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The Latest Real Estate and Mortgage Industry News From The Gamache Team

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Photo credit to David McBee

2020 has been an incredible year for the real estate market. If you have been following our blogs, you already know that 2020 has been a record year for both the Real Estate and Mortgage Industry.

Real Estate Sales have been strong, with 2020 sales beating 2019 sales without having finished Q4. Sellers are choosing to move out of state or to more suburban areas closer to restaurants, shops, and recreation.

Homes with larger backyards for outdoor living, larger kitchens for immediate family gatherings, rooms for offices and classrooms, and space for working out top the list of what buyers are looking for.

Record low interest rates are allowing buyers to afford more home and in areas that were previously out of their budget.

Proposition 19, the measure on the November 3, 2020 ballot, was approved. The Proposition grants tax breaks for adults 55 or older, those who are disabled, and those who lost their homes due to a natural disaster but imposes limits on the transfer of real property to family members among other stipulations. (source).

While the details of the tax transfers that are set to begin on April 1 are still a bit unclear, experts predict Proposition 19 to be a driving force for many to move.

For more information on how Proposition 19 may affect your taxes, it’s best to seek advice from a certified tax expert in your area.

New Mortgage Limits Mean Good News for Homebuyers

The Federal Housing Finance Agency has announced an increase in the amount of conforming loans for 2021. Up from $510,400 in 2020, the new conforming loan amount for loans by Fannie Mae and Freddie Mac will be $548,250.  

The limit for high balance loans will be $822,375 and anything over that amount will be considered a jumbo loan.

The higher balance is especially beneficial for the Tri-Valley real estate market which typically features higher priced homes than other areas of the state and country.

If you are looking to purchase a home in the Tri-Valley area, The Gamache Team can help you find the perfect neighborhood.

Questions about the Latest Real Estate and Mortgage News? The Gamache Team is Happy to Help

The Gamache Team understands the complexities in the real estate market and loan industry. We know it can be confusing to keep up-to-date with what is going on and how this may affect you.

If you would like to learn more about how the newest changes in the real estate and loan industry may affect your home sale, home value, option to purchase, or more, please do not hesitate to reach out to us. Email Dan@gamacheteam.com or Call (925) 918-0332.

 

 

2020 Real Estate Trends Worth Talking About

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While no one can predict the real estate market through a crystal ball, financial experts predict several 2020 real estate trends from which both buyers and sellers can benefit.

Home Prices Predicted to Rise Slowly, But Less Rapidly than 2019

According to Freddie Mac, real estate prices will continue to grow, but less rapidly than they did in 2019. For homeowners, this is good news, as you will still see growth in your equity so if you do decide to sell, you will profit.

Just make sure when you do sell, your home is in top shape to justify an increase in value and you have marketed it and priced it to sell. Using an experienced Realtor® such as The Gamache Team will be in your best interest.

Buyers can expect a competitive market, being able to afford a home and not be outed by outrageous prices and inflated values that disqualified them in previous years.

For buyers who are still out of the price range for their dream home, personal money management expert, Dave Ramsey suggests they

  • Continue to save for a down payment
  • Be realistic about what you can and cannot afford
  • Research other areas
  • Consider buying a fixer upper to take advantage of the lower price increase
  • Take a hard look at what you really want versus need in a home
  • Hire a reputable buyer’s agent such as The Gamache Team to help you get qualified and negotiate a great offer in your best interests

Mortgage Interest Rates Continue to be Low and May be on the Decline

With the trade and tariff war a hot topic, the feds do have room to adjust to a lower interest rate in 2020. Despite the feds holding interest rates at their current levels this week, Kiplinger announced, “If market turmoil develops, perhaps related to trade, then the Fed will likely cut at least once more.”

Lower interest rates are good news for buyers who can afford just a little bit more home or increase their down payment. Sellers will benefit because more buyers will be vying for their home.

In 2020, economist geeks think interest rates will stay around 3.7% for a 30-year mortgage and 3.2% for a 15-year mortgage. (Kiplinger)

Buyers and Sellers Should Contact an Experienced Real Estate Expert Such as The Gamache Team

If you or anyone you know is looking for a real estate expert who can help them sell or buy a home, contact The Gamache Team. Proven experience, excellent negotiating tactics, a vested interest in the neighborhood they live and work in, The Gamache Team has been assisting buyers and sellers with their real estate needs for over three decades.

Celebrating National Homeowner’s Month

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June is National Homeowner MonthJune is national homeowner’s month, and for many people, owning a home represents the American Dream, financial stability, and sustainability. It’s is an investment in the community, a place to set roots, build memories, and one of the largest assets a person will ever have.

Whether your idea of the perfect home is a cottage in a quiet community, a town home close to relatives, or a large, luxury estate with all the modern nuances, home is where the heart is and where you build your financial stability.

Owning a Home Just Got Easier with Lower Rates

For the first time in 16 months, interest rates have dropped below 4%. According to Freddie Mac, interest rates declined to 3.99%; last year at this time, rates were at 4.56%. This makes buying a home more affordable for those waiting to purchase a home and timelier for those wanting to lock in a low interest rate.

Whether you are looking for a 30 year fixed, a 15 year fixed, or a 5/1 ARM, it’s a wise decision to consult with a professional mortgage advisor who can look at your specific information and pre-qualify you.

Why Being Pre-Qualified Puts You Ahead of the Competition

In any market, a seller wants to choose a buyer who comes in with a fair asking price and the least possibility of anything going wrong during the transaction. When you present your offer with proof of pre-qualification for a loan, you are giving the seller sound financial reassurance that you can afford their home and have the funds.

Whether you use a bank or go to one of the many lenders, your loan officer should present you with a pre-qualification document that you can use during the offer. Your Realtor® should present a copy of the document with your offer and any other documents that can make your deal more attractive than the competition.

Working with an Experienced, Professional Realtor®

Whether this is your first home, an investment property, or a downsize from your previous homes, working with an experienced professional will get you results you deserve and desire.

The Gamache Team has been representing the Tri-Valley Area for more than 20 years, having previously been a part of a Senior Team that has been representing the Tri-Valley for over 52 years.

Real Estate runs deep with The Gamache Team, and they are experts at helping you achieve your American Dream of Home Ownership.

Contact The Gamache Team

If now is the right time for you to invest in real estate, own a home yourself, or even start looking at homes, The Gamache Team is prepared to help you plan, budget, learn about down payment options, and direct you to a lender who can take care of you.

Please contact us for more information at Dan@GamacheTeam.com or call (925) 918-0332. For more information, you can always visit our website.

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