This week mortgage rates dropped .02% to 5.10%, down from a year ago when mortgage rates were at %5.68.  While the rates were lower still a couple of weeks ago, they do not appear to be rising significantly any time in the near future.   The increase in home sales in December appears to be due to a combination of a decline in home prices and the drop in mortgage rates.  The fact that many homes are at 2004 prices makes real estate more appealing to many potential buyers who may not have been able to buy a particular home during the housing bubble.  The tricky thing is whether or you can secure a loan or not. Only people who have solid credit scores, stable income and solid assets seem to be able to acquire loans these days.  Half of the... [Read more]

December showed a surprising increase in home sales across the country, a positive sign in a world of uncertainty.  According to realtor.org, existing home sales rose 6.5% in December, a nice increase in a tough year.  Home prices have been falling as have interest rates, creating a perfect climate for home buyers.  The factors that make buying a home attractive to potential home buyers are falling into place and while there is no way of knowing whether real estate prices have hit the bottom it is certain that if they are not at the bottom they will be soon. In a recent article NAR chief economist Lawrence Yun said “home prices continue to fall significantly. It appears some buyers are taking advantage of much lower home prices,” he said.... [Read more]

It’s not news any more to see that the majority of the country is in a buyer’s market.  The low interest rates mixed with lower home prices and a large inventory all add up to create this reality.  It just makes it more valuable information to hear it from a true professional and someone in “the know”. In a recent article at realtor.org the president of NAR, Charles McMillan stated what many people have been stating, it’s a good time to buy real estate.  “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction... [Read more]

The National Association of Realtors (NAR) is looking forward to a new administration, hopeful that some housing strategies can be put in place that will benefit the housing market as a whole and help lead the country out of economic turmoil.  NAR is hopeful that future measures can focus on restoring consumer confidence when it comes to real estate. In a recent article by Mary Trupo, NAR President Charles McMillan said, “The housing sector is at the core of the current economic crisis.  A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement... [Read more]

Vacation real estate has been a tough buy for many in the past decade or so.  Many people thought “if I had only bought a few years ago” thinking realistically that they had been priced out of their dream of owning resort real estate.  Today, however, a few factors have come together to make owning your dream vacation home a reality.  More than a reality buying a vacation real estate might actually be a smart decision. The obvious signs are that mortgage rates are at historic lows and that home prices are down.  The volatility of the stock market is also a good nudge.  Real estate has, in history, always rebounded.  In many resort areas real estate has appreciated much more than typical communities.  Purchasing a vacation home, especially... [Read more]