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Realtor Satisfaction

This post dedicated to making Realtors feel valued and feel good.

What Buyers Don't Want

This is pretty much what buyers want in the Gilroy area. Tell us what you don't want in your next home.

Buyers are Optimistic



Features Buyers Value When Purchasing a Home

 

Buyer Questions

Top 5 Reasons You Need a Real Estate Agent

Real Estate Prices Going Up - Infographic

It’s all about recovery, and it appears our area is well on the way. If you’re buying in one of these areas there are challenges. If your selling in one of these areas there are different challenges. We can guide you through your challenging real estate transaction.

 

 

Hot Spring Leads to a Hot Summer Ahead

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

  The rise in prices means more homeowner equity, which could lead to more available inventory if more people jump off the fence and list their homes for sale. It could also lead to more buyers – especially first-timers – being priced out.

The positive pending home sales report means that the hot spring will spill into summer in many parts, since pending sales are an indicator of things to come. These are sales that are under contract but haven't closed.

Market Gets Tense for Home Buyers

By Gino Blefari, President and CEO, Intero Real Estate Services, Inc.

Have consumers in the market to buy a home already missed the boat? That's the question on a lot of peoples' minds as we dive into monthly sales statistics that keep painting an intensifying picture: more sales, more price increases, rising interest rates and fewer available homes for sale.

Existing-home sales increased 4.2% in May from April to an adjusted annual rate of 5.18 million homes, according to the most recent report from the National Association of Realtors. The number of sales was up 12.9% from the same month a year ago, when the annual rate stood at 4.59 million homes.

Survey Says: Homeowner Regrets

Homeowner regrets: most wish they’d gone bigger (via AGBeat)

Homeowner regrets and other sentiments As with any major purchase, there is typically something different most people would do if they had another shot at their investment. Trulia surveyed thousands of Americans to discover their regrets and note that with tight inventory levels, buyer regrets may…

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FHA to hike premiums on mortgages

from CNN Money

The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced last week that it will raise premiums by 10 basis points, or 0.1 percent, on most of the new mortgages it insures.


Here’s the highlights:

• A borrower opting for a 30-year, fixed-rate mortgage who puts down 5 percent or more will now pay an annual insurance premium of 1.3 percent of their outstanding balance. Someone who puts down less than 5 percent will pay a premium of 1.35 percent.
• The FHA said it also will raise premiums for borrowers with jumbo loans – loans of $625,000 or more – by 5 basis points, and increase the minimum down payment requirement on these loans to 5 percent from 3.5 percent.
• Additionally, the FHA said it will require most buyers to pay insurance premiums for the life of their loan. A policy that was put in place in 2001 allowed borrowers to cancel premium payments once their debt fell below 78 percent of the principal balance. One exception will be for borrowers who put more than 10 percent down at the time of purchase.
• Other new policies include a requirement that any mortgage for an applicant with less than a 620 credit score and debt-to-income ratio above 43 percent must be underwritten manually. Lenders who want to issue loans to these applicants must be able to adequately document why they decided to approve the loans.
• The FHA also decided to put new restrictions on reverse mortgages, no longer permitting retirees to take such large, upfront payments.

Read the full story

Thanks for a Great Open House!

Just wanted to publicly thank all the people who came out to our Open House this week-end. We were open both Saturday and Sunday and were very busy. On Saturday we had 33 groups visit on their own, and 10 agents who brought clients. On Sunday we had 20 groups and 6 agents with clients. That’s a lot of exposure for the property. Enjoyed talking to everyone who came, and a great big thanks to our Sellers who had their house in tip-top showing condition.
We are going to hold the house open again on Saturday, February 2nd. We’ll be there from 1:00 to 4:00. After that we will be looking at offers on Monday, February 4th. Hope you get a chance to see this great house.

Things to Avoid while going through the Real Estate Loan Process

We’re often asked by my clients what are the “top things buyers should not do during the loan process.” Linda Hulberg at Western Bancorp put together this article with some of the most common mistakes made. Thanks, Linda, for those great words of acvice!

Here’s what Linda has to say:

Don’t go shopping for a car. If you must visit the showroom, at least don’t give anyone your social security number. This enables the dealer to check your credit. Each credit inquiry lowers your credit score even if you do not buy a car. Lenders are increasingly using credit scores to assist in mortgage credit decisions and to price an individual’s loan. High credit scores are good. Low scores aren’t.
Don’t respond in the affirmative to “you are pre-approved for a credit card” mailings. A credit inquiry will result with the same impact as above.
Don’t incur ANY new debt. This increases your debt-to-income ratio, reducing the amount you can borrow.
Don’t file for divorce. This is not advice from Dear Abby. Once you file for divorce, most lenders will not make a mortgage loan until the final decree, setting forth settlement terms, is recorded.
Don’t move money designated for down payment from one account to another. If you do, keep a detailed paper trail. Lenders may request it.
Don’t fail to keep records of any stock liquidation for down payment. Same reasoning as above.
Don’t change the source of your down payment. If your loan application states down payment is from sale of stock, do not simply deliver a cashier’s check into escrow from your bank account. Any change in source of down payment may require the loan to be underwritten again.
Don’t leave town without telling your loan agent and leaving a contact number. You may be needed for a decision or to provide additional documentation. And of course you will need to be available to sign loan documents.
Don’t quit or change your job. Lenders typically call your employer just before the loan records to verify you’re still there. If your employer says you are no longer there, the lender will stop the loan from recording.
Don’t forget to make the payments on any of your present loans or credit cards. This is obvious, but once in a while a buyer forgets, putting the loan (and escrow close) in jeopardy.
Don’t fail to inform your loan agent of any changes to the transaction. Last minute changes such as holdbacks, seller credits or termite work can create havoc with closing dates.
All is not lost if a buyer does a “don’t.” We can minimize or eliminate permanent damage to the transaction, even though delays and stress can occur.