The new trend in contracts appears to be “Shooting for the Moon.” Our active real estate inventory has been below average for months, many buyers are finding themselves in competition for each and every home they are interested in purchasing. Becoming slightly frustrated by losing out again and again, buyers often turn to creative ways to make their offer stand out. The most recent trend in contracts is to offer well above List Price, as much as 30%, expecting a low appraisal then requesting a reduction on sales price. I want to go on record, “Sellers I work with are wise to the game.”
As a Seller representative, I present all offers to the Seller but can not recommend they seriously
I have been encouraging clients to try and buy as soon as possible. While MRIS has indicated overall improvement in existing home sales, they expect prices to drop more in the next quarter, creating an interesting conundrum: Wait until tomorrow because maybe it will be cheaper! That has been the cause of much of the drop in home sales for the past few years. I will explain why now will be the best time to buy.
Vince Farrell at CNBC (you can read his article here) echoes some of these concerns in his article today. It appears that interest rates may be affected by the issuance of billions more in Treasury bonds that helped drop the Dow Jones average by 150+ point yesterday. It also saw a 0.12%
LEADING REAL ESTATE COMPANIES OF THE WORLD® — IT’S MORE THAN JUST A NAME. IT’S A DISTINCTION.
We are proud to be an affiliate of Leading Real Estate Companies of the World®. Because our standards may be even higher than yours. This exclusive group is comprised of only the finest firms in the industry, forming a global network that surpassed $370 billion in home sales last year – more than any other real estate organization. So whether you are looking to buy or sell your home – here or across the globe – call on us, for the finest service available.
SEARCH FOR HOMES: www.averyhess.com
Every morning we wake up and read about the hot new piece of technology that is going to "revolutionize" Real Estate.
We read about how the credit markets, mortgage markets and Real Estate markets are inexorably intertwined. We read about how the Internet, Mobile Apps, and Social Media are transforming business at warp speed. It is enough to almost lead us to believe that tomorrow a gigantic Real Estate robot will plummet from the skies and begin to churn out Real Estate transactions by mixing a digital signal with helium and phosphorous.
Yes, it is true that technology has made a significant impact on the Real state industry and the way in which information is delivered. It is true that
Everybody looks at their purchase of real estate as an investment. There are shows dedicated to telling you how great the tax advantages are of owning property and writing off mortgages as opposed to paying rent. Naturally, when an investments value falls, so does interest in that asset. I assert that waiting to see the bottom means you lose out on the best part- owning a home!
Buyers need to appreciate many of the non-monetary values of owning as oppsed to renting: planting your own garden, painting the house colors YOU like, learning how to fix clogged toilets and pipes yourself to save money and learn a new skill, or even add your own personal improvements around the home. It requires moving
The Avery-Hess April 2009 Bank-Owned Buyers Guide is now available. This guide features a selection of Bank-Owned properties, tips for purchasing them and information about financing as it pertains to these homes.
You can obtain your copy of this guide through an Avery-Hess Sales Associate or by contacting CustomerCare@averyhess.com.
Don't forget to search for all the Active Homes on-line at: www.averyhess.com
We have seen mortgage rates that were already at near historic lows edge down even further in recent weeks. Depending on personal situations, prospective home buyers are looking at interest rates for 30-year fixed mortgages in the 4% - 5.5% range. Our mortgage partner, Choice Mortgage (an affiliate of Wells Fargo Home Mortgage), has today's rate displayed online at 4.625% with 1 point.
WOW. WOW. WOW.
Even if rates go up a anywhere from half a point to a point and a half, these are still unbelievable deals!
But really, what does a drop or increase in interest rates mean? How does this affect you? How does this affect your payment on your mortgage should you choose to buy a home this year?
Are we starting to see light at the end of the tunnel in the housing market? In a report issued this morning the Commerce Department reported housing construction starts jumped 22% in February to a seasonally adjusted annual rate of 583,000. While far from last February's rate of 1.1 million, this jump is the largest in 19 years and begins to offer hope that we're either in the bottom of the housing market or darn close to it. Another pleasing sign was the 3% rise in the issuance of building permits in February. This is another good indicator of continued growth in construction starts. Residential real estate has repriced itself as an asset class, interest rates remain low
You've heard the expression "March comes in like a lion and out like a lamb". Well, March certainly came in like a lion blanketing the northeast with a major snowstorm. So, if the expression holds true it will go out like a lamb bringing us warm springtime weather. In the real estate world there's another expression that the spring market really begins in late January or early February. But it's not too late if you are thinking of putting your house on the market.
Housing inventory is finally beginning to decrease for the first time in several years. When the glut of foreclosures and short sales inundated the market, private sellers could seldom compete with the low prices being accepted by
Wow! What a day! 70 degrees out and sunny, a great time to be out looking at homes!
Everything I am reading/hearing/seeing is telling me that we are seeing substantive signs of recovery in our local Real Estate market. Even the Washington Post had an article in the Real Estate section today that chronicled how buyers who have been sitting on the fence for the last couple of years are now beginning to move on properties because market conditions, prices, and interest rates have created an attractive home purchase proposition for many. In my opinion, once the media begins to pick up on trends (either positive or negative), industry is already well into the early stages of a new business cycle.