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Is It The Right Time To Sell Or Buy In California?

March 3, 2020

Is It The Right Time To Sell Or Buy In California

People generally believe that the winter months are not the best time to list their home for sale; however, a recent report in Showingtime, a real estate industry magazine, reveals how this year is different all over the country: Buyer activity is way up compared to the same time last year.

The West, specifically, saw the greatest growth in activity with a 23.1% increase – believed to be the best in the history of record keeping.

In the past, most people thought April was the beginning of the surge in buyer activity – not anymore!  There is a lot of speculation about why the search for a home is shifting to an earlier start.

The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.  With the reality of fewer homes on the market in the winter, waiting for more competition in the spring might be a mistake. It makes sense to sell when there is a greater demand and less inventory, and according to the experts, that time is now!

No need to fear beginning to search for your new dream home before selling your present house. If you should be fortunate enough to find the home of your dreams, but don’t yet have the funds from the sale of your old home, Sun Pacific Mortgage can help you with their bridge loan program, even if you have less than stellar credit.

We have been able to span the gap between old and new for our clients over the past 32 years of alternative financing.

If you would like more information regarding our real estate financing programs, give us a call at 707-523-2099 and we would be happy to help you determine your eligibility.

Q4 2019 Sonoma and Napa Counties Real Estate Reports

February 25, 2020

Q4 2019 Sonoma And Napa Counties Real Estate Reports

Recent Sonoma and Napa Counties real estate statistics reveal a flattening of the market experienced last quarter:

Napa County

  • # of closed sales = 276 (1% decrease over prior year)
  • Average sales price:  $1.0 Million (9% decrease over prior year)

Sonoma County

  • # of closed sales = 1,022 (2% decrease over prior year)
  • Average sales price:  $788,000 (1% increase over prior year)

As of February 2020 Sonoma County Real Estate Market Results:

  • Median Price:  $660,000 (+4.8%)
  • Average Price:  $796,992 (4.6%)
  • No. Sold: 208 (-24.6%)
  • Pending Properties: 357 (+25.3%)
  • Active:  586 (-8.3%)
  • Sale/List Price Ratio:  98% (-0.3%)
  • Days on Market:  94 (+23.4%)
  • Days of Inventory:  84 (+2)

At present the market remains divided between listings that buyers find appealing and well-priced (which sell quickly) and listings that sit on the market for longer periods and require price reductions to sell.  The difference, most probably, is a lack of preparation on the part of the seller to show the property at its best or pricing buyers find unreasonable.

What can we expect going into 2020? According to economist Broker Rosen at UC Berkeley we are looking at the Bay Area median price to remain basically flat, that is, within a 2% range either way.  This means it would look very much like 2019. Nobody can accurately predict the future, but this report sounds much less sensational and more reasonable than others.

If you are looking for a fast loan or cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.  We have helped thousands like you to achieve their dream of homeownership or to purchase investment properties as a path to wealth.

Recently Funded – Trusted for Over 3 Decades

February 20, 2020

Ft And Kw Feb2

Family Owned for 32+ Years!

“What I liked most about working with you was your SPEED. My borrowers/clients were happily satisfied. You are our go-to for Owner Occupied hard money, so I definitely refer you to anyone!”
– Bank Acct Manager, E.G. 

As you can see in the below Recently Funded scenarios, we are here to assist you or a client with a fast loan!  Sun Pacific Mortgage is your answer when other conventional institutions are unable to help due to property condition, difficult to prove income, etc.   

As we enter our 33rd year as a family owned & operated Alternative Financing company, we continue to help many Realtors, Mortgage Brokers & Lenders with their homebuyers and borrowers.

Call us at 707-523-2099 and we will let you know how we can help! 

Recently Funded

Location: San Rafael, Marin County
Finance Program: Temporary Refinance Primary Residence
Loan Size: $700,000 with 54% LTV
Days To Finish: 17
Why Needed Us: Credit circumstances making other lenders disapprove the loan.

Location:  Palm Springs, Riverside County
Finance Program: Investment Property Equity Cash-Out
Loan Size: $322,000 with 64% LTV
Days To Finish: 3
Why Needed Us: Needed very fast financing. 

Location: Santa Cruz, Santa Cruz County
Finance Program: Primary Residence Business Purpose Refinance 
Loan Size: $390,000 with 60% LTV
Days To Finish: 9
Why Needed Us: Condition of property. Wanted financing to fix it up then sell it. 

Location:  Walnut Creek, Contra Costa County
Finance Program: Primary Residence Temporary Refinance 
Loan Size: $350,000 with 26% LTV
Days To Finish: 13
Why Needed Us: Self-employed with difficult to prove income. 

Location:  San Leandro, Alameda County
Finance Program: Investment Property Refinance
Loan Size: $682,000 with 63% LTV
Days To Finish: 15
Why Needed Us: Poor credit

Loan of the Week – Just In Time For Your Valentine!

February 13, 2020

Valentines Day

Everyone Loves Bigger & Faster Loans!

We can help make this Valentines Day better for you or your client by providing fast financing with our alternative loan programs – just as we did below: 

Loan of the Week

A mortgage broker in Brisbane, CA reached out to us for assistance with one of his clients, who was unable to obtain financing because of a few issues with his credit report. 

This client was trying to finance a business transaction using his primary residence as collateral, a reasonable solution since he had considerable equity in it.  He needed $470,000 to solve his problem. 

After examining the opportunity, we found this loan fit into our two main Hard Money qualifications of good equity/decent down payment and ability to repay the loan.  We quickly gathered the needed documentation and had his financing funded in less than 12 days!

 

If you or someone you know needs a fast loan this Valentines, or there is difficulty getting real estate financing with another lending institution, give us a call at 707-523-2099 or just reply here.  We’ll quickly let you know what we can do for you!

What a Difference a Decade Makes!

February 4, 2020

What A Difference A Decade Makes

Just ten years ago, many homeowners were desperately trying to hang on to their homes.  Trying to sell a home was considered a nightmare. Buyers were having a struggle to find a financial institution that would lend them the money to purchase or refinance a home.  Thank heavens that is all behind us!

The fundamental landscape of American real estate has changed in many ways.  This phenomenon is especially evident in California where more people are moving out of cities, and Millennials are replacing the Baby Boomers and Gen Xers as the dominant buying forces. One constant has been the lack of homes for sale making it difficult for buyers since 2015.  Even if home construction increases slightly, it still won’t be enough.  

Buyers are done with “overpaying”.  This has happened already in major cities like San Francisco where housing prices have skyrocketed and driven many to more affordable locations, even if it means increasing commute times.  

By the middle of 2020 the oldest Millennials will be turning 39, and it is predicted that they will account for more than 50% of the mortgages taken out in the country.   Millennials are going to be a big factor in the homebuying industry because it is at this age, that they begin to think of having a family and are more motivated to become first time home buyers.

Sellers of entry-level homes should be very happy in 2020, because these homes will continue to be the most in-demand properties.  Higher end sellers should be mindful of the competition and price their home competitively if they don’t want their properties to sit on the market for extended periods.

While we are all enjoying a healthier real estate market, compared to the one we suffered through a decade ago, we still have our issues:  lack of inventory, construction restrictions, and over-priced homes. But, as with all good (and bad) things, it too will pass.  

The real estate market has always been cyclical and the 2020 prediction is that real estate values will continue to increase, overall making it a good time to sell or buy!

Loan of the Week – Fast For Over 30 Years

January 30, 2020

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Fast Alternative Financing For Over 3 Decades!
Loan of the Week

A past borrower called us about obtaining a loan against her property in Tiburon.  She was having difficulty getting approval from another lending institution even though there was a healthy amount of equity available.  

Although she was retired, she had regular monthly income and excellent credit.  She needed $320,000 for debt consolidation and desired upgrades to her property. 

She was a perfect fit for our unique Alt-A Hard Money Program!  We were able to get her loan approved in 3 days and with a lower than usual rate.   In two weeks, she had her money in hand!

If you or someone you know needs fast financing, or is having difficulty getting real estate financing elsewhere, give us at call at 707-523-2099.  We’ll quickly let you know what we can do for you. 

Alternative Financing – Moving Beyond!

January 23, 2020

Promo

In business for 3 decades and moving beyond! 

We are family owned & operated, offering alternative financing for real estate.  And with more than 100 years of combined experience, why not give us the opportunity to provide you with our excellent Hard Money services: 

  • Fast Funding Ability – many done in less than 5 days!
  • Unique Alt-A Hard Money – rates as low as 6%*!
  • We finance anywhere in California – single family, multi-family, condos and business properties.  Primary residences and investment real estate alike!

Call Today 707-523-2099 with any questions or scenarios. We will swiftly let you know how we can help! 

*APR for this rate based on a $200,000 first mortgage is 6.31%. 

Can’t Afford a Professional Stager for Your Home Sale?

January 15, 2020

Can’t Afford A Professional Stager For Your Home Sale

While we have all witnessed the dramatic transformations on HGTV when a home is put on the market, we are pretty sure the price is more than most of us can afford.  So, what can we do to make our listings as attractive as possible without breaking the bank? Here are a couple of tips that might help and save you money, too: 

  • Fluffy white towels:  Bathrooms are the second most important room and selling feature of your home (right after kitchens).  You can freshen up a tired bathroom with a six-pack of premium soft white hand towels for under $15.00 from Walmart (a good place to find staging props).  Roll them up and place them in an attractive basket or simply pile them up on the counter. In the master bath you might want to fold them by the tub to give a spa like feel.
  • Round Accent Mirror:  Mirrors always make a room look larger and they go with any style or age of the home.  Use them above an entryway or hallway table. They make a good filler for an empty wall.
  • Fake plants:  A simple plant, such as a fern, especially one that looks strikingly realistic, can draw a buyer’s attention to a certain area or piece that would otherwise go unnoticed.  Faux plants have come a long way these days. 
  • Flameless candles:  LED flameless pillar candles add a warm glow for less than $20 at Walmart.  Place them on a tray and use them on a coffee table or dining table.
  • Print arts:  A large art print creates a focal point.  Consider packing away all your personal photos a replacing them with a reasonably priced art print (again from Walmart or Pier 1).  If it is the right size for the space, it can add a sleek, modern feel to the room.
  • Colorful pillows:  Every room needs a splash of color and there is no more economical way to provide that touch than a pillow.  These can add a pop of color for under $15.

You can make your listing look like a professional staging job with just a little effort and minimal expense.  Take some tips from the many home shows on HGTV, become your own DIY decorator and very likely capture a higher sales price for your house!

 

Looking to Improve Your Home’s Value?

January 7, 2020

Looking To Improve Your Home’s Value

Are your toying with the idea of selling or staying in your home?  Whatever you decide, increasing the value of your home is a win-win.  Some improvements you can make will add to the beauty of your home, while others will make it more efficient or more comfortable.  Whether you want to build equity in your home or sell it for top dollar, there are plenty of home improvement projects that are worth considering.

  • CLEAN AND DECLUTTER:  Deep cleaning and decluttering can add as much as $4000 to your resale value according to a 2019 survey from HomeLight.  Even if you are not moving, this exercise will help decrease stress in your life by providing more organization and simplifying your life.
  • MAKE YOUR HOME MORE EFFICIENT:  An inexpensive way to improve efficiency and save money is to install a smart thermostat.  If you are tech-savvy, you can even control your home’s temperature from your phone while you are away.
  • FRESH PAINT AND FLOORING:  An inexpensive way to update and freshen up your interior and exterior is with a coat of paint.  Everyone loves newer carpeting and fresh paint. Most home buyers are looking for a turnkey home so they can just unpack their boxes and settle in without the hassle of renovating.  And if you are staying in your home, these simple upgrades will make you love your home even more!
  • UPGRADE DOORS:  Replacing your front door will do wonders to the overall curb appeal of your home.  Replacing interior doors or just painting and replacing the hinges and doorknobs can add freshness to your home.  Since the front of your home is the first thing a prospective buyer will notice, a new garage door is a great idea.  Garage doors take up the most amount of space on the front of your home, so installing an interesting take of the usual garage door could bring in more buyers and please your neighbors, too.
  • ADDING USUABLE SQUARE FOOTAGE:  This makes a lot of financial sense since the value of your home is based on livable square feet.  Adding a bathroom, a great room or an additional bedroom can greatly increase both the function and value.   A “Granny Unit” is another valuable addition that can become a possible income source as well as add value.

Your next question may be “How will I finance these home improvements?” 

One of the financing options available to homeowners who want a fast cash, have less than stellar credit or difficulty proving income, is a Hard Money loan – also known as Private Money and Alternative Financing.

Sun Pacific Mortgage has been coming to the aid of this demographic for over 3 decades.  We have helped thousands of clients who would otherwise have been left without the means to make improvements or to invest in real estate.  If you are interested in pursuing a loan from us, please give us a call at 707-523-2099 or check us out on our website at www.Sunpacificmortgage.com. 

See entire article:  https://www.bankrate.com/loans/home-improvement/cheap-fixes-to-boost-the-value-of-your-home/?utm_source=Pushly

State of the Market – San Francisco & Peninsula

December 17, 2019

State Of The Market San Francisco Peninsula

December 2019

Average sale price for a Single Family Home in San Francisco in November 2019 was $1,995,413 vs 

October of 2019 – $1,928,523. Average selling PRICE per SQFT $1,033.28. Avg Days on Market 24.

Average for Single Family House being Sold in San Francisco in November
Listing Price $1,849,328
Listing Price Per Sq. Ft. $937.95.
Selling Price $1,995,413
Selling Price Per Sq. Ft. $1,033.28

Average sale price for the Condo/Coop/TIC/Loft in San Francisco in November 2019 was $1,330,776 vs October of 2019 – $1,446,538. Average selling PRICE per SQFT $1,085.09. Avg Days on Market 33.

Average sale price for 2-4 Units in San Francisco in November 2019 was $2,104,121 vs October of 2019 – $2,420,603. Average selling PRICE per SQFT $725. Avg Days on Market 45.

Average sale price for 5+ units in San Francisco in November 2019 was $5,306,500 vs October of 2019 – $4,284,333. Average selling PRICE per SQFT $507. Avg Days on Market 65.

Inventory of properties for sale in San Francisco as of December 13, 2019 = 685
Single-Family Homes = 154
Condo/Coop/TIC/Loft = 389
2-4 Units = 114
5+ units = 28

Average Single Family House being listed for sale in San Francisco today – Dec 13th 2019
Bedrooms 4
Baths 3.16
Square Feet 2947
Lot Size 0.07
Listing Price $4,045,895
Listing Price Per Sq. Ft. $1,084.75

All the properties Sold in November 2019 – 498.

There is currently LESS than 1,5 month worth of inventory, meaning if there was not another home listed, it would take just about one and half month for all the current homes on the market to sell.
Once we reach 6 months of inventory, the market will turn to a Buyer market.

Out of 197 Single Family Houses sold in San Francisco in November of 2019,
31 sold below asking price,
14 for asking price and
152 sold for over asking price.
4 for over $500,000,
1 for over $600,000,
1 for over $700,000,
1 for over $800,000,

Example of property sold over asking.
231 Waller St San Francisco CA 94123
6 – Hayes Valley
3 bed
2 batt
1920 built
2535 sqft
3207 sqft Lot Size
List price – $2,395,000
Sold Price – $3,210,000
Difference- $815,000

San Francisco Home
Pending as of today December 2019
San Francisco County 120 (all properties)
San Mateo County 297 (Single Family/Condo/Townhouses)
Santa Clara County 673 (Single Family/Condo/Townhouses)

December 2019 Peninsula/Silicon Valley Market Update
In Menlo Park, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was 33 days vs 23 days one month prior with the average sale price $2,851,403.00 (in October was $2,679,510.00. Price Received was 3% MORE than an asking price.

In Foster City, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was 13 days vs 19 days one month before with the average sale price $1,624,400.00 (in October was $1,742,000.00). Price Received was 4% MORE than an asking price.

In Belmont, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was only 17 days with the average sale price $1,797,134.00 (in October was $1,989,213.000). Price Received was 1% MORE than asking price.

In San Carlos, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was only 19 days with the average sale price $2,107,629.00 (in October was $2,040,402.00. Price Received was 1% MORE than asking price.

In San Mateo, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was only 24 days with the average sale price $1,567,243.00 (in October was $1,662,157.00. Price Received was 4% MORE than asking price.

In Burlingame, CA – AVERAGE DAYS ON MARKET for Single Family Houses in November was 19 days with the average sale price $2,401,875.00 (in October was $2,382,800.00). Price Received was THE SAME as asking price.

If you were thinking of selling your home in the near future, now is the time to do so to get the top dollar for your home before the market has a chance to turn.

Reminder: As you know that I am in real estate sales and my passion is to bring buyers/sellers together.
Who have you talked to in past couple days that might be thinking about buying/selling in San Francisco and/or in Silicon Valley or anywhere in the US/Canada (I am blessed to be a part of a huge network that I meet/talk-to on regular basis which is the backbone of my business that my clients benefit from).

Shared by,

Valeriy Krysov, REALTOR®
Real Estate Broker
CalBRE Lic #01847176
Ph: (415) 385-8949
RealtyFinancial.com

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