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4th Quarter Edition- Latest update on the real estate market, lending and more...



Hey there,


First of all, I really hope that you had a wonderful Christmas and an amazing New Year's. Hopefully, you had an opportunity to spend it with family like I have.

Our 7 month baby girl, Adylina, got to meet my parents for the first time and all of her cousins during her first ever Christmas season! We truly feel blessed to have her in our lives! Here are some important updates from the last few months..... Biggest news for California as it deals with the housing shortage is the passing of the Senate Bill 9. This is a 2021 California state law that allows up to 4 homes in most single-family zones, regardless of local zoning. You can use SB9 to split your lot, add a 2nd home to a lot, or both (split lot and have 2 homes on each lot for a total of 4 homes). SB9 took effect on January 1, 2022. CLICK HERE FOR MORE INFORMATION ABOUT CA-SB9

If you own a business or know someone that does:

  • Looks like this is still going, 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

  • 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

  • NEW PROGRAM: Mortgage relief program that can help homeowners make past due housing payments up to a maximum of $80,000 per household. READ THIS ARTICLE


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

  • The market was very strange in the 4th quarter, some properties were getting over 10 offers and others only 2-3. It came down to the property location and desirability overall. However, we have hit record low inventory once again and got below 2,000 in San Diego County in December, which is absolutely crazy. To put it into perspective for you, before Covid, that number was in the 5,000 range and the market was then even considered to be a bit of a seller's market.

  • The median price jumped up to $760,000 in December as well.

  • We expect more appreciation to take place in the 1st quarter of 2022 based on this low inventory and low interest rates.

  • 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:

  • Great News!: Loan limits have been raised for 1-4 unit properties and are in full effect, so what that means is that you can borrow a lot more money now to purchase your dream home: SEE ALL NEW LIMITS BY COUNTY HERE

  • Rental payment history is now 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 have been hovering in the high 2's for FHA 30 years loans and low 3's for conventional (see attached chart). The resurgence of covid is what is keeping these rates low. Bad news is usually good for interest rates.

  • During the holidays, things were a bit slower, however, competition is expected to heat up again due to record low inventory, continue to stick to 10-12 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.

  • 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.)

Stay safe and let me know if you have anything specific that you want to discuss with me. I am here to help you navigate through it all, as I truly stay up to date on all of this stuff.


Daily Mortgage Rates
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