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Check Out The North Bay Real Estate Trends

September 26, 2023

Real Estate Trends For 2023 As Predicted By The ExpertsOverbidding has become a common catch word in real estate, with resolute, prospective buyers showing over time that they’re willing to pay over asking price. The trend has accelerated in the last few years since the pandemic took hold.

In May 2020, 25% of the offers were over the listing price. Three years later, 55% of the bids were over. Listings are low all over California and across the nation, insiders have indicated. Therefore, home sales are fewer in numbers by about 20%. One North Bay County, Sonoma, knows the pain of the housing shortage, lacking about 38,000 units to provide adequate shelter for its residents. Still, home sales are still happening as the demand refuses to subside.

You just need to look at the median home price in the following cities to realize that the “supply and demand” principle is alive and well in the North Bay.

2023 Sonoma County median sales price

-Kenwood: $2.9M

-Sea Ranch: $1.3M

-Healdsburg & Bodega Bay: $1.2M

-Penngrove & Glen Ellen: $1.1M

-Sebastopol: $1M

-Sonoma: $987,000

-Santa Rosa: $943,000

-Petaluma East & West: $925,000 & $850,000, respectively

Source: Compass

As with the rest of the Bay Area, the North Bay real estate listings closed 2022 with an over 20-year low, according to Compass data. The heavy demand and lack of resale property has forced the average days on the market to plunge in a 3 ½-year period, from a high of 88 days in January 2020 to 40 in May 2023, according to the Compass analysis.

If you are looking to invest in North Bay real estate but cannot obtain a conventional loan, consider a private mortgage from Sun Pacific Mortgage.  We have been lending in California for over 35 years and have thousands of happy homeowners who could never have achieved homeownership without our assistance. We’d be happy to help you too! Find us at www.sunpacificmortgage.com or call us at 707-523-2099.

The Hottest ZIP Codes in California Today

September 19, 2023

Californiarealestatehot We Are All Aware That The Housing Market Has Slowed Considerably This Year, Especially If We Compare It To The Past Pandemic Fueled Frenzy Of 2020-2022. The Obvious Reasons For This Slump Are The High Interest Rates And Low Inventory In A Very Competitive Market, But There Are Still Some Areas, Even In California, Where There Is Still Heightened Activity.

We are all aware that the housing market has slowed considerably this year, especially if we compare it to the past pandemic fueled frenzy of 2020-2022. The obvious reasons for this slump are the high interest rates and low inventory in a very competitive market, but there are still some areas, even in California, where there is still heightened activity.

This month in the SFGate they reported on a survey that was done by Realtor.com recording the most recent hottest ZIP codes in the country’s various metro areas. The rankings were based on a combination of market demand measured by views on Realtor.com and how fast homes sold. The list includers only one hot ZIP code per metro area. In California Livermore was the hottest spot in the Bay Area and Bakersfield was the most desirable in the Central Valley.

Livermore’s 94550 ended up at No.44 on the list with a median list price of $1.4 million. Granted, the area isn’t exactly affordable, and yet homes attracted more than double the attention per property and spent less time on the market compared with the greater San Francisco metro area.

Another surprising city which made the list was Bakersfield’s 93309 which landed at No. 24. It had a median list price of $340,000 in June 2023, a much more affordable price in a much more affordable metro area in the state.

In 2022, the only California market to crack the top 50 was Eureka, which took the 28th spot. The medium home price at the time was $480,000, but this year homes in the area are staying on the market longer causing it to drop off the list.

Prices have risen dramatically in the past few years in California, and no ZIP code has made it to the top 10 hottest ZIP codes since 2019.

If you are a hopeful buyer in this stressful economy, and if you have tried to qualify for a convention mortgage and failed, don’t despair! Sun Pacific Mortgage has rescued thousands of buyers just like you over the past 35 years. We have a family of investors who are willing to offer you a privately financed loan allowing you to realize your dream of homeownership today. Give us a call at 707-523-2099 or find us online at www.sunpacificmortgage.com.

Why Invest in California Trust Deeds?

September 12, 2023

2022 05 Msr 1 The Short Answer To That Question Is Wouldn’t You Want Your Investment Money To Gain Upwards Of 12% Or More Interest? There Are Very Few Stocks Or Bonds These Days Paying Such Handsome Interest.The short answer to that question is wouldn’t you want your investment money to gain upwards of 12% or more interest? There are very few stocks or bonds these days paying such handsome interest.

What are trust deeds? Trust deeds (mortgages) are investments in a loan, secured by real estate, directly to the borrower. Rather than putting your money in a bank and having the bank make the real estate loan, private investors actually make the loan directly. The trust deed investment business is huge in California.

There are two ways to invest in trust deeds: One is through a mortgage fund (like a mutual fund), the other is by investing directly in trust deeds through a licensed mortgage broker.

With a hard-money mortgage fund, also known as private money, you are investing with many other shareholders in real estate for which you do not need to be directly responsible.  Sounds good, right? Except, that just about every hard money mortgage fund in history has failed horribly during the regular real estate crashes that seem to hit every ten to fourteen years.

Sun Pacific Mortgage has been in the trust deed business in California for over 35 years. Our investors finance trust deeds directly through a legitimate mortgage broker. In this case, once the borrower and property are vetted and equity determined, the investor is directly lending to the actual borrower on a specific piece of property.

Then you make the monthly return on investment as the borrower makes their payments.  If you are interested in participating in such an investment, reach out to Sun Pacific Mortgage via their website at www.Sunpacificmortgage.com or by phone at 707-523-2099 to find out more.

Are Higher Mortgages Here to Stay for the Foreseeable Future?

September 5, 2023

Californiamortgagerates An Article In Nerdwallet Caught My Attention Recently. It Stated That The Era Of Low Mortgage Rates Is Over And Embracing This Reality Will Speed Up Owning A House That Meets Your Needs.

An article in NerdWallet caught my attention recently. It stated that the era of low mortgage rates is over and embracing this reality will speed up owning a house that meets your needs.

Low rates were the norm for 11 years, as the 30-year mortgage remained below 5% from February 2011 to April 2022. Since that time, it has remained mostly above 5% averaging 6.72% in June 2023.

Some forecasters predict that rates will decline over the next 12 months, but they don’t foresee them dropping below 5% anytime soon. Buyers are tempted to be in denial, but the reality is higher rates are here to stay for the foreseeable future.

“People are still working through their five stages of grief on this mortgage rate stuff,” says Lisa Sturtevant, Chief Economist for Bright MLS, the real estate listing service for the mid-Atlantic region. “And I think you have to reach the stage of acceptance at some point that certainly rates aren’t going to come down to where we were back during 2020 and 2021.” (When the median 30-year rate was 2.99%.)

If you are ready to face the reality of the housing market today and don’t qualify for a conventional mortgage, consider a privately funded loan from family owned & operated Sun Pacific Mortgage. Call us at 707-523-2099 or find us at www.sunpacificmortgage.com.

Roping In That Loan Size & Speed Ya Need!

August 31, 2023

Bull Wrangling Get Your Ropes Around That Stubborn Loan By Taking Advantage Of Our Private Money Programs.  With Funding Options Over 2 Million, After 35 Years We Still Have Not Run Out Of Money And Are Ready To Quickly Work With You To Get Your Real Estate Loan Funded - Just Like We Did Below:Get your ropes around that stubborn loan by taking advantage of our Private Money Programs.  With funding options over 2 million, after 35 years we still have not run out of money and are ready to quickly work with you to get your real estate loan funded – just like we did below:

Recently Funded

Program: Owner-Occupied Purchase
Loan Size: 1.72 million
Location: Contra Costa County
Why Came To Us: Self employed with difficult to prove income.

Program: Business Purpose Refinance
Loan Size: 780k
Location: Sacramento County
Why Came To Us: Wanted to do debt consolidation on business debt & on high interest rate credit cards to repair FICO.Program: Investment Property Refinance
Loan Size: 950k
Location: Alameda County
Why Came To Us: Debt to income ratio higher as Borrower owned multiple properties and flipped houses.

We work many Borrowers to help get the refinance or purchase financing they need – FAST – and despite being turned down by their Local Lender.  Visit our website at www.sunpacificmortgage.com or give us a call at 707-523-2099 with your scenario to see how we can help you or someone you know wrangle up that needed loan!

Real Estate Returns To A More Normal Growth

August 22, 2023

0379 637486163868813724 According To Danielle Hale, Realtor.com’s Chief Economist, The More Bullish Outlook Predicted For This Year’s Real Estate Market Has Been Revised To Slip This Year, But Less Than 1%. She Expects Home Prices To Rebound More Convincingly In 2024.

According to Danielle Hale, Realtor.com’s chief economist, the more bullish outlook predicted for this year’s real estate market has been revised to slip this year, but less than 1%. She expects home prices to rebound more convincingly in 2024.

Although the pace of growth will be nothing like sellers or buyers witnessed during the past couple of years, it will be the real estate market’s normal pace.

When Zillow polled 117 economists and housing experts, their consensus was that home prices would increase at an annual rate of 3.5% until 2027.

“A return to more normal growth would be welcome after the rollercoaster ride that home prices have been on lately,” Jeff Tucker, Zillow’s senior economist said in the survey release.

The annual return on single-family homes reached nearly 13% between 2021-2022. In California, the appreciation was even higher. That’s a sharp contrast to so-called “normal growth”, which averaged an annual increase of 4.8% between 1987-2000.

Although housing prices may be declining in certain areas of California versus last year, they have been up month over month for the last three months.  Much of that increase is because of an imbalance in supply and demand. The number of previously owned homes on the market was at a record low in May, which helps to keep prices elevated.

Buyers are turning to new homes but with an eye to affordable ones. Buyers may find better deals later this year when price increases seen in spring and summer tend to slow down as the most popular time for homebuying winds down.

If you are looking to access the equity accrued during the past couple of months but have high debt-to-income ratios, can’t prove your income or need a fast close, give Sun Pacific Mortgage a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com. We have been in business for over 35 years offering private mortgages to prospective California homeowners, being a trusted source for alternative financing.

North Bay Real Estate Statistic Comparing March 2021 to June 2023

August 8, 2023

Northbaycomps In The July 24, 2023 Issue Of The North Bay Business Journal, There Were Several Charts Comparing The State Of Real Estate In Four North Bay Counties: Napa, Solano, Marin &Amp; Sonoma, Between March 2021 And June 2023.

 

In the July 24, 2023 issue of the North Bay Business Journal, there were several charts comparing the state of real estate in four North Bay Counties: Napa, Solano, Marin & Sonoma, between March 2021 and June 2023.

While listings may be shrinking and the median days on the market may be lengthening, the median price of homes has maintained almost all the appreciation it acquired over the past two years.

NAPA

  • New Listings: Mar.2021=178, June 2023 =130
  • Total Listings: Mar.2021 =353, June 2023 =356
  • Median Sales Price: Mar.2021 =$1,359,000, June 2023 =$1,697,500
  • Median Days on Market: Mar.2021 =60, June 2023 =66

SOLANO

  • New Listings: Mar.’21-504, June ’23-388
  • Total Listings: Mar.’21-651, June ’23 823
  • Median Sales Price: Mar.’21-$521,975, June ’23-$626,000
  • Median Days on Market: Mar.’21-26, June ’23-37

MARIN

  • New Listings: Mar.2021 =356, June 2023 =264
  • Total Listings: Mar.2021 =466, June 2023 =543
  • Median Sales Price: Mar.2021 =$1,350,000, June 2023 =$1,425,500
  • Median Days of Market: Mar.2021 =41, June 2021 =53

SONOMA

  • New Listings: Mar.2021 =690, June 2023 =440
  • Total Listings: Mar.2021 =1104, June 2023 =1035
  • Median Sales Price: Mar. 2021 =$822,000, June 2023 =$1,124,000
  • Median Days on Market: Mar.2021 =42, June 2023 =47

Whether you are a potential home buyer or you are an investor looking for a solid real estate investment to grow your wealth, Sun Pacific Mortgage family team could be the perfect match for your needs.

As an Investor, you can co-invest or individually invest for higher returns, as high as 12% at times. We have been in business for over 3 decades now, offering private mortgages to those in need of fast mortgages and to borrowers who don’t qualify for a conventional loan because of a variety of reasons.  Email through our website, give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.

 

Hot Summer Financing!

July 27, 2023

2 Copy Turned Down By Your Local Lender For A Refinance Or Purchase Loan - Because Of Credit Issues, Difficult-To-Prove Income, Property Doesn’t Qualify?

Turned down by your local lender for a refinance or purchase loan – because of credit issues, difficult-to-prove income, property doesn’t qualify?

These aren’t a problem for us! Let’s work together to help you or someone you know get into their dream home.

Recently Funded With Our HOT Summer Programs:

Program: Owner Occupied Refinance, Business Purpose
Loan Size: 705k
Location:  Sonoma County
Days To Fund: 6 Days
Why Came To Us:  Self-employed with difficult to prove income

Program: Non-Owner Occupied Purchase
Loan Size: 631k
Location:  Sacramento County
Days To Fund: 11 Days
Why Came To Us:

Program: Owner Occupied Bridge Purchase
Loan Size: 615k
Location:  Contra Costa County
Days To Fund: 13 Days
Why Came To Us: Sellers didn’t want a sale contingency offer so Borrower got our fast Bridge loan to remove this contingency & got their offer accepted!

Program: Owner Occupied Cash out for Business Purpose
Loan Size: 581k
Location:  Monterey County
Days To Fund: 15 Days
Why Came To Us:  Had free and clear property but had credit issues and wanted to debt consolidation to improve FICO

Just call us at 707-523-2099 or visit our website at www.sunpacificmortgage.com to see what we can do to help!

Some Rules of Real Estate Investing

July 25, 2023

2 3865 Jpg Scaled If You Are Looking For A Pathway To Passive Real Estate Investing, Give Sun Pacific Mortgage A Call. We Offer Trust Deeds In Well Vetted Properties In California And Hawaii. As Little As $100,000 Can Have Your Earning Interest As High As 12% Or Higher.

Real estate is the only investment where you can actually borrow other people’s money to purchase and own an income producing property.  As long as you have positive cash flow overall in your portfolio, you can buy as much income property as you can.  Leverage is a very powerful concept and real estate is probably the best place to leverage your investment capital because it’s a hard asset while fulfilling a need called housing. The following are some hard-earned rules presented by Marco Santerelli of Norada Real Estate, that we felt were informative enough to share:

  • Be informed regarding the market. There is a lot of truth in the saying, “The more you learn, the more you earn.”
  • Set investment goals, not wishes. You are far more likely to achieve financial independence if you write down clear, specific, and detailed goals than not doing anything at all.
  • Never speculate. Always invest with a long-term perspective in mind.
  • Don’t chase appreciation. It will happen in the right market and the right neighborhood because real estate is a hard asset made up of commodities and over time it will appreciate because of inflation.
  • Keep in mind that the equity growth in the property will always far surpass the cash flow.
  • Don’t be married to any particular market. Each and every market is local and will move up and down completely independently of one another due to various local factors.
  • Always first choose the market, the city, the town that you want to focus on based on the health of that market and the local economy.
  • It [can be] wise to have a management company handle your real estate investments. It can be a tough, full-time job and your time is more valuable and should be spent on things more important to you.

If you are looking for a pathway to passive real estate investing, give Sun Pacific Mortgage a call. We offer trust deeds in well vetted properties in California and Hawaii. As little as $100,000 can have your earning interest as high as 12% or higher.

You can find us at www.sunpacificmortgage.com or call us at 707-523-2099.

Home Prices in the San Francisco Have Begun to Rise Again

July 11, 2023

Shutterstock 1401527726.0 Jpg Housing And Financial Markets Have Always Run In Cycles, Both Economic And Psychological, But Ever Since The Days Of The Gold Rush The Bay Area Has Always Rebounded.Housing and financial markets have always run in cycles, both economic and psychological, but ever since the days of the Gold Rush the Bay Area has always rebounded.

Patrick Carlisle, chief market analyst at real estate firm Compass, stated that the Bay Area has seen four major booms over the last four decades each marked by a period of “irrational exuberance”, or skyrocketing prices with seemingly no end in sight, and then followed by a market correction.

April, May, and June are typically the busy season for real estate.  True to form, agents and economists have seen a slight uptick in the past couple of months as we recover from the slump over the last year that followed the huge boom in home prices during the pandemic.

There has been a definite uptick in buyer activity, open houses and offers. Savvy buyers are looking to lock in a lower price point for their home now since they can always refinance their mortgage rates later, a smart strategy of experienced buyers.

Some Bay Area counties are rebounding faster than others. Solano, Marin, Sonoma, and Napa counties each saw an increase in home values over the last month, while Santa Clara, San Francisco, San Mateo, Alameda, and Contra Costa saw a slight decline.

San Francisco has seen a larger decline than the surrounding counties due to the work-from-home trend of the pandemic. Downtown San Francico is the weakest market within the city, but it provides an opportunity to those who believe that it will ultimately rebound.

So, real estate remains a smart investment for homeowners and investors alike.  If you are looking to refinance or purchase and need faster financing or cannot qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099, or reach out via our website.

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