home buyer information: A New Look at interest Rates
- 12/09/22 03:59 PM
I saw some revealing information from Fairway Mortgage on a video today. Our 30 year conventional rates are now floating around the 6.5% range. The only times in recent history(Since the '70s) that they have been lower was during the crash of 2008 (Brought on by crazy lending practices and an over supply of inventory) and during the pandemic. So 6.5% doesn't look too bad, historically. It's just that we were spoiled by the rates in the 2's and 3's. Unfortunately, We won't be seeing those rates again for awhile. Now, it isn't likely, but say that you lock in to … (3 comments)
home buyer information: Buyers are tired of bidding wars. How to get around it
- 06/05/22 02:49 PM
I sold a great solid home yesterday to some wonderful buyers. They had lost 2 homes before due to bidding wars. This is something that every buyer today fears and hates. People are going so far as to take out the appraisal and/or the inspection contingencies to get their offer accepted (Not advisable). The situation was this: This was a great solid home, but it had ceramic tile countertops in the kitchen and baths, not granite or quartz. This was not a big deal to my people. Also, as we know, everyone today wants to see grays and whites in the home … (2 comments)
home buyer information: Are we looking at another housing bubble bursting?
- 04/27/22 04:22 PM
Absolutely not! When we saw the bubble burst in 2008, (That was hard on everyone in the business), there were a lot of causitive factors that were in place then that are not now. One of those factors was, if you had a pulse, you could get a mortgage an there were many loans out there, particularly the 80/20 ones where people could buy an $800,000 home with little or no money out of pocket. There were many people doing ARMS. They were burned when interest rates and their payments went up. People were actually able to have mortgage notes that … (1 comments)
home buyer information: What is energy efficiency worth?
- 02/16/22 02:47 PM
Some people are downsizing, in this age of extreme inflation, just to save money on utility bills and maintenance. This may not be what you need to do. There are several energy efficient modifications that can be made to your home or if you're shopping for a new home, make sure that these features are in place. Energy companies often offer rebates for theses items to save you money. Now, if your not going to be in your home, be it existing or new, for a long period of time, the money that you spend on efficiency may not come back … (2 comments)
home buyer information: Home Inspections
- 08/24/19 04:19 PM
Home Inspections are a vital part of the home buying process. The home inspector must be licensed. If your purchase is new construction, the inspector must have an "NH" designation, as well. There is an organization, "ASHI", the American Society of Home Inspectors, which is a good designation to have. Remember , the inspection is an educated opinion on the home, it's structural stability, general condition and functionality. Each item on the report is not a "Have to fix", however, many of them are important, especially if it involves safety. Some things just need to be monitored. Others can signal something … (15 comments)
home buyer information: Home listings. Something for everyone
- 05/29/16 09:37 AM
I have been blessed to have several sharp new agents coming to work with me. Where do they their leads to start off? From my listings . Our prices for our current listings start at $123,900 and go to a million and everything in between . Now, I know, in many areas, there is no such thing as listings for $123,900, unless the home is crumbling apart. In central Ms., our housing values are extremely reasonable, compared to most other parts of the country. The point is, these new agents will be able to satisfy most people's needs and budget, regardless … (0 comments)
home buyer information: Interest rates have fallen!
- 03/19/16 11:32 AM
Anybody who has even considered buying a new home needs to act now!. With 30 year fixed rates hovering in the mid 3's and 15 year rates even lower, this is prime buying opportunity. At the risk of sounding like a used car salesman, these rates will not last and we will not see these low rates again in the foreseeable future. In an earlier blog, I stated that the average buyer does not ask the right questions of their potential lender. They ask about the rates and everybody's rates will be about the same. The difference is the closing fees … (3 comments)
home buyer information: Home mortgages
- 01/31/16 10:15 AM
"I was told that I could get a 2.75% mortgage from this lender" You can get this rate from any lender. That is if you pay enough discount points and origination fees. (That is in the fine print)
I get letters in the mail from lenders offering the low rates. People outside of the business may not know what these offers entail. The question is: what will it benefit you to pay all this money up front to buy down your rate on a 30 yr fixed mortgage? Let's say that you would have to keep that mortgage for 10 years to get … (2 comments)
home buyer information: Home Buyer & Seller Information
- 12/20/15 08:34 AM
The Internet and its vast access to information is a great help to everyone , including those of us who practice Real Estate. There are, however, some pitfalls for potential buyers out there. As is my policy,I will not mention any website or brand by name in a derogatory sense in a blog, but, I must reveal some frustrating situations that have come up. These websites are probably some of the more widely used by consumers. I had a very nice lady called me about one of my listings that she saw on one of these sites. She said that she … (4 comments)
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I saw some revealing information from Fairway Mortgage on a video today. Our 30 year conventional rates are now floating around the 6.5% range. The only times in recent history(Since the '70s) that they have been lower was during the crash of 2008 (Brought on by crazy lending practices and an over supply of inventory) and during the pandemic. So 6.5% doesn't look too bad, historically. It's just that we were spoiled by the rates in the 2's and 3's. Unfortunately, We won't be seeing those rates again for awhile. Now, it isn't likely, but say that you lock in to … (3 comments)
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