Monday, July 18, 2022

See an interest rate that looks too good to be true? It probably is.

This week one of my buyer clients texted me because she was SO excited that she found a low interest rate from an online lender. But it was indeed too good to be true when reading the fine print.

Based on current rates, based on her downpayment, credit score, and the rest of her lending scenario -- she was quoted a 5.5% interest rate from a local lender. Then she went online, clicked on an ad, and was quoted 4.375%. WOW was she excited.

I asked her to send me the estimate provided by that lender, and sure as anything -- it was indeed (excuse my French) COMPLETE BS.

The online lender who shall remain nameless -- in order to get this bait and switch interest rate -- was charging $14,573 in up-front fees to get that rate. That is approximately 4.396% of the loan amount of $330,000. Absolutely insane.

That 5.5% interest rate she had been quoted by the local lender was with zero in up-front fees.

The lesson here? Read the fine print. Compare apples to apples. And if you do not understand what you are looking at -- ask the loan officer to explain it to you. Ask your agent to help you. Ask a friend or family member who has purchased a home in the past to help you.

Once I pointed this out to my client she was absolutely horrified! She decided to stick with her local lender, who is awesome and invited her into the office to make sure she had a clear understanding of rates and terms.



Wednesday, July 13, 2022

New Listing - 5911 Revelstok Drive, Sacramento, CA 95842

This adorable 3 bedroom, 2 bathroom, 1,478sf fixer-upper is the perfect blank canvas for your personal touches and renovation. You will love the light and bright floorplan, spacious living room, indoor laundry area, large bedrooms. Primary bedroom has a large sitting area and ensuite bathroom. Attached 2-car garage. Huge backyard covered patio, and with lots of sunny space to garden or play. The possibilities are endless! Location location location, with close proximity to public transportation, shopping, restaurants, k-12 schools, parks, convenient freeway access, and more! Termite and roof inspections available. Don't wait! Offered at $325,000. For more details and photos, please visit 5911 Revelstok Drive, Sacramento, CA 95842.

Monday, June 27, 2022

New Listing - 4484 Edison Avenue, Sacramento, CA 95821

This exceptional 3 bedroom, 2 bathroom, 1,242sf Arden-Arcade home is ready for a new owner! You will love the open, light and bright floorplan. Step inside to find a large family room with a fireplace and large picture window overlooking the front yard. Remodeled kitchen with granite counters, island with breakfast bar, full backsplash, and stainless appliances opens to the family room and formal dining area. Large hallway bedrooms, and remodeled hallway bathroom with a tub/shower combo and lots of storage. Enviable primary suite has dual closets! Ensuite remodeled bathroom has a tiled stall shower. Freshly painted interior. Laminate floors throughout. Composition roof, central HVAC, dual pane windows, inside laundry. HUGE park-like backyard with lots of sunny space to garden or play, and shaded covered patio. Newer electrical panel. Attached 2-car garage, extra wide driveway with paved side yard, and wide swinging side gate to accommodate your toys. All this is located near award-winning k-12 schools, parks, & more. Don't wait! Offered at $499,900. For more photos, detail, and a 3D virtual tour, please visit 4484 Edison Avenue, Sacramento, CA 95821.

Friday, June 24, 2022

Own or purchasing a property with racially restrictive covenants? Apply for a Restrictive Covenant Modification...

If you are buying a home and review the Preliminary Title Report, you may notice a new disclosure from your title/escrow company that accompanies the section of the report that covers the Covenants Conditions & Restrictions (aka, CC&Rs -- which are essentially the developer-imposed rules that govern a community). This disclosure was born from California Assembly Bill 1466 (McCarty) which created a process to provide home buyers information to proactively remove racially restrictive covenants at the time of purchase. This disclosure will be required starting July 1, 2022.

Sadly, the CC&Rs for many properties built in and around Sacramento County that were developed prior to the civil rights movement contain racially restrictive covenants. I sell several homes per year where the CC&Rs contain these covenants. I come across some really repugnant restrictions that were intended to permanently racially segregate neighborhoods. And I think most home buyers and homeowners are unaware these covenants exist.

Have you ever seen a racially restrictive covenant? They are horrifying. 

A couple years ago I was interviewed by Capital Public Radio about racially restrictive covenants. Here’s a snapshot of the CC&Rs of a property I sold that was built in 1944. “...but such property shall be restricted to persons of the Caucasian race forever.”

These CC&Rs are now legally null and void, however these records stay with the property even though they are unenforceable. Counties have an application process to remove racially restrictive covenants. Most home buyers and homeowners are unaware of this process, and I hope that this new legislation helps create awareness. Here are links to local county websites to their applications and more information:





If you are interested in the history of racially restrictive covenants, books like The Color of Law provide an overview. 

Wednesday, June 22, 2022

New Listing - 2664 Aramon Drive, Rancho Cordova, CA 95670

Adorable and updated 3 bedroom, 2 bathroom, 1,309sf Rancho Cordova home! You will love the light and bright floorplan. Formal entryway leads to a spacious living room with a cozy fireplace and built-in shelving, and a huge picture window overlooking the backyard. Remodeled kitchen has granite counters, tile flooring, and a breakfast nook. Formal dining room with dual pane sliding door leads to backyard. Primary suite offers lots of closet space and remodeled ensuite bathroom. Large hallway bedrooms, and updated hallway bathroom has dual sinks & lots of storage. Laminate and tile flooring throughout. Dual pane windows. Newer central heat & air in 2020. Newer sewer line 2018. Attached 2-car garage and extra wide driveway, dual-swing gate, and paved side-yard fits your toys. The backyard has a covered patio area, huge grassy area to play, and offers an amazing fenced separate garden area and a greenhouse to grow veggies to your heart's content! Located in close proximity to American River Parkway, Hagan Community Park, shopping, restaurants, schools and public transportation. Don't wait! Offered at $449,900. For more photos, detail, and a 3D virtual tour, please visit 2664 Aramon Drive, Rancho Cordova, CA 95670.

Friday, June 17, 2022

Ranked in the top 1.5% nationally by RealTrends

I am super honored to be ranked in the top 1.5% of approximately 1.6 million real estate professionals in the United States according to RealTrends.

Thursday, June 16, 2022

Per the California Apartment Association: AB 1482 allowed rent increase is set at 10% statewide

If you are a landlord of a property that falls under the requirements of California AB1482 (2020 Tenant Protection Act), the California Apartment Association (CAA) has released the allowable rent increase numbers based on the current consumer price index calculations for different areas in the state.

Statewide, CAA has determined that the allowable rent increase for properties that fall within the requirements of AB 1482 to be 10%. This is not surprising considering inflation numbers are globally pretty high right now.

California AB 1482 limits rent increases in any 12-month period to "no more than 5% plus the percentage change in the cost of living (CPI), or 10%, whichever is lower". For increases that take effect on or after August 1, 2022, due to inflation, the California Apartment Association has noted that all of the applicable area's CPIs are 5% or greater. So with that, the allowable rent increase is 10%. Until they re-evaluate things...so if you are reading this well after today (June 16, 2022), best to make sure this information is still relevant.

There are many types of residential rental properties that are included and excluded from the rent cap and just cause eviction requirements of AB 1482 (and for added fun, in some areas rent control ordinances supersede AB 1482) -- so if you have questions, CAA is a great source of information, or may wish to consult a professional property manager or an attorney.