What Does It Mean When A Home’s Sale Is Pending?

There are steps to buying a home. You don’t just find a house, make an offer, and move in as soon as it’s accepted. In fact, though having an offer accepted is a big step, it’s really just the first of the closing process. There are many things that need to be done before your accepted offer becomes a final sale. During this process, the house you’ve chosen is off the market but not officially sold. Until you’ve got keys to the house, it’s considered a pending sale or under contract. Pending sales are important because they can be a good indicator of where home sales are headed. Because of this, the National Association of Realtors keeps track each month of the number of homes that are under contract as a way of watching what’s ahead for the market. For example, the NAR’s most recent Pending Home Sales Index was virtually flat from the month before. Lawrence Yun, NAR’s chief economist, says the results show that low inventory may be holding home sales back. “Home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range,” Yun said. In other words, what we can learn from how many pending sales there were in March is that buyers should be prepared to move fast this spring and sellers should expect to find favorable conditions. More here.

Housing Markets Nationwide Hit Key Milestone

There are many ways to gauge the health of the housing market. But no matter which way you look at it, the ultimate goal is to figure out where things are headed and how that will affect home buyers and sellers, as well as current and future homeowners. In other words, the data may differ but it’s all getting at the same question.

Take the National Association of Home Builders’ Leading Markets Index – which compares current conditions to previous norms. The NAHB’s index looks at employment info, home prices, and building permits in 340 metropolitan areas across the country in an effort to determine how those markets have rebounded since the housing crash and what they should expect going forward. According to the latest results, markets nationwide are running at an average of 100 percent of normal economic and housing activity. And, if that sounds good, it’s because it is. “This is the first time the LMI has reached this key milestone and it shows how much our industry has improved since the depth of the Great Recession,” Granger MacDonald, NAHB’s chairman, said in a press release. But though the data shows great strides across a majority of markets, it also shows that – while employment levels and home prices have rebounded strongly – building permits still lag behind. That’s an issue because many markets are in need of new homes to help provide options for buyers and keep affordability conditions under control. More here.

These 5 Areas Deserve Your Attention!

Are you feeling the urge to tackle home maintenance this season? While you’re probably up on the basics of spring-cleaning, like washing windows, cleaning blinds and shampooing rugs, there are several areas you may overlook.

Smoke Alarms

• Rather than wait for the telltale chirp signifying low power, use daylight saving time or a holiday like Memorial Day as a reminder to replace the batteries in all of your home’s smoke and carbon monoxide alarms.

Medicine Cabinets

• If vitamins, prescriptions and other medication are unused or expired, safely purge them. Not everything should go in the trash, though. Determine if you can flush what you have or if you need to find a location that will dispose of it for you.

Pantry

• Stale spices and expired canned goods are candidates for the waste bin. Take this opportunity to wipe down shelves, reorganize the contents and make a list of needed supplies.

Appliances

• Have you thought about cleaning the machines that do the cleaning for you? This simple task can help your washing machine, dishwasher and other gadgets run more efficiently.

Ceiling Fans

• When was the last time you removed the dust that’s accumulated on the ceiling fans? If it’s been a while, now’s the time to tackle it. Simplify the process and trap the dust by slipping a damp pillowcase over each blade and slowly pulling it back. There’s no point in cleaning if you’re using dirty tools for the job. Be sure to replace sponges regularly and run cleaning cloths through a hot-water cycle in the washer. And don’t forget the broom, which deserves a shake, vacuum and hose down to keep it clean and useful.

JJ Mazzo
Branch Manager
NMLS ID# 186548, CA BRE ID# 01350228, AZ MLO Lic# 0913442
31351 Rancho Viejo Road Suite 201
San Juan Capistrano, CA 92675
Direct: 877-237-9694 | EMAIL | WEBSITE

31351 Rancho Viejo Road, Suite 201, San Juan Capistrano, CA 92675, Branch NMLS ID# 1420160, Summit Funding, Inc. NMLS ID# 3199 (Refer to http://www.nmlsconsumeraccess.org to see where Summit Funding, Inc. is a licensed lender). Arizona License (#0925837), Georgia License (#39456), Licensed by the California Department of Business Oversight (#6072526) and holds a CA Bureau of Real Estate Broker’s License (#01220358) under Nationwide Mortgage Licensing System (NMLS). In all states, the principal licensed office of Summit Funding, Inc. is 2241 Harvard Street, Suite 200, Sacramento, CA 95815; Phone: (916) 571-3000; http://www.summitfunding.net. This communication is for informational purposes only, this is not a commitment to lend. All programs are subject to change or cancellation at any time and without notice. Contact Summit Funding to learn more about mortgage products and your eligibility. Summit Funding, Inc. is an approved equal housing lender.

 

Graduation is right around the corner!

With graduation right around the corner, learn how you can use Gift Funds as an FHA Down Payment to help your loved ones buy their first home for as little as it costs to rent.

Program Highlights:

• Minimum 3.5% down payment

• Low rates

• Requirements can be satisfied 100% by gift funds

• Seller concessions up to 6% for closing costs

Call today and make their graduation special!

REFER A FRIEND | FREE CONSULT | LOAN CALCULATOR | WRITE A REVIEW

0
JJ Mazzo

Branch Manager
NMLS ID# 186548, CA BRE ID# 01350228, AZ MLO Lic# 0913442
31351 Rancho Viejo Road Suite 201
San Juan Capistrano, CA 92675
Direct: 877-237-9694

jj@mazzogroup.com
http://www.themazzogroup.com

 

0
31351 Rancho Viejo Road, Suite 201, San Juan Capistrano, CA 92675, Branch NMLS ID# 1420160, Summit Funding, Inc. NMLS ID# 3199 (Refer to http://www.nmlsconsumeraccess.org to see where Summit Funding, Inc. is a licensed lender). Arizona License (#0925837), Georgia License (#39456), Licensed by the California Department of Business Oversight (#6072526) and holds a CA Bureau of Real Estate Broker’s License (#01220358) under Nationwide Mortgage Licensing System (NMLS). In all states, the principal licensed office of Summit Funding, Inc. is 2241 Harvard Street, Suite 200, Sacramento, CA 95815; Phone: (916) 571-3000; http://www.summitfunding.net. This communication is for informational purposes only, this is not a commitment to lend. All programs are subject to change or cancellation at any time and without notice. Contact Summit Funding to learn more about mortgage products and your eligibility. Summit Funding, Inc. is an approved equal housing lender.

5 Mortgage-Related Terms Explained

You have a lot to consider when shopping for a mortgage, and you don’t want unfamiliar lingo bogging you down. Before you begin the process of buying a new home, get comfortable with these five key mortgage terms.

  1. Fixed-rate mortgage: With a fixed-rate mortgage, your interest rate stays the same for the entire loan, which means your monthly payments do too. That predictability can help with budget planning, but fixed-rate loans sometimes come with a higher interest rate than other loans.
  2. Adjustable-rate mortgage (ARM): Your payments on an ARM stay the same for a set period but then change annually according to federal interest rates. While unpredictable on the back end, the initial rate is often lower than a fixed-rate loan.
  3. Closing costs: At your closing, you’ll be required to pay for various services associated with your purchase, like paperwork processing and credit reports. To avoid any surprises, carefully review the loan estimate form you receive from your lender. This document, which is sent to most borrowers within three business days of receiving an application, outlines your estimated closing costs.
  4. Escrow: When making an offer on a house, a homebuyer submits earnest money that goes into escrow, an account held by a neutral third party. Those funds are then disbursed once the deal is finalized. You may also pay into escrow if your lender requires you to pay a portion of your real estate taxes each month. That money is then used to cover the bill when it’s due.
  5. Private mortgage insurance (PMI): If your down payment is less than 20 percent of the full cost, your lender may require private mortgage insurance. You typically pay PMI along with your mortgage, though it drops off once your loan balance reaches a certain marker (usually 80 percent of the original loan).

Learning these and other relevant terms can help expedite the process of getting a mortgage, leaving you to focus on finding the perfect home.

 REFER A FRIEND | FREE CONSULT | LOAN CALCULATOR | WRITE A REVIEW
JJ MAZZO
THE MAZZO GROUP AT SUMMIT FUNDING // Branch Manager – Sr. Loan Officer
EMAIL support@mazzogroup.com
PHONE (877) 237-9694
ADDRESS 31351 Rancho Viejo Rd. Suite 201 San Juan Capistrano, CA 92675
NMLS ID#186548 – Summit Funding, Inc. NMLS ID#3199
AZ Lic# 0925837, Summit Funding, Inc NMLS ID# 3199 | Branch NMLS ID# 1420160 | NMLSconsumeraccess.org This communication is for informational purposes only, this is not a commitment to lend. All loans are subject to buyer and property qualification. All programs, rates and fees are subject to change or cancelation at any time and without notice. Contact Summit Funding to learn more about mortgage products and your eligibility. An approved equal housing lender. NMLSconsumeraccess.org

How to Write a Powerful Real Estate Listing That Sells

Make an impact with the words you use to describe your home….

USE LANGUAGE TO SELL YOUR HOME

You know words matter, but when it comes to real estate listings, the
words used can impact the sale. Keep the following tips in mind to craft
a listing description that’s both accurate and compelling:

USE BUZZWORDS
High-response terms can vary by price point and region, but research
shows that several words and phrases help nationwide. Homes touting
“Shaker cabinets,” “subway tile” and “quartz” sold faster than
anticipated and up to 13 percent over their expected values. Other terms
that had a positive impact: “Craftsman,” “frameless shower” and “heated
floors.”

What’s the takeaway? Be specific. Rather than the vague “gourmet
kitchen,” call out the particulars, like the quartz countertops and
Shaker cabinets. (In fact, one study found a correlation between
the use of “gourmet kitchen” and a longer stay on the market.)

MENTION BRANDS
Capitalize on the positive association buyers have with certain brands.
To promote your home’s high-end kitchen, mention the Sub-Zero fridge and
the Wolf range. This strategy showcases the room’s luxury better than
less specific words can.

POINT OUT UPGRADES
Spell out any improvements or renovations you’ve made recently. Selling
points include renovated kitchen, new roof, upgraded HVAC system, wood
floors or new windows. Incorporate desirable materials or brands in the
descriptive text.

SELL THE LOCATION
Play up your neighborhood or a nearby attraction, just take care not to
violate housing laws when you do. Highlighting “good schools” or
crime may not be your best bet. It’s often better to direct people to
official sources for statistics and information so they can draw their
own conclusions.

When preparing to sell your home, don’t take your word selection
lightly. Creating a thoughtful, well-worded listing description may help
your house close sooner than expected.

REFER A FRIEND | FREE CONSULT | LOAN CALCULATOR | WRITE A REVIEW

Screen Shot 2017-03-16 at 11.11.32 AM JJ Mazzo
The Mazzo Group at Summit Funding // Branch Manager – Sr. Loan Officer
EMAIL support@mazzogroup.com
Phone (877) 237-9694
ADDRESS 31351 Rancho Viejo Rd. Suite 201 San Juan Capistrano, CA 92675
NMLS ID#186548 – Summit Funding, Inc. NMLS ID#3199

4 Home Tasks to Leave to the Pros

 

Do you have a few home improvement projects to tackle in the coming months? A quick search on the internet can result in an array of DIY tutorials and videos, but just because you can do it yourself doesn’t mean you should. Here is a handful of home projects that are better left to the pros:

Tree Removal
Trimming trees brings you face to face with several hazards, including using tall ladders, climbing trees and working at unfamiliar heights. Then there are the dangers of overhead power lines, unwieldy chainsaws and falling branches — all sobering risks, even for experienced tree care experts.

Roof Repairs
You can probably handle a gutter cleaning if you have a low-slung roof, but anything more should give you pause. DIYers face the risk of a fall due to the steep slopes and angles of most rooftops, as well as bungling the job. If you don’t know what you’re doing, you may end up with water damage the next time a storm passes through.

Asbestos Removal
Suspecting you have this toxic substance in your home isn’t necessarily cause for panic, but it is a major health hazard that warrants a professional opinion. Some states, counties and cities regulate asbestos removal by homeowners, requiring a permit, proper disposal and more.

Gas, Electricity and Plumbing Fixes
With one wrong move, do-it-yourself work on gas, electrical and plumbing lines can turn into a big mess. A plumbing fail can quickly flood your home, while a botched gas or electrical job can result in a fire.

Saving money may make a DIY approach inviting, but disastrous results aren’t worth it. Be smart about what you choose to tackle around your home and what you leave to skilled experts.

 REFER A FRIEND | FREE CONSULT | LOAN CALCULATOR | WRITE A REVIEW
JJ MAZZO
THE MAZZO GROUP AT SUMMIT FUNDING // Branch Manager – Sr. Loan Officer
EMAIL support@mazzogroup.com
PHONE (877) 237-9694
ADDRESS 31351 Rancho Viejo Rd. Suite 201 San Juan Capistrano, CA 92675
NMLS ID#186548 – Summit Funding, Inc. NMLS ID#3199
AZ Lic# 0925837, Summit Funding, Inc NMLS ID# 3199 | Branch NMLS ID# 1420160 | NMLSconsumeraccess.org This communication is for informational purposes only, this is not a commitment to lend. All loans are subject to buyer and property qualification. All programs, rates and fees are subject to change or cancelation at any time and without notice. Contact Summit Funding to learn more about mortgage products and your eligibility. An approved equal housing lender. NMLSconsumeraccess.org