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Sonoma County Coming Out on Top in Move North

Sonoma County Coming Out On Top In Move North

Most economist agree that the major difference in this recession versus previous ones is the robust real estate market.  A combination of low interest rates and built up equity has made the housing market a shining light in an otherwise unusual time period.  Combining these factors with the “work-from-home” phenomenon that has been taking over the country, you have the perfect storm for a house hunting blitz.

The North Bay especially has been the lucky recipient of this latest barrage of house hunters.  Home buyers are fleeing dense Bay Area neighborhoods for the Wine Country.  Local real estate agents say the demand is largely driven by buyers from San Francisco, the East Bay, Silicon Valley and even the Central Coast.

In February, the month prior to the temporary upending of the real estate market, the median Sonoma County home price was $641,250.  By the end of July, it was $720,000, a 36% increase over the same time last year.

The desire for home offices and room for distance learning is a huge motivator for many of these home buyers.  They are seeking rural settings, sweeping views and a swimming pool.  One such home on the market had 40 showings.  It was listed for $1.2 million in Sebastopol and over half the potential buyers were from San Francisco!  No surprise when you consider that price would barely cover your down payment for a similar home in The City.

Last month, a hilltop mansion in Sonoma sold to a San Francisco family for $14.75 million, one of the most expensive home sales in Sonoma County history.  But the greatest demand is for mid-priced homes ($500,000-$700,000).  This price range accounted for the highest number of sales of any price range in July.

As a local realtor pointed out in a recent article for the North Bay Business Journal, “It’s kind of like musical chairs, all of a sudden the music changed, and everyone’s looking for the next seat.”

Don’t get left without “a seat”, start your property search soon.  If you cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099.  We have helped thousands of prospective buyers just like you with our temporary (or 15 year), fast (within just a couple of weeks or less than a month when super rushed) hard money loans.

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Direct Private Money Loans We Have Our Own Investors

Direct Private Money Loans – We Have Our Own Investors!
The Guys in the White Hats

Recently Funded:

Location:  Santa Rosa, Sonoma County
Loan Program:  Investment property refinance
Loan Size: $1,020,000
Days to Close:  16
Why Needed Us: Property needed renovations and didn’t conventionally qualify.

Location:  No. Hollywood, Los Angeles County
Loan Program:  Business Opportunity
Loan Size:  $475,000
Days to Close:  15
Why Needed Us: Needed fast capital to support family-owned business

Location:  Concord, Contra Costa County
Finance Program:  Primary Property Refinance
Loan Size:  $560,000
Days to Close:  15
Why Needed Us:  To pay off medical expenses and other debts

Los Angeles Real Estate Market Report for September

Los Angeles Real Estate Market Report For September

The Los Angeles real estate market continues to be somewhat competitive even in these days of pandemic partial shutdowns.  Moving to the Los Angeles area is more attractive because of the work-from-home opportunities being afforded many employees.  Up until now residents could expect to spend a lot of time in their cars given that LA was named the 5th worst city for traffic in the United States.  Now that many workers can settle into a home office, commuting becomes less of a problem.

According to Realtor.com here are some Los Angeles, CA market statistics for the end of September 2020:

  • Median List Price:  $950,000 (up 5.7% over 2019)
  • Median Price per Sq. Ft.: $552.
  • Median Sales Price:  $850,000
  • Sales to List Price:  100%
  • Average Days on Market:  58

When you look at some of the more desirable neighborhoods in LA County a different picture emerges:

Brentwood:

  • Median Sales Price:  $2,600,000
  • 306 homes for sale

Westwood:

  • Median Sales Price:  $1,400,000
  • 258 homes for sale

Sherman Oaks:

  • Median Sales Price:  $895,000 (12% down from 2019)

Silver Lake:

  • Median Sales Price:  $1,210,000 (up 41.8% from 2019)

(Note to explain the extraordinary uptick in price: This is a neighborhood that saw an influx of Millennials recently, although it has been a cultural destination for at least a decade.  New hotspots and restaurants have made this especially enticing to a new demographic.)

If you are looking to purchase or refinance in the LA area, but find that you fall short of qualifying for the more restrictive Covid-19 mortgage regulations, give Sun Pacific Mortgage a call at 707-523-2099.  Although we are located in Northern California, we are licensed for all of California and lately have been helping many Southern California clients with their hard money loans.

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Alternative Financing from the Guys in the White Hats

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Take advantage of our Hard Money loan specialties for Halloween: 

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Financing for Owner Occupied, Non-Owner Occupied, Consumer & Business Purpose.

Self Employed not an issue.

Credit Not An Issue!

Send us your scenarios! Call Today 707-523-2099. 

Real Estate Market Results for San Francisco Peninsula Areas – September 2020

Real Estate Market Results For San Francisco Peninsula Areas

While there was some slight fluctuation in sales pricing from August to September, asking and sales price were very much in line.  Below is a summary of 6 cities from the Peninsula, that represent the state of the real estate market in these San Francisco bay areas:

Menlo Park:

Average days on market- 28
Average sales price- $3,241,029 (down $354,912 from August)
List and sales price the same

Foster City:

Average days on market- 24
Average sales price- $1,905,324 (down $162,036 from August)
Sales price 1% above asking price

Belmont:

Average days on market- 19
Average sales price- $1,981,259 (up 4% from August)
Sales price 4% above asking price

San Carlos:

Average days on market- 17
Average sales price- $2,182,043 (down $54,704 from August)
Sales price 4% above asking price

San Mateo:

Average days on market- 20
Average sales price- $1,781,586 (down $90,215 from August)
Sales price 3% above asking price

Burlingame:

Average days on market- 25
Average sales price- $2,909,842 (down $161,331 from August)
Sales price same as asking price

In reviewing these findings, we see that the shortage of homes for sales has resulted in a faster turn-around for listings.  While there has been some adjustment of pricing, over all the market has remained robust and indeed, even competitive.

So if you’ve considered selling in these areas, this is the time to reach out and find a local, qualified Realtor who can help walk you through the selling process smoothly. And if you are looking for alternative financing or a Hard Money loan to finance a future purchase, give Sun Pacific Mortgage & Real Estate a call at (707) 523-2099 for a free consultation.

Autumn Specials – Recently Funded!

Autumn Special: Fast Loans!

Autumn Special: Fast Loans!

No covid or stressful regulations when you use our alternative financing programs.

Expect FAST loan approvals!  Expect FAST closings & fundings for your clients!

Call Us 707-523-2099.  We’ll let you know quickly what we can do for you and or your clients.

Recently Approved & Funded

Program:  Investment Property Refinance
Loan Size:  486,000
Days to Close:  7
Location:  Brentwood, Contra Costa County
Why Came To Us:  Difficult to prove income as self-employed.

Program:  Primary Residence Refinance
Loan Size:  $700,000
Days to Close:  20
Location:  South Pasadena, Los Angeles County
Why Came To Us:  Property needed repairs and they wanted to add another unit.

Program:  Investment Property Purchase
Loan Size:  $399,000
Days to Close:  19
Location:  Cupertino, Santa Clara County
Why Came To Us:  Wanted extra fast cash to purchase another property.

Program:  Primary Residence Refinance
Loan Size:  $400,000
Days to Close:  19
Location:   Novato, Marin County
Why Came To Us:  Issues with FICO and having difficulty elsewhere for approval.

Don’t Let Your Bad Credit Score Keep You from Becoming a Homeowner in California!

Dont Let Your Bad Credit Score Keep You From Becoming A Homeowner In Sunny California

Looking for a home loan with a bad credit score can be intimidating and frightening.   But it can be done!  A little homework and reading this blog should give you all the courage and ammunition you need to forge ahead in your pursuit of homeownership.

First, let’s explain the understanding of “bad credit”.  Credit scores, also known as FICO scores, range from 300 (awful) to 850 (perfection).  To break it down further:

  • 750+ is top tier and qualifies for the best interest rates
  • 700-749 is a good score
  • 699-650 lenders question whether you’re a risky investment
  • 649 and below (according to multiple California Real Estate Brokers, “Your credit stinks”)

So, what is a borrow to do if he/she finds themselves in a less than desirable FICO category?  Your first step must be to correct any mistakes you find on the report.  (It is interesting to note that 1 in 4 Americans find errors on their credit reports.)

Once any errors have been corrected and your financial standing is still not where it needs to be, there are still options.  One such option is a hard money loan.  To qualify for this type of loan you must provide proof you can make the proposed mortgage payments, you have a substantial down payment or you have sizable equity in the home you wish to refinance. These are really the 2 main qualifications in this quite-forgiving type of financing.

With general California home values increasing exponentially at this time and low interest rates causing a rush to secure a share in this new gold rush, it makes sense to buy now and take the higher rate a hard money loan might cost you.  Since these loans can be made for as short a period as 11 months, it allows the buyer to get into a real estate deal now and refinance at a lower rate once the existing credit issues have been resolved.

Sun Pacific Mortgage has been in the hard money lending business over 3 decades in California.  Give us a call at 707-523-2099 to discuss our programs for purchasing or refinancing owner-occupied and investment properties.

Our loans also offer a solution for those borrowers requiring a quick close. The scarcity of property inventory has created a situation in which speed is all important making the timeline from offer to close of escrow a critical component.  We have been known to close loans in under a week when the buyer’s dreams are at stake.

Remember that the chance to own your own home might outweigh the additional money in interest payments.  So, if you are convinced your credit history is sure to destroy your home-buying dreams, chin up!  One call to Sun Pacific Mortgage at 707-523-2099 may open doors you thought were closed to you forever.

 

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(Click here or the image above to watch video about how you can get more transactions approved & done!)

What Is Our Alternative Financing Really?

After 32 years, despite market changes and recent covid regulations, our two main lending qualifications have not changed and are still more forgiving than conventional or bank financing. These two basic qualifications are:

#1. Decent existing real estate equity or at least a 30% down payment if a purchase and

#2. An ability to repay the loan.

We have worked with many other Brokers and Realtors, helping to close more transactions and help make their clients happy! We can cover up to 65-75% of the value of the property. These loans are based largely on equity from real estate assets.

Basically considered all cash, such loans are extra strong and can be used to purchase or refinance fixer properties, bad score borrowers, irregular or difficult to prove income borrowers, large cash-out borrower, someone needing fast cash, short term Bridge loans, etc.

Owners still need to refinance their homes to make home improvements, buy a 2nd home or investment property. And Buyers still want to buy even with tarnished profiles. Our unique financing is the only option out there if your client is unable to qualify for a loan from you, their favorite bank, mortgage broker or local Lender.

Many people have cards with rates that are 15% to 32% and Alternative Financing  rates average 9% to 12% with interest-only payments. This will likely cost a bit more than a 30-year fixed rate loan but it can get them what they want, despite having been turned down elsewhere for a refinance or home loan.

Also, if your Buyer or Borrower just misses out on qualifying for conventional financing, they could qualify for our Alt-A Special Program which offers rates as low as 6.5%!   

We invite you to look through our programs for exact details on how we can get you and/or your client fast loan approval!  Or call us at 707-523-2099. Having worked with many types of loan scenarios for over 3 decades, we are quite experienced, honest and FAST.

Tired of Covid Stopping Loan Approval? See Our Loan of the Week!

30 Years In Business*Click above to play video and find out more*

NO COVID Here, Just Fast Loan Approvals.

Avoid Covid-19 regulations with our alternative financing programs and expect fast loan approvals!

Call us today at 707-523-2099 or email us by clicking below.  Let us help you get that mortgage financed!

Loan of the Week

A Broker from Santa Clara reached out to us with a client who needed some fast funding.  He had to resolve some critical renovation issues with one of his Mountainview properties, relating to permitting fees and road work that needed to be done quickly.

With a loan to value of 53%, the requested mortgage of $750,00 was easy for us.

This borrower had qualified for a conventional loan but needed his funds much faster.  This is where we were able to quickly jump in and help with our unique alternative financing programs.  Because of us, in just 9 days, this Borrower was able to secure all the necessary permits and begin work on his property!

If you need a fast close or are being turned down by other conventional lending institutions, give us a call at Sun Pacific Mortgage 707-523-2099. Trusted by over 10,000 borrowers in our 32+ years as a family owned & operated alternative financing company, we’re pretty expert on knowing how to help get loan approval.

Have Tax Questions About Selling Your Home?

Have Tax Questions About Selling Your Home

A recent article posted on Intuit’s Turbo Tax website addressed a series of questions and answers that every property seller should know before engaging in a real estate contract.

This is good information to be aware of, thus our sharing.  Providing answers to these questions is “out of bounds” for anyone without the proper legal credentials, which is why we are simply going to cite the post here and let the experts inform you of the regulations you should consider.

For those home owners in California who are considering moving from bigger cities such as San Francisco, Silicon Valley or even Los Angeles and want to settle down to more rural areas such as Sonoma County or even Napa County, this is some good information to know about when connecting up with your Realtor to sell.

Among the topics covered in this article are the following:

As you can see, answers to these questions can impact your tax obligations significantly.  They may either confirm your decision to sell or encourage you to wait.  Either way you will be making a more informed and sensible decision.

For detailed information please refer to the original post here:  https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6tbMe3Dy?&cid=em_44867_6306_001_2019__DT_

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