Posts Tagged ‘North San Diego Home Sales’

How To Stop Annoying Real Estate Calls to Your Landline and Cell Phone

Monday, October 23rd, 2017

In the last few years it seems that some real estate agents or brokers have jumped on the phone calling spam bandwagons. They call your home phone, often using canned recordings, or text messages to your cell phone. These messages tend to be about how they can help you buy or sell property. There have recently been several class action lawsuits filed against brokerages for do-not-call/auto dialing violations.

The federal Telephone Consumer Protection Act (TCPA) prohibits a brokerage from using an auto-dialing system. Brokerages can easily violate the law even when the calls are ultimately transferred to a live agent.

The TCPA prohibits:

  • Prerecorded voice messages to landlines.
  • Prerecorded voice messages to mobile phones without consent.
  • Auto-dialed calls, and text messages to mobile phones without consent.

Have no fear – there is something you can do to prevent these. First of all, make sure your numbers are registered with the Do Not Call Registry. Click here to do that. Then, if you continue to get such calls or texts you can report them. The caller will be fined and the calls/texts should stop.

Damages can be substantial: $500 for each call placed negligently and $1500 for each call placed willfully. Although this seems like small change to a big brokerage, the total claims can rise quickly since damages are uncapped and per call, and importantly, multiplied by the number of calls for each class action plaintiff.

In order to report a violation you need to wait 31 days after you register your number. There are also some types of organizations that are allowed to call you without penalty, such as debt collectors , charities, political organizations and telephone surveyors. To see the list you can look on the website. To report a violation click here. We all need to be vigilant if we do not want to be bothered by unsolicited calls and texts.

Share
RSS Feed

5 Changes to Real Estate Markets That May Be on the Horizon

Thursday, March 16th, 2017

As many in the real estate industry anticipated, the mortgage interest rate has been raised, and predictions are that rates will go up again, possibly multiple times this year. What does that mean for home buyers, sellers and the real estate market in general?

1. Inventory will likely remain low. Since inventory in most markets is already low the rise in rates could keep it that way. That is because home sellers who were considering selling may choose to stay in their homes. Those who have low mortgage rates currently may decide not to make a  move if their new rates will be higher – it will all depend on numbers for many sellers. OR – there is always a chance that rising rates may cause some to sell quickly in order to prevent being locked into their homes for potentially years to come…it will remain to be seen.

2. People may be priced out of markets. If there are fewer homes on the market then home buyers will have a more difficult time finding homes due to high demand and low supply, which normally creates higher prices. As competition heats up, some buyers – likely many first time home buyers – will be priced out of the housing markets in many areas. Unless home builders supply the market with new inventory there could be a stall ahead.

3. Cash buyers will continue to play a role. In many markets, especially condo and townhome markets priced at $650,000 and under, I believe cash buyers will continue to be out in force snatching up these properties. Many first time buyers will have to contend with these cash buyers, and usually that is a losing game for the buyer who is getting a loan (since cash buyers do not require appraisals and can close more quickly; not having to rely on a lender to get the sale closed is a plus to many home sellers).

4. Rental market will continue to be saturated. If the above holds true then the already saturated rental market will continue to be busy – landlords will be able to make good money and raise rents because there will be plenty of renters needing homes who will pay the higher prices if current tenants cannot. This point correlates with the increase in cash buyers that we have seen lately in the “lower end” markets – many of them have been purchasing the lower priced properties for income potential, and it is a great time to make money in the rental market.

5. Real estate industry could see changes. With less inventory real estate brokers and agents could see a big change in the industry. Much like the exodus of sales people during the foreclosure crisis of 2008-2011, I predict many agents will again leave the business because they will not be able to survive in such a tight market. I also predict agent commissions will go down if there are fewer homes which sell faster.

The bottom line is that the real estate market in many areas, at least here in San Diego County and others in California, is still “hot,” but it is getting more difficult for people to get into it. This could affect future home ownership rates and the real estate industry as a whole.

Share
RSS Feed

FHA Annual Mortgage Insurance Premiums Reduced

Wednesday, January 11th, 2017

By Elvin J. Wesley, President and Broker of Ranch and Coast Mortgage Group

What a great way to start the week and 2017!!!

Monday morning HUD announced that it had achieved the balance of its statutory operational goals and as a result of that it requires a reduction of the Annual MIP charged. This exciting announcement from HUD yesterday morning that represents a 25 basis points improvement on most FHA Loans (not to interest rate, but to the Annual Mortgage Insurance Premium charged by HUD on FHA loans)

The Revised MIP schedule is effective for Endorsements of Mortgages with a Closing / Disbursement date on or after January 27, 2017. Closing / Disbursement date is defined as the later of the date of the signing of the Mortgage or the Disbursement of the Loan Proceeds as is entered in FHA Connection. Unlike changes in the past the change is effective based on the closing date and not the case number assignment date!
The Revisions applies to all FHA Title II Forward Programs excluding Mortgages insured under the National Housing Act section 247 (Hawaiian Homelands).

Here is a Summary of the changes

What does this mean in regards to $$…payment reduction when a buyer/borrower is purchasing a home?

Example:

Old – $550K base loan amount based on 0.85% MIP = $389.58 per month

NEW  – $550K base loan amount based on 0.60% MIP = $275.00 per month

That’s a $114.58 reduction in MIP payment, which means lower overall payment for buyers/borrowers and more BUYING power!

ALSO…..

On November 23rd the Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for Fannie Mae and Freddie Mac in 2017 will increase, which of cources has now taken place. This will be the first increase in the baseline loan limit since 2006.  In higher-cost areas, higher loan limits will be in effect as shown below.

This change has already taken place for FHA and VA loans limits as well.

2017 Conforming and High Balance Loan Limits-

SAN DIEGO NEW LIMITS $424,100 Conforming and $612,500 High Balance

LOS ANGELES NEW LIMITS $424,100 Conforming and $636,150 High Balance

ORANGE COUNTY NEW LIMITS $424,100 Conforming and $636,150 High Balance

*See attached spreadsheet for more counties and limits for 2-4 unit properties

Conforming:

 

Number of Units Maximum base conforming loan limits for properties NOT in Alaska, Hawaii, Guam & U.S. Virgin Islands Maximum base conforming loan limits for properties in Alaska, Hawaii, Guam & U.S. Virgin Islands
  2017 2016 2017 2016
1 $424,100 $417,000 $636,150 $625,500
2 $543,000 $533,850 $814,500 $800,775
3 $656,350 $645,300 $984,525 $967,950
4 $815,650 $801,950 $1,223,475 $1,202,925

 

High Balance/Super Conforming:

 

Number of Units Minimum/Maximum Original Loan Amount Properties in Alaska, Hawaii, Guam & U.S. Virgin Islands
  Minimum Maximum Minimum Maximum
1 >$424,100 $636,150 >$636,150 $954,225
2 >$543,000 $814,500 >$814,500 $1,221,750
3 >$656350 $984,525 >$984,525 $1,476,775
4 >$815,650 $1,223,475 >$1,223,475 $1,835,200

 

Please refer to the full County Loan Limits list attached or just contact Elvin Wesley at Ranch and Coast Mortgage

(CA DRE license: 01316249, NMLS: 234795):

c 760.580.1733

760.230.2042

760.487.1295

f 866.683.5399 toll free

www.rcmloan.com

ewesley@rcmloan.com

Share
RSS Feed