Peter Gum, Realtor

Must Know Info for Homeowners and Aspiring Homeowners

This Month in Real Estate - February Conforming loans increase from $765,600 to $822,375 for 2021 The term conforming loan limit refers to the maximum size for a regular or conventional mortgage loan. Most counties in the country have a conforming loan limit of $548,250 for a single-family home. Higher-priced areas like those in the San Francisco Bay Area have higher conventional limits due to higher home values. A California conforming home loan falls within the maximum si...ze limits used by Fannie Mae and Freddie Mac, as established by the Federal Housing Finance Agency (FHFA). Conforming loans can be sold to Freddie and Fannie via the secondary mortgage market; anything larger is considered a jumbo loan and cannot be sold into the secondary market. The secondary mortgage market is where banks resell loans to investors. Conventional loans are not insured by the government, as distinguished from FHA and VA loans, which are insured by the federal government. The increased limit has helped fuel demand for refinancing and home acquisition. February Market Update San Mateo County saw the median sold price of a single family home decrease 2% from $1,580,000 to $1,550,000 between December and January, and increase 10% from $1,400,000 in January 2020. From December to January, Average Days on Market increased from 27 to 30, Price Above List increased from 102% to 104%, Months of Inventory jumped from 1.0 to 1.5, and Number of Sales decreased from 464 to 271, up from 205 last January. For the week ending February 4th, the 30-year fixed mortgage rate remained flat from last week at 2.73%, having declined most of last year. Check Your Records with the County Assessor The Assessor’s Office does more than just send you a tax bill. The Assessor is responsible for locating and identifying ownership and reappraisability on all taxable real property as identified by recorded documents such as Grant Deeds, Quit Claim Deeds, Trust Deeds, Quiet Title and others. However, it may not be enough just to know a document is recorded. Documents recorded with the County Recorder are examined only to determine if they meet Recording Requirements, which are very different from legal requirements. Legal matters may arise due to errors in the record, unknown heirs, missing deeds in the title chain, etc. and can create a cloud in the ownership of the property. Clouds can take weeks even months to clear up and may require Discovery, Court Orders, Probate or other legal remedies. Prior to selling your home, speak with an attorney, title company representative, or other authorized individual for assistance in confirming your records are legally correct.

This Month in Real Estate - January 2021 Do You ADU? In response to the insatiable demand to live in the Bay Area, and the resulting high housing prices that result, the State of California imposed legislation (SB 13, AB 68, and AB 881, January, 2020) to encourage construction of residential, backyard Accessory Dwelling Units (ADUs) and Junior Accessory Dwelling Units (JADUs). ADUs are standalone structures, JADUs are typically part of the primary home. ADUs can provide addi...Continue reading

Hi! Peter Gum. Welcome to another Minute in Real Estate. Here’s what you need to know about COVID's impact on residential valuation.

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