Archive for February, 2013

Lending is Available for ALL Buyers!

Hard Money!

• Price Range $150,000-$650,000
• Up to 65% LTV (Loan to Value)
• No FICO Requirements
• Rates 10% – 12%
• No aging after purchase to cash out
• Fixer ok
• From complete package 2-3 weeks
• Non-Owner = Stated Income
• IO (Interest Only) with 3 year balloon
• Short Sale/Foreclosure = ok

Example For a $300,000 purchase amount:

35% down:
$300,000 x .35 = $105,000

Interest Only Payment at 10%:
$300,000 – $105,000 = $195,000
$195,000 (financed at 10%) x .10 = $19,500/year

For A Year’s Monthly Payments:
$19,500 / 1 (number of years) / 12 (number of months in year) =
$1,625 per month on a $300,000 purchase

The rates aren’t as attractive so these types of loans are for those who don’t qualify for traditional lending from banks and credit unions.

If you are interested in obtaining a hard money loan, please contact Noble Griswold.

Current Market Conditions

Over the last few years I have blogged about the decreasing inventory, the real estate market turning, and price changes.

As of February 2, 2013, we have the lowest inventories that I have seen in 15 Years!

Here are the current local stats:

City Date # homes for sale #homes sold in last 30 days Days to sell supply
Vallejo 02/12/13 71 100 21 day supply
Vallejo 02/12/12 300 150 60 day supply
Vallejo 2007 1200 50 720 day supply
Benicia 02/12/13 13 28 14 day supply
Benicia 02/12/12 50 29 52 day supply
Benicia 2007 200 25 240 day supply

As you can see from the above, our current supply of homes is very low and the buying interest is very high resulting in a VERY tight inventory.   In contrast to 2007, supply was high and buying interest was low.

I’ve heard it said that a 60 day supply is a healthy market with minimal change in price.  Less than 60 day supply is an appreciating market.  More than a 60 day supply is a decreasing market.

It is pretty clear that this very tight supply should result in price appreciation.  Is this happening?

YES!   A look at Solano County Year End sales statistics shows the following:

City  Year # homes sold Average Price Price Change
Vallejo 2012 1877 $165,865 +$14,000
Vallejo 2011 1878 $156,090 -$250,000
Vallejo 2007 644 $410,933
Benicia 2012 400 $317,936 +$17,000
Benicia 2011 399 $300,477 -$240,000
Benicia 2007 274 $540,200


What we currently experience as Real Estate Brokers is a market where most properties listed for sale sell within 2 weeks with multiple offers and the final sales price is approximately 5% over asking price.

Many homes are selling over their appraised value.  This is accomplished by buyers paying a cash difference over the appraised value.

It is a good time to sell, since all properties are getting lots of attention and in many instances properties are selling over asking price.

It is a good time to buy, from the perspective of very low interest rates and prices have not gone up that much yet.  However, be prepared as a buyer to have lots of competition and to pay full price or more.

If you would like to communicate with me go to for my contact info.

Also, from this website, if you click on the link “Home Evaluations”, this link will show a value graph of your city and / or property.  For a more accurate valuation, contact Noble Griswold for a custom market analysis.

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