Sonoma County Real Estate Trends – End of 2nd Quarter 2023

July 18, 2023 Loan Originator

Surprisingly enough, median home sales prices have been climbing – especially over the past couple months of Quarter 2. They are presently only a little below the peak prices hit in the spring of 2022.

The number of new listings remains the lowest in 20 years, a victim of the “mortgage lock-in” effect. With many homeowners enjoying rates below 3%, they are not looking to sell their homes only to buy property with double the mortgage rate.

The average number of days a property stays on the market is the lowest we have seen in 20 years – a phenomenon expected with so few homes available on the market.

With so few homes available, homes have continued to sell above asking. With the lowest inventory available in years, finding a home has become incredibly difficult for buyers.

The 3-month rolling average for a single-family residence in Sonoma County is $840,000. This number reflects the smallest year-over-year decline in the Bay Area.

From all the information we are getting from the experts, don’t expect the mortgage rates to decrease any time soon. In fact, most of the experts are forecasting a steady increase in the rates. For those buyers who are “waiting out” this rate tsunami, you might want to jump in before it gets even worse.

If you have tried and failed to obtain a mortgage for any reason, or need a faster home loan to beat out the other multiple offers, or don’t want to sell your current house prior to buying a new home, consider alternative financing with a privately funded loan. At Sun Pacific Mortgage we offer several programs to borrowers who need to purchase, refinance, or need bridge loans. Give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

Home Prices in the San Francisco Have Begun to Rise Again

July 11, 2023 Broker

Housing and financial markets have always run in cycles, both economic and psychological, but ever since the days of the Gold Rush the Bay Area has always rebounded.

Patrick Carlisle, chief market analyst at real estate firm Compass, stated that the Bay Area has seen four major booms over the last four decades each marked by a period of “irrational exuberance”, or skyrocketing prices with seemingly no end in sight, and then followed by a market correction.

April, May, and June are typically the busy season for real estate. True to form, agents and economists have seen a slight uptick in the past couple of months as we recover from the slump over the last year that followed the huge boom in home prices during the pandemic.

There has been a definite uptick in buyer activity, open houses and offers. Savvy buyers are looking to lock in a lower price point for their home now since they can always refinance their mortgage rates later, a smart strategy of experienced buyers.

Some Bay Area counties are rebounding faster than others. Solano, Marin, Sonoma, and Napa counties each saw an increase in home values over the last month, while Santa Clara, San Francisco, San Mateo, Alameda, and Contra Costa saw a slight decline.

San Francisco has seen a larger decline than the surrounding counties due to the work-from-home trend of the pandemic. Downtown San Francico is the weakest market within the city, but it provides an opportunity to those who believe that it will ultimately rebound.

So, real estate remains a smart investment for homeowners and investors alike. If you are looking to refinance or purchase and need faster financing or cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099, or reach out via our website.

The Sacramento Housing Market

July 6, 2023 Loan Originator

The Sacramento housing market is still very competitive. Homes in Sacramento can receive 4 offers on average and sell in around 10 days. The median sale price of a home in the area was $490,000 last month, down 7.5% since last year.

Many homes are still getting multiple offers, some with waived contingencies. The average home sells for about 1% above list price while hot homes can sell for about 5% above list price and go pending in around 6 days.

The Sacramento housing market has been a topic of great interest for homeowners, real estate agents, and investors alike. As with most of California, Sacramento is currently a seller’s market. The market forecast indicates a projected increase of 0.8% in home values over the next year, suggesting a positive trend soon. The side benefit of the relatively affordable Sacramento real estate market and increasing demand is that any real estate investment there will see significant appreciation.

One of the reasons the Sacramento market is much healthier than other areas is due to its true income mix. It offers real estate investment investors more options than luxury homes and densely packed affordable units, the only types of housing you see built in San Francisco.

If you are interested in purchasing or refinancing a property in Sacramento, or anywhere in California or Hawaii for that matter, but do not qualify for a conventional loan or just need some fast & flexible financing, consider a private mortgage with Sun Pacific Mortgage. Over the past 35 years we have helped over 10,000 borrowers get financing when everyone else turned them down. You can reach us at 707-523-2099 or find us at www.sunpacificmortgage.com.

S.F. Peninsula Real Estate Report for May 2023

June 27, 2023 Loan Originator

The housing market continues to surprise even the most knowledgeable experts. What was supposed to be a collapse of the market has turned out to be a thriving one, at least on the San Francisco Peninsula.

Looking at the data from last month, the sales price continues to outpace the list price and the average days a property stays on the market is unbelievably low. Here’s a look at the average sales price and the average days the property stayed on the market:

Menlo Park: $3,598,962 3% above list 12 DOM

San Carlos: $2,463,000 5% above list 12 DOM

Foster City: $2,408,637 5% above list 11 DOM

San Mateo: $2,172,245 7% above list 10 DOM

Belmont: $2,299,655 3% above list 19 DOM

Burlingame: $2,994,550 1% above list 12 DOM

It appears that the housing market is still doing well in these cities by the bay!

If you are considering buying or refinancing your property on the Peninsula or anywhere else in California or Hawaii, give Sun Pacific Mortgage a call at 707-523-2099. We have been offering fast, private loans for 35+ years and have many happy clients and investors – and we’d be happy to help you too!

Is Hawaii Real Estate a Good Investment?

June 20, 2023 Broker

Investing in real estate can be like playing Monopoly: buy a property; generate rental income property; buy more properties; hedge against inflation; and see the cash flow. Real estate is a great investment for a variety of reasons, and historically Hawaii real estate has been an excellent portfolio choice.

What are the reasons anyone should invest in Hawaii real estate? Chief among the reasons is appreciation. While the Hawaii real estate market does have its ups and downs, historically it has always had steady appreciation, and the downs are not as drastic as in the U.S. Mainland. Since 1972, the long-term average annual appreciation has hovered around 6% for a single-family home and 5.4% for a condo.

In recent years, average sales prices for Hawaii homes have continued to increase. Oahu median sales prices have increased year-over-year around 70% of the time since 1985.

If you find yourselves sitting on a substantial amount of equity because of the large appreciation California homes have experienced over the past several years, consider tapping into it to invest in Hawaii real estate. Hawaii real estate is typically a safe and rewarding investment. Now, with Sun Pacific Mortgage, you can be an investor in Hawaii real estate without the hassle of being an “absentee landlord”.

Interested? Call 707-523-2099 or find us at www.sunpacificmortgage.com.

Alternative Financing Options for: Business Purpose & Consumer Purpose Real Estate Loans

June 6, 2023 Broker

Let’s say your credit history is less than stellar, or your score is low. Or maybe you want to purchase a home in poor condition and flip it. Or let’s say that you need to close escrow in a week. Whatever the reason, you are having a tough time getting a traditional loan to buy a house. In these instances, you might consider a private mortgage from Sun Pacific Mortgage, a family-owned and operated business that has provided beneficial Private Money loans to thousands in California since 1988.

Among our many alternative mortgage programs available are:

Owner-occupied refinances/cash-out for a business purpose, whether to pay off business debts or to expand your business.
Non-owner-occupied refinances/cash out for a business purpose, whether to pay off business debts or get needed capital for business expansion.
Non-owner-occupied loan for consumer purposes, such as consolidating personal debts or high-interest credit cards, making needed home improvements, sending a kid to college, etc.
Owner-occupied loan for consumer purpose. This loan is an interest only loan for 15 years with the first 3 years interest only – at a fixed rate – and the remaining 12 years fully amortized and again, at a fixed rate. (Property taxes and insurance are mandated by law to be impounded on this type of loan.)

If any of these home loans are what you need to improve your credit score, get business capital or expand your investment portfolio, give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

Bay Area Peninsula Real Estate Market Report – 2nd Quarter 2023

May 30, 2023 Loan Originator

Bay Area Peninsula Real Estate Market –

2nd Quarter 2023

Once again, the real estate market on the Peninsula saw ups and downs. The good news (or bad news depending on your perspective) is that this month saw more ups than downs for the average sales price paid by home buyers versus the asking price.

Menlo Park:

$3,537,875
Down 1% from asking 25 days on the market

San Carlos:

$2,341,714
Up 4% from asking 17 days on the market

Foster City:

$2,347,500
Up 4% from asking 36 days on the market

San Mateo:

$2,019,863
Up 1% from asking 36 days on the market

Belmont:

$2,395,000
Up 2% from asking 24 days on the market

Burlingame:

$3,450,820
Up 1% from asking 32 days on the market

If you are looking to buy a house in California and would like to create a stronger purchase offer – to beat out multiple offers – consider the fast Private Money options. These can offer 10 day closes or less! And Private Money, also known as Hard Money or Alternative financing, is more forgiving on its qualifications so any possible issues with property condition won’t be an issue with this type of financing. Could be that step up you’ve been looking for to buy in this market! Visit our website at www.sunpacificmortgage.com or call today (707) 523-2099.

San Francisco Real Estate Market – Start of 2nd Quarter 2023

May 23, 2023 Loan Originator

The real estate market in San Francisco saw a slight downward motion at the beginning of Q2 of 2023, for single-family residences. However, the condo market saw a slight uptick.

Average Sales for Single Family Residences:
April: $2,148,830
March: $2,295,548
Down: $146,718
Average Days on the Market was 30 days.

Average Sales for Condos:
April: $1,378,035
March: $1,244,057
Up: $133,978
Average Days on the Market was 54 days.

If you are looking for a profitable niche for your retirement, look no further than investing in California real estate. You don’t need to be a landlord to get in on this valuable asset, you can invest in Deeds of Trusts, for higher returns. Sun Pacific Mortgage & Real Estate is one such company, licensed Brokerage since 1988, that offers regularly available Deeds of Trusts throughout California and Hawaii. Call 707-523-2099 or check out the investor webpage for further information and a contact form: https://www.sunpacificmortgage.com/invest-in-trust-deeds/

Honolulu Housing Market Trends

May 16, 2023 Loan Originator

In March 2023, Honolulu home prices were up 9.0% compared to last year, selling for a median price of $594,000. On average, homes in Honolulu sell after 78 days on the market compared to 56 days last year. There were 316 homes sold in March 2023, down from 467 last year.

Between January 2023 and March 2023, 40% of Honolulu homebuyers searched for homes outside of Honolulu, while 60% looked to stay within the metropolitan area. San Francisco homebuyers were the top metro who searched to move to Honolulu.

Looking at all of Hawaii, in March 2023 there were 5,062 homes for sale, down 10.6% year over year. The market remains in the seller’s court, much like the rest of the mainland.

For Homebuyers, Homeowners, Real Estate agents and conventional Mortgage Brokers, Sun Pacific Mortgage & Real Estate’s fast, alternative Private Money mortgage programs can be of great benefit to today’s real estate market in Hawaii.

This type of real estate loans can provide 10 day closes or less! There is no debt-to-income ratio requirements nor credit requirements! Financing is offering in each of the main areas of Hawaii, including: Hawaii County, Honolulu County, Kauai County, and Maui County.

If you are shopping for a second home in one of these counties or want to pull cash out of real estate for some business purpose, give us a call at 707-523-2099 or email us through our website at www.Sunpacificmortgage.com

2023 California Housing Market Continues to Stabilize

May 2, 2023 Loan Originator

Most housing analysts expected 2023 to be a rough year for the U.S. housing market. In fact, among the 29 major housing forecast models, 24 forecasted a national home price decline for 2023.

But, so far, that hasn’t proven to be true.

Through the first few months of 2023, the U.S. housing market continues to show signs of stabilization. Existing and new home sales have inched up a bit this year, and homebuilder confidence has improved. Firms like Zillow, CoreLogic, and Black Knight have all reported positive month-over-month home price increases this Spring.

What’s going on? For starters, a lack of homes for sale, coupled with the market entering its busier Spring period, has, at least for now, pushed the national housing market back into equilibrium.

Don’t misread the above statement and think that the housing market is normal just yet. Some housing markets are booming right now, while others, like San Jose, are still passing through a home price correction. Even within a particular market, it can vary considerably.

According to Zillow, among the 1,563 California ZIP codes tracked, 6.7% saw home price increases between December 2022 and March 2023. The other 93.3% of California ZIP codes saw a home price decrease, if only slightly.

CoreLogic, a real estate research firm, expects U.S. home prices to rise 3% between January 2023 to January 2024. If CoreLogic is correct, then U.S. home prices would end 2023 back at price levels achieved at the height of the boom in June.

It is good to remember that the appreciation in California home values during the past 2 years was about 15%, so these slight declines should not deter buyers from jumping into the real estate market.

If you are looking for a private real estate loan, and can’t qualify for a conventional loan, look no further than Sun Pacific Mortgage. We have been lending to California real estate investors for over 35 years. Give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

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