Freddie Mac's deputy Chief economist states that this is the ninth week in a row that fixed rate mortgages have met or set a new record low. Rates on fixed rate home mortgages dropped this week, according to Freddie Mac's weekly survey of conforming mortgage rates.
The 30-year fixed-rate mortgage averaged 4.42% for the week ended Aug. 19, the lowest since Freddie started tracking the rate in 1971.
The 30-year mortgage averaged 4.44% last week and 5.12% a year ago, according to the survey.
Fifteen year fixed rate mortgages averaged 3.9% this week, down from 3.92% last week and 4.56% a year ago. This week's average is also the lowest since Freddie Mac began tracking it in 1991.
Five-year Treasury indexed hybrid adjustable rate mortgages averaged 3.56%, unchanged from last week and down from 4.57% a year ago.
One year Treasury indexed ARMs averaged 3.53%, unchanged from last week and down from 4.69% a year ago.
To obtain the rates, the 30 year fixed rate mortgage and the one year ARM required payment of an average 0.7 point. The 15 year fixed rate mortgage and the five year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
Tuesday, August 24, 2010
Red flags in short-sale counteroffer | Inman News
Red flags in short-sale counteroffer Inman News
Does it really take 6 to 9 months to find out if a lender will accept your short sale offer?
YES!!!!
This link above shares a short article from an industry expert about short sales, the problems with closing them, and red flags you should be alert to that could signify working with the wrong agent. It is ALWAYS best to have your own buyer's agent looking out for your best interests and placing your best interests over theirs.
Does it really take 6 to 9 months to find out if a lender will accept your short sale offer?
YES!!!!
This link above shares a short article from an industry expert about short sales, the problems with closing them, and red flags you should be alert to that could signify working with the wrong agent. It is ALWAYS best to have your own buyer's agent looking out for your best interests and placing your best interests over theirs.
Tuesday, August 17, 2010
My New Hobby
A good friend of mine recently introduced me to kayak fishing in the serene waters of Murrells Inlet which is located just south of Myrtle Beach. Murrells Inlet is known for many great seafood restaurants and of course, lots of good fishing.
I caught my first redfish (red drum) a few months ago and I really enjoy going out on the water, especially early in the morning when it is so quiet and peaceful. The fish tastes great when it really is that fresh too.
This isn't real estate related but I thought you would like to get to know me a little better so from time to time I will include little bits about what I am doing.
P.S. I know where the good spots are too!
When is a Good Time to Buy?
I am asked many times when is a good time to buy ocean front property in Myrtle Beach. Since I can't predict the future, I always rely on the past to give me some insight.
Our ocean front market is busiest in the early to late Spring. In fact, prices typically go up at that time due to multiple bids on the choicest properties. We start to see a slow down during the months of July and August as investors realize that they will not be able to close in time to take advantage of the heaviest rental income months, namely June, July and August.
Also in the past, price was more negotiable in the Fall and Winter months as sellers realized that buyers wouldn't make the maximum rental income.
My advice is to make your ocean front condo purchase anytime during the months of September to February. If you wait too late, you will probably end up paying more for the property. So, even if you do buy in September or October, you will still be getting some rental income and you could buy at a lower price. Bidding wars can be avoided by buying in this off season.
If I was going to buy a single family home then anytime is a good time to buy. Since the single family home is not rented for income, the prices are not as volatile.
Our ocean front market is busiest in the early to late Spring. In fact, prices typically go up at that time due to multiple bids on the choicest properties. We start to see a slow down during the months of July and August as investors realize that they will not be able to close in time to take advantage of the heaviest rental income months, namely June, July and August.
Also in the past, price was more negotiable in the Fall and Winter months as sellers realized that buyers wouldn't make the maximum rental income.
My advice is to make your ocean front condo purchase anytime during the months of September to February. If you wait too late, you will probably end up paying more for the property. So, even if you do buy in September or October, you will still be getting some rental income and you could buy at a lower price. Bidding wars can be avoided by buying in this off season.
If I was going to buy a single family home then anytime is a good time to buy. Since the single family home is not rented for income, the prices are not as volatile.
Sunday, August 8, 2010
Taxes Show Tourism Turnaround
County tax revenue from tourism related taxes is up.
The taxes received from the 1.5% hospitality fee was up 5.1% in June 2010 compared to June 2009. July revenue is expected to see at least a 20% gain.
Tourists are spending more money while they are here. Read the whole article published in The Sun News here.
http://www.thesunnews.com/2010/08/08/1624185/taxes-show-tourism-turnaround.html
The taxes received from the 1.5% hospitality fee was up 5.1% in June 2010 compared to June 2009. July revenue is expected to see at least a 20% gain.
Tourists are spending more money while they are here. Read the whole article published in The Sun News here.
http://www.thesunnews.com/2010/08/08/1624185/taxes-show-tourism-turnaround.html
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