January Edition- Latest update on the real estate market, lending and more...
If you own a business or know someone that does:
and you applied for the PPP loan, make sure to check with your bank where you got the PPP loan from as most are now processing the loan forgiveness forms. Some are faster than others but the submission process is pretty easy.
there is another round of PPP loans coming and it looks like it will re-open for applications this week. GOOD ARTICLE ABOUT IT
Small Business California Relief Grant is still accepting applications but time is running out: New Deadline is January 13th: https://careliefgrant.com/
lastly, private business owners helping other business owners fund is another unique way to get help. This is a National Fund put together by a couple entrepreneurs that has now raised and funded over $22 million in grants: https://www.barstoolsports.com/the-barstool-fund
If you own a house or know someone that does:
national foreclosure and eviction moratorium for single family FHA insured mortgages for an additional two months through February 28,2021. HUD PRESS RELEASE
California specific eviction moratorium is expiring Jan 31st, however, there will most likely be an extension and additional help for landlords at the same time: READ THIS ARTICLE
if you took advantage of the forbearance and are still struggling, most lenders are still offering extensions.
If you are able to start making your mortgage payments, you can apply for a loan modification or a deferment on the missed payments. I personally recommend a deferment as it could be much easier. The lender takes the total of payments that you missed and puts them on the back of the loan. You won't have to come up with that lump sum of missed payments now. You will pay it back when you refinance or sell the house.
If you still 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 is absolutely STILL CRAZY and the sellers STILL definitely have the upper hand. The inventory in San Diego is at new record lows. For comparison, we had 6,953 homes hit the market in all of San Diego County in December, 2019. This past December of 2020, that number was 3,775. That is a 45.7% decline! (I attached a full detailed San Diego real estate market report here if you want to dive deeper into all the data)
However, once again, interest rates keep dropping also, which is still making it possible for buyers to afford these homes even though we have seen home values appreciating all across San Diego.
If you are planning on buying or know someone that does:
well, here, I feel like a broken record as well, you will be able to once again lock in the lowest interest rate ever, which means you can afford more than a month ago once again, however, still be prepared to tighten up your terms and be a bit aggressive if you want the seller to pick your offer. 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 really do go a long way, trust me!
2021 Conforming Loan Limits Have Increased for Fannie Mae & Freddie Mac, which means you can borrow more at these historic low rates, without triggering a Jumbo Loan, which has much higher interest rates. (see attachment for the conforming loan limit details organized by each state and county)
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.
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.)