Black Friday and Cyber Monday resources
BLACK FRIDAY DEALS
Click on a logo below to view 2011 deals:
via abclocal.go.com
Check out these awesome deals for Black Friday and Cyber Monday. BestBuy has a 42" TV for $199!
Wednesday, November 23, 2011
Walnut Creek Black Friday and Cyber Monday Deals!
Monday, November 21, 2011
Understanding Points, Rates, and Fees on Walnut Creek Real Estate Loans
Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.
Interest Rate
When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly. Daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.
Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.
*Please consult your tax advisor.
Friday, November 18, 2011
Walnut Creek FHA Loan Limits Restored- Higher Loan Limits for Walnut Creek Homebuyers
Congress Restores FHA Loan Limits to NAR-Backed Levels
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The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 percent, up to a maximum $729,750 from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.
“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.
President Obama is expected to sign the legislation shortly. The restored loan limits are in a broad-based bill that includes funding for a wide variety of federal operations and programs.
The maximum conforming loan limits for secondary mortgage market companies Fannie Mae and Freddie Mac also expired at the end of September, but lawmakers did not include a restoration of those limits in the bill. As a result, conforming loan limits will remain at 115 percent of the area median home price, up to $625,500.
Once President Obama signs the bill, the limits will go into effect. FHA will release a mortgagee letter to its approved lenders thereafter, containing a list that’s been updated to reflect the new limits. NAR analysts say it will take the agency a short period to update its database and release the mortgagee letter, maybe a couple of weeks.
The funding bill also extends the National Flood Insurance Program (NFIP) until Dec. 16 to allow lawmakers time to consider long-term authorization of that program, which is an NAR priority.
Wednesday, November 16, 2011
How Facebook Can Crush The Sale Of Your Home- Selling Your Walnut Creek Home
How Facebook Can Crush The Sale Of Your Home
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Social media can be fun and useful in business but for people buying or selling a home oversharing could have a downside. Realtor® Stu Barnes of Raleigh, North Carolina points out that those with a home to sell need to use caution when posting on Facebook and other sites:
So with social media very abundant and everyone sharing every detail of their lives there is something you should know. If you are selling your home it is not the most prudent thing to do, spilling the beans online.
Don’t get me wrong, Facebook, Twitter, LinkedIn, et al. are great ways to keep in touch with old friends, schoolmates, relatives etc. It is also a great way to generate business and create new contacts within your field. I have an account on all of these sites and more but, too much information is just that….too much.
I am not talking about the status updates that no one really cares about like “just dropped kids off at daycare,” “just checked in to Starbucks,” “OMG, I just had the best piece of cake” but I am talking about if you are selling your home. Stop talking or at least make sure your settings are set to where only friends can see your updates. Too many times, I see people giving updates on the number of showings on their home, the amount they will take, the new home they just bought so they are willing to give their home away. These things are confidential and when a buyer gets hold of the information the offer you get is going to be well below what you would want, you just showed your cards.
Who would be looking at this information? Everybody. If you do not adjust your settings to where your posts and updates are set to just friends, etc., the whole world knows your business, including other agents that represent buyers looking for homes in your neighborhood. The first piece of advice is what I just shared….check your settings and if you must update, be careful. Another piece of advice is don’t give any details about your current transaction. If you really like a house and have made an offer, don’t say things online like “we would do anything to get this house” or “waiting on seller to respond”….”fingers crossed” this shows your cards. I recently heard about a transaction where the buyer for a local listing was singing like a bird and didn’t have their settings blocked so the other agent and sellers could easily access that page and basically know the next move of the buyer.
Information is very easily accessed these days all you need is the name of a person and Google–be careful.
via realtor.com
Oakland Metro Area Home Inventory Rapidly Declining - Walnut Creek Real Estate News and Statistics
Top 20 markets Realtor.com inventory declines
Market
Total listings, October
Change from year ago
Change from September
1. Miami, Fla.
13,457
-49.23%
-1.24%
2. Phoenix-Mesa, Ariz.
19,407
-47.72%
0.39%
3. Orlando, Fla.
11,365
-44.76%
-0.57%
4. Boise City, Idaho
3,086
-40.84%
-5.1%
5. Fort Myers-Cape Coral, Fla.
11,179
-40.68%
0.71%
6. Oakland, Calif.
6,892
-38.31%
-6.08%
7. Bakersfield, Calif.
2,988
-38.16%
-4.2%
8. Fort Lauderdale, Fla.
13,926
-37.74%
-0.54%
9. Naples, Fla.
7,381
-37.05%
1.97%
10. Fresno, Calif.
3,542
-37.00%
-4.91%
11. Portland-Vancouver, Ore.-Wash.
9,077
-36.68%
-6.85%
12. Lakeland-Winter Haven, Fla.
3,480
-36.40%
0.55%
13. Melbourne-Titusville-Palm Bay, Fla.
5,193
-35.90%
-0.83%
14. Savannah, Ga.
1,428
-35.61%
-3.79%
15. Tampa-St. Petersburg-Clearwater, Fla.
20,469
-34.78%
-2.51%
16. Sarasota-Bradenton, Fla.
8,036
-32.03%
1.09%
17. Daytona Beach, Fla.
7,392
-31.69%
-1.94%
18. Jacksonville, Fla.
10,871
-31.66%
-2.5%
19. Atlanta, Ga.
59,127
-31.41%
-4.72%
20. Dayton-Springfield, Ohio
7,934
-31.20%
-4.25%
United States
2,116,794
-20.77%
-3.48%
Source: Realtor.com.
via inman.com
We are seeing the same thing in our local Walnut Creek real estate market. Inventory is declining and causing bidding wars.
Monday, November 14, 2011
More Californians Are Able to Buy Houses - Walnut Creek Real Estate Update
More Californians able to afford homes
Lower prices and interest rates lead to a third-quarter increase in those who can afford a home at the statewide median to 52%, up from 51% in the previous quarter, according to a Realtor group's index.
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Beth L. Peerce, president of the California Assn. of Realtors, said one problem potential home buyers could face is tight credit. Above, a home in Mar Vista. (Genaro Molina, Los Angeles Times / November 1, 2011)
It's the silver lining of falling home prices: With low interest rates and cheaper housing, the percentage of Californians who could afford to buy a home increased in the third quarter, a real estate group said.The portion of households that could afford a home priced at the statewide median of $292,120 rose to 52%, up from 51% in the previous quarter, according to an index released Thursday by the California Assn. of Realtors.
Beth L. Peerce, president of the group, said that one problem potential home buyers could face is tight credit. Many first-time buyers don't qualify for a loan, she said.
Some analysts have noted that banks have tightened their loan criteria since the housing crash. But it was those loose lending standards that caused the real estate bubble in the first place, so many other analysts argue that more carefully scrutinizing borrowers is appropriate.
The federal government has been providing enormous support to the mortgage market through loans backed by the Federal Housing Administration, although it has recently taken steps to scale back that support.
In California, potential buyers needed to earn at least $61,530 a year per household to afford a home at the third quarter's median price, the Realtors group said. The median is the point at which half the homes in the state sold for more and half sold for less.
The real estate group calculated the monthly payment for a mortgage on such a home to be $1,540, including taxes and insurance, and assuming a 20% down payment and a 4.63% interest rate.
via latimes.com
Saturday, November 12, 2011
Rate on 30-year mortgage below 4 pct. for 2nd time - Walnut Creek Real Estate Update
Rate on 30-year mortgage below 4 pct. for 2nd time
Thursday, November 10, 2011
A woman walks past a Wells Fargo Home Mortgage office in La Habra, Calif.. Rates on 30-year mortgages fell below 4 percent.
More News
(11-10) 08:49 PST WASHINGTON, (AP) --
The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.
Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage fell last week to 3.30 percent from 3.31 percent. Five weeks ago, it too hit a record low of 3.26 percent.
Mortgage rates track the yield on 10-year Treasury note, which fell this week as investors shifted money into safer Treasurys amid fears Europe's debt crisis could worsen.
via sfgate.com
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