I know you will all agree with me that the gloomy wet
weather needs to depart Southern California, so we can return to Sunny SoCal!
RATES AND MARKET UPDATE
Home prices continue to rise, albeit more slowly. We are seeing a stronger return to the market
for buyers for the spring home buying season.
However, we continued to be plagued with low inventory which is causing
a shift again to a strong seller’s market with multiple offers being received
for most properties.
For those property owners who might consider
selling but are held back by higher interest rates for a purchase, remember
this: rates will come down and mortgages
can and will be refinanced.
MORTGAGE INDUSTRY NEWS
·
Some pesky fees for certain loans have been
reversed by the Agencies, e.g. Fannie and Freddie. This is great news for homebuyers who
would have faced higher rates for some loans.
There was a great outcry by the mortgage industry and the additional fees
were removed.
·
Bank statement loans for
self-employed individuals are gaining in popularity as their rates are now
competitive with standard full-documentation home loans.
·
Buying investment property is
gaining in popularity and made much simpler with Debt Service Coverage Ratio
loans. These programs qualify the
buyer for financing based on the anticipated rental income coverage of the Mortgage
payment, taxes and insurance. The buyer does not qualify for a loan based on
her or his income, but on the property cash flow.
·
Income from an ADU may now be considered
when qualifying for a mortgage. We have construction
loan programs that can finance the construction of an ADU.
THIS AND THAT
We are off for a quick weekend visit to the wine country north
of Santa Barbara. We have a couple of
tasting events scheduled in the Foxen Canyon area, and will be tent-camping at
El Capitan with friends in their new RV.
We also have a family camping adventure scheduled for late
July at Carpinteria State Beach. All the
kids and grandkids will be joining us.
Can’t wait for some fun in the sun on the beach with games, biking, swimming
etc.
We just spent the Memorial Weekend celebrating our fallen
warriors with the Dana Point Yacht Club.
There were many boats anchored in the marina to make space for visiting sailboat
racers. The raft-up is always filled
with fun, food and live Music on Sunday.
Please reach out to us with questions! We are here to help!
Karen
