Email ElizabethRefinance Now or Wait?
Refinance now or wait? Refinance now or wait? This is a timely refinance blog post from our premier lender, Dan Tharp, who has served our buyer clients for 10+ yrs. — JaCi Wallace
With rates coming down as they have, some borrowers may want to delay a refinance, hoping that rates will improve further. Unfortunately, there are no guarantees rates will go even lower, and more critical, borrowers forget about the savings they forgo while they are waiting for rates to move lower potentially.
To make sure I don’t get in trouble with my company marketing policy, I will not talk about specific rates and instead will talk about the difference between your current rate and a new rate.
Say your current mortgage payment is $1,775 a month. And based on a new rate, you could lower your monthly payment by $350 a month. You are in no rush and think rates will stay where they are or possibly go lower! Let’s assume by waiting another six months, you can score a .25% lower rate than today. The incremental savings you would see from a slightly lower interest rate would take a significant period to recoup the savings you would have been guaranteed by locking in that new rate today.
If you waited six months and could get a 0.25% rate lower than the rate you could get today, you would save $58 a month. But based on the $2,130 in savings you would have guaranteed by refinancing today, it would take over 3.5 years to make up for the forgone savings. If the rate were only better by 0.125%, it would take more than seven years to breakeven. And again, remember there is no guarantee that rates will move lower.
SECRET WEAPON – You Pick The New Term!
Get a tailored mortgage if your lender offers it! If you are managing your monthly payment just fine and have a goal of paying off your mortgage earlier by aggressively paying down your principal balance, this may be your secret weapon. For example, I have a client who purchased their home four years ago and wants to take advantage of a lower rate but does not want to start over with a new 30-year term, which eats into their long term savings.
We did the math and were able to lock them into a new 22-year mortgage while keeping their monthly mortgage payment roughly right where it is now. In essence, our client was able to shave-off four years of payments without increasing their monthly cash flow. Be creative and take the time to run these numbers with your lender. Refinance now or wait? Contact Weintraub & Wallace Realtors with RE/MAX Gold Real Estate. We can be reached at 916-233-6759.
— Dan Tharp
Sacramento Real Estate and the Election
Sacramento real estate and the election are always are high on the list in people’s minds during the fall of an election year. Some people say they will hold out on making a buying or selling decision as they feel the market prices could fall dramatically, depending on who is chosen as the President.
There will always be a high demand for a place to live in the USA. In the greater Sacramento Valley of California, our current real estate environment has not had enough home inventory for years. New homes are the only way to add inventory, and they are slowed down due to covid.
Fires and Buyers
Manufacturing is down, and fires have destroyed a lumber mill in Oregon. Where do all the homeowners go who lost homes in the Bay area fires? Well, with Covid, many can now work from home, so they need no longer live in the bay. They can take the insurance money and buy in our northern California 6 county area of Sacramento, San Joaquin, Yolo, Placer, El Dorado, and Nevada counties.
Building Homes & Interest Rates
It is currently challenging to obtain building materials. Contractors are reporting a concrete shortage. Wood is behind on many orders. Experienced construction workers are high in demand and hard to find. The interest rates are at historically record lows. What does all this mean? This Realtor predicts an ongoing high demand for Realestate in the median and entry-level price points. Entry-level and median level home sales to $799k are flying off the shelves. Jumbo loans are now available but not as EZ to qualify, so talk with your lender. Our preferred lender Dan Tharp with Guild mortgage as many videos on loans and price points. Call him for advice in the previous link.
White Elephant Trophy Homes
The upper-end price points depending on the high demand areas and amenities are also selling. Those “White Elephant Trophy Homes” are not flying off the shelves in record-breaking numbers, but that’s another blog; stay tuned for it in the next few weeks. A seller’s market does not apply to every home; keep that in mind.
People still need a place to call home regardless of who sits in the Whitehouse. With over four decades of experience within our Real Estate team, we have observed very little change to overall real estate in the past elections. Yes, absolutely no matter what side of the fence you are on, get out there and vote and buy real estate. There are several essential items on the ballot, and interest rates have never been better. Call Weintraub and Wallace Realtors with RE/MAX Gold to navigate your home sale or purchase. We can be reached at 916-233-6759.
— JaCi Wallace
Living Large In An Italian Villa here On Indio Rd Southeast of Sacramento
Living large in an Italian Villa here on Indio Rd southeast of Sacramento with wine grape vineyards and mature olive trees is truly paradise.
Live the gentleman farmer’s life! Vineyards, olive orchards, gardens of fresh vegetables, fruit & nut trees galore adorn this estate property. The grape vineyard produces several tons of grapes. The olive orchards yield a few hundred gallons of olive oil per seller; both are processed off-site.
This modern expansive Tuscan Farmhouse could be right out of Florence’s hills, surrounded by agriculture and pastoral views. With the exteriors freshly painted & an exquisite barrel tile roof surrounded by all your own acreage, the aerial views of this estate are magnificent! Warm, beautifully appointed interiors have modern to-the-minute finishes, including Lowen Windows & french doors, a chef”s kitchen, LUXE Master Suite, 2 en-suite guest rooms, a huge wine cellar, a game room & office.
The grand great room has exposed trusses made of southern white pine beams, built-in art niches & views, an interior courtyard & fountain on one side & expansive patios. Behind the property, farmland of open pastures not zoned for development, so these views are not leaving in this lifetime. Very private location with a gated entry. This is a getaway from the hustle-bustle of town living yet 5 minutes from a Belair superstore in Ranch Murieta.
Almost 10 acres provide living large in an Italian Villa here on Indio Rd southeast of Sacramento. This property offers options for horses, and other farm and or domestic animals. Call for a private showing, $2,000,000 is a bargain for this quality construction home with a detached 3 car garage, workshop area, basement and temperature controlled wine cellar. So much guest parking for entertaining.
Call us today if you are interested in seeing 13770 Indio Rd in Sloughhouse, California. Questions about selling your property? We also have two exclusive full-time buyer’s agents to help you buy this property or another dream home. To contact us call Weintraub & Wallace Realtors with RE/MAX Gold, 916-233-6759.
— JaCi Wallace
September 2020 Sacramento Area Housing Market
September 2020 Sacramento Area Housing Market is much like ramping up while riding a roller coaster, so hold onto your seat. This is another outstanding job on this month’s blog report by Josh Amolsch. Enjoy. — JaCi Wallace
If you guessed that the median home price in Sacramento county rose again last month, you should go buy a lottery ticket. Yes, the median single home price in Sacramento rose 3.3% from August to $439,000 in September. That is a 13.7% increase from September 2019. Crazy! So many factors are contributing to this meteoric rise in prices. The foundation of it all is that the Sacramento region is damn attractive. Why else would people be plunking down their money here?
The average continuous days on market typically rises from July until January before sliding back down as more buyers come back to the market, peaking in the springtime. But this year we are seeing the opposite. August and September have seen declines in days on market and increases in the final sales price compared to sellers asking price. Sellers were getting, on average, 101% of their asking price in September. Many buyers offered 3-5% over asking price. Homes are selling so much faster than they typically sell for.
With a great real estate team on your side, you can get your home sold quickly as well. If you are buying, better saddle up with a Weintraub & Wallace buyer’s agent. Our Exclusive Buyer’s Agents have closed many millions in sales this year, far above what the average agent does. It is highly competitive multiple offers are quickly becoming the norm.
The big story with inventory is that there almost is none. Sacramento county is down 55.7% from September 2019 and new listings are not keeping up. Why is that? Well, there could be a lot of reasons. I think a lot is rooted in fear. If you or someone you know is on the fence about selling, give us a call to air your concerns. We will give you all of the options and offer advice. Selling is not for everyone and we stand firm to our Code of Ethics to always do right by the public and our colleagues. If we see that selling probably isn’t in your best interest, we will tell you. We want to be your Realtor for life.
To buy or sell a home in one of the craziest markets in the last 15 years, give Weintraub & Wallace Realtors with RE/MAX Gold, a jingle. We can be reached at 916-233-6759.
— Josh Amolsch
Surprises Selling Sacramento Acreage In South County
Surprises selling Sacramento acreage in south county is a learning experience for many. Sometimes escrows open and close and no surprises, not because there aren’t any, but because sometimes people may not look deep enough. In real estate looking almost always turns up something. The thing is there is almost always more to learn about a property to help the clients to not have unpleasant news later. Uncover all issues before you close escrow, not after.
When you go to the Sacramento county website and look at a land parcel there is a classification called unapproved parcel. When this shows up with a blue dot, call a surveyor. Then order a chain of title guarantee from a title company pulling all the deeds back to 1965. This will inform all if the original lot split was completed correctly.
There is something called a certificate of compliance. This can be obtained once all the deeds and paperwork are all put in order. After everything is in order then a property owner can apply for a permit to build a home. The surveyor is involved the entire time which is so important as then a buyer really knows what red flags stand in front of them.
If you want no surprises selling Sacramento acreage in south county, call Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.
— JaCi Wallace
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