Loan and Finance

FHA Loan Limits Up 2017 Riverside County

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arrow-up Woo Hoo! Great News for Home Sales in the upcoming year!

The FHA loan limits will be increasing effective January 1, 2017.

In Riverside county, the 2017 FHA loan limit on a single family home will be $379,500, an increase from $356,500.

In San Diego county, the 2017 FHA loan limit on a single family home will be $612,950, an increase from $580,750.

In Orange county, the 2017 FHA loan limit on a single family home will be $636,150, an increase from $625,500.

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Making a Move?  We can help! 951-522-0518

 

Top Reasons to Own a Home

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Top Reasons to Own a Home-

Buyers all across the nation are making their dreams come true. They’re signing on the dotted line and grabbing hold of the keys to a family home. Despite record low interest rates, many potential buyers are delaying the decision to buy. What’s keeping you on the sidelines?

Let’s take a look at the top reasons to own a home.

Building equity. Writing a check to the landlord is like lining their pockets with your potential equity. It is money you never get back. Owning your home means building equity. Each and every mortgage payment is going towards paying down part of the principal.

Predictability. Gas and grocery prices may rise, but a fixed rate mortgage is as predictable as they come. Your mortgage payment will be X amount for the life of the loan.

Tax Breaks. Did you know that you can deduct the interest you pay each year on your home? You can deduct the cost of your property taxes. Even making energy efficient upgrades can be tax deductible.

Appreciation. Over the years (real estate is a long term investment) your home should gain value. According to the National Association of Realtors (NAR) “The number of U.S. households is expected to rise 15% over the next decade, creating continued high demand for housing.”

Social Benefits. We’ve talked about the financial benefits of owning a home, but did you know that homeowners generally rate themselves as being happier and healthier than their renting counterparts? Part of this is thanks to the stability that homeownership brings. Homeownership can be a great way to secure future financial security and freedom. So, what’s stopping you from getting into the market? There’s never been a better time to buy!   exert from realtytimes.com

For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant. All information deemed reliable but not guaranteed.

Feeling inspired?  Tired of renting?  Want to paint that wall hot pink?  Give us a call for a no pressure overview on what it takes to get started down the path to home ownership in the Temecula Valley.  We’ve been helping people just like you for 18 years!

Call, Text, or Email April Greer at 951-522-0518 or april@teamgreer.com

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4 Reasons to Sell in Winter

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With the winter chill in the air it is not uncommon for those of us in the real estate business to meet sellers who say, “I’m going to wait until spring to sell.”  Spring is the busy time of year in real estate.  That being said, spring is not necessarily the best time to sell a house.  Here are 4 reasons why winter might just be the very best time to sell your home.

1. Serious Buyers – It gets dark out by 5 o’clock in the afternoon and it’s cold (by our standards).  Buyers that are out looking at homes this time of year are serious buyers. They have narrowed down their search so that they can avoid wasting time in their very short days.  Sellers that list their home now may have less showings than spring months, but every buyer through the door is potentially THE buyer for the home.

2. Competition – There is less home sale competition in the winter.  Less competition means you have greater access to the pool of potential buyers.  Why sell a home when everyone else is?  If you are looking to gain maximum value for your home, the easiest way to do that is to sell when there is very little competition.

3. Interest Rate Certainty – If you are selling your home so that you can buy a new place right away, then moving forward now makes the most sense because you know what the rates are right now (or can find out by calling your loan consultant).  Rates are volatile and there is no saying what they will look like months from now.  Eliminate the uncertainty by moving now.

4. Non-Contingent Buyer – Let’s say that you are planning on buying another house.  You could sell your house now and move into temporary housing until spring.  This gives you huge leverage when you go to buy a house next. Because you will not have to make offers that are “subject to selling a house.”  In the spring, the market gets more competitive so buyers who have to sell a house are pushed to the low end of the totem pole when there are more buyers making offers.  If you don’t have a house to sell, you will have an easier time buying your next house.  OR if you do want to move from one house to the next- your subject to selling offer may be more welcome by Sellers in winter.

There is no absolute perfect time to buy or sell a home.  We work with customers all year long through every season.  If you are considering buying or selling a home, call us. Together we can design a strategy that is best for YOU and your family alone.

We have been putting qualified Buyers and Sellers together in the Temecula Valley since 1998.  Put our experience to work for you today!  (951) 522-0518 or april@teamgreer.com Gary and April Greer

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Why Wasn’t My Offer Accepted?

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We often run into people that are “TRYING” to buy a house in our area of California (The Temecula Valley).  People who have signed offer after offer to get either no response or multiple counter offers- pushing them out of obtaining the home they want. Eventually these Buyers either start making random offers on houses they don’t even really want- just trying to get one which doesn’t usually solve the problem or they burn out completely on the process.  And they go back to renting, discouraged and not building equity in a home of their own.

In super hot real estate seasons this happens.  Lots of offers.  Lots of chaos.  Only the strong and cash rich get the best houses. Insider trading so to speak, etc.  There are seasons. ( roughly 2011-2013 in our area ) And you have to know what season you’re in when you go out to purchase a home (or sell one).  In some cases only certain areas of the market are being affected by the season. You have to know this too.

But what if the season is neutral?  It’s not a buyer or sellers market right now so a reasonable offer and reasonable negotiations should net you the home you want.  Mortgage rates are awesome, Sellers have gained equity back.  So why isn’t your offer being accepted?  Here are some issues to consider:

  • OFFER IS TOO LOW TO BE TAKEN SERIOUSLY  Unless you have some insider information that the Seller is desperate or they have verbally opened themselves up to a low price…this is dangerous territory.  You run the risk of insulting the Seller and now we are on slippery footing.  Your Realtor should provide you with recent sales around the home so that you are educated on value.  Make reasonable adjustments for upgrades/downgrades and put together a serious offer.  If it’s determined that the house is not priced right to begin with- it usually indicate that the Seller isn’t being serious yet either and well, there’s nothing to be done about that yet.
  • YOU HAVE MULTIPLE OFFERS OUT  Unless you are an investor buying up multiple homes…you shouldn’t have more than one offer out. Every offer you sign is a good faith promise to purchase (if the home passes all your inspections)  Why would you be promising to purchase more than one home at a time?  If I’m the listing agent and I find out you have offers out on more than one house?  You won’t be taken seriously.
  • YOU’RE NOT PRE-APPROVED  Listen the market is faster and smarter than ever before.  You need to be armed with the exact loan dynamics you are planning to purchase this home with.  This information needs to be in writing, submitted with your offer and it needs to be verifiable.  Your financing needs to be clear in your offer to purchase.  If you go house hunting before you have this we run the risk of not being able to obtain the home you want because we can’t prove (yet) that you are capable of the purchase.
  •  YOUR REALTOR IS NOT A PRO  Here are some examples of how your Realtor can cost you the house;
  1. Poor Communicator-  If you have any issues communicating with your agent- this could be an indicator that your agent may have trouble communicating with others, other agents and ultimately-communicating your offer satisfactorily.
  2. Not Accessible- Is your agent part time? Only available nights and weekends? Doesn’t answer their phone or return their calls quickly?  Your agent needs to be 100% accessible during the negotiation stage of your offer.
  3. Not Experienced- There are exceptions to this- we all had to get through our first sales.  But I would argue that most aspects of our business (real estate) cannot be taught.  They have to be learned through trial and error.  Are we better Realtors after 15+ years in the trenches?  Absolutely.

So long story, short- The average days on market in the Temecula Valley have moved into the 30-60 day margin.  This clearly indicates that the market has leveled and has become a more neutral ground for Buyers and Sellers to negotiate in.  If you’re making offers and they are not getting accepted…take a look at this list.  If you determine that a professional, full time real estate team may be the answer…give us a call, text or email at (951) 522-0518 and april@teamgreer.com

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Connecting Qualified Buyers and Sellers in the Temecula Valley since 1998!

Mortgage Don’ts

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Some helpful financial tips for when preparing to purchase a home and take out a new mortgage:

DON’T

APPLY FOR NEW CREDIT Changes in credit can cause delays, change the terms of your financing or even prevent closing.  If you must open a new account (or borrow against retirement funds) please consult with your loan officer first. Please know you would not be the first person to lose their house by buying a new car while in escrow!
CHANGE JOBS DURING THE PROCESS Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules. It is not uncommon for the loan company to call your employer very close to your closing date to verify or even re-verify your terms of employment!
MAKE UNDOCUMENTED DEPOSITS  Primarily large but sometimes even small deposits must be sourced unless they are identified.  Make copies of checks and deposit slips.  Keep your deposits separate and small.  Avoid depositing cash.  The lender will continue to collect current bank statements all the way until closing!
EVER BE AFRAID TO ASK QUESTIONS  If you’re uncertain about what you need or what you should do, call your loan officer or real estate professional and seek guidance.

Ready to take the first step and find out what type of loan program might be right for you?  Would you like to know what your current buying power is?  Not sure if it’s the right time?  We are happy to provide you with a list of local, professional and proven loan officers to help fill in the blanks.  Just email us a request at april@teamgreer.com and we will send it right over.

We’ve been connecting qualified Buyers and Sellers in the Temecula Valley since 1998.  This includes, Temecula, Murrieta, Menifee, Sun City, Wildomar, Winchester and Lake Elsinore.  We’re just a phone call away.  (951) 522-0518 for April or (951) 522-6308 for Gary and we’re here to help!

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FHA Loan Limits Riverside County

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FHA has announced their 2014 loan limits.

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Riverside County (our area) is getting quite the cut.

We’re going from $ 500,000 to $ 355,350.  Wow.

Read more details and see the new limits by county at Brad Yzerman’s site here.  Brad is a local lending expert that has successfully closed several loans for our clients.

NEED HELP WITH YOUR TEMECULA VALLEY REAL ESTATE?  GIVE US A CALL (951) 522-0518 OR april@teamgreer.com

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2014 Conforming Loan Limits

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The FHFA (Federal Housing Finance Agency) recently announced that conforming loan limits will remain at $417,000!

A quiet battle was waged within the industry after the announcement that they were considering reducing the loan limits.  This would have made it more difficult for borrowers to obtain loans on properties in some areas.  So this is great news.  Here is an excerpt from the announcement by CAR( California Association of Realtors):

“C.A.R. applauds the FHFA for keeping with the law and retaining the existing Fannie Mae and Freddie Mac conforming loan limits.  The FHFA recognizes that home prices have rebounded in California, especially in the high-cost areas, where lowering the loan limits would have reversed the housing recovery.  Retaining the higher loan limits is critical to providing liquidity in today’s housing market and is essential to a full housing recovery.

Earlier this year, the FHFA announced its intention of lowering the loan limits.  Since then, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) aggressively fought to prevent a reduction in the loan limits.  C.A.R. and NAR both have long advocated for making higher conforming loan limits permanent, and as a result of our combined efforts, Congress made permanent the maximum conforming loan limits at $625,500.”

Need help with your Temecula Valley Real Estate?  Contact us at 951-522-0518 or at april@teamgreer.com

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