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October 2, 2012

Is a mortgage refinance right for you?

Filed under: Loans — Tags: , — Ian Milne @ 6:42 pm

Sacramento Bee

With rates for 30-year mortgages hovering below 4 percent since last October, all kinds of homeowners are trying to get their monthly mortgages reduced, say lenders and mortgage experts.

Along with months of record-breaking low interest rates, other factors are driving the refinancing boom: a competitive lending market and changes in some federal refinancing programs for struggling homeowners.  It’s prompted many established homeowners with old-school, high-interest mortgages to decide it’s time to refi.

Making sense of the story

  • To determine whether you should refinance, look at how long you plan to be in your current home and whether the upfront costs outweigh the monthly savings.  Generally the primary reasons for refinancing a mortgage are to:
    • Lower monthly mortgage payments.
       
    • Eliminate the unpredictability of an adjustable-rate mortgage by switching to a fixed rate.
       
    • Free up home equity cash for home improvements, college costs or other expenses.
       
    • Shorten the loan term, say from a 30- to a 15-year mortgage, which can save thousands in interest payments.
  • It pays to compare quotes from several lenders because they offer different rates and fees. Start with your current lender or sit down with a local loan originator. You can also do refinance comparisons online, using mortgage calculators at sites like Bankrate.com or those of individual banks and lenders.
     
  • If you’re a struggling homeowner, ask your lender about changes in the federal Home Affordable Refinance Program and FHA refinance programs that have made refinancing options more plentiful.

Read the full story

 

June 22, 2012

Taking advantage of low rates

Filed under: General,Loans — Tags: , , , , , , , , , — admin @ 4:30 pm

The New York Times

Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.
Making sense of the story
• Many economists are forecasting that mortgage rates will rise again later this year as the American economy gradually improves and as more global investors turn to the U.S. as a safe haven for money.
• The average rate on a 30-year fixed-rate mortgage averaged 3.71 percent the week of June 14.
The rate had averaged 3.9 percent three months earlier and 4.5 percent a year earlier.
• According to one economist, rates could possibly fall further, perhaps as much as a quarter of a percentage point, but it is more likely that they would start a “slow drift” upward.
• Those planning to refinance or buy a home in the next two or three months might want to consider locking in a mortgage rate now.
• Borrowers with rate locks, with a built-in deadline, often receive priority treatment from lenders, because the borrower is telling the lender that he or she is serious about closing soon.
• Lock-in costs and policies vary widely, and are based partly on the time frame the borrower wants covered. Most borrowers will need a 60- to 90-day lock.
• If interest rates continue to fall during the lock period, borrowers can ask the lender to rewrite the rate lock at an additional cost, or obtain a “float-down” provision in the original agreement. A lock with a float-down agreement allows the borrower to change the rate, often only once, before closing on the mortgage. This option is generally more expensive than a standard lock.
Read the full story

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March 11, 2012

Carmel & Pebble Beach Real Estate News for Mar. 3rd 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 4:13 pm

Monthly home sales and median price data don’t tell the full picture about the real estate market in Carmel or Pebble Beach.
To help you get a better understanding of market performance we publish this weekly summary of luxury real estate transactions for Carmel and Pebble Beach.

Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be stable, if not growing. In total there were eleven new listings and six sales this week. The new listings for homes in Carmel are, on 8th & Casanova for $2.450M, on Mission & 12th for $1.840M, on Monte Verde & 13th for $3.195M, on Carmel Riviera Dr. for $1.495M, on Yankee Beach Way for $2.498M, on Dolores for $2.795M, on Camino Real & 12th for $1.295M, a REO on Torres & 8th for $2.75M, on 15th Ave. for $1.49M, on Monte Verde & 7th for $1.05M, and finally on Ocean Ave. for $5.5M.

Returning to normal after the rush for the AT&T there were three new listing for Pebble Beach, on Forest Way for $899K, on Ronda Rd. for $3.9M, on Porque Ln. for $2.595M.

There were no price increases in either Carmel or Pebble Beach..

Eleven homes decreased in price, continuing to fuel buyers believe that there is still bargains to be had. In Carmel five homes had a price decrease, on Carmelo & 12th from $1.588M to $1.35M, on Lower Trails from $1.095M to $1.098M (according to MLS!), on Atherton Dr. from $1.175M to $895K, on Casanova & 2nd from $1.695M to $1.599M, and finally on Casanova & 8th from $1.395M to $1.295M. In Pebble Beach six homes had a price decrease, on Viscanio Rd. from $3.9M to $2.4M, on Arroyo Rd. from $950K to $795K, on Lopez Rd. form $1.199M to $1.179M, on 17 Mile Dr. from $2.495M to $2.295M, on Lookout Rd. from $849,900 to $837,900, on Vaquero Rd. from $987.5K to $875k.

To directly quote Louis Cammarosano, general manager of HomeGain, “home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them.” Based on this it looks like there is still leeway for Home Buyers to negotiate on price, and buyers who offer cash are in a really strong bargaining position. Buyers with loans need to be pre qualified and ready to buy or risk a lower cash offer winning the sale.

This week there were six homes in Carmel that sold and three in Pebble Beach. In Carmel on 14th Ave. for $2.7M after 325 Days on Market (DOM), on Fisher Pl. for $548K after 127 DOM, on Monte Verde & 13th for $1.15M after 91 DOM, an REO on Ribera Rd. for $795K after 360 DOM, on Palou Rd. for $1.65M after 360 DOM, and finally on Santa Fe & 5th for $640K after 7 DOM. The Pebble Beach Real Estate sales were on Larkin Rd. for $535K after 14 DOM, on Bird Rock Rd. for $2.125M after 83 DOM, and finally on Rodeo Rd. for $4.25M after 10 DOM. Pretty short Days on Market for Pebble Beach, a good sign that maybe homes are now moving.

For a larger picture of sales of homes in Carmel, 62 homes have sold in the last 120 days (11/04/11 to 3/03/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 138 days and average $/sqft is $600. 37 homes in Carmel were $1M or under and 35 of these homes were west of Highway 1.

March 2, 2012

Carmel & Pebble Beach Real Estate News for Feb, 18th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 9:05 am

Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be stable. In total there were five new listings and four sales this week. The first three listings for homes in Carmel are, on Camino Real & 11th for $1.995M, on San Lucas Rd. $999K, on Tolando Trails for $1.175M. The final two properties are, on Santa Rita & 1st for $675K and on Yankee Point Dr. for $5.995M. This last home has spectacular 180 degree white water views.

After last weeks push for the AT&T there were only three new listings for Pebble Beach, on Arrowhead Rd. for $740K, on Stevenson Dr. for $1.995M, and on Sloat Rd. for $895K. The AT&T did seem to drive considerable interest in the Open Houses and hopefully this will turn into sales.

Six homes decreased in price, continuing to fuel buyers believe that there is still bargains to be had. In Carmel three homes had a price decrease, on Greenfield Pl. from $1.7 to $1.5M, on Lazarro Dr. from $1.05M to $825K, and on Santa Rita & 3rd from $829K to $809K. The remaining three homes were in Pebble Beach, on Padre Ln. from $2.395M to $2.095M, on San Carlos Rd. from $1.699M to $1.625M and on Vaquero Rd. from $987K to $895K.

To directly quote Louis Cammarosano, general manager of HomeGain, “home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them.” Based on this it looks like there is still leeway for Home Buyers to negotiate on price, and buyers who offer cash are in a really strong bargaining position. Buyers with loans need to be pre qualified and ready to buy or risk a lower cash offer winning the sale.

This week there were four homes in Carmel that sold and two in Pebble Beach. In Carmel a home on Rio Vista Dr. for $1.1M after 172 DOM (Days on Market), on Flander Pl. for $470.25K after 20 DOM, on Carmelo & 10th for $1.3M after 41 DOM, on Camino Real & 8th for $1,999,688 after 4 DOM. Reflecting that Carmel real estate can sell quickly when priced correctly. The Pebble Beach Real Estate sales were on 17 Mile Dr. for $2.675M after 200 DOM, and an REO on Oasis Dr.. for $1.371M after 3 DOM. A mix of short and long days on the market.

For a larger picture of sales of homes in Carmel, 65 homes have sold in the last 120 days (10/21/11 to 2/18/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. 39 homes in Carmel were $1M or under and all of these homes were west of Highway 1.

February 13, 2012

Carmel & Pebble Beach Real Estate News for Feb, 11th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 4:19 pm

Homes in Carmel are still outselling real estate in Pebble Beach.

Overall the Carmel real estate market seems to be stable. In total there were twelve new listings and four sales this week. The first six listings for homes in Carmel are, on Fairfield for $1.05M, on Pradera Rd. for $3.999M, on Vizcaino & Mt. View for $1.05M, on La Pradera Ln. for $2.295M, on South San Luis Ave. for $1.09M. The final six homes in Carmel are, on Camino Real & 4th for $1.1M, on 5th & Santa Rita for $2.38M, on Bay View Ave. for $ 2.875M, on Portola Ave. for $749K, on South San Luis Ave. for $939K and on Canada Way for$ 1.065M.   All this activity being driven by the AT&T event at Pebble Beach.

There were ten new listings for Pebble Beach, on Crest Rd. for $995K, on Viscaino Rd. for $3.2M, on Ronda Rd. for $1.745M, on Sand Dunes Rd. for $2.995M, on Wranglers Tail Rd. for $935K, on Bird Rock Rd. for $1.995M, on Sombria Ln. for $4.995M, on Hopi Rd. for $899K, on Vaquero Rd. for $987.5K, and finally on Kingsley Ct. for $6.75M. Maybe we should hold major golf tournaments more often… It brings out the sellers as much as the buyers.

Nine homes decreased in price, continuing to fuel buyers believe that there is still bargains to be had. In Carmel five homes had a price decrease, on Casanova St. from $1.75M to $1.45M, on Atherton Dr. from $1.229M to $829K, on Handley Dr. from $959.9K to $835K, on Lobos St. from $799.9 to $774.95K and on Dolores from $2.2M to $1.895M. The remaining three homes were in Pebble Beach, on Coral Dr. from $3.95M to $3.495M, on Riata Rd. from $4.975M to $3.995M, on Crest Rd. from $699K to $510K, and on Flavin Ln. from $6.84M to $5.995M.

To directly quote Louis Cammarosano, general manager of HomeGain, “home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them.” Based on this it looks like there is still leeway for Home Buyers to negotiate on price, and buyers who offer cash are in a really strong bargaining position. Buyers with loans need to be pre qualified and ready to buy or risk a lower cash offer winning the sale.

This week there were four homes in Carmel that sold and three in Pebble Beach. In Carmel a home on Santa Rita & 1st for $865K after 402 DOM (Days on Market), on Upper Trails for $1.43M after 70 DOM, on Dougherty Pl. for $869K after 98 DOM, on Santa Fe & Ocean for $1.137M after 60 DOM. Reflecting that Carmel real estate sometimes takes time to sell irrespective of the price point. The Pebble Beach Real Estate sales were on Lake Court for $875K after 196 DOM, on Lost Barranca Rd. for $600K after 147 DOM and on Bird Rock Rd. for $2.5M after 115 DOM.

For a larger picture of sales of homes in Carmel, 65 homes have sold in the last 120 days (10/14/11 to 2/11/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. 40 homes were $1M or under and all of these homes were west of Highway 1.

Real Estate Sales in Carmel from 10/14//11 to 2/11/12

 
    List Price DOM Sale Price Beds Baths Yr Built SqFt Lot Size Price/Sqft
Min $365,600 -1 $323,000 1 1 1920 0 762 $172
Max $8,750,000 558 $8,100,000 8 7 2010 6,400 69,696 $1,505
Avg $1,239,512 131 $1,151,475 3 3 1960 1,858 9,375 $598
Sum $80,568,288   $74,845,900          

February 5, 2012

Carmel & Pebble Beach Real Estate News for Feb, 4th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Listing,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 6:48 pm

Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be stable. In total there were eight new listings and five sales this week. The first five new listings of homes in Carmel are, on North Carmel Hills Dr. for $399.9K, on Casanova & 8th for $1.395M, on Carmelo & 13th for $7.995M, on Santa Fe & 5th for $565K, on Casanova & 13th for $995K. The final three new listings are, on Via Mar Monte for $999K, on Casanova for $ $2.389M, and on Franciscan Way for $3.195M. All this activity suggests February could be a strong month for sales.

There were seven new listings for Pebble Beach,on Bird Rock Rd. for $2.25M, on Corte Ln. for $5.9M, on Mestres Dr. for $949K, on San Carlos for $1.15M, on Don Ln. for $1.895M and on Lookout Rd. for $795K.

In Carmel one home increased in price, on Rio Vista Dr. from $747K to $763.9K. Interesting to see what this property actually sells for.

Six homes decreased in price, continuing to fuel buyers believe that there is still bargains to be had. In Carmel four homes had a price decrease, on Torres & 8th from $3.795M to $2.95M, on Lobes St. from $1.545M to $1.499M, on Ribera Rd. from $899.9K to $839.9K and lastly on Dolores & 10th from $2.2M to $1.995M. The remaining two homes were in Pebble Beach, on Lopez Rd. from $1.049M to $899K, and on Presidio Rd. from $1.565M to $1.395M.

To directly quote Louis Cammarosano, general manager of HomeGain, “home buyers and sellers continue to remain apart as to home valuations with the vast majority of home owners thinking their homes are worth more than their agents and the market are telling them.” Based on this it looks like there is still leeway for Home Buyers to negotiate on price, and buyers who offer cash are in a really strong bargaining position. Buyers with loans need to be pre qualified and ready to buy or risk a lower cash offer winning the sale.

This week there were five homes in Carmel that sold and three in Pebble Beach. In Carmel a home on Torres for $518K after 561 DOM (Days on Market), on Scenic & 8th for $8.1M after 588 DOM, on 9th & Torres for $1.02M after 187 DOM, on Camino Real & 9th for $1.16M after 83 DOM, and on Fisher Dr. for $525K after 17 DOM. Reflecting that Carmel real estate sometimes takes time to sell irrespective of the price point. In Pebble Beach, on Matador Rd. for $1.075M after 111 DOM, on Patio Dr. for $1.2M after 94 DOM, and on Sloat Rd. for $1,588,260 after 70 DOM.