That’s right! After a successful Rebuild Napa Expo (check it out at https://www.facebook.com/napacommunity/) today for the Napa fire victims, I will be hosting TWO open houses tomorrow, Sunday, March 25th!
From 11AM-1PM you will find me in the Stonecrest neighborhood right off Silverado trail at 114 Acacia Ave. I will be hosting this custom home on a large lot boasting 3 spacious rooms plus a library. Enjoy a large patio with an outdoor shower and room for a garden and outdoor kitchen. Three bedrooms and three bathrooms in 2110 square feet offered at $749,000.
Have you visited one of the condos at the Riverfront? Come check out 588 Main St. #207 where I will be from 1:30-3:30. This is a 948 sq. ft. 1 bedroom, 1 bath sophisticated and elegant luxury condo in the heart of downtown Napa. This is being offered for $775,000. A two bedroom neighbor receives $3,900/mo for rent.
Additional open houses available in Napa are below.
Enjoy your weekend! I’d love to see you!
I have helped start a group to assist our community with the rebuilding process since the fires. My hope is that our services will help all Napans with any renovations as well. Our free kick off event is this Saturday and you are welcome to attend.
Who is Rebuild Napa? We are locals working to serve and protect our community. As a team, we are committed to integrity, fair competition and contributing to our local economy. We will vet and connect licensed, preferably, local service providers who promise reliable, ethical, quality service to members of our community.
Rebuild Napa Expo
March 24th 10AM-1PM
FREE one day event to assist you in rebuilding or with any renovations
Please come out to meet our local team of trusted, local professionals who can guide you in the rebuild process. Everyone from architects to electricians to septic system experts will be there to answer your questions and share their services. Local insurance and mortgage professionals as well as nonprofits that offer assistance with disasters will also be there to answer your questions.
Each attendee will receive the officially vetted Rebuild Napa List. Also keep an eye on our Facebook page for Rebuild Napa List updates. https://www.facebook.com/napacommunity/notifications/
Today you can find me at 14 Bridgegate Way from 1-3PM. This is a 2 story townhome with 2 master suites and a downstairs half bathroom close to the yacht club. You will enjoy the hardwood floors and gas fireplace and it includes a 2 car garage and washer dryer in the home. Come visit me and check it out. It is being offered for $409,500 and has a $310/month HOA fee for exterior building maintenance and pool/hot tub maintenance. All other open houses being held today are below.
This past week, I hosted a Market Update for prospective clients. If you ever have any questions about the status of the current market, I am happy to share my up to date research. My next event will be Saturday, March 17th at Compadres. Let me know if you are ready for more specific information regarding the inventory and financing options and would like to join us. Conduct your own market research by checking out the article below regarding financing and the spring busy season.
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Mortgage financing should be plentiful this year
Loan applications are increasing vigorously, while lenders are opening the spigots
BY LEW SICHELMAN
Despite rising interest rates, some to their highest point in seven years, there should be plenty of mortgage money to go around this year, according to a new, quick-hitting survey of major lenders by Magilla Loans.
Nearly nine out of every 10 lenders polled said they expect to lend more in 2018 than they did in 2017. Moreover, three out of 10 said they were going to loosen their underwriting criteria this year. Less than one in 10 said they would be tightening.
Even a recently lowered lending projection by the Mortgage Bankers Association (MBA) shouldn’t cast a pall on the optimism; rather, it should be taken as something of an anomaly, said MBA economist Joel Kan.
“We lowered our estimate for first quarter 2018 purchase originations slightly as data on home purchase applications over the holiday season came in lower than expected,” Kan told Inman News. “However, this is typically a very unpredictable time of the year, and we have already started to see some bounce back in purchase applications.”
Even with the revision, the MBA is still looking for $1.18 trillion in purchase money mortgages this year, $1.25 trillion next year and $1.32 trillion in 2019. In 2017, lenders wrote an estimated $1.11 trillion in purchase financing, by the MBA’s count.
Will spring homebuying season come early?
Mike Fratantoni, the MBA’s chief economist, projects a slow but steady gain in purchase origination growth. “We expect this growth to continue over the next few years,” he said at the group’s Independent Mortgage Bankers Conference last month in Amelia Island, Florida. “We could see an early start to the spring homebuying season.”
At the same time, financing giant Fannie Mae, which doesn’t make loans directly but buys them from lenders to keep the money flowing for home loans, is forecasting $1.2 trillion single-family purchase originations this year and $1.24 trillion for 2019. And Freddie Mac, Fannie’s chief rival in the so-called secondary market, says loan volume could be as much as $1.7 trillion this year and $1.8 trillion next year.
Early returns for January show that loan applications continued to increase vigorously after the Christmas and New Year’s lull, according to MBA.
The MBA’s Market Composite Index, a measure of loan application volume, dipped slightly in the last full week of January after increasing significantly in the previous weeks.
The 2.6 percent slip followed a 4.5 percent gain on a seasonally adjusted basis during the week ended Jan. 19. And that gain came on the heals of 8.3 percent and 4.1 percent increases in the first two weeks of the year, respectively.
The latest seasonally adjusted Purchase Index decreased by 3 percent from the week earlier. But again, that came on the heels of four straight weekly increases, and the biggest jump since April 2010 nearly eight years ago. Also worth noting: the MBA’s unadjusted Purchase Index increased by 15 percent compared to the previous week and was 10 percent higher than the same week one year ago.
‘Nearly all lenders will be more aggressive in 2018’
Meanwhile, in the survey of 200 lenders, including the likes of Wells Fargo, Bank of America, TD Bank, PNC and US Bank, 88 percent said they would boost their loan volumes this year. Only 12 percent said they wouldn’t do so. The respondents were split almost evenly about the impact changes made to the federal funds rate by the Federal Reserve Board would have on how much they lend, with 56 percent saying it would have an impact and 44 percent saying it wouldn’t.
The survey was conducted by Magilla Loans, a relatively new and little known search engine for loans which launched in September 2015 and connects borrowers to banks without requesting personal information. The platform enables borrowers to search and compare loans without providing a name, social security number or phone number.
Asked if they would be tightening or loosening their requirements for approving loan candidates, 66 percent said they intended to keep their guidelines as is, while 36 percent said they’d open the spigot. Just 8 percent said they expect to batten down the hatches this year.
“Of the emerging trends disclosed in the lender survey, the most prominent is that nearly all lenders will be more aggressive in 2018, pointing to a positive inflow of residential and commercial loans across the United States,” said Dean Sioukas, CEO of Magilla, which claims to have already channeled billions of dollars in loans through its website in its relatively short existence.
As far as rates are concerned, the latest MBA weekly survey finds that they are creeping up. Indeed, rates for all loan products rose, some to multi-year highs. Here’s a sampling:
For conforming, 30-year fixed-rate loans, the rate increased from 4.36 percent to 4.41 percent. That’s only a 5 basis point increase, but 4.41 percent in the highest rate since March 2017, almost a year ago.
For jumbo fixed loans above the new $453,100 threshold, the rate also was the highest since last March, rising from 4.31 percent to 4.34 percent. And for 30-year FHA loans, the latest rate is 4.4 percent, up 9 basis points from the previous week and the highest point since September 2013.
My family and I spent the past week in Utah with friends. The snow was amazing and my children are now far better than me at skiing. We were skiing at the Canyons which are now part of Park City and it was amazing! The flight is about 1 hour and the roads, stores, restaurants and ski lifts are far less crowded than Tahoe.
If you happen to make a trip out be sure to visit the Alf Engen Ski Museum at Utah’s Olympic Park. We held the Olympic torch, lifted an extremely heavy curling stone, saw gold, silver and bronze medals, Olympic uniforms, sat in a bobsled and even did a virtual bobsled race. During the summer you can slide off a ski jump into a swimming pool! https://utaholympiclegacy.org/activity/museums-at-utah-olympic-park/
Our favorite restaurant of the trip was Tupelo. All locally sourced food prepared to perfection and well paired with our favorite DuMol wine. https://tupeloparkcity.com/
If you are looking for a fun drinking hole, you just have to go to No Name Saloon. The rooftop bar would be a lot of fun in the summer too. http://www.nonamesaloon.net/
Need a break from skiing? Take the magic carpet and tube pull up to the top of the mountain and tube down at Gorgoza Park. www.gorgoza.com/
Now back to reality! I will be visiting the open house at 115 Macinnes Sunday 12-3PM. There is something for every price range to check out
Growing up in Napa I learned the value of community. I strive to serve the neighborhoods that I grew up in and the people who desire to make Napa their home. I help people connect to the community of Napa with a focus on continuing to build the unique community of Napa and my belief that home is where your story begins.