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Well, for an individual buyer the rate is determined by a lot of factors: primary home or investment home, loan size, Loan to Value, credit score, credit history, debt ratio, type of income, job history, job stability, w-2 or 1099 pay, self employed. I am sure there are others I have not listed. The base rate most referred to is the 30 year fixed rate conforming loan. A 15 year conforming loan will be less and a Jumbo Loan will cost more. FHA has its own rates and VA has its own program. There are other programs that develop their own rates. But, aside from these factors where does it all start? Most markets start with the price…
The Wall Street Journal today has a front page article Fed Hikes Don’t Go Far Enough For Some Investors. In the article there is a quote from an analyst “When you’re looking at where deals are pricing, it is simply not that onerous to borrowers”. This analyst wants the Fed to raise rates more. That depends on which side of the fence you are standing on. If you are trying to purchase a home and the interest rates have more than doubled the past two years; that is onerous. If you have credit card debt and live off the credit cards and the Prime rate has gone from 3.25% in March 22 to 8.25% May 23; that is onerous. If…
“How can I prepare my home to maximize my listing price? This was a question sent to me this morning from someone I have done business with. I am in California and the person asking the question is in California and the Capital Gain has hit many by surprise so I even address that issue. The answer for me came fast and simple. 1. Declutter – Get rid of everything that is not needed. Make the home look neat, clear and bright. Make sure to declutter the outside of the house as well. 2. Mentally Prepare – Get your own mind to determine that selling is the right thing to do. Ask your tax preparer how much a…
Todays Wall Street Journal has an article “Death Cleaning” Trend Pushes Aside Tidying Up. That caught my attention because over the past three years I have sold 8 houses where the owner(s) had passed away and the Gentle Death Cleaning process was undertaken by the children in most cases. Of those 8 houses all 8 needed to be emptied; 6 needed repairs; and 2 needed a room tear down and build back. Three of the eight still had a mortgage loan and two of the sales there was a spouse left behind. There is the physical job of removing all of the items in the house and that includes looking at pictures and memorabilia which can be a…
When a buyer makes an offer there are three things that are important to add to the offer contract. 1. A well written and thorough pre Approval Letter2. Proof of funds for the required down payment and reserves if required3. Proof of funds for an on time Ernest Money Deposit delivery And the contract needs to be clear on three points 1. The offer price and terms2. The timeline to close of the escrow3. The financing arrangements if not a cash offer Finally the Seller is faced with three decisions 1. Approve the offer as is2. Make a counter offer with different price or terms3. Reject the offer Of course this is simplified. It is like saying ‘Basketball…
Sometimes it seems I live in the late 20’s during the Depression, and, I sometimes live in a closed Mind. I had done real estate for years and not only had never staged a home but was vocally anti-staging. (what a loser) Then I listed a very beautiful home but had difficulty selling the home because it was 6 bedrooms, 4 baths, 2 stories and Did Not have a Garage or Driveway. The house was in the City and could accommodate many people living there but no place to park. The house was beautiful but I could not sell it. I saw something online about Virtual Staging and sent 4 pictures of vacant rooms to see what the…
