy that helps buyers with financing rise above the cash offers and present a winning offer.

Plus; There are big changes coming to the lending process, and looming interest rate hikes. Otto will fill us in on all of this and more.

Join Mike Kelly and Allison Norman for new and information about Real Estate in Sonoma County, Ca, and around the country, every Sunday on The Real Estate Hour 9-10AM, 1350AM, 103.5FM and streaming live at www.KSRO.com

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

 

The latest in Lending for Sonoma County and beyond! Sunday on the Real Estate Hour

Our "Loan Guy" Pete Phillippe
Our “Loan Guy” Pete Phillippe

We are pleased to have show favorite, “That Lender Guy”,  Peter Phillippe of Princeton Capital. Pete will be discussing the latest and BEST Interest rates, VA/FHA, lending requirements plus YOUR CALLS! Join us for what will surely be a “don’t miss” hour. Pete can be reached at: 707-481-2737 Cell  1-888-305-2473 eFax or peterphillippe@princetoncap.com

Why WAITING for 3.5% is FOLLY and Financially Naive.

$$SignsThe link below will take you to a Fannie Mae history of 30 year fixed rate loans. The reason I’m bringing HISTORY into the argument of lower interest rates is to show Buyers and Sellers why NOT to “wait it out”. These folks mistakenly think they will see 3.5% again.  It is wise to  understand the dynamics OF interest rate fluctuations and to study past rate increases. For instance,   In April of 1971 the interest rate was 7.31%–(42 YEARS AGO!) it would NOT fall under that rate again until July of 1993 when it hit 7.21%! Oh, and during that time frame it hit a high of 18.45%  in October of 1981!

30 Year Fixed Rates since 1971. Waiting for 3.5% again? Good luck!

The first 11 years of my real estate career we had double digit interest rates with that big high I mentioned above. We STILL sold homes. Sure they were lower but so were wages and salaries. Fast forward to today and we see rates soaring from April to today by one full percentage point or what they say in banking as 100 “basis” points. And this is WITH the Fed taking a long term support measure for keeping interest rates “low”.  What bothers me is the consumer balking at rates exceeding 5% as if THIS is a high rate! Continue reading Why WAITING for 3.5% is FOLLY and Financially Naive.

Sonoma County Home Affordability….How Much Home Can You Afford…now, versus 2006

June 2 , 2013; Santa Rosa, Ca.

The change in the Sonoma County Real Estate Market was upwards of 60% in some areas of the county, from the height of the market in 2006, to the bottom in 2009.  But, in some Sonoma County cities homes have managed to hold their value amazingly well.  On today’s show we’ll tell you which areas, and why…..

And, We’ll talk about how much home you can afford now…

Tune in to The Real Estate Hour for this, and more local real estate news, every Sunday morning from 9-10am on 1350AM KSRO or streaming live at www.KSRO.com

 

 

 

 

This Week’s Show; Wildfires are Coming…Is Your Home Ready?

5/26/2013 Sonoma County, Ca. on The Real Estate Hour, 1350 am KSRO

Fire Prevention Battalion Chief, Ben Nicholls, joins us on the radio to discuss the steps homeowners in High Fire Areas (State Responsibility Areas, SRAs) should be taking to protect their homes from Wild Fire.

Did you know that, if you live in an SRA, you are required to clear a “Defensible Space around your home? Chief Nicholls will tell us what that means. Here’s a link to help you determine if you are in an SRA,    http://www.firepreventionfee.org/sraviewer.php

Also, great tips for everyone on fire safety in your home.

Join us at 9:15 for this informative and very important topic.

For more information visit; http://fire.ca.gov/

 

 

 

 

FHA to hike mortgage insurance premiums…..

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.

Read the full story at  CNNMoney