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Why is the Housing Supply So Low?

May 10, 2022

Why Is The Housing Supply So Low?
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:

  1. 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.
  2. 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

Making It Easier For Home Loans - Direct FinancingHome 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:

Recently FundedIf 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

What Will The Housing Market Look Like As The Rates Rise?

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.

 

Want To Get A Refinance Done?

April 21, 2022

Hold Onto That LoanHold 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!

San Diego Housing Market Trends

March 15, 2022

San Diego Housing Market TrendsIn January 2022, San Diego home prices were up 19.3% compared to last year, selling for a median price of $811,000. The average days on the market was only 11 days as opposed to 17 days last year. The total number of homes sold this January was 933, down from 1063 last year.

It is obvious that the housing market remains hot in the San Diego area. According to Redfin many homes are still getting multiple offers, some with waived contingencies.

The average home is selling for about 3% above listing price and go pending in around 10 days. The “hotter” home can sell for about 8% above listing and go pending in around 6 days. The sale-to-list price for all home types was 103% in January.

The San Diego market reflects much of the rest of the California’s larger cities and their environs. Buyers are finding it difficult to lock in a deal and sellers are happy to have several offers from which to choose.

If you have been discouraged by failing once or more to secure a home with your offer, consider a private mortgage loan from Sun Pacific Mortgage. Your offer will stand out in the crowd as a “cash offer” with a very quick closing, both strong incentives in this market. We have been able to execute closings in as little as a week because of our inhouse operation.

Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to discover what we can do for you to strength your offers and get you into the home you have chosen.

Where Is the Real Estate Market Headed in 2022?

February 22, 2022

Where Is The Real Estate Market Headed In 2022 Bidding Wars. All-Cash Offers. Limited Supply. Sound Familiar? That’s Because These Are The Words Of A Song Being Sung Every Day In California.Bidding wars. All-cash offers. Limited supply. Sound familiar? That’s because these are the words of a song being sung every day in California.

After two years of unprecedented growth will there be a cool-down and possibly a fall in sales and prices in 2022? Will we ever return to “normal”?

Recently, several housing experts reported in USA TODAY that home sales are likely to be slightly lower in 2022 while home prices will continue to rise due to the ongoing housing shortage.

Another real estate brokerage firm had this to say:

“I don’t think we will see a correction, maybe a slowdown.”

A CEO of a realty company stated:

“I don’t see any sort of crash in the near future. No way.”

The National Association of Realtors (NAR) forecast calls for median price gains of between 5% and 7% this year. This increase contrasts to the 2021 increase we saw of a 20% average rise.

If you want to take advantage of the housing boom, but don’t qualify for a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099 to discuss a private money loan or visit our website at www.sunpacificmortgage.com. We are a family-owned and operated business serving only California for 34 years. We offer fast mortgages for owner-occupied and non-owner-occupied residences, as well as business purpose loans. Our mortgages are usually completed in 7-30 days making a Buyer’s offer look exceptionally good to a Seller.

Home Has Never Been More Important

February 8, 2022

Home Has Never Been More Important

If this year proved anything, it is the importance of our home. Never before have Californians spent so much time living and working in it. All the good, the bad, and the ugly was revealed to us as we spent our lives at home these past couple of years.

While most homeowners in both Northern California and Southern California may have understood the financial benefits of homeownership, they now understand that a home also brings feelings of gratitude, security, pride, and comfort. While the world around us has changed almost overnight, our homes were redefined.

A study from Unison reports that:

  • 91% of homeowners say they feel secure, stable, or successful owning a home.
  • 64% of Americans say living through the pandemic has made their home more important to them than ever.
  • 83% of homeowners say their home has kept them safe during the Covid-19 pandemic.
  • 70% of homeowners feel more attached to their homes than before the pandemic.

As one CEO stated:

“Aside from the financial factors, there are several social benefits of homeownership and stable housing to consider. It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you.”

If you have been contemplating jumping into the real estate market but have concerns that you will not qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com and find out what a Private Money loan could do to make your dream home come true. We have been in business for over 33 years helping folks just like you fulfill their desire for homeownership with our alternative programs.

SoCal Real Estate Cools Down—But Only a Bit

December 20, 2021

Socal Real Estate Cools Down—But Only A Bit

In recent months Southern California has seen a slight cooling of the cutthroat housing market. Perhaps it is due to home shoppers tired of losing bidding wars and who, subsequently, put their search on hold temporarily.

As one Realtor put it: “What we are seeing is just a minor slowdown. Buyers can just expect slightly less pain.”  Where once you might see 20 offers on a property, now you see 4. Better, but still not easy.

In October, home prices in the 6 counties of Southern California rose 14% from a year ago reaching an all-time median high of $690,000. Sales declined 6.6%, the first drop since June 2020.

Up until now, home prices were rising faster than they had for years for a variety of reasons:  low inventory, record-low mortgage rates and an influx of millennials into the market. The pandemic also drove more people to seek out more space, and first-time home Buyers left pricey city rentals for a home of their own.

Most economist don’t see these price increases continue at the pace we have been seeing over the past couple of years, yet most homes still sell above their list price.

Here is a snapshot of what we have seen in the market over the past year:

  • In LA County, the median home price rose 10.5% to $790,000, while sales fell 0.9%.
  • In Orange County, the median home price rose 15.7% to $920,000, while sales fell 13.6%
  • In Riverside County, the median home price rose 20.2% to $535,000, while sales fell 6%.
  • In San Bernadino County, the median home price rose 16.3%, while sales fell 5.3%.
  • In San Diego County, the median home price rose 13.8% to $740,000, while sales fell 12.4%.
  • In Ventura County, the median home price rose 10.7% to $725,000, while sales fell 6.5%.

If you are thinking of wading into the market this coming year, now that the frenzy has waned slightly, but have been turned down for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website www.sunpacificmortgage.com. We have helped thousands of Borrowers just like you achieve their dreams with a private loan from one of our many Investors.

Real Estate Market for SFO October 2021

November 22, 2021

California Trust Deed Investing

Another stellar month for San Francisco real estate in October. Despite all the naysayers’ predictions that the market was on its way down, all markers indicate a continued upward trend. Here are the results for last month’s single-family residence in San Francisco:

  • Average List Price:  $2,093,971
  • Average Sales Price:  $2,358,448 ($2,131,959 in Sept.)
  • Average Sq. Ft. Price:  $1,093.37
  • Average D.O.M: 19
  • All Sold Properties:  709 (575 in Sept.)
  • SFR Sold:  303
    • 36 below price
    • 11 for listing price
    • 256 above listing price
  • One SFR sold for $1,506,248 OVER listing price

With the holidays approaching, we usually don’t expect many homes coming up for sale, but since it appears that we are constantly in new territory when it comes to the real estate market lately, we could see a significant reversal of the norm.

If you are looking to sell/buy anywhere in California, give Sun Pacific Mortgage a call at 707-523-2099 to discuss the many lending programs we offer for purchasing, refinancing, and bridging on owner-occupied and investment properties. Or visit our website www.sunpacificmortgage.com to learn more!

Sonoma County Real Estate Sales

November 9, 2021

Sonoma County Coming Out On Top In Move North

Sales Comparison March 2020 – August 2021

On September 26th, an article in the Press Democrat quoted statistics sourced by Compass Real Estate Brokerage for single-family home sales over past six months of 2021.  These were compared to those same numbers for 2020.  They reveal what we all knew: real estate has been booming in our neck of the woods lately!  Here are the facts to support this well-known belief:

MONTH                          NUMBER OF HOMES SOLD     MEDIAN PRICE

March 2020                       301                                              $678,910

March 2021                       421                                              $767,000

April 2020                          249                                              $659,000

April 2021                          580                                              $775,000

May 2020                           206                                              $674,495

May 2021                           546                                              $780,000

June 2020                          457                                              $710,000

June 2021                          613                                              $825,000

July 2020                            606                                              $720,000

July 2021                            663                                              $761,000

August 2020                       556                                              $701,000

August 2021                       596                                              $770,000

While the momentum may have somewhat slowed in the past month, it is still on a robust course to smash past records.  The only thing putting the brakes on sales lately is the pervasive lack of inventory.  Some of this hesitancy on the part of Sellers may be because they are concerned that they will not be able to find a replacement home fast enough after selling their present home.

Sun Pacific Mortgage has a solution: a fast, short-term, private money bridge loan!  By accessing the equity in your home before you sell, you can afford a down payment on your future home.   You can also use existing equity in your current home and merge it with the equity in the new home you want to buy – also a Bridge loan that is short term and can help you accomplish a stronger purchase offer!  With homes selling quickly and with multiple offers over asking prices, this strategy will give you the edge you need in this economy.  Call Us at 707-523-2099 to see what we can do for you !

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