Labor Day - End of Summer

The "end of summer" at the beach is actually the beginning of some great weather conditions at the shore. September and October are generally very mild and sometimes we even get some nice beach days. The real estate market has picked up considerably over the past 4-6 months and sales are definately happening. The mix of my business with regard to refinance mortgages versus purchase money mortgages has firmly turned in favor of the purchase side of things. We closed 14 loans in August and 10 were purchases, including 3 jumbo mortgages.

Now, I'm not talking about short sales and REO properties. Some buyers are still searching for "deals" on the distressed side of the market, but it's not easy. You will more than likely wait and wait for contract acceptance by the lending bank, while other buyers get great deals on non-distressed sales. None of the purchase loans I closed this summer were on short sales or bank owned properties, yet that seems to be all the media talks about.

I'm looking forward to a great Fall season at the beach. If you are looking for a vacation home or investment property, I can recommend the best realtors in the area. If you want to discuss restructuring your current mortgage, give me a call as well. Mortgage rates are still very low - even lower than 2 months ago. I hope you had a great summer and I look forward to speaking with you about your financing needs. All the best!