Standoff in Real Estate?

 I completely agree with this article covering the market standoff that is occurring right now.  With interest rates having gone up so much in such little time, the prices of homes would typically be falling by now-- but they are not much where we live in Northern California (Mendocino County).  The sellers are reluctant to reduce prices, especially when they do not need to sell.  And many are going to wait close to their desired price and try again in the spring.   This has left buyers with the tough decision-- pay a higher mortgage for now, work towards a buy-down to temporarily keep the payments lower, or wait and see what happens to the interest rates...

referring to this article: 

https://www.housingwire.com/articles/video-if-homebuyer-demand-is-so-weak-why-arent-home-prices-falling/

Karena Jolle​y, Full-Time Realtor at
RE/MAX Gold Selzer Realty & Associates
707 354 2999 cell
mendohomes.com
dre# 01482063

Post from 6/2/23

This was a post from June 2023, and as the company that our website that we have used for many years is closing business, I wanted to move some of our blog posts to Blogger, since this is our main one now! 

Kelsi Ryan and I just changed over to  Selzer Realty & Associates, and although the change has been a little exhausting, and I have a renewed sympathy for anyone moving, we are totally happy.  We are still Full-Time Realtors and still have offices in Ukiah and Willits (now one in Laytonville).  We now work for a company that is connected with RE/MAX, with all of its strong international presence and excellent marketing.  Selzer Realty & Associates RE/MAX Gold is community involved, and the business is structured on helping their agents as much as possible, so we can do a better job of helping our clients.  It's a positive concept!  I have been recently reading parts of the Don't Sweat the Small Stuff at Work book, and the idea of looking at not only yourself but your work environment for ways to improve and lessen stress and negativity is something that I am earnestly trying to implement.  And this change is a step forward for us in implementing those "good" habits.  

The Open sign will be out more at the Willits office at 390 S Main Street, so please look for it and stop by!

Karena Jolley, Full-Time Realtor at
RE/MAX Gold S​​elzer Realty & Associates
707 354 2999 cell
mendohomes.com
dre# 01482063

Interest rates April 2023

 Finally we are heading in a bit better direction on the interest rates, under the 6.5% range now.  Is that great?  Yes and no.  We have been slowly declining since it hit up and over 7% weeks ago, and finally we are heading for the 6.25% range and hopefully under 6% sooner than later.  However, last year it was in the 5% range, and that was a huge jump over February-March 2022.  So, we are still getting used to the change in rates one year later.  This is the new normal, here to stay-- but hopefully we'll be adjusting in the 5% range at least...

reference article https://www.realtor.com/news/trends/mortgage-rates-just-fell-again-but-the-news-gets-even-better/

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production record of both listing and selling. Karena began working with Kelsi Ryan in 2013 and their teamwork was honored with the Realtor’s 2018 award for best team! Using our business and service backgrounds, our clients benefit from our communication, organization and marketing skills and are able to feel comfortable and informed every step of the way. With our years of experience in pre-listing preparation, negotiating skills, contract knowledge, we help you plan and achieve the best terms possible for your purchase or sale. In 2016, Karena’s son Tristan was born, making him the youngest member of the team, and he continues to help in his own way! We are looking forward to meeting you, and we shall be here for you long after the transaction is over.  View my listings at MendoHomes.com

Areas served:
Willits, Ukiah, Calpella, Talmage, Laytonville, Hopland, Potter Valley, Redwood Valley, Upper Lake, Lakeport, Kelseyville, Nice, Lucerne

Market Statistics

 So, personally I do not agree with these current statistics, because Mendocino County saw far less homes sell last year than what this is saying.  Sonoma County also saw many, many less homes sell.  Doesn't mean all the prices dropped, although some certainly did.  I saw areas of Mendocino County drop 10% plus depending on the circumstances.  Sonoma County has slowed down, but theirs is reflected in fewer multiple offers and less homes going for over asking...  and some who reached too high are having to lower their price.  

When statistics are run, they generally-- in my opinion-- should automatically kick out the highest and lowest, and the upper price ranges unless that is specifically what is being looked at statistic-wise.  After that, the average and median will have a much better and more accurate range.  As for the number of sales, I honestly don't know what the California Association of Realtors was looking at, but we did not just see a 12% drop in sales!

Now we are March, looking to this spring and summer and how the economy and interest rates will be affecting the buyer interest...

Karena Jolley, Full-Time Realtor 

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production record of both listing and selling. Karena began working with Kelsi Ryan in 2013 and their teamwork was honored with the Realtor’s 2018 award for best team! Using our business and service backgrounds, our clients benefit from our communication, organization and marketing skills and are able to feel comfortable and informed every step of the way. With our years of experience in pre-listing preparation, negotiating skills, contract knowledge, we help you plan and achieve the best terms possible for your purchase or sale. In 2016, Karena’s son Tristan was born, making him the youngest member of the team, and he continues to help in his own way! We are looking forward to meeting you, and we shall be here for you long after the transaction is over.  View my listings at MendoHomes.com

Areas served:

Willits, Ukiah, Calpella, Talmage, Laytonville, Hopland, Potter Valley, Redwood Valley, Upper Lake, Lakeport, Kelseyville, Nice, Lucerne

Willits' Old Hospital

 The location of the old hospital is going through major changes, as the old building is being torn down and the Willits City is considering a rezoning of the land so that future uses can be considered.  The current zoning is Public Facility which severely limited the kinds of uses, so many potential buyers were discouraged.  With the removal of the building and rezoning, this property may become a "hot commodity" for those ready to move forward with a project!

reference article:

https://mendofever.com/2023/03/01/the-demolition-of-the-nearly-century-old-howard-hospital-marks-the-end-of-an-era-city-of-willits-considering-the-future-of-the-site/?amp=1

Karena Jolley, Full-Time Realtor at
Coldwell Bank​​er Mendo Realty
707 354 2999 cell
mendohomes.com
dre# 01482063

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production record of both listing and selling. Karena began working with Kelsi Ryan in 2013 and their teamwork was honored with the Realtor’s 2018 award for best team! Using our business and service backgrounds, our clients benefit from our communication, organization and marketing skills and are able to feel comfortable and informed every step of the way. With our years of experience in pre-listing preparation, negotiating skills, contract knowledge, we help you plan and achieve the best terms possible for your purchase or sale. In 2016, Karena’s son Tristan was born, making him the youngest member of the team, and he continues to help in his own way! We are looking forward to meeting you, and we shall be here for you long after the transaction is over.  View my listings at MendoHomes.com

January 27 2023 interest rates

 According to https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes, the interest rate currently is around 6.2%   This rate is for the "optimum" candidate, as interest rates will vary depending on the borrower's credit, income, type of job, etc.  

The interest rates have been much more "stable" lately than in 2022, although we have ahead of us possible rate hikes and other economic factors to move through before the ideas of lower interest rates ahead...  https://www.mortgagenewsdaily.com/markets/mortgage-rates-01272023  

Originally, we were told locally (in Ukiah, Willits, Mendocino County and Western Lake County) that the interest rates should come down a bit by summer 2023, but right now that remains to be seen!

Local Down Payment program options

 

So today I looked into our local Realtor resources and found Down Payment Programs that are apparently available in our area.  I am sure that upon closer inspection (and talking to a local lender), that not all of these programs apply to our area specifically.  However, 16 showed up when I searched!!  I wanted to share that there are definitely options out there for those who need assistance towards buying a home.  Keep in mind that there is always a trade off for assistance, whether it be higher fees or a bit higher interest rate.  But it can sometimes make the difference between buying the home and not!  

Down Payment Programs

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California Housing Finance Agency (CalHFA) MyHome Assistance Program

Maximum Amount

Up to $15,750 (3.5% of Purchase Price)

Benefits

• Deferred, low interest rate loan that can be used for down payment assistance and/or closing costs.
• Can be combined with an MCC, however, MCC cannot be used to credit qualify.
• Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.

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California Housing Finance Agency (CalHFA) CalPLUS Conventional with Zero Interest Program (ZIP)

Maximum Amount

Up to $12,825 (3% of Total Loan Amount)

Benefits

• Competitive rates.
• Borrowers with income less than or equal to HomeReady's 80% Area Median Income (AMI) LI income limits are eligible for discounted Mortgage Insurance (MI) coverage and MI rates.
• Deferred payment, zero interest rate, long term subordinate mortgage.
• Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
• No borrower minimum contribution required.
• No purchase price limits.
• Fannie Mae Homestyle Energy is allowed.
• Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.

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California Housing Finance Agency (CalHFA) Forgivable Equity Builder Loan Out of Funds

Must be less than or equal to 80% AMI using the Fannie Mae Lookup Tool: https://ami-lookup-tool.fanniemae.com/amilookuptool/

Maximum Amount

Up to $45,000 (10% of Purchase Price)

Benefits

Forgivable loan at 10% of the sales price or appraised value, whichever is less. Amount is forgiven over time at a pro-rated amount. Full amount is forgiven after 5 years. Term of loan will be the same as the 1st mortgage loan.

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California Housing Finance Agency (CalHFA) CalPLUS FHA with Zero Interest Program (ZIP) Temporarily Suspended

Maximum Amount

Up to $13,500 (3% of Purchase Price)

Benefits

• Deferred payment, zero interest rate, long term subordinate mortgage.
• Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
• No borrower minimum contribution required.
• Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
• Borrowers utilizing HUD 184 programs, 203(h) programs, or borrowers previous primary residence affected by natural disasters in California do not have to be first-time homebuyers. Refer to handbook for additional requirements.
• Manual underwriting permitted as long as it isn't a 203(h) program or manufactured homes.
• 2-1 temporary buydowns permitted, but must meet FHA and master servicer guidelines.

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Golden State Finance Authority (GSFA) OpenDoors Program - FHA, VA, USDA

Maximum Amount

Up to $29,925 (7% of Total Loan Amount)

Benefits

• Up to 7% financial assistance for down payment and closing costs.
• Homebuyer doesn't have to be a first-time homebuyer to qualify.
• Borrowers may have ownership in other property at time of closing, per agency
• guidelines.
• No GSFA income limits but need to show financial ability to repay the mortgage.
• Manual Underwriting is permitted. Each borrower must have at minimum one credit score.
• GSFA doesn't underwrite the loan.
• Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).

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Golden State Finance Authority (GSFA) OpenDoors Program - HFA Advantage

Maximum Amount

Up to $29,925 (7% of Total Loan Amount)

Benefits

• Financial assistance up to 7%, to use for down payment and/or closing costs.
• Homebuyer doesn't have to be a first-time homebuyer to qualify.
• No sales price limits.
• Max Loan limit - $726,200.
• May have ownership in other properties at time of closing, per agency guidelines.
• Charter (reduced) MI Coverage on conventional financing that has income less than or equal to 80% Area Median Income (AMI).
• GSFA doesn't underwrite the loan.

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Golden State Finance Authority (GSFA) Platinum Assist To Own - Conventional

Maximum Amount

Up to $23,512 (5.5% of Total Loan Amount)

Benefits

• Financial assistance up to 5.50%, to use for down payment and/or closing costs.
• 3.5% second mortgage with an optional up to 2% of gift funds.
• Homebuyer doesn't have to be a first-time homebuyer to qualify.
• Flexible income limits (low-to-moderate income).
• Charter (reduced) MI Coverage levels when borrower income is less than or equal to 80% Area Median Income (AMI).
• GSFA doesn't underwrite the loan.
• No sales price limits.
• Max Loan limit - $726,200.

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Golden State Finance Authority (GSFA) Platinum Assist To Own - FHA/VA/USDA

This program is for employees of GSFA Member Counties only.

Maximum Amount

Up to $23,512 (5.5% of Total Loan Amount)

Benefits

• Specifically for GSFA Member County employees that want to purchase a home within the same county they are working.
• Up to 5.5% toward down payment and closing cost assistance.
• FHA: 3.50% of the Total First Mortgage Loan amount with optional up to 2.0% in gift funds.
• VA & USDA: 3.50% of the First Mortgage Loan amount with optional up to 2.0% in gift funds.
• Do not have to be a first time homebuyer to qualify.
• No income limits. Follow agency guidelines.
• No sales price limits.
• Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).
• GSFA doesn't underwrite the loan.

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CBC Mortgage Chenoa Fund - FHA Forgivable DPA

Maximum Amount

Up to $22,500 (5% of Purchase Price)

Benefits

• Assistance up to 5% of the sales price or appraised value, whichever is lower.
• 3.5% soft second has no payment, zero-interest, forgivable after 36 consecutive on-time payments on the FHA first mortgage.
• 5% soft second has no payment, zero-interest, forgivable after 120 payments on the FHA first mortgage (as long as never 60+ days late).
• Manual underwriting is permitted.
• High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.

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CBC Mortgage Chenoa Fund - FHA Repayable DPA

Maximum Amount

Up to $22,500 (5% of Purchase Price)

Benefits

• Assistance up to 5% of the sales price or appraised value, whichever is lower.
• No income limits.
• High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
• Manual Underwriting is permitted.

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Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA/VA/USDA

Maximum Amount

Up to $21,375 (5% of Total Loan Amount)

Benefits

• Up to 5% of the First Mortgage Loan Amount.
• Do not have to be a first time homebuyer to qualify.
• No income limits. Follow agency guidelines.
• No sales price limits.
• Max Loan Amount: $726,200 (not effective for FHA until case numbers assigned 1/1/23).
• GSFA doesn't underwrite the loan.

Learn More

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Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - HFA Advantage

Maximum Amount

Up to $21,375 (5% of Total Loan Amount)

Benefits

• Financial assistance up to 5%, to use for down payment and/or closing costs.
• Homebuyer doesn't have to be a first-time homebuyer to qualify.
• Flexible income limits (low-to-moderate income).
• Charter (reduced) MI Coverage levels when borrower income is less than or equal to 80% Area Median Income (AMI).
• GSFA doesn't underwrite the loan.
• No sales price limits.
• Max Loan Limit - $726,200.

Learn More

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Federal Home Loan Bank (FHLB) of San Francisco - Workforce Initiative Subsidy for Homeownership (WISH) Program

Application process is closed at FHLB - Program Active through member banks who received 2021 awards.

Maximum Amount

$22,000

Benefits

• Matching grant for up to $22k in down payment and closing cost assistance.
• WISH grants can complement or supplement a variety of local, state, and federal homeownership programs and are targeted to working families and individuals who are ready to make the transition from renting to owning.
• No sales price limit.

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Affordable First Mortgages

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California Housing Finance Agency (CalHFA) - Conventional

Maximum Amount

N/A

Benefits

• Competitive rates.
• Borrowers with income less than or equal to HomeReady's 80% Area Median Income (AMI) LI income limits are eligible for discounted Mortgage Insurance (MI) coverage and MI rates.
• Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
• No borrower minimum contribution required.
• No purchase price limits.
• Fannie Mae Homestyle Energy is allowed.
• Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.

Learn More

(15 of 16)

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California Housing Finance Agency (CalHFA) - Government

Maximum Amount

N/A

Benefits

• Guest houses, granny units and in-law quarters are eligible for financing under certain conditions.
• No borrower minimum contribution required.
• Borrowers who own or have owned rental properties may be a first-time homebuyer if they can document that they have not occupied any of the rental properties as their principal residence at any time within the past three years.
• Borrowers utilizing HUD 184 programs, 203(h) programs, or borrowers previous primary residence affected by natural disasters in California do not have to be first-time homebuyers. Refer to handbook for additional requirements.
• Manual underwriting permitted with FHA loans (except 203(h).
• Manufactured homes permitted with FHA loans.
• 2-1 temporary buydowns permitted, but must meet FHA and master servicer guidelines.

Learn More

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CalVet Home Loans - Qualified Veterans Mortgage Bond Program (QVMB)

Maximum Amount

N/A

Benefits

• No income limits.
• No sales price limit.
• Do not have to be a first-time homebuyer
• All Veterans and current members of the California National Guard or U.S. Military Reserves are eligible.
• Funding Fee is waived for Veterans with a 10% or more disability rating.
• Do not have to have any US Dept. of Veterans Affairs (USDVA) entitlement to qualify.

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