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

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

Housing/Property Permits

 Whether you have bought a property for the first time or have many times before, you may or may not be aware of the local Building Department and the files that they keep on properties.  

We find that most buyers or sellers do not know how many things really do require a permit.  A lot of sellers assumed repairs that they made did not require a permit, and therefore will not disclose-- not that they are necessarily trying to hide anything!  Changing a ceiling fan or water heater requires a permit.  Changing windows--even like for like-- requires a permit.  And on and on.  

It is always a good idea for a buyer to check the building department files to check and see what is there, what may be an issue, and what is not there.  Only check-- it is not good practice to turn in a seller (who is actively on the market) for a possible permit issue, but it is a very good idea to check the file before or during your inspection period when buying a property.  

Another misconception is that everything will be "grandfathered-in" and acceptable once the new buyer purchases.  Not so!  The new buyer is purchasing with all the possible issues and defects, with very little exception.  Some building departments will forgive older homes and work that was done before a certain year, but that depends on the city and county.  

Some homes look so standard that no one worries about checking (although it is always good to check) while others look odd or give that funny feeling...  and I have come across one or two with no permits at all!  It can happen...

-- Karena Jolley, Realtor at Coldwell Banker Mendo Realty

partners with Kelsi Ryan 

Mendohomes

Mendohomes.com

Mendohomes.com update from Karena Jolley

 We have several really great properties for sale right now, which can be seen at www.MendoHomes.com and range from lots and acreage land, land with improvements, homes on residential lots, upgraded homes, to homes on land.   

We saw our first bit of rain recently, and everyone that I know of is looking forward to more rain soon hopefully!  I don't see more rain in the forecast yet...

CA real estate market information September 2021

 According to the California Association of Realtors, the median price range in Mendocino County has changed from $485,000 in June 2020 to a price of $582,000 in June 2021 with a price change upwards of 34%.  However, we have seen a 35.6% decrease in sales overall compared to a year ago.

Supply and demand, once again.  A decrease in the number of homes being put onto the market and sold means less for buyers to choose from, so they have to fight and complete for the few homes that do come on for sale.  

However, this is not true for every price range, and there is a point to where a seller can push the price and not get the activity and offers that they want.   

Loans and Refinancing late summer 2021

 I have noticed that there are more hoops to jump through this year in order to purchase or refinance, especially if you are self-employed.  A bit annoying, but at least the interest rates are really good still!!

So, I suggest you listen carefully to your lender and follow their list of wants & needs, as they are just trying to do the best job they can of helping you to obtain your goals.  I have helped clients on many occasions with scanning or faxing their documentation, as our office equipment has great quality and certainly makes the job of scanning a huge stack manageable.  And if your lender says you're not quite ready to buy, make that to-do list and tackle it at a reasonable pace in order to achieve your goals of buying in the coming months to year!

Current listings 9/9/2021

 This will be a periodic post to cover a few of our current properties on the market!!

This link shows what we currently have: 

https://mendohomes.com/team-listings

We typically have a wide variety of properties on the market in the inland Mendocino County and Western Lake County, from residential homes to land and ranches.  We have experience with investment properties and 1031 tax exchanges, too.  Feel free to reach out to us anytime and we will get back to you as soon as we can!

Open Houses again

Here we go again! Open Houses are finally allowed again, with a few extra steps.  Do they work? Yes and no.  Downtown they may have more effectiveness to bring in hesitant buyers who have been window shopping but have not wanted to start working with an agent. However,  there will always be the perennial open-house viewers who are not buyers but just wanting to look. Rural homes are the trickiest, since that is asking the buyer to travel a ways just to look at a home! I have done them in Brooktrails in the past, and if I got just one or two real buyers to come look, it was a success!

We were lucky with our 1st open house for 2021 to have 7 different groups/peoples come through,  considering the home was a few minutes out of town. 

I will update as I do more open houses in 2021!

Mortgage Applications

Mortgage applications dropped by the end of May 2021, so we shall see what impact this means soon.  Here is the article I was reading: https://www.housingwire.com/articles/fewer-people-are-submitting-mortgage-applications/

Basically,  less buyers were wanting to jump into the market. Is it the high prices? Cost of construction and materials? Or because many were vacationing for the 1st time in a long, long time?  I do know several buyers who backed off and stopped looking for now due to rising prices and also being beaten out on one home after another.  But I also see a lot of people enjoying vacations right now, too.

Only time will tell...