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Steve Mast, Owner/Broker
CA BRE # 00648524
3116-B Del Monte Blvd
Marina, CA 93933
Office: 831-384-0422

Fax: 831-384-0583
Cell: 831-601-5856
mastrealty@yahoo.com


    
    

Welcome & Thank You For Visiting Mast Realty


HISTORY
Mast Realty was founded by Robert L. "Bob" Mast in 1974 and operates today through Bob's son, Steve Mast and his son Jared Mast, who continue to serve our clients in the tradition of "Service above self" that Bob was so well known for here on the Peninsula.

AGENTS
We have 4 agents, Steve Mast-owner/broker with over 40 years experience here in our area; Jared Mast, who is 3rd generation with 10 years experience carrying on the family tradition; Yang Son Smith, who has been with us  since 1984 and specializes in Commercial property and Business opportunities, and Edgar "Lee" Murray, who joined us in 2015 with over 35 years experience. Highly qualified experienced professionals with diverse backgrounds that bring a wide range of expertise to our office to better serve your needs. Go to Meet The Team to view their profiles.

OFFICE & STAFF

Sarah Denning is our highly experienced and professional Bookkeeper.
 

Our office is fully equipped with state of the art integrated network of computers and communication systems to handle all your real estate needs. We are members of The Monterey County Association of Realtors, The Multiple Listing Service, Public Record Search services, and Marina Chamber of Commerce. We are also members of the California and National Association of REALTORS and prescribe to their strict Code of Ethics. 

We have worked closely for many years to develop longstanding relationships with Title Companies, Banks, Mortgage Companies, Home Inspectors, Termite Companies, Contractors, and many other resources that will benefit your transactions in many ways.


A family owned and operated firm giving personal attention to each client since 1974.

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Serving the Monterey Peninsula since 1974

SELLERS
WE ARE THE LOCAL PROFESSIONALS! If you're planning to sell your home in the next few months, we offer a FREE MARKET ANALYSIS. This FREE service is designed to help establish your home's current market value. Simply choose Market Analysis and fill out the requested information. We will use comparable sold listings to help you calculate the fair market value of your home.

BUYERS
Click on Dream Home Finder and fill in the requested information. We will contact you with information specific to your request or you can click on the MLS search button and search the entire Multiple Listings yourself which is the most complete and up to date information on the internet. After you have found a property please contact us to obtain further information or to set up an appointment for us to show you the property.

RENTALS & PROPERTY MANAGEMENT
We are a full service property management company with residential rentals, commercial office space, and apartments throughout the Monterey Peninsula, Salinas, and North County.

WE TAKE CARE OF YOUR PROPERTY LIKE IT WAS OUR OWN

Go to Rentals to see our current offerings.

Mast Realty Blog

Marina Rotary Classic Car Show

Mark your calendars for March 23, 2019 to attend the Marina Rotary's 4th Annual CARS IN THE PARK classic car show. Open to all pre 1978 foreign and domestic vehicles and Modern 2 door muscle or special interest vehicles. The event will be held in Marina at the Vince DiMaggio City Park. Go to www.Marinarotaryclub.org for all the details and registration form to enter you car and more details if you would like to be a sponsor.

Buying a Home? 5 Things to Know About the New Mortgage Documents

As part of its mission to reform the mortgage industry in favor of homebuyers, the Consumer Financial Protection Bureau replaced the industry's existing lending forms with more simplified documents. These documents took effect in early October, as part of the CFPB's "Know Before You Owe" initiative.

 

Here are five things to learn about these new disclosure forms.

Four forms become two.

When applying for a mortgage, you used to receive the Good Faith Estimate and Truth-in-Lending Act statements. Before closing, you were given the HUD-1 settlement and final TILA statements.

These days, you only have to worry about two mortgage documents instead of four: the Loan Estimate, which is given to you within three days of applying for a home loan, and the Closing Disclosure, which is sent to you three days before your scheduled closing.

The CFPB says the new forms, which were a few years in the making, are easier to understand and use.

The Loan Estimate helps you better compare loans ...

One of the most important aspects of homebuying, aside from finding the right house for you and your family, is choosing a mortgage that best suits your circumstances.

The Loan Estimate makes it easier for you to compare loan offers from multiple mortgage lenders by giving you a thorough idea of the many expenses related to a loan, including:

-- Your interest rate and whether it's fixed or adjustable.

-- Your monthly payment amount.

-- What the loan may cost you over the first five years.

You get this three-page form with every mortgage application, which helps you make an apples-to-apples comparison among different loans.

... and lenders, too.

Each lender has its own set of origination charges, which include an application fee, underwriting fee and points. These charges are outlined on the second page of the Loan Estimate.

Lender fees are among the few costs over which you actually have control, meaning you can shop around for the source of your home loan. As a rule of thumb, apply for mortgages with at least two or three lenders.

'Cash to close' isn't a mystery.

The first page of the Loan Estimate lists information about the approximate amount of money you should bring to the closing table to seal the deal on your home purchase.

The "Estimated Cash to Close," as it's called on the form, includes the closing costs attached to the loan transaction. If any of the closing costs are added to your loan amount that would also be noted on the Loan Estimate.

The cash to close amount also includes your down payment, minus any deposit you made or seller credits you're given, and also any additional adjustments or credits.

Your closing costs can't vary by much.

The fees listed on the Closing Disclosure -- the form you receive three days before your closing -- may not look identical to your Loan Estimate, but the two documents should be similar.

There are three categories of closing costs: those that cannot increase, those that can increase by up to 10 percent and those that can increase by any amount, according to the CFPB.

Lender fees and the services you aren't allowed to shop for can't increase, while fees for services you can shop for, such as homeowners or title insurance, can increase by any amount. Fees for certain lender-required third-party services and also recording fees can increase by up to 10 percent.

However, if your circumstances have changed significantly since you applied for a mortgage, you will probably be given a new Loan Estimate, which would restart this part of the homebuying process.

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Real Estate News!!!

Latest Realty News from NAR

November 2018 Housing Affordability Index

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.99 percent this November, up 19.1 percent compared to 4.19 percent a year ago.

  • Housing affordability declined from a year ago in November moving the index down 10.6 percent from 161.0 to 144.0. The median sales price for a single family home sold in November in the US was $260,500 up 5.0 percent from a year ago.
  • Nationally, mortgage rates were up 80 basis point from one year ago (one percentage point equals 100 basis points).
  • The payment as a percentage of income was up from last month at 17.4 percent this November and up from 15.5 percent from a year ago. Regionally, the West has the highest payment at 23.8 percent of income. The Northeast had the second highest payment at 17.1 percent followed by the South at 16.8 percent. The Midwest had the lowest payment as a percentage of income at 13.7 percent.

  • Regionally, the Northeast recorded the biggest increase in home prices at 8.2 percent. The South had an increase of 3.8 percent while the West had a gain of 2.4 percent. The Midwest had the smallest growth in price of 1.6 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The Northeast had the biggest drop in affordability of 14.4 percent. The South had a decline of 9.3 percent followed by the Midwest that fell 9.2 percent. The West had the smallest drop of 7.2 percent.
  • On a monthly basis, affordability is down from last month in all of the four regions. The Northeast region had the decline of 5.5 percent. The South had a decline of 2.0 percent followed by the Midwest with a dip of 1.8 percent. The West had the smallest dip in affordability of 0.7 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 181.9. The least affordable region remained the West where the index was 105.0. For comparison, the index was 148.8 in the South, and 146.4 in the Northeast.

  • Mortgage applications are currently up while credit availability is down. Rates are higher this month but are still historically low. Home prices are up 5.0 percent while median family incomes that are growing 3.0 percent. The job market is steady. More inventory is welcome on the lower end of the market whereas there is more supply of inventory for high priced homes.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Throwback Thursday: First-Time Homebuyers Then and Now

In 1981 when NAR first started tracking the data, the average age of a first-time homebuyer was 29.  They made up 44 percent of all homebuyers.  Sixty-eight percent of first-time buyers were married couples, 12 percent were single female and 13 percent were single male (seven percent were other).

In contrast, in 2018, the average age of a first-time homebuyer was 46 and they accounted for 33 percent of all homebuyers.  Fifty-four percent were married couples, 18 percent were single female, 10 percent were single male, and 16 percent were unmarried couples (two percent were other).

In 1989, first-time buyers largely rented an apartment before they bought their home at 80 percent, and 15 percent lived with parents, relatives, or friends.  In 2018, the share of first-time buyers that lived in an apartment before they bought their home slipped to 71 percent while the share of those that had been living with parents, relatives, or friends previous to buying rose to 23 percent.

Planning to Buy a Home in 2019?

Mortgage rates are starting off 2019 at very good levels. In fact, mortgage rates declined, starting the new year with the 30-year fixed rate mortgage dipping to 4.5 percent last week from 5 percent a month ago, according to mortgage finance provider Freddie Mac[1]. After a year of gradual increases, mortgage rates are declining. Stock market volatility, global trade worries and the government shutdown are pushing rates down to their lowest levels since August.

But how do mortgage rates affect homebuyers? Fixed-rate mortgages are amortized over the life of the loan. That means that at the beginning of the loan term, most of the mortgage payment goes toward paying off interest. Over time, a larger percentage of the monthly payment is applied to the loan’s principal balance. Thus, when interest rates are low, homeownership is more affordable. If less is spent on interest, homebuyers may be able to afford a larger loan. However, higher rates increase the long-term cost of owning a house.

NAR calculated the monthly payment based on the mortgage rate in the first week of January (4.5 percent) and the rate (5.0 percent) that was previously expected. Nationwide, it is estimated that the monthly payment at 4.5 percent rate is $1,208, while a higher rate of 5.0 percent increases the monthly payments by $72 to $1,280.

The effect of the mortgage rates varies from location to location. In high-end areas, homebuyers are expected to benefit more from lower rates than homebuyers in other areas. For instance, in the San Jose-Sunnyvale-Santa Clara, CA metro area, comparing the monthly payment at 4.5 percent and 5 percent rates, homebuyers pay $353 less every month for their payment at a 4.5 percent rate. However, at the low-end areas, in Youngstown-Warren-Boardman, OH-PA, the monthly payment at 4.5 percent rate is $26 less compared to the payment at 5 percent rate.

The visualization below allows you to see how much the monthly payment changes at 4.5 and 5.0 percent rates for 178 metro areas:

We also calculated the monthly mortgage payment for 3,119 counties and county-equivalents in the United States. Please visit the following web page to see the monthly mortgage payment at the county level.

Thus, homebuyers can still benefit from lower rates. Although the average rate on the 30-year fixed rate sat just below 4 percent for a year in 2016, homebuyers should bear in mind that, back in 1982, the rate was over 17 percent for more than a year. Moreover, historically[2], the average mortgage rate is 8 percent. Therefore, rates are still historically low. Looking ahead, NAR is forecasting the 30-year fixed rate mortgage to average 4.9 percent for 2019 and 5.2 percent for 2020, respectively.

See below how the 30-year fixed mortgage rate has been trending since 1971:


[1] Primary Mortgage Market Survey, Freddie Mac.

[2] Between 1971 and 2019.

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Testimonials Page

I have worked with several different RE agents, in the past, but Steve is hands down the best. Imo he is everything an RE agent should be, when I called, he answered, or called back, he made sure every detail within reason, was completed correctly, so in the future, I would not be disappointed. Above and beyond, I cannot say enough, because a mere thank you is somehow still inadequate. Steve made it a great experience, understood our perspective, and explained, what we didn't understand, about others perspective. Jane and I thank you so much Steve, and are glad that we found an agent that actually cares about doing it right. We are very lucky to have found Steve, as I know the difference between, an agent working to get it right, or the alternative of, just wanting to get paid, and move on. Sincerely John and Jane
Hi Steve, I wanted to thank you, for all the help you have given me through the years. You are wonderful to work with and you have always been so nice to my Dad through the years. You are the only person we will ever work with. Thank you. Sue
Steve, thank you for your help in getting our transaction completed. Good thing we had you to guide us through. Don
How nice it was working with you and we so appreciated your guidance in getting through the paperwork. Thanks so much! Fondly, Jerri
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