Hate When This Happens!

But, dang, it had to happen. It is a sign actually, of good times in housing market.

Wells Fargo has determined that 490 jobs in their mortgage departments across the country will be eliminated.

It's due to the reduction of distressed homes inventory. Less foreclosure activity. Less mortgage refinance activity.

They are determined to place as many of these employees within the company in different departments.

But, sign of a rebounding housing market can also mean loss of jobs in the mortgage industry that focused on distressed homes.

Happy for the sign, but sad for those employees that do not get to keep a job.

California Association Of Realtors 2016 Forecast

Basically says we are looking good. Still fairly tight inventory, still low interest rates. California leading the nation in economic job growth.

All good. This right here is a copy & paste from their report :

The California median home price is forecast to increase 3.2 percent to $491,300 in 2016, following a projected 6.5 percent increase in 2015 to $476,300.  This is the slowest rate of price appreciation in five years. 

We all know that the market is location based if course, but I feel very comfortable with their forecasting based upon my experience and what I'm watching happening in my Santa Clarita Valley specialty area.

Black Kitchens Taking Over?

Um, call me old fashioned, or call me whatever you want...but the only bit of the color black I want in my kitchen is pretty minimal.

I read a couple articles that say black kitchens are taking some space in designers heads. But, we all know...black will shrink a room, it darkens a corner, is is very ....chilly.....I'm not digging this at all.

I guess I could see it in some super techy loft. Some place maybe where they have a lot of snow so it's chilly already. Geez, maybe somewhere that the homeowner is Goth?

What say you? Would you do a totally black kitchen?

What's Going on With Our Market??

I see some agents panicking a bit out here in Santa Clarita. Well, one in particular. She does that. But regardless, people are chatting in my industry about what's happening in the market.

Listed a townhouse, same floor plan, same condition flew off the market in 1 week beginning of September. Mine is now at day 18 of days on market with no hint of an offer. Well there was a hint of one and the buyers daughter said she shouldn't buy it. Dang kids!

Another listing received multiple offers in the first week but they were 99% contingent so we selected what appeared to be the best offer with the contingent home being priced most appropriately and in a great location. That buyers' home is now sitting 9 days on market. A month ago it would have been in escrow already.

Inventory is a little seasonally down. Interest rates took a little dip too. But, the housing market feels like it's skidded to a halt....well, not really, but a little bit.

But those red cones may be trying to tell us something........

Or not. Honestly we're hitting the slower home selling season. Job growth report was a bit iffy. The scare of a possible interest hike didn't happen, so buyers are being a bit choosier in my opinion.

SPOILER ALERT ~ This is of course, just my opinion. And I'm happy to see this little bit of a stall. It keeps sellers on this planet instead of Mars when it comes to pricing. It makes for the stability of a market when sales slow down a little bit. It does make it challenging for a seller needing to sell and buy a replacement home, but it does keep things on this planet we all live on called Earth.

Home Sales Activity Santa Clarita Valley & Surrounding Communities October 9, 2015

What's happening around Awesometown?

Inventory is seasonally a bit low right now. Only 684 active properties for sale. Yes, homes, condos', townhouses. Acton to Stevenson Ranch. Newhall to Castaic.

Under contract you ask? 614. But, needless to say, many of those could still be some old distressed sales properties. I'm not going to look!

Sold in the last 30 days? THREE HUNDRED & FORTY NINE! That's a terrific number!

Everything I can see, and what I'm reading, says we will continue to have nice levels of home sales. Interest rates are low, housing inventory is climbing steadily, and the job reports are getting better.

That's What's Happening Around Town!

Any Questions? Just Holler!

Picking Apart Offers

When a buyer writes an offer on one of my listings I diligently review, dissect, pick apart. Supposed to, right?

I verify that the current home they live in is up, or not up, for sale. Some try to slip that non-contingent status in when they really do have to sell their home.

I contact their lender that came with offer. Make sure they've actually looked at Tax Returns, W-2's, assets, FICO scores, etc. We're totally supposed to, yes?

One lender I speak with today....nice guy....totally on the ball....he confirms something I dreadfully already know....not enough Realtors actually even speak with the buyers lender who is supposed to be doing a loan to purchase their sellers property. I do, more often than I should, see notes that property is back on the market due to buyer could not qualify for loan.

At any rate, it's my job to protect my Sellers, get them the most amount of money, and make the transaction as smooth as possible. It's my job to Keep Their 'Witz' About Them, right?

So today I am dissecting 3 offers on one of my listings. Will be preparing a Sellers Multiple Counter Offer....most likely.....to send back to all of them.

But, each will be different. Each will be related to that original offer. If I'm skeptical of the lender, I'll ask for a cross-qualification. If they've written non-contingent, I may suggest a non-refundable deposit. Well, we're not supposed to do that, but...well, I just may.

At any rate....off I go to Pick Apart these bazillion pages which encompass several offers!

It doesn't really go with this post but it made me laugh!

What's This TRID Stuff All About?

You've likely seen a few things pass your line of sight, if you're in the market to buy or sell a home, that talk about TRID.

The start date for it is tomorrow. No clues as to why it's starting on a Saturday, but it is. I'm sure the answer can be Googled, but it's not important in the grand scheme of things.

What do you as a buyer or seller really need to know about TRID (TILA-RESPA Integrated Disclosure)? To pay attention to time-lines, listen to your Realtor, listen to your lender.....don't try and make any changes that are financial, late in escrow. It'll foul things up for closing.

And, for the beginning stages....don't even try a 30 day escrow!

It's all about transparency. Making sure the buyers REALLY, and truly understand what they are doing. We've made so many changes over the last almost decade since the recent housing crash, this is just another one.

Changes in APR, changes in credits, changes in anything related to money will require a re-disclosing of documents to the buyer.

If you're trying to do Home of Choice with Concurrent closing, phew, that's a possible challenge for sure. Arrange a minimum of 3 days after closing with a possible need for more to meet any time line changes in either escrow.

For the standard buyer or seller....I REPEAT.....do what your lender tells you to do...in an extremely timely manner. For us Realtors out there.....don't waste your time screaming at the buyers lender if you got a credit towards closing costs late in the game to the lender and it delays your closing of escrow. 

There will be several things completely out of our control...which is challenging to say the least to an OCD-er like me. But, if I do what I'm supposed to do and the other agent does, and the buyer does, and the seller does....whoa....and the lender does too.....we'll all be sitting pretty. I know, lot to ask!!

It's going to take some time to get used to it. Take your B12, you're gonna need some patience for a while peeps!