I feel a little "greener" mentally than I did a month ago. This is in part because I can see my grass for a change and a few flowers poking their heads out.
The financial markets are also showing a little more green, as the stock market has rebounded about 20% in the past few weeks. I am refinancing my home and locked in at 4.75% with no points, which will save me about $300 per month. Mortgage rates are the lowest in recent history. I know we are not out of the woods yet, but my consumer confidence is better. We have also heard a few positive things from the National Real Estate Market. New home sales were up in February. I had three deals close last week, two of which were bank repos. Currently, there are 17 residential repos on the market with 5 contracts pending. From a seller's perspective, the sooner we can get the repos out of the picture the better.
If you have some money sitting on the sidelines that you can afford to invest, real estate is a great option with potentially some great upside. Five out of my last six home sales have been bank repos, which are selling at 30% to 50% below market value.
You may notice in the stats that there is a big gap in the available inventory for condos between this year and last year. Last year, we had about 30% more condo listings in April. The reason for the gap is that a couple of the big condo developers have pulled their unsold units off the market. I have a hunch that we may see some of these units relisted in the future, only as bank repos this time around.
In the meantime, I am trying to work smarter and be efficient in both my business and personal spending habits. In the background, I am saving for two weddings coming up. My daughter, Heather, is getting married on Father's Day. What a present to make that day special! My son, Patrick, is getting married in September. At 61, I'm ready for grandkids. I am very excited, but also preparing for those costs that come along with the process. The bottom line is I am trying to become smarter in all my financial dealings, budgeting, spending, saving and investing.
I had a major sadness this month. My mother of 83 years just went to her Maker. She loved HGTV, and was very fond of drawing floor plans and remodeling. She would get her graph paper out and draw up her dreams. We had a cottage in New Hampshire which was one of her special projects. Mom has moved on, but she has passed many of her dreams and real estate thoughts on to me for future generations. Thanks, Mom!
As always, the latest statistics are available on my website, ISellPagosa.com
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