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CalHFA Dream For All is Coming Back

CalHFA Dream For All is Coming Back

CalHFA Dream For All is coming back

Does this program truly help more people become homeowners?

by Alisa Johnson, January 2024

There is a question that has swirled around for a long time in my head. 
Do down payment assistance programs really help get more buyers into homes?  Would those buyers have been able to purchase without the assistance?  

Last year when CalHFA released $25 million in funds for the CalHFA Dream for All program the funds were gone in less than 11 days.  Did these funds actually go to first-time home buyers in need?  Or did they get dispersed to just about anyone who applied in those first 11 days?  I am not sure we will ever know the true answer to this but the program is on its way back but this time it has some adjustments to qualifications and a more controlled way to distribute funds.

Some of the qualifications for the new program release are as follows:
  • At least one applicant must be a California resident
  • At least one applicant must be a First-Generation Homebuyer – **this is a new requirement added with this release
    • A homebuyer who has not been on title, held an ownership interest, or has been named on a mortgage to a home (on permanent foundation and owned land) in the United States in the last 7 years, and
    • To the best of the homebuyer’s knowledge whose parents (biological or adoptive) do not have any present ownership interest in a home in the United States or if deceased whose parents did not have any ownership interest at the time of death in a home in the United States, or; PB.2023-03 Page 2 of 2 California Housing Finance Agency
    • An individual who has at any time been placed in foster care or institutional care (type of out-of-home residential care for large groups of children by non-related caregivers)
  • Income must be less than or equal to $178,000 in Nevada County, or $180,000 in Placer County
  • Maximum Shared Appreciation Loan amount is $150,000 or $20% of the sales price or appraised value, whichever is less. – Shared appreciation loan can be used for down payment and closing expenses!
  • Minimum Combined Loan-To-Value (CLTV) is 95.00%
  • 2/1, 1/1, and 1/0 temporary buydowns are permitted
These programs are created with the vision in mind to help more people become homeowners. 

The 1st $25 million(2023) did not have the same requirements and I fear that a lot of those funds helped people purchase homes with those funds that had other means to afford home ownership. 

So will 2024 be a better use of CalHFA Dream for all funds? 

I believe so.  If you are paying rent and spending over $2500 a month in rent then home ownership might be a great option for you and down payment assistance might be a great boost to get you there.  

Homeownership is costly and you should be prepared as it is likely the largest investment you will make in your lifetime. 

Some things that you can start now to prepare to be a homeowner are as follows.

Budgeting-Create a household budget.

Savings-Create a savings plan to have 6 mortgage payments in savings for emergencies.

Research– Gather information from your RE agent, lender, etc on costs you will incur in the buying process.

 

Homeownership is the best investment you can make so get educated, be prepared, and look into all options that will support you becoming a homeowner.
Mortgage Rates Post Big Jump This Week

Mortgage Rates Post Big Jump This Week

 

January 14, 2022

Inflation continues to press on mortgage rates. The 30-year fixed-rate mortgage averaged 3.45% this week, up from last week’s 3.22% average, Freddie Mac reports.

“Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week,” says Sam Khater, Freddie Mac’s chief economist. “This was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains. The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future.”

Despite rising mortgage rates, owning a home remains more affordable than renting, the National Association of REALTORS® reports. The monthly mortgage for owning a median-priced home is $1,260 compared to the average rent of $1,540, NAR notes on its Economists’ Outlook blog.

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 13:

  • 30-year fixed-rate mortgages: averaged 3.45%, with an average 0.7 points, rising from last week’s 3.22% average. Last year at this time, 30-year rates averaged 2.79%.
  • 15-year fixed-rate mortgages: averaged 2.62, with an average 0.7 points, increasing from last week’s 2.43% average. A year ago, 15-year rates averaged 2.23%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.57%, with an average 0.3 points, rising from last week’s 2.41% average. A year ago, 5-year ARMs averaged 3.12%.

Freddie Mac reports average points along with commitment rates to better reflect the total upfront cost of obtaining the mortgage.

Market Observations, January 2022

Market Update, Nevada County 

 

 December 2021 is a Seller’s market*

Home For Sale in December 2021: 164 units.

• Down 26.8% compared to last month
• Down 16.3% compared to last year


Home Closed in December 2021: 116 units.

• Down 4.9% compared to last month
• Down 26.6% compared to last year


Home Placed under Contract in December 2021: 104 units.

• Down 23.5% compared to last month
• Down 10.3% compared to last year


*Buyer’s market: more than 6 months of inventory based on closed sales
 Seller’s market: less than 3 months of inventory based on closed sales
 Neutral market: 3 – 6 months of inventory based on closed sales

 December 2021 Average Sold Price per Square Footage is Neutral*

Average Sold Price per Square Footage in December 2021: $298 

• Down 5.4% compared to last month
• Up 10% compared to last year


*Based on 6 month trend – Appreciating/Depreciating/Neutral

December 2021 Average Continuous Days on Market trend Remains Steady*

Continuous Days on Market in December 2021:28 

• Down 24.3% compared to last month
• Down 42.9% compared to last year

 

 

December 2021 Sold/Original List Price Ratio is Falling*

Sold/Original List Price % in December 2021:96% 

• 0% compared to last month
• Down 1% compared to last year


*Based on 6 month trend – Rising/Falling/Remains Steady


December 2021 Average For Sale Price is Appreciating*

Average For Sale Price (in thousand) in December 2021: $772 

• Up 0.5% compared to last month
• Up 1.6% compared to last year


December 2021 Average Sold Price is Depreciating*

Average Sold Price (in thousand) in December 2021:$558 

• Down 15.2% compared to last month
• Down 4.5% compared to last year


*Based on 6 month trend – Appreciating/Depreciating/Neutral

 

December 2021 is a Seller’s market*

Months of Inventory based on Closed Sales in December 2021: 1.4 

• Down 21.8% compared to last month
• Up 16.1% compared to last year


*Buyer’s market: more than 6 months of inventory based on closed sales
 Seller’s market: less than 3 months of inventory based on closed sales
 Neutral market: 3 – 6 months of inventory based on closed sales

 

Don’t hesitate to call The Sierra Lifestyle Team for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

 

 

 

 

Uncovering Identity Theft in Mortgage Reviews

Uncovering Identity Theft in Mortgage Reviews

Lenders Uncovering Identity Theft in Mortgage Reviews – Protect Yourself!

August 10, 2021

About 14.4 million adults are victims of identity theft each year.

But many may not even realize it until they try to qualify for lending. A financial review by a lender may be tripped up if their identity has been taken, and their homebuying dreams could quickly be taken from them.

“Identity theft is on the rise, and if you don’t pay attention, you could have a harsh awakening when applying for a mortgage to purchase a home,” cybersecurity expert Sandra Estok, author of the “Happily Ever Cyber!” book series, told realtor.com®.

Identity theft can take many forms.

Some criminals steal a Social Security number and then use it to open credit cards or loans in the person’s name. That can ruin a credit score, needed to qualify for a mortgage.

Home buyers should do advance work in ensuring their finances are up to par and have not been hacked, experts say.

“One proactive step to take before putting in an offer, or even before you consider looking at homes, is to review your credit report at annualcreditreport.com or directly with all three major bureaus—Equifax, Experian, and TransUnion,” Estok told realtor.com®. “Each of these companies maintains a separate report that can give you clues if something doesn’t add up.”

Check bank statements too. Credit card companies offer enrollment in fraud detection programs as well. Often, there is a 60-day window to report any suspicious activity in an account. After that, you may be on the hook for any amounts stolen from your accounts.

Estok also suggests visiting haveibeenpwned.com to check whether your email address or phone number has been part of a data breach. If so, change your passwords immediately.

Source: 

Could Identity Theft Keep You From Buying a House?” realtor.com® (Aug. 9, 2021)

 

 

Survey: Bidding Wars Aren’t the Big Problem Anymore

August 9, 2021

Many would-be home buyers say they aren’t having much luck in finding a home.

Sixty-six percent of buyers who were actively engaged in searching for a home in the second quarter say they’ve spent three months looking without success.

In the fourth quarter of 2020 and the first quarter of this year, active house hunters blamed being outbid by other offers as the most common reason for their inability to make a purchase.

But the top reason changed in the second quarter: More would-be buyers said that high home prices are sidelining them lately, according to The Housing Trends Report, a survey from the National Association of Home Builders.

Thirty-nine percent of active buyers surveyed said the inability to find an affordably priced home was the main reason they couldn’t buy.

Forty-three percent of surveyed buyers said if they continue to be unsuccessful, they will expand their search area while shopping for a home.

Forty-two percent will remain persistent and continue looking for the “right” home in the same location.

Overall, most long-term house hunters aren’t willing to give up. The share who are likely to put off their home search until next year or later has declined over the last two quarters, dropping to 20% in the second quarter.

Home buyers continue to search for the right home, even if it takes more than three months to finally find one in their price point.

Source: 

High Prices Are (Again) Most Common Reason Active Buyers Can’t Buy,” National Association of Home Builders’ Eye on Housing blog (Aug. 3, 2021)

Don’t hesitate to call the Sierra Lifestyle Team for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

Nevada County Market Observations

Nevada County Market Observations

April 2021

It will come as no surprise to market watchers, and especially buyers, that lack of inventory in Nevada County continues. We see conditions nationally mirror Nevada County. Numbers are consistent with previous months. 359 houses for sale March 2020 vs 166 houses for sale March 2021, 53.8% lower year to year. Houses sold are up 21.5%, 156 Mar last year, 123 houses sold this January. 

Inventory reduction is from 2.9 months of inventory last January to 1.2 months of inventory this January, down 58,2%. A VERY, VERY STRONG SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities.

The average SOLD price per square foot is up 21.9% year to year ($236 vs $293). Average price sold is up 14.6%, from $472,000 to $608,000 up 28.5%.  Higher list prices continue, driven by lack of inventory. 

Nevada County continues to be strongly attractive to buyers looking for safer havens, especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market has fallen 24%, from 62 days last March to 54 days in March this year. Buyers are energized to immediately jump on good, well-priced houses especially given our current low inventory environment.

Buyer activity continues to be robust, with multiple offers often over ask. 

Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

 

Hungry?  Here’s some essence of Spring!

Herbed Spring Salad With Egg and Walnuts

By David Tanis
  • YIELD4 servings
  • TIME20 minutes

 

David Malosh for The New York Times. Food Stylist: Simon Andrews.

This bright, herby, fresh-tasting salad makes a very nice accompaniment to a pan-fried breaded pork chop. Cooked beets (preferably golden) thinly sliced radishes, celery and turnips are dressed, then tossed with a mixture of zesty salad greens — use a combination of watercress, dandelion, curly endive, escarole, radicchio, mizuna, spinach, or red sorrel leaves. The components can be prepared in advance, but wait until the last minute before dressing and serving.

Featured in: A Stirring Spring Menu, Fit For A Celebration

 

 

INGREDIENTS

FOR THE VINAIGRETTE:

  • 2 tablespoons finely diced shallot
  • 1 tablespoon Dijon mustard
  • 1 tablespoon red wine vinegar or sherry vinegar
  • 3 tablespoons lemon juice, plus more to taste
  • ½ teaspoon grated garlic (from 2 small cloves)
  •  Kosher salt and black pepper
  • ¼ cup walnut oil or extra-virgin olive oil

FOR THE SALAD:

  • 6 ounces/4 cups lightly packed watercress or, preferably, a mixture of zesty salad greens
  • 3 medium golden beets, cooked, peeled and cut in wedges
  • ½ cup thinly sliced red radish (6 to 8 medium radishes)
  • ½ cup thinly sliced turnip (or use small kohlrabi or watermelon radish)
  • ½ cup thinly sliced celery heart, plus tender leaves (from the center of 1 celery head)
  •  Kosher salt and black pepper
  • 2 tablespoons roughly chopped dill
  • 2 tablespoons tarragon leaves
  • 4 (7-minute) boiled eggs
  • 1 cup toasted walnut halves

 

Nevada County Market Observations, November 2020

Nevada County Market Observations, November 2020

Nevada County Housing Market Observations

November 2020

Lack of inventory in Nevada County continues.

Numbers are consistent with previous months, 520 houses for sale October 2019 vs 286 houses for sale October 2020, 45% lower year to year. Houses sold are up 25%, 157 Oct last year, 157 houses sold this October. 

Inventory reduction is from 4.2 months of inventory last October to 1.8 months of inventory this October.

A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities, and media outlets have taken notice.

Average SOLD price per square foot is up 13.7% year to year ($234 vs $266. Average price sold is up 14.6%, from $435,000 to $570,000. Higher list prices are prevailing.

Nevada County continues to be strongly attractive to buyers looking for safer havens.

Especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market has fallen 48%, from 75 days last year in October to 39 days in October this year. Buyers are energized to jump on good, well-priced houses especially given our current low inventory environment.

We continue to see a slight slowing of the market in our own area, likely due to national elections coupled with the coming holidays. That said, good houses are still commanding significant attention from buyers and garnering strong offers. While prices are climbing, appraisals tend to lag the market a bit, so some circumspection in pricing is smart.

Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

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Johnson’s Sierra Lifestyle Team Adds Instagram expertise to support client listings!

Social Media has many benefits, especially for businesses.

It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive. Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.

The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers on Facebook.

We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson. Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.   

Brought to you by Johnson’s Sierra Lifestyle Team! 

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