Marilyn Dashe Newsletter | January 2017
Welcome To My January 2017 Newsletter
Happy New Year to all and welcome to January from San Diego, the new U.S. rain capital! After many years of drought and very little rain, San Diegans are learning about flooding, wet roads, and umbrellas and rain boots. It’s been an amazingly rainy month here, starting on Christmas Eve and still continuing. After leaving weather behind in MN, I’ve had to learn to adapt to weather as a real factor in my life again.
The weather also had a huge effect on my personal life this month. My oldest son, his wife, and three kids were here to spend the holidays with us in our guest room which happens to be below ground. On Xmas Eve, we woke up to a huge flood in the room where they were staying. A drain had clogged in a window well outside the wall, and we had lots of water coming through the walls and soaking the carpet. Long story short, our guests had to move to a motel for the rest of their stay, and we spent much time (and it’s still going on), dealing with wet dry wall, carpet, and clogged drains. The second chapter happened when we had a second flood on New Year’s Eve. Suffice it to say that repairs are well under way, and we had fun with the kids in spite of the adventure: we saw two kids; movies, went to the Wild Animal Park and Coronado, and went to the Holiday Bowl to see the Minnesota Gophers play. My son also took his family to Disneyland for a day. It was a vacation to remember!
RE/MAX At The Coast welcomed the New Year by watching the Rose Parade, where our very own Marketing Assistant, Celine Showman, rode on the float sponsored by the American Heart Association. It was fun having a “celebrity” in the office and hearing the inside story about the parade. And I’m happy to say that we’re getting off to a very fast start this year. Heather Cole, who started with us in November, is working on two escrows scheduled to close Feb. 1st. The Browne team is closing a big escrow in Orange County this week. And we are delighted to welcome Bob and Sheryl Chase, our second team, to our company. Bob and Sheryl came with a new listing in Poway which is already attracting attention. And finally, we are launching a new company training program, and other agents are off on new listing appointments and buyer showings. It’s exciting to come out of the gate so quickly.
There is big news coming from the FHA at the end of this month. The FHA makes it possible for banks to lend to borrowers who might not qualify for conventional mortgages by offering them a mortgage that requires only 3.5% down. However, in order to get these mortgages, borrowers must pay an insurance premium to the FHA. And the high cost of that mortgage insurance has often put these mortgages out of reach for many young, first-time and lower-income borrowers.
Now, the FHA has announced that they will reduce this annual mortgage insurance premium by a quarter of a percentage point starting January 27. Annual premiums will drop to 0.6% from 0.85% meaning that new borrowers who take out FHA mortgages will save an average of $500 this year, according to HUD. This is very good news for first-time buyers and others who might not qualify for conventional mortgages.
Within one hour after Donald Trump was sworn in on Friday, these reductions were suspended indefinitely. National Association of Realtor President William Brown said, “We’re disappointed in the decision but will continue making the case to reinstate the cut in the months ahead.” Geoff McIntosh, President of the California Association of Realtors, agreed: “We hope HUD and the Trump administration make it a priority to review the reduction in the FHA mortgage insurance premium.”
Stay tuned and have a good month.
Come and join our fast start to the New Year! Inventory is slowly increasing again, rates are still low, and our growing team is excited to help you. If you’d like to know the current value of your home, or if you’re thinking about possible selling, or looking for an investment property, let us know. We’re excited to help you and as always, really appreciate your referrals.
Happy New Year!
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