Tag Archive for: Real Estate

“Dear Buyer, The Market’s Not Soft; Please Don’t Lowball;” Cockroaches Kill Deal; 10 Day Closes Reign Supreme!

Many of the markets we serve are, in fact, very cool, with inventory builds and price discounts (mostly across the Sunbelt). It’s fascinating to see how some very hot markets are only a few miles away from some very cool markets, too – in all states. The crash bros are constantly posting about the soft markets alone while ignoring the many very hot markets. Homebuyers are seeing this onslaught of housing doomerism, firmly believing they can find “deals” in every market, and insisting on either lowballing or underbidding in the face of fierce competition. I bring this up because we are seeing our buyers get outbid over and over. This is one more reason we should all teach buyers to ignore the crash bros.Read More

What Is A Jumbo Loan In California?

A jumbo loan in California is a loan amount that exceeds the conforming county loan limits set by the Federal Housing Finance Agency (FHFA). A jumbo loan is a conventional (not government-insured) mortgage loan.Read More

2019 vs. 2026 Housing Inventory; So Many Interesting Takeaways!

In 1985, when I was motorcycling across America, I stopped at a dive bar in West Virginia for lunch because it was the only place around. It had that depressing, all-too-quiet, seen-it’s-better-days, worn out, musty lunchtime atmosphere that I’d seen at similar establishments all across the country. The only patrons were a few state construction workers grabbing lunch, a couple of local alcoholics, and a very bitter CBS reporter nursing a Bloody Mary. I recognized the reporter instantly, as I had seen him on hundreds of newscasts over the years (back when there were only three networks and reporters were much more famous). I made the mistake of asking the reporter why he was there… and I got a long diatribe about how he had been “put out to pasture” (just like an old horse) in a remote field office, waiting for stories to break – but they never did. He then told me in no uncertain terms how much he hated West Virginia. Coming from Arizona, that was the first time I had ever heard anything negative about the state, but apparently, that reporter was not alone with his sentiments - and homebuilders got the message. I share this story because West Virginia has seen one of the largest inventory drops in the country (down 51%) since 2019. “Crash Bro,” Nick Gerli, shared the below chart, comparing 2019 to 2026 housing inventory changes in every state – and the takeaways are fascinating.Read More

30% Down Requires No Appraisal Contingency Or Shortfall Funds, UNLESS…

This is a reminder that appraisal contingencies and/or proof of funds to cover appraisal shortfalls are unnecessary with large down payments. This is because lenders can easily shift financing from 30% down to 10% down, for example. Buyers can then use the savings from the smaller down payment to cover shortfalls – if an appraisal comes in low. We have, in fact, saved many 10% down purchases by shifting them to FHA financing with only 3.5% down. But there is a huge exception to this rule – and it is also good news!Read More

Fast Closes Are Back! How To Instantly Solve The Affordability Crisis – This Year!

This is something I thought I’d never see in this rate environment! Our extremely well-qualified buyers are repeatedly getting outbid in multiple-offer situations in the SF Bay Area – with as many as 20 offers in some cases. This Is Why We Are Touting Our 10 to 14 Day Closings Again! This is “calendar days” too; NOT “business days.” If you need to make your offer more competitive, call us to see how fast we can close.Read More

Seller Rent Back Rules; Two Forces That TERRIFY & BEAT Trump and All Presidents

President Trump was panicking last night. Guaranteed. Sheer panic. This is because, in what was the most interesting weekend in finance in the last 18 years, there were two forces that brought Mr. Trump to his knees. I will explain why below, but first, a quick reminder: Sellers can rent back a property they just sold (and remain in the home) for up to 60 days after close of escrow.Read More

Woohoo! Another Financial Crisis Is Coming – And It’s Gonna Be Bad!

“What’s good for General Motors is good for America!” That is a slight bastardization of a quote famously uttered by GM’s CEO in 1953 – and he was largely right. What is ironic, though, is that the opposite is true for the mortgage industry (and for real estate).Read More

The Coming “Silver Tsunami” Housing Crash = More Nonsense

NOTE: Rates have been rising again on more oil market news. My Marketing Director, however, told me that I can’t blog about “the stupid oil markets” again. 😊 So, suffice it to say that oil market jitters (and inflation concerns) resulting from the Iran war continue to drive rates higher.Read More

JVM Lending Has 15 Licensed Real Estate Agents Who’ve Never Sold A Home; Why You Should Care

JVM actually has 12 licensed real estate agents, and 3 licensed real estate brokers (including me and my wife, Heejin). Not only have none of us ever represented anyone in a real estate transaction (nor will we ever), but we have all engaged full-time agents to represent us for every one of our transactions (and there have been dozens). The only reason we have so many licensed agents is because getting a license used to be part of our very extensive training program.Read More

No Income Verification HELOCS & Mortgages; What Does It Mean?

One of our best agents, who gets my blog but clearly does not read it 😊, asked yesterday if we have Home Equity Lines (HELOCS) for self-employed borrowers who cannot document income with tax returns or paystubs. Our answer of course was a resounding “yes.” More importantly though, it made for great blog fodder, as I want to set out what “no income verification” means in today’s mortgage world.Read More

Trump’s Housing Dilemma: Sacrifice Boomers Or Gen Z? Sorry Gen Z…

There is a beautiful park near my CA home where a six to ten boomers show up every morning at 7 AM to let their dogs run. I’ve gotten to know them well over the years – and this is what is the most interesting. ALL of them bought their homes in the 1990s or early 2000s for anywhere from $400,000 to $900,000 – and ALL of those homes are now worth $2.5 to $3 million.Read More

Why Care About The Fed Chair? 4 Things Every Agent Needs To Know

Renowned author Nassim Taleb hates Clinton’s former Treasury Secretary, Bob Rubin – or at least Taleb hates what Rubin was able to do at the expense of almost everyone else. Mr. Rubin earned $120 million working for Citigroup in the decade preceding the 2008 financial crisis.  He earned his money by encouraging the bank to take very risky bets on mortgage-backed securities, among other things. Read More

Don’t Lock In Rates For Short Sales; What Happens When Rate Locks Expire? 3 Options

We are seeing something I did not expect to see for a long time: Short Sales! A lot of them, in fact, are often in California too – where the market is holding up much better overall (CA’s short sales though are all condos). 95% of my blog readers are agents who know what short sales are, but I’ll review very quickly for the non-agents. I will then offer my one big warning!Read More

A Tale of Two Businesses; One Thrived; One Died; AI Can’t Replace “The Dude”

I wrote this blog in 2022, after every lender rode the COVID wave and got too lazy on the customer service front – after business just gushed in no matter what for two years. We liked the message so much in fact that we inserted it into our training program. I am repeating it now though for two reasons: (1) it’s a great story and reminder; and (2) AI makes it more applicable than ever.Read More