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Santa Rosa Sees New Interest from Buyers

Santa Rosa Sees New Interest From Buyers

Santa Rosa Sees New Interest from Buyers

Local Sonoma County Realtor, Jeff Schween, published an article in the Press Democrat on August 16, 2020 summarizing today’s happenings in the Santa Rosa real estate market.  He says we are seeing a shift in affluency from larger metro markets to nearby suburbia.  In the past, buyers looking to relocate stayed near their current residence.  This does not appear to be the case during this pandemic.  He goes on to state some surprising data to support his observation.  Here are some statistics from the MLS used to substantiate the claim that Metro Bay Area has discovered Suburbia North Bay:

SANTA ROSA METRO REGION – JULY:

  • Active Listings: 324 single-family homes (11% less than July 2019)
  • Pending Contracts: 245 (45% increase over July 2019)
  • New Listings: 195
  • Completed Sales: 231 (38% increase over July 2019)
  • Months’ Supply of Inventory (MSI): 1.4 [Note: 4.0-6.0= balanced market]

Here was the summary breakdown by neighborhood:

NORTHEAST SANTA ROSA

  • Active Listings: 152
  • New Escrows: 95
  • Completed Sales: 93 (a record for this submarket)
  • MSI: 1.6

SOUTHEAST SANTA ROSA

  • Active Listings: 52
  • New Listings: 32 (26% less than July 2019)
  • Completed Sales: 37
  • MSI: 1.4

OAKMONT:

  • New Listings: 19
  • Active Listings: 55
  • New Escrows: 28
  • Completed Sales: 15
  • MSI: 3.7

NORTHWEST SANTA ROSA:

  • New Escrows: 59
  • Active Listings at end of July: 46
  • New Listings: 54
  • Completed Sales: 63
  • MSI: 0.7

SOUTHWEST SANTA ROSA:

  • Active Listings at end of July: 19
  • Completed Sales: 23
  • New Listings: 19
  • New Escrows: 27
  • MSI: 0.8

From this well-documented report on the activity in Santa Rosa in July, it is apparent that folks have discovered our “Paradise” and are actively looking to migrate North!

Good news/ Bad news:  we can look for home prices to rise and supply to be lower than preferred.

If you have been considering a change of scenery and live in any one of these coveted areas of Santa Rosa, now is the time to contact your real estate agent.  We are already seeing bidding wars in some areas.

If you are looking to buy but find yourself just short of meeting the restrictions of a conventional loan or need a quick close, give Sun Pacific Mortgage a call at 707-523-2099.  We have been in business in Santa Rosa or 32 years and have maintained a sterling reputation based on our honesty and helpfulness.

No Darn Restrictions Here – Recently Helped Borrowers

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No Darn Covid Regs With Our Loans

Tired of not getting quick loan approval?

Let us help you with our Hard Money loan programs, just as we were able to help those below!

Our alternative financing programs do not have any additional regulations that traditional lending institutions have.  We just require real estate equity and an ability to repay the loan.

Call today at 707-523-2099 with your questions or scenarios.  We will quickly let you know how we can help you or a friend!

Recently Approved & Funded

Loan Program:  Non-Owner Occupied Refinance
Loan Size: $1,0250,000
City:  Santa Rosa, Sonoma County
Days to Finish: 22
Why Came To Us:   Needed funds to finish construction of investment property.

Loan Program:  Primary Residence Temporary Refinance
Loan Size: $282,000
City:  South Lake Tahoe, El Dorado County
Days to Finish: 24
Why Came To Us:  Needed extra funds to consolidate debt and repair credit.

Finance Program:  Primary Residence Refinance
Loan Size:  $419,000
City:  Windsor, Sonoma County
Days to Close:  21
Why Came To Us:  Self employed with difficult to prove income.

Finance Program:  Investment Property Refinance
Loan Size:  $750,000
City: Los Angeles, Los Angeles County
Days to Finish:  9
Why Came To Us:  Wanted fast capital for business investment.

 

Wildfires and Sonoma County Real Estate Market

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While the fires have no doubt slowed real estate buying & selling activity in the North Bay for the time being, we know from past disaster experiences, that we can expect the market to tighten up.  With more demands for housing already existing within Sonoma County and surrounding regions – and the demands being placed on the market from those wishing to move into the area – we should see some intense home buying activity going into September!

Below are some statistics regarding the average price per square foot (psf) this month compared to last year as quoted in the recent issue of the Press Democrat:

  • Sonoma County:  $477 (7% up Med. Prop value- $700,000)
  • Sonoma Coast:  $597 (17% up)
  • Northwest S.R.: $412 (13% up)
  • Sonoma:  $692 (11% up and most expensive city in County)
  • Northeast S.R.: $429 (8% up)
  • East Petaluma: $414 (6% up)
  • Cotati & Rohnert Park: $389 (6% up)
  • Russian River:  $450 (4% up)
  • Windsor: $366 (3% up)
  • Healdsburg: $631 (no change)
  • Southwest S.R. $368 (no change)
  • Petaluma West: $453 (6% down)
  • Oakmont: $394 (6% down)
  • Sebastopol: $556 (7% down)
  • Cloverdale: $323 (10% down)
  • Southeast S.R.: $385 (23% down)

Having been through ups and downs in Sonoma County over the past several decades, we can safely predict the aftermath relative to the real estate market.  Going into this phase, we were already facing a dearth of inventory and the demand just continues to grow now with those who have lost homes in the fires or those who have decided not to rebuild but just buy another home elsewhere in this area.

For anyone thinking of selling this is the time!  For anyone looking to buy, you want to connect up with an experienced local Realtor and Lender to find out what you qualify for.  Then find a loan program to make your purchase offer stronger so yours can be accepted!  For example, consider shorter closing dates, possibly getting alternative financing such as a Hard Money loan so your loan condition can be shorter, etc.

Good luck!

Loan of the Week – Get Approved When Others Say No!

Loan Of The Week – Get Approved When Others Say No!

Loan Approval DESPITE Others Turning You Down! 

Are you or your client fed up because the home loan approval process is taking way too long?  Or, that needed refinance is being turned down by an Underwriter/Another lending institution?

Going into our 3rd decade as a family business, we can rapidly provide loan approval with our Hard Money programs!

Despite low FICO, self-employed with difficult to prove income or some other reason you or a client is being turned down, we can still help!  Being in business over 32 years has allowed us help thousands of individual borrowers. – just as we did for the below homeowners:

Loan of the Week

A couple in Alameda County was facing foreclosure and sought our help to save their home.  The wife wasn’t working but the husband was self-employed with good, consistent income.  Unfortunately, they were having difficulty getting their current home loan refinanced despite visiting multiple other lenders.

Despite these circumstances that others were turning them away for, we were able to create a happy ending for them with one of our short-term Hard Money programs.  In just under 3 weeks, the refinance was complete for $682,000 with an LTV of 63% and the homeowners were happily underway repairing their credit!

It always makes us smile when we can help save a client’s home, something we have done hundreds of times over the past 32 years that we have been business.  Call us at 707-523-2099 with any questions or scenarios.  We’d be happy to help you or a client today too.

So Many Mortgage Changes…So Many Myths!

So Many Mortgage Myths

In an excellent article written by Erica Sweeney for Realtor.com, the author lists common myths that she wishes to debunk.  We feel that this article is so on-point with California mortgage market, that we want to share the essence with you.

Recent days have brought on changes unheard of in the past, especially in the mortgage business.  Experts have shared their truths regarding what is really happening, and these facts are presented here with their opposing myths being debunked:

  1. Everyone qualifies for a low interest loan:  This is only true for borrowers with good credit scores (a minimum of 620) or higher.  It also depends on the size of your down payment, condition of the property and other factors.
  2. Getting a mortgage today is easy: Because of the pandemic and unemployment jitters, lenders have tightened their loan requirements.  Some financial institutions are not even considering jumbo loans (max of $510,400).  Other Mortgage Brokers are asking for 20% down and a minimum credit score of 700.  As if this were not discouraging enough, the anticipation of lower interest rates has generated a glut of applications waiting to be reviewed, so if you’re in a hurry, you could potentially miss your window of opportunity.
  3. Everyone should refinance their mortgage:  This makes sense if you plan to stay in your current house for a long period of time. Otherwise, for those Californian’s who are looking to move out of expensive real estate cities such as San Francisco, San Mateo, Marin, etc. should just consider the 2%-6% origination fees it takes to acquire a new mortgage so you work out additional savings or realize the cost for the refinance.
  4. You can apply for a mortgage after you’ve found a home:  This is a very real mistake borrowers make.  In these riskier and surprisingly faster paced days of house-hunting in Sonoma County, San Francisco County and in fact the entire Bay Area, sellers want to make sure you are not just a “looky-loo”.  They will know you are serious if you are pre-approved and, as a buyer, you will know exactly how much financing you can expect – so get pre-qualified before you waste time or effort.
  5. Mortgage forbearance means you don’t have to pay back your loan:  Nearly 8% of mortgages (3.8 million homeowners) were in forbearance as of July 26 according to the Mortgage Bankers Association.  It is wise to understand that forbearance is not forgiveness.  It is more of a “time-out” with no negative impact to your credit score and no late fees.  Borrowers will still need to reach an agreement about these missed payments with their lender, and agreements usually entail adding these payments to the back end of the loan, not forgiving them.

If, after reading this information, you realize that you need help getting that real estate financing you need or want, consider calling Sun Pacific Mortgage.  We have been in business over 32 years in California, offering our alternative financing – also known as  hard money loans – for home owners & home buyers just like you.  We are not restricted by the stringent regulations for these low-cost loans.  Our office has been able to help many Realtors and other Mortgage Brokers and their clients, who fall short of qualifying for a conventional loan of any type.  Give us a call at 707-523-2099 to see what we can do for you.  We can perform fast, with many financed in under 1-2 weeks.

See entire article here: https://www.realtor.com/advice/finance/coronavirus-mortgage-myths-debunked/?identityID=8647352&MID=2020_0813_ArticleNL&RID=329709942&cid=eml_promo_Marketing_NonPRSL_ArticleNL_cons.11799702_2020_0813_ArticleNL-hero-blogs_finance

 

Loan Approval With Less Regulations – Recently Funded

3 Generations Strong With Braden

Get Loan Approval Even If Self-Employed.

Are you or your clients having problems getting loan approval with Underwriters at other lending institutions?   Are there mortgage approval slows due to issues of being self-employed, difficult-to-prove income, credit not good enough or turned down for some other reason?

Let us help with our Hard Money loan programs!  We do not have these regulations.

Our Hard Money loan programs have the same main 2 qualifications for over 30 years:

#1. Good equity and #2. Ability to repay (source of income).
Call today 707-523-2099 with any questions or scenarios.  We can quickly let you know what we can do for you or a client!

Recently Approved & Funded

Loan Program:  Investment Property Refinance
Loan Size:  $1,511,000
Days to Finish:  11
Location:   San Francisco, San Francisco County
Why Came To Us:  To pay off current loan which was coming due

Loan Program:  Investment Property Refinance
Loan Size:  $645,000
Days to Finish:  50
Location:  Torrance, Los Angeles County
Why Came To Us:  Was self-employed and having difficulty elsewhere

Loan Program:  Primary Residence Refinance
Loan Size:  $560,000
Days to Finish:  24
Location:  San Leandro, Alameda County
Why Came To Us: Debt Consolidation to repair credit

Loan Program:  Primary Residence Refinance
Loan Size:  $617,500
Days to Finish:  20
Location:  Simi Valley, Ventura County
Why Came To Us:  Pay off reverse mortgage inherited from parents

Not Even the Pandemic Can Keep Home Prices Down

Not Even The Pandemic Can Keep Home Prices Down

Not just the California real estate market but majority of the US market has surprised even the most knowledgeable experts in the field.  Despite the crippling pandemic, unemployment crisis, a recession, and the looming presidential election, the residential real estate market is staging a surprising rebound.

According to realtor.com, the median home price increased by 6.2% over last year.  Homes are selling faster than they did in 2019 and bidding wars are back!

To quote Ali Wolf, chief economist of Meyers Research, a national real estate consultancy:

“The housing recovery has been nothing less than remarkable.  The expectation was that housing would be crushed.  It was – for about two months-then it came roaring back.  People are really quick today to compare today with the Great Recession, but we’re dealing with a different animal.”

The reason for this resurgence in home buying may well be because we are beginning to feel more confident about the idea of buying or selling a home.  In fact, according to a survey conducted by Fannie Mae in June nearly 61% out of 1000 consumers said it was a good time to buy a home.

What’s driving this surprisingly hot market?  One big reason is the severe shortage of homes for sale, making it great for sellers, not so much for buyers.  This inequity leads to higher prices even during a recession and the worst public health crisis we have ever experienced.  Add to that the historically low mortgage rates and you have another reason for the run on housing.  In both Northern and Southern California the shortage started prior to the firestorms which occurred in 2017, 2018 & 2019.

But, why the rush to buy now?  After spending several months at home, these potential buyers are asking, “If I’m going to spend the next 6-12 months working out of my house, I need a bigger house.”

Surprisingly, even with the worst unemployment since the Great Depression, many working Americans have held on to their jobs.  These tend to be the higher-paid workers with the means to buy homes.  Staying home more has meant more savings to boost their down payment reserves.

If you are in the “turned down elsewhere?” category for a conventional loan, but don’t want to be left out of this opportunity to move up or get into the market for the first time, give Sun Pacific Mortgage a call at 707-523-2099.  We offer alternative financing, also known as Hard or Private Money.  It has proven helpful to hundreds of our clients.

Loan of the Week – Trustworthy Approvals

Trusted Plain1

Get Loan Approval Despite Being Turned Down!

If you, a client or friend are having issues getting home loan approval OR you just want fast financing, then let us help with our Hard Money loan programs!

We have been in business over 32 years, providing help to thousands of borrowers and assisting hundreds of Realtors & Mortgage Brokers with their clients’ alternative financing needs.

Let us help you now too, as we were able to assist the borrowers below:

Loan of the Week

We recently received a call from a referring Broker, asking if we could perform one of our “miracles” for his clients.  This couple was trying to purchase a new home, but the husband was self-employed and having difficulty getting final loan approval.  The couple had less than 10 days to perform or the home sellers could pull out of contract; They needed to come up with the necessary down payment immediately.

One of our specialties here at Sun Pacific Mortgage is fast turnarounds.  In this case, the Bridge Loan of $431,000 with an LTV of 64% was approved within 36 hours and funded in 8 days!  The relieved Broker and very happy couple were able to complete the purchase of their new home in Sonoma County.

If you find yourself or know someone in need of fast financing or having difficulty elsewhere getting a mortgage, give us a call at 707-523-2099.  We can quickly let you know what we can do to help.

California Homeowners Are in the Driver’s Seat

California Homeowners Are In The Drivers Seat

If you have been considering a move up or buy your first-time home, consider this the optimal time to make the investment!  While today’s homeowners have been staying in their homes longer, equity has been building, and when equity grows, selling a house becomes increasingly desirable.  This equity can now be applied forward to the purchase of a new home.

According to Q2 2020 U.S. Home Sales Report:

“The latest figure, based on median purchaser and resale prices, marked yet another peak level of raw profits in the United States since the housing market began recovering from the Great Recession in 2012.”

With the “work-from-home” opportunities presented since the beginning of the pandemic, you might have been taking a looser look at how well your present home fulfills your new needs going forward.  Additionally, those with kids who are faced with distance learning for this 2020-2021 school year, have to figure out extra space for undistracted school work to be done.

Many California homeowners are considering accessing the equity in their homes to make a move to a home that better accommodates their new circumstances.

This need for more appropriate living conditions has spawned a group of buyers who are not just talking about looking for a new home, they are actively engaged in the buying process.  The Covid-19 crisis and the record low mortgage rates have converted some prospective buyers into active buyers.  Millennials are driving this market rush according to Keeping Current Matters:

“Of Millennials planning a home purchase in the next year, 57% are actively searching for a home.”

Especially here in the North Bay, we have seen a growing number of interested buyers looking for a simpler, quieter way of life which offers more   more affordable housing than the South Bay or San Francisco.

Bottom Line:  If you have considered taking advantage of your built-up equity and wish to improve your present living arrangements now that you are spending more time at home, this is the time to sell.

If you need a fast close or are just shy of qualifying for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.  We have helped thousands of buyers just like you for over 32 years.

Breaking News – Recently Funded!

First Sept Promo

Easy Loan Approval With Hard Money!

Breaking News: Are you running into difficulties with loan approval because your client is self-employed, has difficult-to-prove income, poor credit, needs fast cash or being turned down for some other reason?

Our Hard Money loan programs do not have any new regulations. We have the same main 2 qualifications for over 30 years now:

1. Good equity and 2. Ability to repay (source of income).

That’s basically it.  Easy!  Call today 707-523-2099.  We’ll quickly let you know what we can do to help you and/or your client!

Recently Approved & Funded

Loan Program:  Non-Owner-Occupied Refinance
Loan Size: $1,0250,000
Days to Finish: 22
Location:  Santa Rosa, Sonoma County
Why Came To Us:  Property was mid construction so didn’t qualify for other financing.

Loan Program:  Investment Property refinance
Loan Size:  $320,000
Location:  Santa Clarita, Los Angeles County
Days to Close:  16
Why Came To Us:  Had difficult to prove income as was self-employed.

Loan Program:  Owner-Occupied Temporary Refinance
Loan Size:  $540,000
Days to Finish:  22
Location:  Oakland, Alameda County
Why Came To Us:  Poor credit and wanted to consolidate debts to improve this.

Loan Program:  Primary Property Refinance
Loan Size:  $560,000
Location:  Truckee, Nevada County
Days to Close:  24
Why Came To Us:  Needed fast cash as down payment on an investment property.

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