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3rd Quarter Edition- Latest update on the real estate market, lending and more...


If you own a business or know someone that does:

  • Small Business California Relief Grant is once again accepting applications until September 30th: The program provides micro grants ranging from $5,000 to $25,000 to eligible small businesses (including independent contractors and sole proprietors) impacted by COVID-19 and the related health and safety restrictions. https://careliefgrant.com/

  • Also, private business owners helping other business owners fund is another unique way to get help and is still accessible according to their website. This is a National Fund put together by a couple entrepreneurs that has now raised and funded over $41 million in grants: https://www.barstoolsports.com/the-barstool-fund


If you own a house or know someone that does:

  • Landlords and tenants in CA can seek financial help and may qualify for up to 100% of rent and utilities! LINK TO CA STATE PORTAL

  • National foreclosure and eviction moratorium for single family FHA insured mortgages has ended. LINK TO ARTICLE

  • California specific eviction moratorium has also been extended till October 31st, 2021: LINK TO ARTICLE

  • Some banks are still doing forbearance and deferments. If you want to learn how doing a deferment or a forbearance will impact your credit and your ability to refinance or buy another home, READ THIS ARTICLE


If you are planning on selling or know someone that does:

  • The market has cooled off a bit in the last couple months, however, inventory is still low so sellers do have the upper hand. It's believed that the cool down was due to families traveling, buyers getting fed up with the bidding wars, and some buyers were priced out of the market altogether. Here is a write up about the cool down: ARTICLE

  • The stats in the image below give you some insights as to where we are today in comparison to last year here in San Diego County. Everything is pointing to a seller's market for the immediate future, especially that kids went back to school now so parents might be eager to start looking at properties again, especially that there are a lot less crazy bidding wars right now and interest rates are very, very low. (I also attached a full detailed August San Diego real estate market report here if you want to dive deeper into all the data)


  • so, no one will ever know when we will hit the actual peak, however, the median sales price in San Diego County did drop over the last two weeks. We don't know if this trend will continue and based on data, it really should not because inventory actually dropped the last two weeks as well, but we won't see the effects of that until 30 days later.

  • ATTENTION Seniors, Homeowners with Disabilities, and Wildfire Victims: PROP 19 provides you massive tax savings and it fully went into effect April 1, 2021. caprop19

  • If you are planning on selling, allow us to do an extensive and very detailed value analysis on your home so you can make the best decision for your family.


If you are planning on buying or know someone that does:

  • Rental payment history will now be considered when underwriting loans for buyers. This will open the door to homeownership for thousands of Californians. Rental payments are often the largest ongoing payment history for non-homeowners and can be a good indication of credit worthiness. LINK TO ARTICLE

  • Interest rates have dropped since my last update at which point, they were in the low to mid 3's. This past week, they are hovering in the high 2's now, which is great! (see attached chart).

  • Even though you may face a bit less competition like instead of 15 offers, there might only be 3 that you are competing against, continue to stick to 12 day inspection contingency, 17 day loan contingency and a 21 day close if at all possible, with a healthy deposit and don't forget to write that nice letter about yourself and your family. These always go a long way, trust me! If you do this, you might not have to pay over list price like most buyers were used to months ago.

  • If you or someone you know wants to get pre-approved or look into a refinance, let me know and I can connect you to my trusted and well respected lender, Felisa.

  • And as always, If you are planning on relocating to another state even though I would be sad to see you leave, let me know and I can help locate a great agent in whatever city that you are planning to move to. I will actually identify a couple great agents there, interview them on your behalf and connect you to that agent once I feel like he or she can serve you as I would here. (Bonus: I would stay involved over-seeing your purchase transaction on top of it for you and consult you along the way. That's if you value my opinion, of course.)

Daily Mortgage Rates
.docx
Download DOCX • 253KB
August Market Report
.pdf
Download PDF • 106KB