Interest Rates at an All Time Low!

With interest rates at an all time low, it's a great time to buy or refinance. 

Contact your favorite Comet Realty Realtor® to find out more.

GREEN HOMES SELL FOR MORE!

According to an article in USA Today, green-certified homes sell for 9% more than regular homes in California. 


According to the University of California research department, single-family homes with green certifications sold for an average of $34,800 more! These statistics were taken from comparable homes from 2007-2012 when average California home was $400,000. 


The study finds the premium is also highest in the hottest places, suggesting buyers value green labels because of the lower utility bills. 1.6 million home sales were looked at, including 4,300 that earned certifications from Energy Star, GreenPoint Rated or the US Green Building Council's LEED for Homes program. 


If you are interested in finding out how you can get your home green certified, contact your favorite Comet Realty agent today (see list to the right!) 

California Median Home Prices - Summer 2012

GREEN TIP: Packing Materials

Styrofoam packing peanuts, bubble wrap, and foam are useful during a move, but not for the environment. 

To go green on your next move, try using old newspapers to wrap fragile items, and then recycle the paper when you unpack. Wrap pieces of furniture and art with blankets to ensure they do not get damaged during the move instead of packing them in foam. If you must use non-biodegradable packing materials, ask around to see if anyone has any from a past move to give you. 


Reusing is always better than buying new––for the environment AND your wallet.

Mortgage Rates Continue to Set New Record Lows!

Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.

Making sense of the story:

• Many economists are forecasting that mortgage rates will rise again later this year as the American economy gradually improves and as more global investors turn to the U.S. as a safe haven for money.
  
• The average rate on a 30-year fixed-rate mortgage averaged 3.66 percent the month of June. This is the lowest price since the long term mortgages began in the 1950's!
  The rate had averaged 3.9 percent three months earlier and 4.5 percent a year earlier.
  
• According to one economist, rates could possibly fall further, perhaps as much as a quarter of a percentage point, but it is more likely that they would start a “slow drift” upward.
  
• Those planning to refinance or buy a home in the next two or three months might want to consider locking in a mortgage rate now.
  
• Borrowers with rate locks, with a built-in deadline, often receive priority treatment from lenders, because the borrower is telling the lender that he or she is serious about closing soon.
  
• Lock-in costs and policies vary widely, and are based partly on the time frame the borrower wants covered. Most borrowers will need a 60- to 90-day lock.
  
• If interest rates continue to fall during the lock period, borrowers can ask the lender to rewrite the rate lock at an additional cost, or obtain a “float-down” provision in the original agreement.  A lock with a float-down agreement allows the borrower to change the rate, often only once, before closing on the mortgage. This option is generally more expensive than a standard lock.

Comet Realty works with MANY terrific lenders. If you are looking to refinance (or buy a new home), please contact us for a good referral - somebody local who will have your best interests in mind. 

805-546-9925, or INFO@CometRealty.com.

Information taken from NY Times

Reliable but not guaranteed

Advantages of Pre-approval

The housing market is warming up in many areas, with multiple offers becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a pre approval.

Making sense of the story

• The differences between mortgage prequalification and preapproval are significant. Prequalifying for a mortgage is based solely on what a borrower discloses to the loan officer or broker about his/her earnings, credit score, and total assets, including what is available for a down payment. By contrast, a preapproval requires a borrower to provide documentation of his/her income and assets.

• The lender typically pulls the borrower’s credit report and score, while the borrower gathers together almost everything else needed for the actual mortgage underwriting: W-2 wage statements; 1099s; recent pay stubs; bank statements; and statements from Individual Retirement Accounts and 401(k)s; and other assets that could show the borrower has the resources to buy and maintain a home.

• At one of the country’s largest mortgage lenders, Wells Fargo, the first quick review provided by an underwriter constitutes an agreement to lend.  Other lenders may treat preapprovals as more of an opinion on the person’s ability to borrow, not a guarantee to lend.

• With so many homes receiving multiple offers, a preapproval is more important in today’s marketplace. 

• The preapproval letter should include the amount a borrower is qualified to borrow, as well as the loan officer’s contact information.  Some letters may have an estimated monthly payment, but details about the loan time and interest rate are not included.

• Timing also is important.  Buyers should aim for obtaining a preapproval letter from a lender within 30 to 60 days of the expected purchase date.  That is because some letters expire in 90 days.

taken from an article in the New York Times June 2012

Comet Realty works closely with several top lenders in our area. If you don't have a favorite yet, let us help you choose an excellent one. Give us a call at 805-546-9925, or email INFO@CometRealty.com.

Comet Realty's Photo of the Day

What is wrong with this picture? 

Let me count the ways:

1. A wood stove
2. Made out of wood

3. Guaranteed to burn 4 hours

4. Made in Poland

5. Only $48.95

We found this in a machine shop in a very unique house we were showing to one of our clients. It could barely be seen through the dust of the years (and I mean years). We dusted it off and sure enough, it said what we thought it said. 

Firewood costs $5/bundle. It burns for about 4 hours. 

Or, you could just send off $48.95 (+shipping/handling) to this company in Poland, get yourself a real wood stove, and have yourself a fire in style. Your friends will be amazed (probably at your stupidity, but amazed, none-the-less).

Or, if you have some scrap wood laying around the house and a lot of time on your hands, perhaps you could make your own, amazing and dazing your friends. In fact, if you do it, I'd pay you at least $19.95.

I can't make this kind of stuff up. I love my job.