Rent prices across California have climbed to historic levels, and Humboldt County is no exception. For prospective buyers in areas like Eureka, CA, the high cost of renting a home is becoming harder to justify. Monthly rents now rival or even exceed what a mortgage payment might be for comparable properties. This shift has made owning a home more financially appealing than ever.

In communities such as Arcata and Fortuna, the rental market is extremely tight, with high demand and limited availability. Many renters find themselves renewing leases at increased rates year after year, wit... Read more

In today’s real estate market, homebuyers often face challenges with rising mortgage rates and affordability. One financing strategy gaining popularity is the seller buydown. A seller buydown occurs when the seller of a property contributes funds to reduce the buyer’s mortgage interest rate for a set period or the entire life of the loan. This contribution is typically paid upfront at closing and credited toward the buyer’s mortgage, making the loan more affordable. For many buyers, this is the difference between being priced out of the market and comfortably affording a new home.

The... Read more

As the year draws to a close, many potential homebuyers in California begin weighing the financial impact of purchasing property before December 31. Buying a home in the fall can unlock valuable tax benefits that provide immediate financial relief. For instance, closing on a property before the year ends allows buyers to deduct mortgage interest, property taxes, and in some cases, mortgage insurance premiums from their taxable income. This can lower your tax liability for the current year, giving you a head start on building wealth through real estate.

In markets like Humboldt County,... Read more

Sacramento-area home sales fall for 1st time since April 2008

By Jim Wasserman
jwasserman@sacbee.com

http://www.sacbee.com/business/story/2033127.html

The 14-month streak is over.

Sacramento-area home sales reached their highest monthly count yet this year in June. But with fewer bank repos on the market, they failed to beat the numbers from June 2008, according to new statistics released Thursday from researcher MDA DataQuick.

It was the first time since April 2008 – when year-over-year figures turned positive after three years of declines – ... Read more

Use of short sales on rise in Sacramento housing market

By Jim Wasserman
jwasserman@sacbee.com

http://www.sacbee.com/business/story/1933643.html


For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.

Now buyers can hardly avoid them.

"When it’s 50 percent of the inventory you don’t have a choice," said Scott Williams, a Roseville-based ReMax broker. Williams specializes in a complex transaction that may be... Read more

Moving
This is an important step – it marks the change from house hunting to homeownership. You’ve found your dream home, made an offer, and gone through closing. Now it’s your home –- all you have to do is move in. Easy, right?

Not always. Use our tips, checklists, and worksheets to help you stay on track during your move.

The Moving Process
A major decision in your move is figuring out whether you want to use a professional mover or to do it yourself. Distance and budget are usually the biggest factors in determining which method is best for you.
Read more

Common Closing Costs for Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
• Down payment
• Loan origination fees
• Points, or loan discount fees you pay to receive a lower interest rate
• Appraisal fee
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowners insurance, if being paid as part of the mortgage
•... Read more

Often home buyers who are obtaining a mortgage for a newly purchased home, will ask their GreatWest GMAC Real Estate Professional, “What are points?”

The answer - Each point or discount point, as real estate professionals and mortgage lenders often refer to them, are equal to 1% of the loan amount. For example, on a $100,000 loan, one discount point equals $1,000. And ½ discount point for the same loan would be $500.

Points are paid to a lender at closing in order to lower the mortgage interest rate. Although “discount points” are a part of your closing costs, they are no... Read more

Not long ago, a GreatWest Real Estate professional lamented, that after being in the business of selling homes to folks for a couple of decades, something was beginning to happen. The agent was noticing more and more of those “kids” they had sold homes to in the early 1980’s were ringing them up and asking, “What’s up with Reverse Mortgages???”

Of course, those “kids” in the early 1980s, are now approaching retirement age!

Until recent years, most real estate professionals wouldn’t have wished a Reverse Mortgage on anyone—they were simply dreadful!
In the past, they were... Read more