Buyer's market for homes and loans

It's still a buyer's market.

Good news for homebuyers, not so good for sellers.  There is sufficient inventory for Real Estate in Marin County.  There's an excellent selection of homes for sale, you have good choices so let me know what you want in a home and a community and I'll find the home that fits your needs.

Interest rates are at historic lows so now is the time to lock in the rate on your purchase loan or home refinance.  Now is the time



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Now's the time to buy or refi real estate in Marin County

1. Home affordability is at an all-time high.

The median mortgage payment on the median priced home as a percentage of the median household income is lower than it's been in a generation.

2. Mortgage rates have reached rock bottom.

As interest rates start to inch back upwards, monthly payments and total loan costs will spike upwards.

(if you already own a home talk to us about refinancing at historically low rates, let's find your lifetime savings)

3. Buy Now; Buy Low!

After declining nearly three years, home prices are stabilizing.

4. Sellers are motivated.

This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.

5. Financing is readily available for qualified buyers!

Banks are getting back in the game and ready to lend to well-qualified buyers.

6. Owning vs. renting is increasingly favorable.

Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it's been in the past 22 years.

7. Homeownership is at the core of the American Dream!

Owning a home is critical to financial stability and wealth building. It's a forced savings account, a place to live and a fabulous tax deduction.

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Marin County Real Estate - Getting better all the time...

Whether you want to buy, sell or stay put now is the time to take action.  With intrest rates at historic lows and the real estate market trending up you are at the right time and at the right place to get the best interest rates and the best terms on a purchase loan or mortgage refinance.


Improved employment figures and record home affordability levels could spawn a minor housing recovery this year, analyst Mark Fleming said Wednesday in the CoreLogic.


We're fortunate to live in such a beautiful place and be part of the strong Bay Area economy.
Our future looks bright and getting better all the time.


A great place to start for all your real estate needs would be North Bay Realty & Loan


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Great time to buy a home if...

If you are secure in your job or business and feel you have a reliable income and some good savings, retirement accounts and your finances are in order it's a great time to buy a home or income property.


As we all know, the economy won't recover without a move in housing and jobs, and Mr. Duncan from Fannie Mae noted that about a third of the US workforce is worried about job prospects - a factor that will keep refinancing activity muted due to the significant upfront cash outlay required to refinance a home loan. And as we all know, low rates can only help so much compared to the influence that underwriting standards and values have on the business. Mr. Duncan has said that the US housing market is just halfway through a 10-year recovery.


Financing home or investment purchase or refinancing a home can be done one of two ways.
Lender Paid or Borrower Paid.  For a slightly higher interest rate the lender can pay the closing costs associated with any real estate transaction.  This makes sense if you only plan to keep the property or loan for about 7 years or so.  If it's a long term plan then borrower paid closing costs will give you the lowest interest rate and payments for years to come.


Interest rates are at an all time low.  Historic Lows...
Now it the time to buy or refinance your property.
Let us pencil out your options and give you the info you need for your optimum result.  
Call Spencer at 415-690-0194 or visit us online at:


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Watch out for falling home prices...

Marking the fifth consecutive month of decline, home prices fell 0.8 percent in October, matching levels last seen in 2002, according to Lender Services Home Price Index released Wednesday. As of October, the national home price average was $200,000. The year-to-date decline in October was 2.7 percent. According to preliminary data, LPS estimates prices in November declined about 0.5 percent. 

While LPS has tracked persistent declines since the market peak in June 2006, its analysts report price declines have slowed in the past few years. The greatest declines were seen between June 2007 and December 2008 when prices fell $56,000. 

Since then prices have fallen about $26,000, and declines have been interspersed with small seasonal upticks. These upticks, however, have not played an impactful role in price trends. Since 2009, prices have fallen an average of 4.2 percent per year. 

The LPS index noted that price declines were consistent across the country. In fact, prices fell in October in 403 out of the 409 metro areas LPS tracks. The five metropolitan statistical areas (MSAs) posting the greatest declines over the month were all located in Georgia. Other metros with notable declines were located in California, Nevada, and Connecticut – a state previously unseen on LPS’ list of worst-performing MSAs.

Of the 26 largest metropolitan statistical areas, 24 experienced price declines in October. Price increases occurred in metros located in Arizona, Florida, and Michigan. 

Comparing year-to-date prices, Atlanta and the West Coast experienced the most notable declines. Prices fell 21.8 percent in Atlanta from the beginning of 2011 through October. Additionally, Los Angeles,

San Francisco, and Seattle have all seen declines of 5.1 percent. 

Detroit and Pittsburgh encountered the greatest increases year-to-date as of October, posting increases of 9.6 percent and 2.2 percent respectively. LPS also noted in its recent index that price declines varied somewhat between higher-priced and lower-priced houses. The highest priced homes, making up the top 1 percent of homes, declined 0.7 percent, while the lowest priced homes, the bottom 20 percent of the market, declined 0.9 percent.

That’s the news across the nation, Call Spencer to discuss the impact on the news for your neighborhood.  Call 415-690-0194

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San Francisco and Marin Real Estate today

Real Estate in San Francisco and Marin

Here’s what the market looks like in San Francisco now, in brief…

Average Listing Price  $1,175,731  - about the same as December

Price Reductions  39 – up 28 from December

New Listings  154 – exactly the same

And here’s what the market looks like in Marin…

Average Listing Price  $833,223.   Down  $32,196. from December

Price Reductions  14  -  up 13 from December

New Listings  18 – up from 17 in December

What do the statistics tell us?  Prices are still holding strong in San Francisco and there are better bargains in Marin.  Marin is just a pleasant ferry ride across the bay to work in San Francisco or an easy commute across the bridge.  San Francisco’s great but if you want a little more peace and quiet, a little more open space and perhaps some gorgeous views you might consider a home in Marin.

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Buy a home or refinance your mortgage this year

2012 Resolution for Home Buyers and Mortgage shoppers -  fix up your financials

Buy a home or refinance your existing mortgage at historically low rates.

 

It’s no secret that the mortgage lending world is tough out there. Don’t let that stop you from buying a home in 2012. The name of the game is to prepare, prepare, prepare.  Home prices and interest rates are at historic lows. Be ready when the right one comes along. 

• Pull your papers together:
• Gather up: your past two years’ federal tax returns and W-2s; your last two months’ pay stubs; and statements from bank and other asset accounts, like retirement accounts and investment accounts. You might also find it handy to have marriage and divorce certificates on hand, as well as the statements from any credit, auto or student loan accounts you hold.
• Also, start keeping a running file to collect and keep handy new stubs and statements throughout the year; when you find your dream home, your lender will ask you to refresh your application with the latest versions.
• Compile your cash to close: If you’re serious about buying a home this year, you’ve probably already started saving up - or at least know where and how you plan to access your down payment funds. Early this year, meet up with your real estate and mortgage brokers and do a double-check on how much cash you’ll need for your down payment and closing costs to buy the sort of home you’re looking for in a location you’d like.  Don’t make any major credit purchases or money transfers.
• Check with your Realtor or mortgage broker on timing matters around any gift money or money from your own retirement accounts that you plan to use toward your purchase. You might need some lead time in order to draw your own funds, specific documentation of where the monies came from, or a couple of months for the money to sit and ‘season’ in your own accounts before the lender will greenlight the deal; the best practice is to make yourself aware of any such requirements as soon as possible.
• Have your mortgage pro run your credit report. Again, if you’re planning to buy this year, chances are good you’ve already pulled your own reports from the three bureaus. But as you move down the home buying timeline, it’s imperative to get your mortgage broker or banker to pull their versions of your reports, as that what the lender will go by. 

Put this on your to-do list sooner rather than later. If an error or issue arises, you’ll need some time to remediate your report.  Disputing an erroneous entry or derogatory your credit report needs action.  Ask your broker to obtain a Rapid Rescore or find an honest credit restoration company who can leverage consumer law in your favor.  A good place to start? Call Spencer at 415-690-0194

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Save your home or save your sanity

What seemed like a housing market downturn is now nearly universally, maybe the new normal. Many homeowners are taking a tough look at their mortgage situations in this stark light.

Do you wonder why you shouldn't just walk away from underwater homes and upside-down mortgages?  Have you explored your options?  Do you need help to find a graceful exit and permanent relief? You want to avoid unforeseen consequences that could cause future problems.

I almost never give an absolute answer to such an important question. The decision whether to walk away from your home is too big and too personal, and there are simply too many variables -- legal, financial, credit, tax, personal, lifestyle, family, etc. -- at play for me to give a glib black-and-white answer.  I am glad freely give real estate advice and help people make an informed decision.  Call Spencer at 415-690-0194 for real estate and mortgage information.

If you're trying to make this decision now, it absolutely behooves you to consult with a reputable real estate broker, mortgage broker, local attorney and local tax professional -- at minimum.

Here’s a good start

North Bay Realty & Loan

Here’s a good site for resources you can use

http://www.keepyourhomecalifornia.org/

Own a Home or Rent

Now it might actually be cheaper to own a home than to rent.

Mortgage rates hit record lows last month, falling below 4% for a 30-year-fixed!, and there are lots of homes on the market, it truly is a Buyer’s Market.

 If you live in the bay area and think you might be ready to commit to homeownership, this is exactly the right time to start getting serious about home ownership.

It can take months – even years – to save enough cash to buy a home, not to mention the time it takes today’s buyers to find and buy a home.

We can help with a very low down FHA loan or other options.

So, if you do decide to buy, you’d be wise to start your saving up and start looking now now to maximize your chances of getting into the market while home prices and interest rates are still relatively low.

You have the resources you need here to find and finance your new home and start building equity towards actual home ownership.  It’s one of the best investments in your future you can make now.

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