Friday, February 15, 2019

Fines, Penalties, Jail Time

Sheesh, everything I seem to be reading about Real Estate, well, other than Zillow paid someone a MILLION dollars to get their Zestimates better, is about catching the bad guy related to real estate deals.

With that said...on Zillow....let's be serious here. You can get a rough idea of home values by looking on Zillow. Seriously rough. They are not in the trenches so forget about them really getting the right value just from staring at a computer and doing some calculations.

Forget About It Right Now!

But, on the topic of the blog? WOWZA, I mean I'm reading about millions of dollars, tons of jail time, penalties up the wazoo!

Because why? Because some schmuck (I think I spelled that right) or schmuck-ette (yeah, that's not really a word) decided to take advantage of people. Advantage of someone over the most important purchase of their lives?

I'd like to shoot them. Well, not really.....with an arrow through the heart maybe? LOLOL

So, if there are so many bad ones out there, Realtors, Lenders, Mortgage people, not, repeating here...DO with a Realtor or Lender that has not been referred to you by a trusted source.

There are a ton of us out here. Good, Bad, Ugly. And, you definitely have a friend, co-worker, financial adviser, family member....someone you trust.....that can steer you in the right direction.

Don't make the mistake of a lifetime.

Tuesday, February 12, 2019

Santa Clarita Home Sales Info & That Dreaded PMI

Good Morning!!! Just a quickie bit of info on the homes sales activity in the beautiful Santa Clarita Valley and our surrounding communities.

Acton, Agua Dulce, Canyon Country, Saugus, Valencia, Newhall, Stevenson Ranch, & Val Verde

Right at this moment we have 650 homes available for sale. Condos, townhouses, single family residences.

In escrow are a whopping 354. Buyer & Seller have come to an agreement and are working through inspections, disclosures, appraisals, etc.

Sold in the last 30 days sits at 171. Not that many, but the Spring season is coming! 

So, you want to buy a house, or you want to sell yours? What's with that PMI? For a Seller, who cares? You're getting money regardless, so skip this part.

For a Buyer, PMI (Private Mortgage Insurance) is tacked onto your loan if you do less than 20% down because you are a greater risk to the lender. When that happens they've got to cover their tush if the cloud breaks on your finances and it rains debt that doesn't allow you to pay your mortgage. 

But, dang, do you have to pay that PMI forever??? Currently, below is the way to get rid of that dang extra payment. Thanks to one of my lender pals for putting it in easy-to-read language. So there you go!

To get rid of PMI on a conventional loan you must wait 2 years and have 25% equity in your home, or wait 5 years and have 20% equity in your home.  You must not have late payments in the past 12 months and you would need an appraisal to prove your equity position.  FHA, the PMI is with you for the life of the loan unless you put down more than 10%.  Then the PMI is there for 11 years! 

Tuesday, February 5, 2019

What Do I Want To Blog About Today?

Sometimes the Real Estate news is fascinating....sometimes I feel like it's the same old thing.

Twice yesterday though I had someone ask me 'How's The Market'? So, that prompted my blog subject today.

The one is a prospective buyer, should we buy now? My answer? In complete and total honesty was that, even without a crystal ball, the market would correct in a couple of years. Not like a decade ago, but certainly a correction of sorts.

With that said, I reminded the buyer that the market would continue to have some annual appreciation with the likelihood of interest rates going up until that correction took place and then you'd pretty much be in the same dollars per month boat.

But, I did put the last statement to her as ...... you should plan on being in your home for the long run. Not a couple of years, but for a good long while.

The other was a client that I had shown homes to a couple years ago. They didn't pull the trigger and have since decided to move out of state. I said there was a reason we didn't buy a home then!

For him, I told him it was a bit quiet. Some periods are like that. Real Estate is always a rain when it pours situation. Well, not always, but a lot. So, I've just kept reaching out to my data base, letting them know I am here for any help they need.

I've been planning a Client Appreciation Party, been able to spend some time out of my office bowling for boobies (cancer), meeting new people watching the Bachelor (I know, right?), and, although it wasn't a success, had the time to have a chunky blanket party of my own!

There, that's how the market is. It's a regular Real Estate Roller Coaster it has been for the last 17 years I've been helping people In & Out of homes.