1/2/24 – HNY – Goals and Predictions for 2024!

Happy New Year, and I am sure many of you are so glad 2023 is finally behind us. It was a rough year in Real Estate overall, and the mortgage side was likely worse with the lack of volume. I know 2024 will be a better year, but we must work hard to get there.

2023 gave me my first year of work-life balance due to a lack of work! I don’t like that! LOL! In 2024, I will work on expanding my business and creating more referral sources. I will get more community involvement and build my team and company. I will work with and support my company’s Loan Officers to improve them and give them ideas to do more business. I will work with every agent and referral partner to help them grow their business in 2024 and beyond. I do not want work-life balance! I have at least ten solid years left to claw, fight, and outwork my competition. My creative juices are always flowing, and I want to help every possible buyer get into a home in 2024.

We will also see rates continue to fall in 2024. We could see rates drop into the 4’s again in the second half of the year and I will prepare every potential client I speak with for that. Rates dropping to those levels will cause prices to increase significantly. Home sales volume will increase in 2024, but this will not create the volume we had in 2020 or 2021! People will need a reason to move out of their low-interest rate. The insurance situation will still be a big factor this year, and it would be great if you could get a quote or two when you take a listing so we have an idea of what a buyer will pay.

Think about what you did well last year that brought you business and what you can improve for 2024. I said here many times that it was not you in 2023; it was the market! Well, the same goes for 2020 and 2021. That was not you; that was the market!

How are you going to pick up market share? What will you do to make a difference? What can I do to help you? I know that answer! We could have a 30-minute face-to-face conversation and see if that helps. What are your goals for 2024? Let’s reach them together!

Condo / Townhome issues we know of now. Properties can be financed with 10% down and are considered NON-WARRANTABLE:

1. American Beauty Village – West has insurance issues – East will get renewed February 28, 2024, and will likely be deemed non-warrantable at that time.
2. Scenic Hills – Insurance
3. Mariposa – Litigation semi-cleared! Insurance a mess!
4. Bouquet Canyon Village – Insurance
5. Madison – Litigation – I heard an FHA loan closed in there! I am trying to find out if it is an underwriter error, or will it be okay to do FHA loans there?
6. West Creek / West Hills – Insurance
7. Cornerstone – Insurance
8. Canyon Oaks – Insurance
9. Brookside Walk – Insurance – NEW as of last week
10. Shadow Ridge – Oak Park – Insurance
11. Cabrini Villas – Burbank – Insurance
12. Sierra Glen Condos – Insurance
13. American Beauty Condos – The brown ones – Insurance – 50 Mil in coverage for 748 units is not nearly enough!

Please let me know if you hear anything new on condos or townhouses.

Interest rates are higher today. There goes my prediction for rates in the 4’s, LOL!

• 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge
• We do loans in all states, so call me with anything you need.  
• Government Loans (FHA / VA) are in the high 5’s and low 6’s
• Conventional Loans up to $765,550.00 are in the low to mid 6’s
• High Balance Loans $765,550.00-$ 1,148,325.00 are in the mid to high 6’s
• Jumbo loans above $1,148,325 are in 6’s
• Bank statement loans - They are available with 10% down again! 8’s and 9’s depending on down and credit score.
• No income qualifier – 40% down with reserves! In the 8’s!
• 0 down loans are in the high 7’s – 660 credit score min right now, up to $740,000.00.
• Private Money lenders - hard Money Loans – 35% down!
• No Ratio Loans 30% down
• Debt Service Coverage loans with as little as 25% down
• Bridge Loans - typically 7.500% with limited fees – and they get you where you need to go!
• 0 down California Dream for all Equity Share – Postponed until February 2024???
• 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates!

Interest rates are subject to change without notice! Above are LA County Loan Limits.

I am available all week if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. Please text (661-714-6258) or email me at Mike@AugustaFinancial.com.

Have a great day and an even better tomorrow! Please call me when you have a client who needs to borrow!