Question: How should I find a real estate agent?
Answer: Open the Yellow Pages to Real Estate, close your eyes and put your finger down. JK! (for those without teenagers, JK = just kidding).
Working with the right professionals in your real estate transaction is critical. To many it seems that there is not much work to being a real estate agent; to these folks they see someone sitting an open house chatting with people, driving people around to look at homes to buy and delivering note pads and “Just Sold!” flyers. Those in the know however, know that a good agent does a lot more than this—and in fact that these tasks are the least of your concern as a homebuyer.
We work with many, many real estate agents every year and very quickly we can determine the level of knowledge, experience and professionalism we will be working with in a transaction. When you are determining who you will work with in the purchase, or sale, of your home there are many factors you should consider.
First and foremost, do you get along with him/her? Buying or selling your home can be very stressful—even the smoothest transactions have stress merely because the transaction involves your biggest asset, in many cases all of your savings, and, unlike a car or refrigerator, if you are dissatisfied with your purchase you can’t turn it in and get a new one.
From determining what home to buy to determining an offer price to negotiating with the seller to following up with possible repair items in a physical inspection to communicating with the seller’s agent to ensuring escrow, title and disclosure reports are accurate and delivered to coordinating final walk throughs to delivering possession to you your real estate agent will be your guide, spokesperson, confidant and sounding board. As such you need to make sure you get along and that there is mutual respect. There is a difference between “getting along” and being best friends, if the latter happens that is great but more importantly you need to be able to have open, honest, clear and constant communication.
Second, your agent needs to be informed on the current state of the industry. Not just the sales prices of the local neighborhood but also the myriad of regulations, disclosures and forms required to transaction real estate. We have seen it happen where near the end of the transaction disclosures come in that should have been provided up front and lo and behold there are some issues that threaten the transaction, and in some cases have caused it to be cancelled after the buyer has spent money on inspections and appraisal they would not have spent otherwise.
Third, your agent needs to have the experience of how a transaction works, how the mortgage process works, how the escrow process works and how and when the pieces fit together. Not understanding how the different entities work and their time frames can cause issues when it creates miscommunication to you, or others, causing needless worry, stress or panic.
Fourth, your agent should be more concerned about your needs and helping you achieve your goal of buying, or selling, your home than what their commission will be. Good agents know that if they do their jobs and do them well they will get paid, and get referrals to ensure they will continue to get paid in the future. By focusing on the service they provide, on ensuring you are properly informed of issues and possible solutions, and knowing the difference between telling you what to do and advising you on the best options available agents separate themselves from those focused on the commission being paid and working to ensure they get paid. I know many agents that have told a buyer to back out of a transaction because something is wrong, I have also seen agents try to convince a buyer to move forward knowing it is not in the buyer’s best interest because the agent wants the deal to close to get paid.
Like any industry there are really good and not so very good---in fact bad—people, the real estate (and mortgage) industry is no different. When selecting an agent to work with on this very important transaction it is important that you work with one of the good ones. So how to find the right agent for you?
Ask family, friends, co-workers and people you trust who they would recommend. Did they have a positive experience? What were some of the issues they may have had and how did their agent handle them? Was there open and constant communication? Did they feel like they worked for the agent or was it more like a partnership with the agent giving advice and direction?
Drive around the area you are thinking of purchasing in. Visit open houses and meet the agents to see how they communicate with you. Are they selling you or meeting you? Which do you feel more comfortable with? When driving around you may see a lot of for sale signs by the same agent. Contact him/her and see if they work mostly with sellers or if they work with buyers as well. If they offer a list of possible homes for you to consider are all/most of the homes their own listing?
When you first meet with an agent ask them what their experience is, what homes have they sold in the area, do they work directly with the client or use assistants or other agents as part of a team—and if so can you meet them before agreeing to work together. Why did they get in the business and what do they like about it? Have a conversation with them, ask probing questions keeping in mind you are actually conducting a job interview.
There are a lot of variables to consider when you are looking for an agent, make sure you take your time to find someone who you feel comfortable with and you feel is competent and will be able to properly assist you and represent you on your home purchase, or sale. And very importantly, if once you start working with them you feel that you are not getting the service and communication needed start your process over.
You are buying, or selling, your most important and expensive asset—more importantly your home. Make sure you are working with people you trust, you know to be working for your best interests and are able to communication openly and clearly with you through the process.
Have a question? Ask me!
Remember, with Dennis it’s not just a mortgage, it’s your complete financial picture.
After falling last month consumer prices rose in October, up 0.2% from September. Year over year the Consumer Price Index is 1.9% higher—just below the Fed’s 2% inflation target. With the Producer Price Index dropping the past two months there is a disconnect between wholesale and retail prices. The news should have been mortgage market unfriendly but with other world events rates did not move up as would be expected.
Minutes from the Federal Reserve’s October meeting were released on Wednesday. As we know there was no rate hike in October and the minutes support the consensus that there will be a 0.25% hike in December. At this point most of the markets have priced in a Fed rate hike and as a result the minutes release did not have an impact on mortgage rates.
Surprisingly the terror attacks in Paris had minimal impact on markets. Typically when something very bad happens in the world stock markets drop and bond markets go up (lower rates) as investors leave more volatile investments for more stable investments, called “flight to safety.” This past week however there has been very little reaction in economic markets to the incidents in Paris, Kenya and now Mali.
Rates for Friday November 20, 2015: Mortgage Backed Securities had a pretty good week, gaining back some of the losses from the past few weeks (higher prices = lower rates). The conforming rate dips from last week and while high-balance is flat from last week it is a bit softer. Moving forward into a short holiday week, plus the events on the international scene should see rates being relatively stable next week as investors hold bond positions. The following week however could be volatile with November jobs report ahead of the December Fed meeting. During this period I suggest locking in our loans
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS
30 year conforming 3.875% Flat
30 year high-balance conforming 4.00% Flat
30 year FHA 3.25% Flat
30 year FHA high-balance 3.50% Flat
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down (3.5% for FHA) with 740 FICO score for purchase mortgages. ***FHA rates have no points and credit towards closing costs, recent rate change reduces credits
A tumultuous time. As we head into our national holiday of Thanksgiving we do so with a cloud overhead as our world is not a peaceful one with terrorists attacking the general populations of countries around the globe. As I prepare our Thanksgiving meal, enjoy it with family and think of what I am thankful for it will be that I have a wonderful wife, daughters and family, enjoy many friends, work with so many great people and live in a country in which disagreement is always present, but our differences and change in governance occurs without violence guided by a Constitution protecting our speech, our faiths, and our personal liberty.
Have a wonderful Thanksgiving and enjoy the time with family and friends,
Question: What about earthquake?
Answer: A lot of feedback from last week’s question of the week (Should I get flood insurance with El Nino coming this winter?), and a few folks asked this week’s question as a natural follow up.
Last week we discussed risk/reward aspect of paying for a flood insurance policy for the winter in case you do sustain damage from the winter El Nino storms and the calculation of potential loss vs the premium and deductible costs.
Earthquake insurance determination has a similar mathematical exercise, tempered by your risk tolerance.
What is your premium, what is your deductible and what are you covering? With flood insurance you typically are not covering the possibility of completely rebuilding your home, but rather replacement of damaged floors, possible reconstruction of some walls, etc. With earthquake insurance you could be looking at rebuilding your entire home, or a good portion of it depending on the size and location of the seismic event.
Depending on the coverage you require, i.e. how much to rebuild your home, your premium can vary. Also impacting your premium is your deductible. As a rule earthquake policies generally have a high deductible, the low starting point is 5% of your home’s replacement value.
Your calculation is what is my premium, how much deductible would I have to pay if there is a significant event triggering the insurance and what am I insuring?
Example: You have a home with a coverage of $300,000, your home is worth $500,000 (remember your replacement cost is lower than total value since a good part of your value is location, i.e. dirt, and dirt doesn’t burn or collapse in an earthquake). You recently purchased your have and you owe $450,000.
If you annual premiums for this situation are $500 per year and your deductible is $15,000 you are looking at spending $21,000 in the first year (500 x 12 months + 15,000) to protect $50,000 in equity (your current value less your loan amount). Is this worth the cost of the insurance to you?
Same situation but you only owe $300,000 on your home: you are spending $21,000 the first year (premium plus deductible) to protect $200,000 in equity.
I say “first year” and include the deductible as that would be your total out of pocket for the coverage.
The general rule for most people is the greater your equity the greater the benefit you would receive by obtaining earthquake insurance. When real estate values dropped many people retained earthquake insurance for homes in which they were upside down, essentially spending money to protect the banks’ interest. Now however with values up many homeowners are finding it prudent to protect their financial investment and obtain earthquake insurance.
If you do decide to get earthquake insurance, or voluntary flood insurance, keep in mind since it is not required by the lender you do not have to, and should not, put your lender down as a loss payee. If there is an event that triggers the insurance and a payout it would be up to you to use to pay your mortgage with the proceeds, to rebuild or to do neither and retain the insurance payout.
If you are thinking whether earthquake is for you or not and want an idea of approximate cost you can use the calculator on the website for the California Earthquake Authority, and/or contact your insurance provider to discuss in more detail the risk/reward and cost/benefit particulars for your situation.
After last week’s shocking employment data pushed rates higher, we have had more sobering economic news this week that should (could?) put a pin hole in the “Fed will raise rates” balloon. Producer Prices fell in October, the second monthly decline in a row. This is significant as it portends lower prices for consumers as well which portends economic slow down. The PPI showed a drop of 0.4% for wholesale prices for the month, well below expectations of a 0.2% increase. September and October combined show a drop of almost 1% in the PPI. Year over year wholesale prices have dropped 1.6%, taking out food and energy prices are up 0.1%--showing the impact lower prices for oil over the past year have had on prices overall.
Also coming in soft are retail sales in October, increasing 0.1%, matching September. Combined with lower wholesale prices, lower retail sales puts pressure on rates to drop after their spike last week following the employment report.
Rates for Friday November 13, 2015: After rates climbing three weeks in a row we have seen a pause and rates are flat from last Friday. Mortgage markets are poised for a bit of a downward correction following today’s economic data. Still rather volatile and my suggestion is to lock in your rate when you are able to protect against another sudden spike.
My fellow morning dog walkers are showing some signs of summer’s true end as gloves and caps…and long pants…have replaced shorts, t-shirts and ball caps. Now it feels right to start turning our attention to Thanksgiving preparations.
Happy Friday the 13th to those with triskaidekaphobia hiding under their desks or coming out of their dark safety rooms to read this weekly update!
Have a great week,
Question: Should I get flood insurance?
Answer: This question is usually asked in the negative, “do I have to get flood insurance?” and comes from clients who are purchasing a home in a FEMA designated flood plain in which flood insurance is mandatory, and expensive. This week’s question however comes from friend Brian at our monthly breakfast get together with other Rotarians.
Brian’s question was due to the heavily predicted El Nino storms hitting Southern California this winter. As usual to answer a question I asked several more.
Have you ever had your home flooded before? No, but in the last major winter storms from an El Nino the water came pretty high up our yard, and we live near a water conduit that flows into the San Gabriel River that closes during high tide or if the river gets too high to prevent back flow. If we have high rains and high tide we might be in trouble.
Have you priced it out? Yes, about $450-500 with a deductible of $2500.
If your home does experience flooding from the rains will your losses and costs to clean up exceed the deductible? Absolutely.
Then you might want to hedge your bets, get the insurance for the rainy season and then see about cancelling it once the spring comes. Keep in mind if you try to place it again next year or in the next few years you may be charged a higher premium for cancelling, but if we have El Nino for this winter then a few more years of typical Southern California drought type weather then you should be fine.
Voluntary flood insurance is cheaper than mandatory flood insurance, so it is something many homeowners who have experienced almost…water damage in past years may want to strongly consider this winter. Remember if water damage is caused from your pipes or from above your homeowner’s policy generally covers any damage, if the water damage comes from the ground however it is not.
Contact your insurance professional and ask him or her about their flood policies and determine the cost to you and weigh against the risk of loss versus the cost of premium plus any deductible.
And if you do get a voluntary flood policy remember since it is not required by the lender you do not need to have the lender included in the loss payee. Then is you do have a claim the payee on the check is just you and you will not need the lender to release the funds as well.
Be prepared for what could be a historic winter in Southern California. Check your windows, make sure your gutters are clear and that your down spouts move the water flow well away from your home and foundations.
BOOM! That was the noise the markets made this morning as traders broke the sonic barrier to sell bonds and Mortgage Backed Securities (MBS). Why the large sell off and corresponding sharp drop in prices (higher rates)? As it does on the first Friday of every month, the Labor Department release jobs data for the prior month, in this case October. The expected number of new jobs created in October was a very broad range for those who make up the “consensus”, ranging from 150,000 on the low end to 220,000 on the high end. When the data was released it showed 271,000 new jobs created in October, well, well, above the highest range of expectations. Boom.
Since the Fed has repeatedly stated it was closely monitoring the employment situation and needed to see a strong and steady jobs market before raising rates, the market movers saw the surge in new jobs in October as an indication of a strong and steady and therefore putting a rate hike at the Fed’s Open Market Committee in December as much more likely. Anticipating higher rates investors sell off MBS and other fixed rate investments and the result is a spike in interest rates.
Looking at the details and not the final number, we see a few items that warrant more attention and cause some (me) to consider the instant reaction this morning somewhat over the top and that there is a possibility that we see a rebound starting early to mid-next week. First, the surge in October follows two very disappointing months in August and September for job growth; our two month average for job growth is right around 200,000—not a number that causes much excitement. Second, the participation rate is still low at 62.4%, unchanged from September. Third, the average work week remains stagnant at 34.5 hours per week. Rate doves will point to this data as a reason to not move rates, the rate hawks will point to the strong increase in employment, the drop in the employment rate and the increase in hourly pay rate as reasons to increase.
Rates for Friday November 6, 2015: Today investors are betting on the rate hawks getting their way in December and the Fed issuing a rate hike. The result has been a jump this morning in rates and the market is pressuring for higher rates, perhaps before the day is over. If you are floating on your loan you may want to refrain from a lock today and see what the market brings on Monday and early next week as the damage was done before most people on the West Coast got out of bed this morning. Conforming rate is at its highest level since the last day of July and up 0.25% over past two Fridays.
30 year conforming 3.875% Up 0.125%
30 year high-balance conforming 4.00% Up 0.125%
30 year FHA 3.25%**
30 year FHA high-balance 3.50%**
Looks like Fall has arrived, I can tell because I’m not wearing shorts walking the dog at 6:30 every morning. Thankfully some chill in the air!
Question: Why can’t you use my bonus income for my loan qualifying?
Answer: For income to be used for qualifying for a mortgage it has to meet certain criteria: is there a history of receiving it, is it consistently received and is it likely to continue.
There are some exceptions to these guidelines, mostly for someone who has recently taken a new job. Depending on the situation we can often use income from a new job, as long as certain criteria are met. If you have been a librarian for ten years at a county library and then switch to become the librarian at a city or college library then we would could use the income from your new job to qualify for a mortgage. If you are a recent graduate from college, or finished a program that has you certificated, and take a job in a field related to your major—such as a teacher, or a firefighter, we can often use the income from your new job.
Bonus income however is treated differently than salary income, since it is called “bonus” and not “guaranteed” income it has a fluctuating nature and is subject to not being paid at times. As such the basic guidelines are that employer verifies the bonus has been received for at least two years and is probably will continue. So if you received bonus income in 2013, received not bonus in 2014, and have already received your bonus in 2015, chances are we will not use the bonus income since it appears to be sporadic.
What if you change jobs? This is a case-by-case situation. If you are the sales manager at a Toyota dealership and have received bonuses for several years and last you changed jobs and became the sales manager at a Honda dealership and received a bonus we would most likely count the bonus, averaging it with the prior year’s bonus. If however you are switching from managing a Toyota dealership where you received bonuses and become a manager at a Best Buy chances are less likely the bonus income from Best Buy would be considered until you have a history showing it is consistently received.
When calculating bonus income to be used for qualifying for a mortgage the formula is similar to commission or self-employed income. If the most recent year’s bonus is the same or higher than the prior year’s bonus then a two year average is used. If the most recent year’s bonus is less than the prior year’s then the lower year’s amount is used. For example, if in 2014 you received a $12,000 bonus and in 2015 you received a $15,000 bonus then we would average the two and use $13,500 for qualifying. If, however, the years were reversed and you received $15,000 in 2014 and $12,000 in 2015 then we would use $12,000 for qualifying.
When it comes to those who have income that is comprised of base pay plus the commission the rules and calculations are the same. The commission income must be historical, consistent and likely to continue.
Not a great amount of positive economic news in releases this week. New home sales dropped dramatically in September, durable goods orders slowed showing weakness in manufacturing and 3rd Quarter Gross Domestic Product data missed expectations showing the economy grew at a 1.5% rate following the 3.9% growth in the prior quarter. Importantly in the GDP data was the price index increased only 1.2%. In a normal environment the combination of data would result in mortgage rates slipping lower.
The environment becomes not normal however when it is released surrounding an announcement from the Federal Reserve’s Open Market Committee—the little group that determines if the Fed is going to move its fed funds rate. That announcement came on Wednesday, and to the surprise of no one that even remotely follows this sort of thing, the Fed announced it was holding steady on the funds rate. In the announcement the Fed reiterated that it would move the rate when it saw improvement in employment and felt confident that prices would reach the fed’s goal of 2% inflation; conditions which may present themselves by the December meeting of the committee. The Fed’s own commentary on the economy however suggests that a December rate move is more than a little unlikely. Changing its description of the job market from “solid” in September to it now having “slowed,” and saying unemployment rate is “steady” versus saying it was “declining” in September, the committee appears to think strong employment gains are not apparent in the near future.
Personal income and spending data released this morning supported the rate doves in the Fed who will look to pass on a December rate hike. Income rose only 0.1% in September, matching the increase in consumer spending. The data also presented prices dropping 0.1% in September and up only 1.3% year over year, well below the 2% inflation target for the Fed. This news should be mortgage rate friendly but following the increase in rates following Wednesday’s Fed announcement we shall see if the data is friendly or not.
Rates for Friday October 30, 2015: One would think that the Fed maintaining near zero rates would cause investors to buy bonds and Mortgage Backed Securities, causing mortgage rates to drop. The reaction following the announcement was the opposite as investors pushed stock prices higher and rates went up as well. Rates up a tick from last week, and the three weeks before that. This should be temporary as markets settle back down to economic news and get away from Fed speculation. Key word….”should”
30 year conforming 3.75% Up 0.125%
30 year high-balance conforming 3.875% Up 0.125%
30 year FHA 3.25%** Flat
30 year FHA high-balance 3.50%** Flat
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down (3.5% for FHA) with 740 FICO score for purchase mortgages. ***FHA rates have no points and credit towards closing costs
Boo! Looks like this is our milestone year as it appears this will be the first year neither of our girls goes trick or treating. Too bad as Mom and Dad count on the big bowl of goodies to pick through for a few weeks! Have a terrifyingly happy Halloween!
Oh, and don’t for get to fall back on your clocks!
Question: Should I use mortgage insurance for my transaction or a “piggy-back” mortgage?
Answer: Following up on last week’s explanation of what is a piggy-back, this week we compare the piggy-back to using mortgage insurance for those with less than 20% equity in their purchase or refinance transaction. (For those unfamiliar with mortgage insurance or who want a detailed explanation here is Weekly Rate & Market Update from October 9, 2015 explaining mortgage insurance and how it works.)
The answer to the question, whether it is better to use mortgage insurance or a piggy-back is the same to many question and one my kids could probably give they have heard it so many times: Do the math!
It is a bit more complicated than just a math problem as other factors need to be accounted for in the decision, such as comfort with changing payments, ability to pay additional amount above and beyond minimum payments, expectation for future home values are just some to consider. Let’s dive in.
Before looking at the math let us consider that mortgage insurance for conventional loans has three options, lender paid mortgage insurance with a higher interest over the life of the loan, single premium financed mortgage insurance with a higher initial loan balance, and monthly mortgage insurance with a monthly premium. Of the three options only the final option, monthly premiums, has the ability to go away in the future.
This is an important factor when deciding if you wish to obtain mortgage insurance or use a piggy-back. The standard guideline is that if you have had your mortgage for twenty-four or more payments and payments have been made on time and (AND) your mortgage loan to value is less than 80% of the then current market value as determined by a report from an appraiser who is approved by the lender, then you can have the mortgage insurance removed from your monthly payment.
On the piggy-back transaction the monthly payment will not go away until the debt is paid in full. As well most piggy-back transactions use a Home Equity Line of Credit (HELOC) as the financing vehicle for the second, or piggy-back, mortgage. Unlike a fixed rate second a HELOC has a variable rate tied to the Prime Rate and typically there is a margin added to the rate. Our most popular and successful HELOC used for a piggy-back transaction has a rate of Prime + 2.24%. Today the Prime Rate is 3.25% add the margin of 2.24% and the rate is 5.49%.
One feature many homeowners like, at least initially, is that the minimum payment on the HELOC is interest only. This minimum payment typically continues until ten years into the mortgage when the payment changes to fully amortize the mortgage for ten remaining years. This causes the payment to increase dramatically as it becomes principal plus interest, unless you have paid down the principal.
Because the interest rate is tied to the Prime Rate the rate you will pay is adjustable, whenever the Prime Rate changes so does your interest rate and your minimum payment. The question on the Prime Rate is not if it will go up, but when, which begs the question, by how much? Common wisdom is the rate will begin to go up next year and many feel we will see a series of increases totaling approximately 0.50% per year (one-half of one percent).
The math problem if one has the option between financing with mortgage insurance or a piggy-back is based upon monthly payment. Which option will give me the lower payment? And for how long?
Below are three charts that compare options for a couple purchasing a $450,000 home with 10% down with a 30 year fixed rate mortgage at 4.25%. For the mortgage insurance option the couple will have one mortgage of $405,000; for the piggy-back option the couple will have a first mortgage of $360,000 and a HELOC for $45,000 (totaling $405,000 in mortgages).
As you can see in the first chart (Mortgage Insurance) the payment for principal and interest on the mortgage and the MI payment are constant through the first 48 payments. The assumption I have made is that the home will increase in value at 2% per year so the couple will be able to eliminate their MI payment after 48 payments due to the decline in principal of their mortgage and increase in home value. Then after providing approved appraisal to their lender they drop their mortgage insurance and save $165.38 per month (almost $2000 per year).
Looking at the second chart (Piggy-Back) I assumed the Prime Rate would increase half a percent per year for three years, from payment 13 through 48. As you can see the payment goes up modestly per year, a little under $20, and over four years the payment increases just over $55 per month. However as you can see the balance on the HELOC remains at $45,000.
Chart three (Monthly Payment Differential) compares the monthly payment difference between having a monthly MI payment or a monthly piggy-back payment, as you can see the piggy-back has a lower monthly payment through the thirty-sixth payment. The far column shows the cumulative savings of having a piggy-back versus using mortgage insurance for your purchase. As you can see after you have lived in the home for four years you have saved over $5000 by making interest only payments even if rates have increased 1.5% during that time. However, you still have a $45,000 balance.
The final chart (Pay Differential Into HELOC) looks at what happens to your HELOC balance if instead of putting the monthly savings into your pocket each month you instead put it into your HELOC payment. As you can see by making the same payment as you would if you had an MI payment after four years you would lower your mortgage balance by over $7000. However, after making $18,000 in payments you would still owe almost $39,000.
Back to our question, should you finance using mortgage insurance or with a piggy-back? As you can see from the charts the answer to that question lies in what you strongly feel will be your financial position in four to five years and realistically, not “well…maybe…”, how long you may own the home.
Other factors to consider are your income path, if you have the ability to pay down large chunks of the HELOC with bonuses or commissions, and your honest assessment of your financial discipline.
As with most of the questions asked about mortgage situations there is no quick and easy answer, nor is there usually one that is clear cut for every client.
A light week for economic data, the most pertinent to mortgages was the existing home sales report released on Thursday. It showed sales in September bounced back after a slump in August and year to year sales are up 8.8% from last September. The median price slipped a bit in September from August but is still up 6.1% nationwide from September 2014. News mortgage rate neutral.
Rates for Friday October 23, 2015: A light week in news was also a light week in trading as Mortgage Backed Securities drifted around the same trading zone they have been in for a few weeks. Boring, flat mortgage market—I love it when it’s boring and rates are stable!
30 year conforming 3.625% Flat
30 year high-balance conforming 3.75% Flat
We could almost feel Fall this week! Fall is my favorite season, I love it when the hot weather goes away and we have crisp mornings that require a jacket of some sort walking the dog and cool to cold evenings and nights. Hopefully the dips in the thermometer we have experienced recently become more frequent and more dippy.
Dennis C. Smith, California Bureau of Real Estate Broker #00966315; NMLS #296660
Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597; NMLS #238166