Mortgage Rates at Record Low Again
Posted on Oct 2, 2012
Mortgage rates again fell record low levels this week, as the Federal Reserve’s decision to buy billions in home loans for the foreseeable future continued to lower costs for would-be home buyers.
Mortgage finance backer Freddie Mac’s weekly survey showed the average 30-year fixed-rate mortgage fell to 3.40% from 3.49% the previous week, which had matched the previous record low set in July.
The fixed-rate 15-year mortgage also hit a record low of 2.73%, down from the previous record of 2.77% a week earlier.
The Fed announced Sept. 13 that it would be buying $40 billion in mortgage-backed securities each month for the foreseeable future. The idea of the purchases, popularly known as QE3, is to spur economic activity by pumping more cash into the economy and driving down rates. Those taking out new home loans, either to purchase or refinance, will be among the first beneficiaries of the Fed’s policy.
“This is what the Fed wanted to see. So far, so good,” said Keith Gumbinger, vice president of HSH.com, a provider of mortgage information and analysis. He estimates that rates could continue to fall another 0.1 percentage point or so in the coming weeks as the full effect of the Fed action is felt by the market.
The low rates can help the economy even beyond the effect it has on the housing market, by putting more money in the pockets of homeowners who refinance. Someone who bought a house a year ago by borrowing $200,000 at the 4.09% 30-year rate can still reduce their payments by more than $1,000 a year by refinancing at the current rates. Savings are larger if they borrowed more money or paid higher rates.
As reported by CNNMoney… http://money.cnn.com
Top Home Improvement Projects in the Eyes of Realtors and Sellers
Posted on Sep 21, 2012
Both real estate agents and home sellers see the value in simple home improvement projects…
…saying they believe small renovations can go a long way in helping a home sell faster and for more money, according to a recent Realtor.com survey.
Home sellers may not need as much convincing as previously thought on the reasons why you should spruce up your property before the sale sign goes up, according to a survey of 450 REALTORS® and more than 1,600 home owners.
But as sellers realize the importance of home improvement projects to improve a home sale, are they targeting the right projects to attract home buyers?
Apparently so, according to the survey.
Sellers and agents agree on the top three areas of a home that sellers should focus their most time and budget on with home improvement projects. Those are:
- Kitchens
- Bathrooms
- Exterior of the home.
They also tended to agree on what low-cost projects are most important address prior to resale:
- Decluttering
- Painting
- Landscaping projects
As for what’s not worth the time or money, they agreed again: Spending time on the closets, garage, and hardscaping (which is landscaping for driveways or other paved surfaces).
Real estate agents also had two extra recommendations when prepping a home for sale that sellers didn’t rank top on their lists: Having the carpet steam cleaned and the house professionally cleaned. Also, agents recommend spending most of the landscaping attention on the home’s front yard, whereas sellers favored spending more attention to the home’s backyard than front.
Sellers also apparently are willing to put some money behind these renovations. According to the survey, about 24 percent of sellers plan to budget $2,000 to $5,000 on home improvement projects; 22 percent budget $5,000 to $10,000; and about 17 percent budget $10,000 to $20,000.
On September 10, 2012, in Remodeling Adviser, by Melissa Tracey
Albuquerque Metro Area Monthly Market Report for August
Posted on Sep 20, 2012
August single-family detached homes experienced the 2nd highest sale month in 2012, with 731 sales, up 13.16% from the same time last year.
According the the Greater Albuquerque Association of Realtors, August was a good month for home sales in Albuquerque! See below for more stats on how the market looked in August.
ACTIVE LISTING
Detached: 4,103
Attached: 431
PENDING SALES
Detached: 1,027
Attached: 101
CLOSED SALES
Detached: 731
Attached: 86
AVERAGE SALE $
Detached: $201,833
Attached: $131,744
Albuquerque Metro Area Monthly Market Report for August
Posted on Sep 20, 2012
August single-family detached homes experienced the 2nd highest sale month in 2012, with 731 sales, up 13.16% from the same time last year.
According the the Greater Albuquerque Association of Realtors, August was a good month for home sales in Albuquerque! See below for more stats on how the market looked in August.
ACTIVE LISTING
Detached: 4,103
Attached: 431
PENDING SALES
Detached: 1,027
Attached: 101
CLOSED SALES
Detached: 731
Attached: 86
AVERAGE SALE $
Detached: $201,833
Attached: $131,744
The Truth About Home Ownership
Posted on Aug 31, 2012
There is a persistent truth about home ownership.
No matter how difficult the last few years have been, and no matter how much of a battering the housing industry takes, Americans still want to be homeowners.
A New York Times/CBS News poll earlier this year said that 89 percent of all Americans continue to see home ownership as an important part of the American Dream.
That’s in large part because our homes are the place where we settle down, raise our children, relax and live out our lives.
And it’s still hard to beat a house as a long-term investment. Home ownership is a contributing factor in building long-term wealth. Historically, a home owner’s net worth has ranged from 31 to 46 times that of a renter.
There are also numerous social benefits to home ownership. People who own homes are more involved in their communities. They vote more, volunteer more and contribute more to their neighborhoods. Even better, their children do better in school, stay in school longer and are more likely to participate in organized activities. As a result, they spend less time in front of the television.
Home ownership even contributes to a better quality of life. Research shows that home owners are happier and healthier. They enjoy more freedom in redecorating and renovating their house to meet their needs. Housing costs are more stable for home owners than for renters, and they can usually deduct mortgage interest and property taxes on their federal individual income tax return—an issue that will come up very soon as tax day draws near.
All in all, Home Ownership Matters! Truer words were never spoken.
By President-Elect Gary Thomas, National Association of REALTORS®
Tips For Making Your Home More Sellable
Posted on Aug 29, 2012
Before you put your home on the market, there are some things you can do to differentiate your house among the competitors.
When preparing to put your home up for sale, your first concern is the home’s exterior. If the outside, or “curb appeal” looks good, people will more than likely want to see what’s on the inside. Keep the lawn and landscape nicely manicured. Trim the bushes and season permitting, plant some flowers. Be sure your front door area has a “Welcome” feeling. A fresh coat of paint on the front door looks great.
Of all the rooms inside your home, pay special attention to the kitchen and bathrooms. They should look as modern, bright and fresh as possible. It is essential for them to be clean and odor free. A fresh coat of paint just may do the trick. Have any leaky faucets taken care of. A call to a plumber is a wise investment.
Since you want your home to look as spacious as possible, remove any excess or very large furniture. Make sure that table tops, dressers and closets are free of clutter. Don’t use your garage or attic to store these extra things. These areas also need to have the impression of space. Instead, put them into storage. Make sure walls and doors are free of smudges and look for anything that might indicate a maintenance problem, such as cracked windows, holes in the wall or stained ceilings.
Quick tips for showings:
· Keep counter tops cleared
· Replace all burned out light bulbs
· Open all drapes and window blinds
· Put pets in cages or take them to a neighbor
· No dirty dishes in the sink
· No laundry in the washer/dryer
· Clean or replace dirty or worn carpets
· Put on soft music
· Burn wood in the fireplace on cold days, otherwise, the fireplace should be clean
Always look at your home from the buyer’s point of view. Be objective and be honest.
Article Provided by Realtor.com… http://www.realtor.com/basics/sell/prephome/saleable.asp?source=web
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