Why is the Housing Supply So Low?

May 10, 2022 Loan Originator

At the top of the question list for Buyers last year and this year is, “Why is it so hard to find a house to buy?” Simply stated: The number of Buyers greatly outstrips the homes available for sale. There are two main reasons the housing supply is low and what it may mean for you:

New home construction fell behind for the past five decades except for 2008. Builders exceeded the average of new homes during these years of the housing bubble. As a result, an oversupply of homes caused home values to decline. That was one of the factors that led to the housing crash in 2008. Since then, the level of new home construction has fallen off, and for the last 13 straight years, Builders haven’t been able to construct enough homes to meet the demand.
When the pandemic hit, the meaning of “home” became even more appreciated. With work and school moving into homes, there was a rush to find suitable housing for all the new activities happening in a sometimes- too- small space. At the same time, Sellers hesitated to put their homes on the market because of concerns about the pandemic. Not to forget mortgage rates dropping to the lowest seen in decades, adding to the urgency to buy now.

Even today, Buyers find themselves looking at scant inventory and higher prices. Offers exceed listing prices by a considerable margin. Basically, inventory is still low. Still, you shouldn’t put your plans to buy on hold because you are waiting for additional houses to hit the market. With prices continuing to rise and construction materials becoming ever harder to obtain, that could end up being a longer wait than makes sense.

If you need a loan today but can’t meet the stiffer qualifications of a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or email us through our website at www.sunpacificmortgage.com, to discuss a Private Money loan mortgage. We have helped thousands of Californians over the past 34 years to purchase or refinance their own residence or a rental property. We can make your offer look better than others with a fast, all-cash close, often closing in 1 week to 1 month!

Making It Easier for Home Loans – Direct Financing

May 5, 2022 Loan Originator

Home Loans Made Easy with Private Money

Have you or someone you know been turned down for a loan at the last minute?

We specialize in providing direct and fast financing for Owner Occupied/Primary Residences as well as Investment Properties. Credit issues, difficult-to-prove income, property doesn’t qualify – not a problem with us! See recent examples below:

If you, or someone you know, has been turned down by another lending institution, we can work with you to help get a fast Private Money loan! Visit our website at www.sunpacificmortgage.com or give us a call to 707-523-2099. We’ll quickly let you know what we can do to help.

What Will the Housing Market Look Like as the Rates Rise?

May 3, 2022 Broker

The short answer to this persistent question is, “Nobody knows.” This statement comes from Edward Seller, Associate Vice President for Housing Economics at the Mortgage Bankers Association.

So, where does that leave the everyday Homebuyer with rents soaring faster and steeper than mortgages? One Redfin Realtor said that she hears people are more worried about the stock market, rather than mortgage rates because they believe housing will be a better investment. Many Buyers see that the time is right for going all-out in bidding for scarce housing right now before it gets worse.

This anxiety regarding the unpredictability of rising rates explains the reason the housing market has not cooled yet and explains the surge in Buyers trying to get ahead of those higher rates now.

But do you keep getting turned away by other Lenders? Sun Pacific Mortgage has the answer with our Private Money loan programs: home or land purchases, refinancing, and bridge loans for business or commercial purposes. We have hundreds of Real Estate Investors who can finance your housing loans even if you do not qualify for conventional lending. Even poor credit, bankruptcy and less-than-perfect properties are not show-stoppers for our mortgage qualifications. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to discover a possible road to homeownership for you in these unpredictable times.

How To Bridge The Distance Right!

April 28, 2022 Broker

Bridge The Distance with Private Money

Do you or someone you know want to consolidate debt? How about upgrade your house, purchase a rental for additional income, get your kid set up for college, etc.?

Then you may just want to take advantage of our FAST Private Money loan programs!

We can help bridge the distance between the problem and the solution – like we did for the Borrower below:

Loan of the Week

Program: Owner-Occupied Temporary Loan
Loan Size: $735k
Days to Fund: 11 days
Location: Orange County
Reason Came To Us: Borrower was turned down by two other conventional lenders because of her debt-to-income ratios. She was already in contract to buy a property but now had no financing. This Borrower wanted to access the equity in her current home, to purchase an investment property that would offer her great return each month. She needed a fast solution to her problem which is where we came in to bridge the distance and get her loan done. Funded fast, both Buyer and Agent were grateful for our program!

Private Money can be a new beginning for anyone trying to purchase a home, a new investment, or to pull additional cash out of their existing equity. If your Buyer gets turned down, call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com and we’ll quickly respond with what we can do to bridge the distance to get that loan done!

What Factors Today are Having the Biggest Effect on Housing?

April 26, 2022 Loan Originator

Some might consider interest rates to have the most influence on the housing market, but that is only one factor in a confluence of factors including: local economic conditions, financial markets, housing affordability, consumer confidence, inflation, migration, the pandemic, war, debt, and government policies. Each of these conditions can have major market impacts, both positive and negative.

In Sonoma County the market remained overheated for all of Q1 with home-price appreciation and supply-and-demand leading the pack. With mortgage rates rising at the beginning of Q2, the outlook is difficult to predict. Low inventory will continue to have an influence on pricing, but to what extent is still unclear. In the past, Q2 has typically been the highest demand and most active selling season of the year.

In Q1 2022, the median home price was $820,000. This statistic is a generalization which indicates that half of the homes sold closed below this figure and half sold for more than this amount. The median days on the market for Q1 2022 ranged from a high of 95 days (Brokerwood) to a low of 22 days (Cotati).

Looking at the number of active listings over the past 6 years for the month of March would be a good indicator of how volatile the market has been:

March 2017: 515
March 2018: 528
March 2019: 761
March 2020: 800
March 2021: 554
March 2022: 360

Regardless of all the extenuating circumstances affecting the real estate market in Sonoma County, experts say we should only see a slight slow-down in appreciation and activity because Buyers are still looking to live in an area where they can have more for less when compared to other neighboring regions.

If you are hoping to buy anywhere in California soon, but are finding the tighter lending restrictions unforgiving, give Sun Pacific Mortgage a call at 707-523-2099 to discuss our Private Money loan programs or visit our website at www.sunpacificmortgage.com. These loans are specifically tailored to those who can’t qualify for conventional loans or who need a fast closing whether purchasing and refinancing.

Want To Get A Refinance Done?

April 21, 2022 Loan Originator

Hold Onto That Loan With Private Money

If you or someone you know are having a tough time getting that refinance or purchase loan done, give us a chance to help you hold onto that loan using our trusted Private Money programs – like we did below:

Recently Funded

9164Fca947Dad92045F690C60F4Cfb8B If You Or Someone You Know Are Having A Tough Time Getting That Refinance Or Purchase Loan Done, Give Us A Chance To Help You Hold Onto That Loan Using Our Trusted Private Money Programs - Like We Did Below:

We have helped many Borrowers get their loan done and funded fast! If you or someone you know are having a tough time getting needed real estate financing – give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We’ll let you know quickly how we can help you hold onto that refinance or purchase loan!

California Home Prices Got Pricier During 2021

April 19, 2022 Broker

The real estate market in California mirrored the rest of the country in 2021. Home prices increased by double digits in the more affordable areas, such as Sacramento and Riverside. The San Francisco Bay area had more modest increases, due in part to Buyers being anxious to relocate to more affordable, suburban areas. The San Francisco housing market saw the typical home value increase by only 9.3% compared to the statewide increase of 20%.

Overall, home prices in the state far outpaced the national median price. In October, the median sale price of a single-family home in California was $798,440, up 12.3% from last year. This new price was double that of the national median average of $353,900.

Oakland saw the biggest increase in demand. Alameda County, which includes Oakland and Berkeley, saw a 24% increase to $1.05M. in November. The move-in ready homes with work-from-home space and backyards often saw 12 or more offers.

Sacramento was one of the most sought-after destinations for Buyers who looked for more space and affordable prices. A single-family home’s median price rose 22.3% from 2021. This area tends to have bigger and newer homes compared to the coastal cities to the west.

In November 2021, Los Angeles saw their median home price rise from $730,000 to $810,000. The luxury market in Southern California near Montecito shot up 43% to $6.46M over the previous year.

Inventory remains low throughout California and anything that comes on the market tends to be snatched up quickly by Buyers afraid of losing out on finding a home.

So, what’s in store for California in 2022? According to most experts, home prices will grow half as fast as they did in 2021. With construction still lagging in the state, don’t look for housing demand to lessen. Availability will remain a negative factor for the foreseeable future.

If you need help getting a mortgage quickly to snag your dream home in California, give Sun Pacific Mortgage a call at 707-523-2099 or email us through our website at www.Sunpacificmortgage.com We offer fast, Private Investor mortgages that will give you a leg-up in today’s competitive market.

This Quick Draw Duo Wrangle In Loans!

April 14, 2022 Loan Originator

We Wrangle In Those Loans Turned Down Elsewhere!

We have two main qualifications:

At least 25% down payment or good existing equity and
An ability to repay the loan.

Loan of the Week

Program: Investment Property Financing
Loan Size: $1,020,000
Days to Fund: 13 days
Location: El Dorado County
Reason Came To Us: We were contacted by an Agent who’s client was in need of a $760,000 loan for a home, but due to poor credit after a difficult divorce and high debt-to-income ratio, he wasn’t qualifying for a conventional loan. This is where our Quick-Draw Duo wrangled in that loan and within just a few days, the relieved client had a completed loan through our family company!

This Quick Draw Due is at your service. We won’t hesitate to help if we can, visit our website at www.sunpacificmortgage.com or call 707-523-2099. We work with Real Estate Agents, Mortgage Brokers, Lenders and individual Borrowers too.

This Quick Private Money duo is at your service

Zillow Predicts the Wildest Home Price Swing Coming

April 12, 2022 Broker

Buyers are depleted, stretched, and disheartened after bidding often over the past year and falling short. Over the past 12 months U.S. home prices are up 18.8% – an increase larger than any 12-month period leading up to 2008.

Unfortunately for Homebuyers, but good news for Real Estate Investors and Homeowners, Zillow’s latest forecast has the year-over-year rate of increase in property values at 22% followed by only a subtle slowdown. By February 2023, Zillow forecasts that the rate of increase will be 17.8%. Not good news for those Buyers desperate to find affordable housing.

As Buyers are getting locked out of mortgages due to increased rates and the Private Money mortgage Lenders are becoming increasingly important to Borrowers. In California, where the housing crisis is at its worst, Sun Pacific Mortgage has seen business double in the past 12 months, largely because we offer – FAST, cash-like mortgage solutions to beleaguered Borrowers. Unable to compete with wealthy Real Estate Investors snatching up properties, Private mortgages give the “little guy” a chance to win in the David vs. Goliath war being waged.

Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see what we can do to make your offer stand out in the crowd. We have been helping thousands of Californians just like you for over 34 years.

Charging In Faster – For You!

April 7, 2022 Broker

Trust These Private Money Lenders For Fast Financing

For over 3 decades now we continue to offer our trusted, fast alternative mortgage financing for both real estate purchase and refinances. Let us help you or someone you know by providing a FAST loan approval with one of our Private Money programs just like we did for these individuals below:

If you or someone you know needs a FAST loan or just falls short of qualifying for conventional financing, our direct Private Money programs could be the solution! If you have any questions or a particular scenario, then give the best Private Money Duo a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com.

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Why is the Housing Supply So Low?

Making It Easier for Home Loans – Direct Financing

Home Loans Made Easy with Private Money

What Will the Housing Market Look Like as the Rates Rise?