In the past years the spring housing market was the beginning of the selling season.  However, like it is in other States, because of the recent stay-in-place orders and the safety concerns, this year the California real estate season has shifted to the summer.

What does that mean for both sellers and buyers up here in the North Bay areas?  There is good news on both fronts!  As the Chief Economist for the National Association of Realtors stated:

“In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”

New listings are on a slower – but steady – path to recovery as we move into warmer months.  As a seller, including your home in the mix may be your best opportunity to sell.  Interest in your home may be higher than you think with inventory so low.

Buyers appear to be more confident than sellers as we enter into the summer.  They seem more ready to make up for lost time from the traditional spring market.

Dissatisfaction with homes after being quarantined for several months is motivating buyers to brave the social distancing restrictions and explore better solutions to their living arrangements.  Your for sale house may be the solution to their problems!

Sonoma County and other parts of the Bay Area are beginning to see a turn in the market.  Prices have remained relatively stable throughout the pandemic, and some areas are actually seeing multiple offers.  So, call your realtor, Sellers.

Buyers who need a competitive edge for their offer, can call Sun Pacific Mortgage at 707-523-2099 to apply for a fast, temporary hard money loan that will get you into your new home quickly and easily – even if you have poor credit, difficult to prove income, etc.

The question on everyone’s mind is: “What is going to happen to the housing market in the second half of this year?”  After examining unemployment, real estate, and the economic climate, the experts are taking a second look at their previous forecasts.

Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

“The recovery in housing is happening faster than expected.  We anticipated a drop off in Q3.  But, we don’t think that’s the case anymore.  We revised our Q3 numbers higher.  We predicted a 2% decline in purchase originations in 2020, now we think there will be a 2% growth this year.”

Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April-during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”

In summary, the economists and real estate experts are optimistic about the second half of the year.  And this applies to California!  So, if you were hesitant about pursuing your real estate plans earlier this Spring, you might want to start the ball rolling now that the California real estate market is showing signs of renewed life.  Counties like Sonoma, Marin, San Francisco, Los Angeles and even Santa Barbara are increasing their mortgage requests – showing that Home buyers are moving out in bigger quantities.

If you need help with securing a home loan and have been turned down by other mortgage agencies, give Sun Pacific Mortgage a call at 707-523-2099 to discover what solutions exist for your specific qualifying problem.  We have been in the hard money lending business for over 32 years with a great track record for helping our clients obtain alternative financing for their real estate investments, both owner-occupied and non-owner-occupied.

We Make Loan Approvals SIMPLE

Are you looking for a faster, smoother and less-regulated loan approval process?

With our Hard Money programs, we can help those turned down elsewhere, those just looking to speed up a refinance or even just get a fast mortgage.

Call us at 707-523-2099 or reply here with any questions. We hope to be able to help, as we did for the Broker and his client below.

Loan of the Week

A Mortgage Broker from Southern California referred his client to us who wanted to invest in a San Diego business but was having issues proving he made enough income.

The client and his wife just wanted to access the equity in their primary residence to pull out some cash for their business.  They needed 488K which would still present a decent 63% loan to value.  Within 20 days we were able to provide them with this financing they needed, and they couldn’t have been happier!

Sun Pacific Mortgage is known for our fast loans and integrity in dealing with our brokers and clients, which is a reason we have been in this lending industry for over 32 years.

We are available to help at 707-523-2099 or with an email reply.