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buyer: Are Buyers Starting to Re-Emerge? - 09/23/10 12:00 PM
The summer of 2010 will be remembered by folks in the real estate business as a long vacation from serious, qualified buyers. Since the tax-credit deadline of April 30th, the number of active buyers in my market, Philadelphia, has been very slim, and I've heard similar stories from people in other parts of the country. This has been great for the few serious buyers who were looking this summer - they were able to negotiate great deals in a once-in-a-lifetime buyers' market. On the other hand, sellers have been having a very tough go of it the last few months with … (2 comments)
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buyer: A Good Reason to Buy Now - FHA Increasing Fees in September - 08/06/10 04:16 PM
Starting September 7th, the Federal Housing Administration will raise the annual fees it charges FHA borrowers for mortgage insurance. Lately a huge percentage of buyers have been using FHA loans since they are one of the few options left for a low-down-payment purchase. The annual mortgage insurance fee will initially rise from 0.55% to 0.85% of the loan amount, but is authorized to go as high as 1.5%, at which point it could make housing less affordable to many buyers. To help ease the pain of higher annual fees, FHA is going to reduce the up-front mortgage insurance premium from 2.25% … (0 comments)
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buyer: Where Have All the Buyers Gone? - 07/14/10 01:49 PM
According to this article purchase-money (as opposed to refinance) mortgage applications last week were at their lowest level since December of 1996. If you just woke up from a five year nap and read that you might think interest rates had soared up to the double-digits, but surprise, interest rates are at all time lows as well with 30 year mortgages coming in around 4.5% for qualified borrowers. So if mortgage rates are so attractive why aren't more folks applying for mortgage? Based on my personal experience there are two key reasons:
1. All the motivated buyers bought early this year. … (1 comments)
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buyer: Mortgage Rates at Their Lowest Point of 2010, Great Time to Buy! - 05/21/10 02:59 PM
According to this article mortgage rates are at their lowest point so far in 2010 with a national average rate of 4.84% for 30 year fixed loans and an amazing 4.24% average on 15 year loans. One local lender here in Philly is even offering 30 year fixed-rate FHA loans at 4.25% for buyers with qualifying income (under about $60,000 per year). With rates like these it's a great time to buy a house and lock in a low monthly payment for years to come.
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buyer: States Picking Up Where Federal Tax Credit Left Off - 05/17/10 03:13 PM
With the expiration of the $8,000 federal tax credit for first time (and some repeat) homebuyers, a few states are trying to enact similar programs on the state level to continue boosting their local real estate markets. First California set aside $200 million for first-time and repeat homebuyer tax credits. I thought California was broke, but I guess if the measure gets the housing industry back on track it could go a long way in stimulating the Golden State's economy.
Now New Jersey is considering a tax credit of up to $15,000 for homebuyers who buy in 2010. With a total … (2 comments)
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buyer: Nice Article Defending Philadelphia's Hipness... - 03/17/10 10:58 AM
This slightly tongue-in-cheek article deconstructs a top 10 list of hot cities for young professionals and points out that Philadelphia has a lot more going on than many higher ranked cities. Philadelphia was ranked a lowly 32nd in this ranking, but I agree with the author here that many of the cities higher up on the list are mainly attractive becuase they're super affordable and offer a lot of relatively mundane entry-level jobs. The reason higher-rent cities like New York, San Francisco, and dare I say Philadelphia rarely do well on lists like this is that there is so much demand … (0 comments)
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buyer: Certifiably Certified - Short Sales & Foreclosure Resource - 03/10/10 09:27 AM
As of this week I am officially certified by the National Association of Realtors as a Short Sales & Foreclosure Resource (SFR). To earn this certification I have taken classes on the ins-and-outs of working with both buyers and sellers of distressed properties. This education, combined with my real world experience with foreclosures, short sales, and other distressed transactions over past few years, will enable me to better serve my clients in today's ever evolving marketplace.
If you'd like to discuss distressed real estate transactions such as short sales, foreclosures, tax-lien sales, dilapidated or abandoned property sales, or any other unique … (3 comments)
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buyer: Last Day to Sign Up for Free Tour of Homes - Roxborough & Manayunk - 03/01/10 04:20 PM
The free tour of homes on the market in Roxborough & Manayunk, specifically for first-time buyers is this Saturday, March 6th, and we still have room for a few more people. If interested give me a call or email at 267-496-7739 or jyoakum@brownmckinney.com. For more info see my earlier blog post @
http://brownmckinney.com/james/2010/02/first-time-buyer-tour-of-homes-roxboroughmanayunk/
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James Yoakum, SFR
Philadelphia,
PA
More about me…
Brown McKinney Real Estate Company
Address: 1733 Spring Garden Street, Philadelphia, PA, 19130
Office Phone: (215) 825-2250 x 1002
Cell Phone: (267) 496-7739
Email Me
Observations from my work in the wide world of real estate with a frequent focus on the Philadelphia market.
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