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Thursday, March 26, 2015

How to Shop for a home loan

Guest Blogger: Today's post is written by Sacramento Mortgage Expert, Matt Gouge.  All of his contact info and more can be found at this website: www.mattthemortgageguy.com. Thank you Matt for providing this great info for potential buyers in our Sacramento Real Estate Market.

SHOPPING FOR A HOME LOAN – The Good, the Bad, and the Ugly


The Good
Living in a world with so much technology at our fingertips has its advantages. It allows us to be more informed consumers and this can be greatly beneficial when shopping for goods and services. For most of us, the thought of one local place to buy groceries, books, or anything for that matter, is a thing of the past. Whether we are in the market for a car seat, a sliding glass door, or car insurance, we have virtually endless options. We have the ability to not only compare prices quickly and easily, but to compare quality of service as well.

The home mortgage loan is no exception. A person is able to search through a list of local lenders and can receive a number of estimates in a matter of a few hours. Even more important is the ability to read reviews from folks that have actually done business with a particular lender. If 30 people have taken the time to do an online review, chances are the lender knows what they are doing.

The Bad
Each lender may have his or her own way of presenting loan scenarios and estimates to the client.  More often than not, a client will be looking at 2 different types of documents and will have a hard time discerning which one is actually the better deal. Based on factors that vary from deal to deal, one lender may have a different view as to how to estimate closing costs. One may estimate it assuming title fee’s being split while others may estimate it with those fees being paid by the seller or with a lender credit. I’ve had many a client come to me more confused than when they started after looking at 2 or 3 loan estimates.

The Ugly
A loan estimate is purely an estimate. The numbers that appear on one lenders “Good Faith Estimate” are basically a breakdown of loan terms and costs inputted by that individual. Here is where it gets Ugly… Some lenders are so hard up for business that they just flat out lie. Sorry to have to put it so bluntly but I see it all the time. You give someone an honest, fair assessment of what a new mortgage will look like and they show you what Joe Blow had drawn up for them down the street. Joe Blow underestimates everything on his Fee Worksheet and even LEAVES OUT little things like the set up of escrow accounts in order to impress the client with his bargain mortgage. I won’t go into detail on how many ways I’ve seen deceptive estimates presented. All I will tell you is to make sure you are dealing with someone you like and trust. I’ve had clients tell me horror stories about the San Diego broker who sold them on his “great deal”… Then 3 weeks into the loan after the client had paid for appraisals and inspections, Mr. San Diego breaks the news that his company does charge a fee to process the loan. He then adds in that little $3,000 he left out to set up escrows and that little charge for something required, like title insurance.

To make a long story short, the Ugly part of loan shopping is that sometimes the best “salesman” gets the business instead of the client finding the best mortgage. A savvy borrower may be able to read between the lines and compare apples to apples on different options but I see far too many people being mislead with incorrect information with the intention of getting business.

The best way to avoid this is to find a mortgage professional that you know, like and trust. This person will be handling one of the largest financial transactions you’ll likely ever be involved in. If you want a used car salesman handling that transaction then go with the smooth talking guy who promises you the world. My bet is that you would prefer an honest and ethical professional handling the transaction.


Connecting people and homes, one loan at a time…
#MattTheMortgageGuy
916-529-7600
NMLS # 1088993














Thanks again Matt for your guest blog post.

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,
Doug Reynolds
Realtor

916-494-8441


doug.reynolds@BHGhome.com 

         

Tuesday, March 24, 2015

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 3/24/2015

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...





ACTIVE Inventory

2,156   available homes on the market
2,113   Last week
2,142   Two weeks ago
2,139   Three weeks ago
2,149   Four Weeks ago

PENDING inventory

2,358   homes currently in escrow
2,277   Last week
2,195   Two weeks ago
2,068   Three weeks ago
2,078   Four Weeks ago

Median Price of homes sold for the Month

March: so far this month: $285,000
February-         $283,050
January -          $258,000
December -       $268,000
November -       $265,000
October -           $272,000
September -      $275,000
August -            $270,000



Closings for the month

March - Currently: 821
February-      1098
January -       927
December -  1,313
November -  1,081
October -     1,375
September - 1,396
August   -     1,428




Connect with me via FacebookYouTube, and Follow my Blog.

clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Tuesday, March 17, 2015

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 3/17/2015

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...





ACTIVE Inventory

2,113   available homes on the market
2,142   Last week
2,139   Two weeks ago
2,149   Three weeks ago
2,140   Four Weeks ago

PENDING inventory

2,277   homes currently in escrow
2,195   Last week
2,068   Two weeks ago
2,078   Three weeks ago
2,003    Four Weeks ago

Median Price of homes sold for the Month

March: so far this month: $285,500
February-         $283,050
January -          $258,000
December -       $268,000
November -       $265,000
October -           $272,000
September -      $275,000
August -            $270,000



Closings for the month

March - Currently: 548
February-      1098
January -       927
December -  1,313
November -  1,081
October -     1,375
September - 1,396
August   -     1,428




Connect with me via FacebookYouTube, and Follow my Blog.

clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Monday, March 16, 2015

Sacramento Real Estate Video Market Update March - April 2015



Doug Reynolds, a Sacramento Area Realtor, discusses the most recent market stats from Sacramento County.

This month Doug talks about the HUGE jump in the numbers for February but also reminds you about what he talked about last month... you don't want to over analyze stats from either December or January.  He also discusses the surprise of this market favoring sellers right now and how buyers are running into many multiple offer properties depending on the neighborhood, how well it shows and the pricing.

Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.


clear skies,

Doug Reynolds

Realtor

916-494-8441



         

Friday, March 13, 2015

Sacramento Real Estate Market update - March 2015

     Sacramento
Real Estate Update


March 2015

ó In February 2015, the median price increased from $258,000 to $283,050. The median is 8.9% higher than one year ago.

ó The available housing inventory is at 2.1 months. I expect that number to increase a bit as we approach the spring/summer selling season. A “normal”or “balanced market” has been redefined over the past decade & is now considered about 3 months.

óThe homes that are priced right, show well and have a high quality marketing plan are still getting sold fairly quick. However, the properties that are over priced are sitting with little activity until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention. The current market is the most “normal/balanced” market we have seen in the Sacramento area in over 10 years.




CONNECT WITH DOUG REYNOLDS REAL ESTATE VIA FACEBOOKYOUTUBE, AND FOLLOW HIS BLOG.



CLEAR SKIES,

DOUG REYNOLDS

REALTOR

916-494-8441



         

Tuesday, March 10, 2015

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 3/10/2015

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...





ACTIVE Inventory

2,142   available homes on the market
2,139   last week
2,149   two weeks ago
2,140   three weeks ago


PENDING inventory

2,195   homes currently in escrow
2,068   last week
2,078   two weeks ago
2,003   three weeks ago


Median Price of homes sold for the Month

March: so far this month: $285,000
February-         $283,600
January -          $258,000
December -       $268,000
November -       $265,000
October -           $272,000
September -      $275,000
August -            $270,000



Closings for the month

March - Currently: 231
February-      1097
January -       919
December -  1,313
November -  1,081
October -     1,375
September - 1,396
August   -     1,428




Connect with me via FacebookYouTube, and Follow my Blog.

clear skies,
Doug Reynolds
Realtor
916-494-8441