24 • September 2017 • UPBEAT TIMES, INC.
FALL GUIDE # 1
Condos are Back! by Barry O'Meara •
barryo@stearns.com
SANTA ROSA, CA. ~ T e Crepe Myrtle’s blossoms are showing off their brilliant col- ors as they line streets and landscapes reminding us it’s still summer. T e
sun has
played peek- a-boo with the moon or was that the cloudy over cast?
Tradition-
ally, the prime home buying season’s end is marked by Labor Day. T ere is still time to make those off ers before years’ end. T is year home values have hit a new high mark and with low inventory, supply side is keep- ing values up. T e fi nancial crisis of 2008
BUYING U.S. GOLD COINS
$1.00 GOLD...............................................................$140.00 & up $2.50 GOLD...............................................................$190.00 & up $3.00 GOLD...............................................................$550.00 & up $5.00 GOLD...............................................................$260.00 & up $10.00 GOLD.............................................................$520.00 & up $20.00 GOLD..........................................................$1,150.00 & up $50.00 GOLD 1851 to 1855..................................$10,000.00 & up
BUYING
SILVER DIMES 1964 & Before...................................... $1.15 & up SILVER QUARTERS 1964 & Before..............................$2.88 & up SILVER HALF 1964 & Before.........................................$5.75 & up SILVER HALF 1965 to 1970...........................................$1.58 & up SILVER DOLLAR 1878 to 1904....................................$17.00 & up SILVER DOLLAR 1921 to 1935....................................$14.00 & up
HALF CENTS 1793-1857 LARGE CENTS 1793-1857
BUYING – OLDER U.S. COINS –BUYING DIMES 1796-1891
$30.00 & up $10.00 & up
FLYING EAGLE CENTS 1856-1858 $12.00 & up TWO & THREE CENTS 1851-1889 HALF DIMES 1794-1873
SHIELD NICKELS 1866-1883 LIBERTY NICKELS 1883-1913 . BUFFALO NICKELS 1913-1938
$7.00 & up $7.00 & up $8.00 & up .40 & up .25 & up
TWENTY CENTS 1875-1878 QUARTERS 1796-1891
HALF DOLLARS 1794-1839 HALF DOLLARS 1839-1891 DOLLARS 1794-1804
TRADE DOLLARS 1873-1885
$7.00 & up $55.00 & up $11.00 & up $30.00 & up $14.00 & up $700.00 & up $45.00 & up
SEATED DOLLARS 1840-1873 $150.00 & up
took the equity and fi nancial wind out of most of us.
It has been a long
haul to get back what we lost. One of the big- gest indicators of the re- turning housing market is the increase of approved condos. Condos represent a beginning step for most fi rst- time home buyers. T ey are aff ordable. When the market
com- plex needs to be reviewed and ap- proved for fi nancing. T e
lower the down payment the more scrutiny the HOA will be under.
For FHA fi nanc-
ing the HOA must be an FHA approved condo project. Key
turns, they are the fi rst to fall. When the fi nancial crisis hit, condos were hit the hardest. If someone was not making their mortgage payment they most likely were not making their Home Own- ers Association (HOA) pay- ment.
With
many condos going into fore- closure, a lot of HOAs turned upside down. T e ratio of owner occu- pied to investor
owned skewed towards inves- tors as they scooped up these bargains. Now, when fi nancing a purchase of a condo,
the
items that may make a project not be approved is if more than 51% are non-owner occupied or investor owned in the proj- ect. Another red fl ag would be an HOA with a high percent- age of delinquent dues.
If the
project does not have enough reserves, the project and the loan could be declined. Now as you can imagine, the fi nancial crisis and the large amount of foreclosed and short sale properties did take its toll on the condos. T is had narrowed down the number of approved condos in Sonoma County down to two projects. I recently reviewed the num- ber of approved projects and to my surprise there were 7 FHA approved proj- ects and 10 approved for conventional fi - nancing. T ings are looking up. With aff ordable
housing being such a “hot
topic” in this state, approved condos is a big move in the right direction. In any market trend, condos are the pulse of the housing market. T ey will be the last to recover and the fi rst to fail. SMART Train is here and
the foundation is set. Build it and they will come. Who will come? Employers with good paying jobs.
Income is what TRY OUR NEW
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24 • September 2017 • UPBEAT TIMES, INC.
supports the home values. You will see the medium income for Sonoma County rising. T e rising prices will be sus- tainable. First-time home buy- er, don’t be afraid!
Investors
that scooped up those condos, now is the time to let them go and put them on the market. T e housing market is always evolving, and now condos are coming back into the spotlight. Now that
the eclipse has
passed, all I have to show for it is a pair of $2 card board glass- es. Hopefully with the pass- ing of the eclipse, the condos will become more appealing to lenders.
“Maybe love was meant to save us from ourselves.” ~ Robert M. Drake
THE MORTGAGE COACH
TM
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