This Week in Real Estate 3-13-2015 - Napa Limit up

Conforming loan limits adjusted for 2015

There were only 46 counties out of 3234 total counties in the US that had the loan limits increased for 2015. Napa was one of them. The new conforming loan limit has been changed from $592,250 to $615,250.

This is significant since it barely 1% of the counties in the country had increases in the loan limit. It shows the strength of the Napa market.

Great jobs report for February = Rates rollercoaster

In the February Jobs Report, total nonfarm payroll employment increased by 295,000 and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported. Both the unemployment rate (5.5 percent) and the number of unemployed persons (8.7 million) edged down in February. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percentage points and 1.7 million, respectively. The increase in jobs was 55,000 more than the economists expected and the lowest unemployment rate since May 2008.

For the week of February 5, 2015 30 year fixed mortgage rates were at nearly 2 year low with the Freddie Mac weekly average at 3.59%. This week (3/12/15) that figure is at 3.86%. As the economy improves, rates get higher.

Home Tip of the Week.

If you are thinking about buying or selling this year, who you hire can make a dramatic difference in your experience. Interview people for the job to help you with one of the most important financial decisions of our life.

Here are the 5 questions you should ask your potential agent?

1.      Why should I hire you? What makes you different?

a.      We have guarantees for both buyers and sellers that can result in thousands of dollars in their pockets at the end of the transaction.

2.      What is your process to have success in my transaction?

a.      We have many very specific processes for both buyers and seller depending on their specific situations

3.      What have you sold/helped purchase in my area?

a.      I am in the top 8% of agents in Napa for number of transactions and I am also very involved in the community as the president of North Bay Association of REALTORS – Napa Chapter for 2015

4.      On Average how long does it take?

a.      That depends on the urgency of the client. Average time to contract for sellers is two week. Average time to contract for buyers is two months.

5.      Can I talk to your past clients?

a.      YES Please, you can also listen to testimonials on my website at http://kristoferchunrealestate.com/Testimonials