Bidding Wars for Marin County Homes are Back

Bidding Wars are Back

This is an excellent video to watch as Redfin CEO has an excellent grasp of the market. And his description of today’s buyers and sellers is totally relevant to Marin County where the supply of homes is extremely low and homes receive multiple offers as soon as they come on the market.

Buying is less expensive than renting in many cases. In this challenging, fast moving market, you need a savvy Realtor on your side: I have successfully advised buyers to present the winning offer when competing with other buyers and sellers to position their property to receive multiple offers. If you are thinking of buying or selling Marin County real estate, make sure to give me a call to discuss your options. I can be reached at 415-505-4789 or Sylvie@YourPieceofMarin.com.


Mortgage Market Week in Review – April 27, 2012

MORTGAGE MARKET WEEK IN REVIEW

This has been a big week for news.  On Wednesday the Fed was tight lipped about QE3 and expressed concern about the fragility of the US economy.  And perhaps those concerns are well-founded because today the advanced reading of the Gross Domestic Product of Q1 2012 came in at 2.2%, well below the 2.5% expected.  This was also well below the 3% final Q4 GDP reading.  And this morning rates are better because of the news (if only moderately so) but we’ll take what we can get!

CURRENT INTEREST RATES | APRIL 27, 2012

CONFORMING RATES
($200,000 – $417,000) 0 POINTS
• 30 Year Fixed: 3.875% (3.95% APR)
• 5/1 ARM: 2.750% (2.83% APR) 
JUMBO RATES
($625,501 – $2,000,000) 0 POINTS
• 30 Year Fixed: 4.750% (4.82% APR)
• 5/1 ARM: 3.250% (3.32% APR)
CONFORMING (HIGH-BALANCE) RATES
($417,001 – $625,500 cap by county) 0 POINTS
• 30 Year Fixed: 4.000% (4.07% APR)
• 5/1 ARM: 3.250% (3.32% APR)
RATE TRENDS
Rates are DOWN/FLAT compared to last week.
Rates are DOWN compared to last month.
Rates are DOWN compared to one year ago

 

INDUSTRY NEWS

Terra Announces a New Loan Program Targeted at Real Estate Investors who would like to Purchase or Refinance Multiple Properties!
 
This week we introduced a program offered through our Bank that allows multiple financed properties to be owned by a single borrower.  Through this new program, Terra can now offer up to 5 loans to any one borrower with a max aggregate loan amount total of $2 million. And a single borrower may have up to 10 financed properties.  The program is applicable to Second Homes and Non-Owner Occupied Purchases and R/T Refinances; Cash Out is not permitted. 
 
Contact Gina today to discuss how you can take advantage of this valuable program.

**********************************************************************************************

This article was reprinted courtesy of Gina Kemsley – Copyright © 2012 Gina Kemsley, Terra Mortgage Banking, All rights reserved.

Gina Kemsley – Senior Vice President – Loan Consultant, Terra Mortgage Banking

Office: (415) 464-3144 – Cell: (415) 828-0218 – Email: gkemsley@terramb.comWebsitewww.terramortgagebanking.com/loan-officers/gina-kemsley

__________________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Short Sales in Marin County

Today, the KCM Blog posted  a map of the United States displaying short sales as a percentage of all sales by state.  See map below.

California has the dubious honor of ranking first with 29.21%.  Thankfully, in Marin County, the percentages are lower than the average for the state, as follows:

During the past six months (October 30, 2012 to today), 1,813 homes were sold in Marin County.   227, or 18.4%, were short sales.

However, there are currently 263 short sales available on the market, representing 22.36% of the 1,176 homes of all categories currently actively listed. 

215, or 81.75%, of the 263 active short sales are in contract.  This compares with 548, or 46.60%, of the 1,176 homes of all categories available on the market.   

It appears that there are more short sales now, and that they are being gobbled up very fast!

You may have heard that, like many other areas in the country, Marin County is suffering from a supply shortage and that buyers are increasingly competing for the same house.  But with the right agent guiding you, whether looking for a short sale or a non-distressed property, you can take advantage of today’s low prices and rock-bottom interest rates and buy a wonderful home at a great price.

If you are thinking of buying, don’t miss out on this window of opportunity!  Contact me at 415-505-4789 or Sylvie@YourPieceofMarin.com.

___________________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.

 

 


Mill Valley Named Fourth Best Small Town in America

 

Downtown Mill Valley

The Smithsonian magazine recently released their 20 Best Small Towns in America list.  Not only was Mill Valley the only one chosen from the Bay Area, it placed in the top five, at #4.  The only other town in California to make the list was Laguna Beach, which took the #17 spot.

What does it take to make the list? The primary criteria was culture.  The list was targeted towards travelers, rather than folks looking for a place to put down their roots. 

But certainly Mill Valley also ranks very high in Marin County and the Bay Area at large as a very desirable place to live and many young families moving here from San Francisco pick Mill Valley as one of their top choices to move to, together with Larkspur, Corte Madera and Greenbrae.  Click here for a photo gallery with over 100 pictures of Mill Valley.

The Smithsonian cited Mill Valley’s enviable and picturesque location at the base of Mt. Tam and its proximity to Muir Woods, Richardson Bay and San Francisco.  It gives thumbs up to the town’s long history with the music and the arts.  Besides town sponsored concerts and festivals, there’s the Mill Valley Film Festival, which attracts international attention, and historic landmarks such as the Sweetwater, where many well known (and local) musicians, like Bonnie Raitt and Jerry Garcia, have played.  Downtown Mill Valley is also home to a number of boutique shops, galleries, and restaurants and life is centered around the plaza in front of the Depot – the local bookstore and cafe.  Runners know Mill Valley as the starting gate to the annual and extremely grueling 7.4 mile Dipsea Race.

If you are thinking of moving to Marin County and buying a home on our shores, feel free to contact me at 415-505-4789 or Sylvie@YourPieceofMarin.com.  I will be happy to help you discover our different communities, their amenities, schools, weather patterns and commute times and select the one that best suits you and your family.

Click on the link to read the SFGgate.com article.

______________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.

 


Federal Reserve Believes Economy’s Improvement to Remain Moderate (April 25, 2012)

At its meeting today the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.

For the fifth consecutive month, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote.

The Fed Funds Rate has been near zero percent since December 2008. It is expected to remain near-zero through 2014, at least.

In its press release, the Federal Reserve noted that the U.S. economy has been “expanding moderately” since the FOMC’s last meeting in March.  Beyond the next few quarters, the Fed expects growth to “pick up gradually”. 

This key phrase will likely be repeated by the press. It suggests that the economy is no longer contracting; instead moving along a path of slow, consistent expansion.  

In addition, the Fed acknowledged that “strains in global financial markets” continue to pose “significant downside risks” to long-term U.S. economic outlook. This is in reference to the sovereign debt concerns of Greece, Spain and Italy, and the potential for a broader European economic slowdown.

The Fed’s statement included the following notes :

  1. The housing sector remains “depressed”
  2. Labor conditions have “improved in recent months”
  3. Household spending has “continued to advance”

Also, with respect to inflation, the Fed said that the higher oil and gasoline prices from earlier this year will affect inflation “only temporarily”, and that inflation rates will return to stable levels soon.

At its meeting, the Federal Reserve neither introduced new economic stimulus, nor discontinued existing market programs. The Fed re-affirmed its intentions to hold the Fed Funds Rate at “exceptionally low” levels through late-2014, and to buy mortgage-backed bonds in the open market.

Immediately following the FOMC’s statement, mortgage markets improved slightly, pressuring mortgage rates lower nationwide.

The FOMC’s next scheduled meeting is a two-day event slated for June 19-20, 2012.

__________________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Mortgage Market Week in Review – April 20, 2012

Terra Announces Exclusive New 1st & 2nd Piggy-Back Loan Program Designed for Bay Area Home Buyers… See details below.

CURRENT INTEREST RATES | APRIL 20, 2012

CONFORMING RATES
($200,000 – $417,000) 0 POINTS
• 30 Year Fixed: 4.000% (4.07% APR)
• 5/1 ARM: 2.875% (2.95% APR) 
JUMBO RATES
($625,501 – $2,000,000) 0 POINTS
• 30 Year Fixed: 4.875% (4.93% APR)
• 5/1 ARM: 3.250% (3.32% APR)
CONFORMING (HIGH-BALANCE) RATES
($417,001 – $625,500 cap by county) 0 POINTS
• 30 Year Fixed: 4.125% (4.19% APR)
• 5/1 ARM: 3.250% (3.32% APR)
RATE TRENDS
Rates are DOWN/FLAT compared to last week.
Rates are FLAT compared to last month.
Rates are DOWN compared to one year ago

 We Now Offer A Simultaneous 1st & 2nd Piggy-Back Loan program!
 
This is an important and powerful new program designed with our local real estate market in mind. This program empowers borrowers by allowing them to take advantage of lower-priced conventional first mortgage interest rates at Jumbo level loan amounts. The piggy-back pairing of two loans together also allows borrowers to avoid Mortgage Insurance up to 90% Loan to Value (LTV.)  And the HELOC second mortgage comes with a low interest-only payment option.
 
Here are two examples of how we can use the program:
 
90% LTV to $750,000 Combined Loan Amount (conforming pricing w/ no MI)
            $625,500 1st + $125,000 HELOC
 
85% LTV to $975,500 Combined Loan Amount (conforming pricing w/ no MI)
            $625,500 1st + $350,000 HELOC
 
Note:  Program is for Owner Occupied Single Family Residences, PUDs, and 1-2 units. Purchase, R/T & C/O Refinance OK.

********************************************************************************************

This article was reprinted courtesy of Gina Kemsley – Copyright © 2012 Gina Kemsley, Terra Mortgage Banking, All rights reserved.

Gina Kemsley – Senior Vice President – Loan Consultant, Terra Mortgage Banking

Office: (415) 464-3144 – Cell: (415) 828-0218 – Email: gkemsley@terramb.comWebsitewww.terramortgagebanking.com/loan-officers/gina-kemsley

_____________________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.

 


Exemptions from Re-Appraisal of Your Marin County Home

Exemptions from re-appraisalI have recently received inquiries from several clients who are unclear about what happens to their property taxes when they sell their Marin County home and purchase a new property, and what exemptions from re-appraisal might be available to them.

I usually refer clients to my Marin County Property Taxes page but have decided to write this post to delve deeper into the subject.  Do keep in mind that I do not claim to be a tax expert, nor to provide you with tax advice.  I urge you to talk to your tax advisor to verify this information and how it may apply to your particular situation.

There are different factors to consider.

1. Your age: yes, your age.  This is not a typo.  If you are 55 or older, you can benefit from Propositions 60 or 90 which allow you to transfer your current tax base to your new property. Read on for more info on this.

2. Are you trading up or down?

3. Are you buying within the borders of Marin County or in a different county?

4. How much time will elapse between the time you sell your home and buy your new property?

I. Let’s start with a definition of “assessed value.”

The assessed value  is typically the “base year value,”  i.e. the purchase price of the property, plus yearly increases of up to 2% (as allowed under Proposition 13 .)

If you have owned your home for several years, the assessed value of your home can be much lower than its current fair market value as real estate values in Marin County have increased by a lot more than 2% annually on average over the past few decades.

If you purchased your home during the recent real estate boom however,  the assessed value could be higher than the current fair market value of your property.  For example, if you bought your house in 2006 for $1 million and today it is worth $800,000,  you can apply for a reassessment of your property value by providing information on recent comparable sales in your neighborhood to the tax assessor. A real estate agent familiar with the Marin County real estate market can assist you and provide you with a comparable market analysis to secure a reassessment of your base value.

Exemptions from re-appraisalII. What is Proposition 13?

California’s Proposition 13 is  a bill enacted in June 1978 that reduced state tax rates, limited tax increases to no more than 2 percent a year, required a 2/3 vote to increase taxes,  and made taxes based on purchase price rather than market value. This created a common tax rate and inflation cap for homeowners and rolled property values back to their 1975 level.  Every year since the bill passed, amendments or modifications have been proposed in Sacramento, to little success.

Historically Prop 13 became a nationwide symbol of tax revolt, prompting politicians in other states to take their cue from California when creating or modifying their own tax plans.

Since the “tax revolt” and enactment of Proposition 13, Marin County properties have been taxed at a rate of 1% of the property’s assessed value.   In addition, there is an average 0.25% levied for various fees and bonds for schools, police and fire departments, libraries, etc., bringing the Marin County average tax rate to about 1.25%.

As mentioned above, Proposition 13 restricts annual increases of assessed value of real property to an inflation factor, not to exceed 2% per year.  As your base year value increases by up to 2% every year it becomes your “factored base year value,” which shows as your “assessed value” on your tax records.

Per Proposition 13, the only way your base year value can be reassessed is as the result of  (a) change in ownership or (b) completion of new construction or a remodel that increases the value of the home.

In other words, your property tax cannot be increased just because your house is worth a lot more today than what your factored base value (original  base year value plus annual increases of up to 2%) currently is.

III. Now let’s assume you’re thinking of downsizing:

You’ve owned your home for a couple of decades, your kids have moved out and the house is too big for you. You want to trade your four-bedroom, two-story house for a smaller three-bedroom, one-story, low maintenance house. However, when you find out what your property tax bill will be on the smaller house, you are horrified.

If you are over 55, you can relax!  For once, you will be grateful to have celebrated all these birthdays…  Propositions 60 or 90 will help you maintain your property tax bill at your current level.  Here is how it works.

  • What are Propositions 60, 90 and 110*?
    Propositions 60 and 90 are constitutional amendments passed by California voters that provide property tax relief for persons aged 55 and over.  Implemented by section 69.5 of the Revenue and Taxation Code, they allow these persons, under certain conditions, to transfer a property’s factored base year value from an existing residence to a replacement residence. Typically the property tax of a newly purchased or constructed residence is based on its current market value (or purchase price) upon change of ownership.  However, the provisions of Propositions 60 and 90 may result in substantial tax savings since it allows the adjusted base year value of the original (sold) property to be transferred to the newly purchased or constructed home if eligibility requirements are met.
  • What are the differences between Propositions 60 and 90?
    Proposition 60 allows transfers of base year values within the same county (intracounty). Proposition 90 allows transfers from one county to another county in California (intercounty) and it is at the discretion of each county to authorize such transfers.  As of January 1, 2012, only eight counties have passed an ordinance authorizing intercounty transfers: they are Alameda, Los Angeles, San Diego, Santa Clara, El Dorado, Orange, San Mateo and Ventura Counties.  Since the counties indicated above are subject to change, we recommend contacting the county to which you wish to move to verify eligibility.

* Section 69.5  of the Revenue and Taxaton Code also sets forth the provisions of Proposition 110 which allows the transfer of a base year value for severely and permanently disabled persons. Except for the disability factor, the qualifications for Propositions 60/90 are the same as for Proposition 110.

  • What are the eligibility requirements for Propositions 60/90?
    1. You, or a spouse residing with you, must have been at least 55 years of age when the original property was sold.
    2. The replacement property must be your principal residence and must be eligible for the home owner’s exemption or disabled veteran’s exemption.
    3. The replacement property must be of equal or lesser “current market value” than the original property.
    4. The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
    5. To receive retroactive relief from the date of transfer, you must file your claim within three years following the purchase date or new construction completion date of the replacement property.
    6. Your original property must have been eligible for the homeowners’ or disabled veterans’ exemption either at the time it was sold or within two years of the purchase or construction of the replacement property.

    This is a one-time only benefit. Once you have filed and received this tax relief, neither you nor your spouse who resides with you can ever file again, even upon your spouse’s death or if the two of you divorce. The only exception is that if you become disabled after receiving this tax relief for age, you may transfer the base year value a second time because of the disability, which involves a different claim form.

    Exemptions from re-appraisal
    Madrone Canyon, Larkspur

IV. Real-life examples of Exemptions from Re-Appraisal

Example 1 – Let’s assume you bought your four-bedroom Larkspur house in 1996 for $649,000.  Therefore the base year value of your home is $649,000.  The factored base year value (i.e. the base year value increased by approximately 2% annually) today is $825,000.  Based on recent sales in the neighborhood, the home today is worth about $1,500,000.  You decide to buy a smaller home for $1,200,000 either in Marin County or in one of the eight eligible California counties.  Your property tax currently (based on the $825,000 assessed value) is $10,864.  On your new home valued at $1,200,000 your property tax at an average rate of 1.25% of the purchase price would be $15,000 per year, a $4,136 increase per year.

If you are over 55, and you meet all the conditions of Prop. 60 or 90, you can transfer your property tax base to your new home and save $4,136 per year in property taxes.  ($15,000 – 10,864 = $4,136)

Example 2: You bought your Ross home in 1985 for $537,000.  Today the assessed value of the home is $1,350,000 as a result of a major remodel in the 80’s and the cumulative annual 2% increase per Proposition 13. The annual property taxes due are $17,773. Today the house is worth around $3,000,000.  Let’s assume you want to buy a smaller home in Tiburon with water views for $2,600,000.  Without Prop. 60, your property tax on the new house would be $32,500 per year.  If you meet all the conditions and qualify for the re-appraisal exemption, you save $14,727 annually ($32,500 – $17,773 = $14,727).

As you can see, these savings can be significant and well worth the effort of  filing the claim.

For more information, click here for excellent answers to Frequently Asked Questions about exclusions from re-appraisal from the California Board of Equalization website.

I hope you found this information helpful.  Again, I strongly encourage you to consult your tax adviser regarding your qualification for any re-appraisal exemptions.

If you have questions about selling your Marin County home and purchasing your next home, I would be happy to discuss your options with you and provide you with a fact based, no obligation consultation.  Please feel free to contact me at 415-505-4789 or Sylvie@YourPieceofMarin.com.

___________________________________________________________________________________________

Sylvie Zolezzi www.YourPieceofMarin.comAbout the Author:   The above article about Exemptions from Re-Appraisal of your Marin County Home was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner. I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Mortgage Market Week in Review – April 13, 2012

MORTGAGE MARKET WEEK IN REVIEW

My weekly e-mail is going out a day early this week but I’ll be back to my regular Friday delivery schedule next week…. Last Friday’s disappointing March jobs report resulted in a sell-off in stocks and movement to the safe-haven of bonds, which caused rates to move slightly lower this week. Today, Fed Vice Chair Janet Yellen said the Fed will do whatever it can to stimulate the recovery even if it means holding accommodative policy past their 2014 target date.  Economic reports and general consensus tell us the economy is improving but it will probably grow in fits and starts, which in the end could deliver the perfect combination of growth without hyper-inflation.  Good news all around!

 

CURRENT INTEREST RATES | APRIL 12, 2012

CONFORMING RATES
($200,000 – $417,000) 0 POINTS
• 30 Year Fixed: 4.000% (4.07% APR)
• 5/1 ARM: 2.875% (2.95% APR) 
JUMBO RATES
($625,501 – $2,000,000) 0 POINTS
• 30 Year Fixed: 4.750% (4.82% APR)
• 5/1 ARM: 3.375% (3.44% APR)
CONFORMING (HIGH-BALANCE) RATES
($417,001 – $625,500 cap by county) 0 POINTS
• 30 Year Fixed: 4.125% (4.19% APR)
• 5/1 ARM: 3.250% (3.32% APR)
RATE TRENDS
Rates are DOWN/FLAT compared to last week.
Rates are FLAT compared to last month.
Rates are DOWN compared to one year ago

 

INDUSTRY NEWS

Buyers: The Time To Act Is Now!
 
Homeowners and home buyers still waiting for mortgage rates to reach bottom should wait no longer. The average rate for 30-year mortgages, which hit record lows in February, briefly rose above 4 percent last month for the first time since October, and while it has since moved slightly lower, it gave us a glimpse of what the future could bring. And no doubt many economists predict rates will continue to rise gradually as the economy recovers.
 
Buyers interested in getting the most value for their dollar should act now before rates move higher.  Contact me today and take advantage of our free pre-approval service.    

**************************************************************************************

This article was reprinted courtesy of Gina Kemsley – Copyright © 2012 Gina Kemsley, Terra Mortgage Banking, All rights reserved.

Gina Kemsley – Senior Vice President – Loan Consultant, Terra Mortgage Banking

Office: (415) 464-3144 – Cell: (415) 828-0218 – Email: gkemsley@terramb.comWebsitewww.terramortgagebanking.com/loan-officers/gina-kemsley

______________________________________________________________________________

About the author:  The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I specialize in residential real estate in beautiful Marin County, just north of the Golden Gate Bridge.

My goal is to provide you with the best home buying or selling experience possible by combining my business and financial experience with meticulous attention to detail and a warm, personable and caring approach to meeting your needs.  I have an excellent track record as a successful, results-oriented negotiator and effective communicator.  My analytical skills and understanding of current market conditions, along with my ability to utilize a broad range of cutting edge technological and marketing resources, make me an invaluable real estate resource.

I am a long term Marin County resident and home owner.  I strongly believe our quality of life is extraordinary and practically unmatched. I love our community, quaint towns and vast open space and never tire of their breathtaking beauty.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County!

I service the following towns in Marin County:  Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.