Good morning to the Holiday Season,
Sellers continue selling and Buyers are ready for action.
Home sales are healthy and home refi’s – incredibly strong.
The Good News: Confidence in Real Estate is steadfast. Don’t miss out.
The real estate market remains a frenzy. Call today. Let’s prepare for the fun.
Recent News
– Jobs Report: Current report is 500 K new jobs were created. Positive news with signs of continued healing. Looking ahead, the hope is this number will further increase.
– Federal Reserve Meeting: The Fed met this past week. They will begin tapering a bit earlier than anticipated. There is also a much shorter planned time. This is responsible, while also flexible.
Information and Helpful Insights
Market News, Successes, And How We Can Help
Points of interest:
- Housing: A bit more supply, pretty steady on the number of sales, builders confidence remains very strong. No sign of a cliff to fall off. Most slowing is tied to supply chain issues and having enough qualified workers to build out homes.
- Jobs: Where are workers going? Prior to Covid-19, about 1 million applications were filed to form businesses, with employees, during the first nine months of 2019. In 2020, that number jumped to 1.14 million. And through September 2021, the same number is now a staggering 1.4 million. Translated: An extra 540,000 new business applications have been made in the Jan-Sept period, over the past two years. This has accordingly,reduced the employable population. Quite a number.
- Refi: Mortgage rates remain historically attractive. They have made come quick moves, yet in the overall, remain nicely in the middle of the same range band of the past 6 months.
- Interest Rates: Like our low Rates? A great incentive to Buy. But if you wait, watch out for inflation. Rates do respond inflation. Thus, when inflation moves higher, mortgage rates typically follow. Supply-chain problem and labor shortages do complicate the equation.
- Conventional loans: Tracking high 2’s to low 3’s. Cash-out refinance and investor loans run a bit higher.
- VA rates and FHA rates: If a Vet? Call today. Fixed still in the low 2’s. Plus Veterans refi special: 1) Refi from conventional loan into a VA loan, and 2) Rate-reduction refi’s have NO income, NO asset documentation.
- CA Jumbo: Yes to: Self-employed, Yes to: 80/10/10. Or, bigger down payment and no income / no employment documentation. Call. Let’s make it happen, today.
- Underwriting: Purchases – first priority of the underwriter. Turn around time can be a quick couple of days. Amen. How about Refinance? Patience wins. Best to start today.
Key to Success: Start the paperwork today. Let talk.
Market News
1) US Economy: Housing is an important measure of our economy. This makes it politically important, as well. Sadly,current day – so-called – experts and media love to hype – Real Estate Bubble. Yet when measured with a perspective that carefully compares monthly mortgage payment to household incomes, one finds a more well-rounded, informative view, that is actually quite helpful.
The US Economy: Pent-up Demand on full display !
Worst of CoVid is behind us and supply shortages are everywhere.
Job openings and more job openings are ready and waiting to be filled.
2) Federal Reserve Policies: Headlines were accurate, yet missed the mark. The Fed has been directly purchasing about 120 B each month in Mortgages and Treasuries. The ‘tapering’ of 15 B a month, over the next 2 months is part of the story. What is missed: All mortgages have principle pay-downs with each payment made, plus payoffs by refinances or sales (this is about another 60B a month they are then purchasing in the market). Thus, the Fed ‘s 10 % reduction in buying, is really only a net 5 1/2 % reduction. Translation: Fed’s so called accommodative stance, continues to be more of an understatement to reality.
3) Employment: The numbers are good and we are recovering. New applications for unemployment benefits, continues to drop, as employers hold onto employees, in a market were it is difficult to find new personnel, willing to work. This is part of the production supply problem. And, is this part of the ‘lowest participation rate’ we are now recording?
Have Patience: October / November should be a better judge of tomorrow
3) Real Estate: ‘Amazing‘ ! I remain a supporter of owning real estate. It looks like we are coming off the torrid pace of appreciation. The Good News: We are NOT going in reverse, or crashing. Instead, coming off a close to 20 % pace, to a now, year-over-year pace of 18 %. With the start of school, the number was ONLY 1 %. This hot pace is backed by income levels and low interest rates. Call Now.
If You Want In: Planning and preparation is key to keeping a step ahead.
Give A Call: Let’s talk ideas, money, and possibilities of home ownership
Success Stories
Key to Success: We continue to hammer out successes – “hammer” the operative term. Yes, lenders want to sell loans and love promoting the lowest rate. Then the reality summarized as nuisance, nonsense, and small details. Thus know what is being “sold” and have a mortgage specialist you can trust, first, before taking the yellow brick road. Verifying details and “Verifications” upfront, is key.
Success Story: The challenge of receiving a timely appraisal can be troublesome. The demand is high and the number of lender qualified appraisers is limited. Timing and readiness to act are key.
Good News: Many of our clients are able to obtain appraisal waivers. More Good News: We know how to get them done !
Retirement? Few of us have a silver bullets solution? Yet if we have built up significant equity in our homes, new doors of opportunity open. It can become a welcome gift – each month – for the many years of being disciplined and diligent. Question: How best to use this is gift? Good News: We have the tools to address this opportunity and answer your questions, as we explore your options, together.
I look forward to your call. Call today.
We have a team of experienced agents, covering a full range of specialties. Give a ring.
Highlights of How We Serve You
1) Long-Term: Traditional financing. The Good News: No age restriction.
2) Short-term: A great tool in this market of very low interest rates is Home Equity Lines of Credit (HELOC). Perfectfor short-term ‘chunk cash’, plus the benefit of flexible repayment.
2) Keeping One’s Home: Key is an interactive discussion. Let’s talk the benefits of keeping or selling. Is this home design best for any age limitations? Is there a willingness to relocate geographically? What about Estate planning concerns, outstanding debt, or simply meeting monthly expenses? What about Proposition 19? My job is to address your concerns and lay out straight forward solutions. Let’s talk. A call worthy of your time.
3) Reverse Mortgage: Often offered as a great way to eliminate stress, especially the monthly burden of the home mortgage payment. It stops, while adding new income, each month. Call. Let us show you.
The Good News: Rates Remain Awesome
– New Homes or Refinance –
Self-employed: Times are tricky, but we are prepared to take up your challenge. Let’s talk and review your uniquesituation. We can lay out workable options and best possibilities. I do love and stand with Small Business. I respect those daring to be self-employed – the backbone of America. They speak to the living spirit of our free enterprise system. Let’s stand together. Call today. We are motivated.
Buying your next home: Two very helpful “tools”. 1) A client uses their old home, as collateral for their new home!! 2) A tool whereby one’s current payment on the “old” home, does not count against your client, while settling into their new home. Excellent. You need options, tools, and alternative ideas? We have them. Call today.
Renting, but wanting to Buy?
The pricing pressures are not just with home buyers. Invitation Homes, the nations largest landlord shows rental demand is up 14 %, with annual rents – for renewals – up 5 %. In a recovering economy and appreciating values, there is no safe haven to avoid rising rents and property values. Let’s talk. The best long-term answer maybe to buy now, while rates remain excellent, relative to value. Call today.
Good News: We offer market-based tools comparing rents to the benefits of home ownership. We look beyond boiler plate, short-cuts numbers. We understand ‘affordability’ to be unique to each and every individual and family. Our focus is understanding you, asking pertinent questions, able to help guide your financial future. Our concern is more about “live-ability”, and less about ‘how big a home can I afford.’ A big, first step made better. Finding answers and discovering options are both rewarding.
CALL ME – Your success is MY first priority.