October 2010 Luxury Tucson Condos Newsletter

By
Real Estate Agent with Keller Williams Southern Arizona


October 2010    



 


 

With rates at historic lows, many analysts are predicting that mortgage rates will be heading upward. With this in mind many homeowners are rushing to lock in the low rates. The following tips will help interested homebuyers in shopping for the best rate.

How to shop: If you simply call up and ask a lender for interest rates the lender can tell you almost anything. One lender might offer a "floating" rate, while the next would offer you a forty day rate. Instead, before you call up you need to know two things: how many points you want to pay and how long you want to lock in the rate. You also want to call all the lenders on the same day. This way you will get a common basis of comparison for the different quotes.

Getting a reliable quote: Beware of lenders who promise unreasonable low rates. This does not mean that lenders are unreliable; however there is an incentive for the lender to fudge the quote in order to gain your business (the bait). Then when you go in to fill out the paper work the lender will change the rate on you (the switch).

How to Really Shop for a Lender: The best way is to get a referral, then shop other lenders. Do it properly, telling the lenders how much you are willing to pay in points and how long you want to lock in the rate. Make all your calls on the same day. Tell the lender you have filled out an application and that you will fax it in, so the rate has to be something he can deliver.

Shopping for Interest Rates
 

 

Exposure is the Name of the Game

 

Exposure is the key to selling your home fast and getting top dollar. With good exposure your home will be viewed by more people, thereby increasing the chances of an offer on your home. If you are looking to sell your home quickly then it is definitely in your interest to contact a REALTOR®, as it is unlikely that you will be able to generate as much exposure as an experienced professional.

 

Why is it that a REALTOR® is able to generate so much more exposure than the average homeowner? Part of the explanation can be found in the fact that most REALTORS® have marketing plans that consist of print ads, an online presence, and a network of clients interested in real estate. A second reason is that for many REALTORS® this is a full time job and they are willing to put all their experience and time to the sale of your home. The final reason is that the REALTOR® has access to the Multiple Listing Service (MLS) and through this is able to network with every agent in your market area. As soon as you list your home with a REALTOR® this information is disseminated to all agents in the market, who are then able to match it to buyers that they are working with - maximizing your exposure and minimizing the time it takes to sell your home.

 
 
 

 

Home repairs are an issue that many of us tend to dodge. We understand the necessity of the repairs; however when it comes down to it many of us do not have the time or money to fix everything. The following list of minor home repairs could end up costing you big money if you continue to procrastinate.

  • Rodent incursions - Rats, mice and other vermin love to chew through insulation and wiring and are suspects in many house fires.
  • Soaring fuel bills - This is more than a pocketbook issue, since poorly functioning systems can cause deadly carbon monoxide buildup in your home.
  • Peeling paint - Paint is like a home's skin. It's the first line of defense against incursions by water and pests. Water that seeps into wood can lead to rot.
  • Flickering lights - It might be that the wiring in your house is dysfunctional or you have too many appliances hooked up to a single circuit. Either one can cause a fire.
  • A water leak - Left unchecked, leaks can lead to rot, dry rot, mold and termite infestations. Water can cause roofs to collapse, foundations to buckle and all manner of expensive repairs. Water-related problems can also get your home blackballed by insurance companies worried about mold-related claims.

Home Repairs you Cannot Afford to Ignore:
 

 

Existing-Home Sales Move Up in August

 

Existing-home sales rose in August following a big correction in July, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said home sales still remain subpar. "The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said.

"Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years," Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.43 percent in August from 4.56 percent in July; the rate was 5.19 percent in August 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said consumers have been getting mixed signals about the housing market. "People understand the good affordability conditions with stable home prices in most areas, but they're concerned about the economy and speculation on Wall Street," she said. "We need to stick with the facts about the long-term value of homeownership and avoid unrealistic assessments. Tight credit and slow short sales are ongoing problems - expediting short sales will help the market to recover more quickly."

Source: The National Association of Realtors®

 
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