About Bay County, FL

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November 5, 2009

Making your mark on this world is hard. If it were easy everybody would do it. But it's not. It takes patience, it takes commitment, and it comes with plenty of failure along the way. The real test is not whether you avoid this failure, because you won't. It's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.

~ Barack Obama

Rates are still low and home prices are affordable. Please give me a call so we can start your new home search today!

Lynn is a licensed Realtor in Florida and Georgia.

The National Association of Realtors reported on Monday that the September Pending Home Sales Index jumped 6.1% t0 110.1 after a 6.4% rise in August. The big rise far surpassed analysts’ expectations who anticipated a more modest rise of 1.2%. Most economists contributed the large increase to the estimated 200,000 to 400,000 first-time homebuyers rushing to take advantage of the $8,000 tax credit set to expire on November 30^th. To that end, many analysts are anticipating a drop in pending home sales after November 30^th. The NAR report helped offset a Commerce Department report last Thursday that showed new home sales fell unexpectedly on September after rising for five straight months. Commerce said new home sales fell 3.6% in September to a seasonally adjusted annual rate of 402,000. It was the first decline since March. Ironically, the drop was also attributed in part to the expiring first-time buyer credit. Go figure.

Mortgage rates for thirty year conventional loans have remained defiantly in the 5.125% to 5.25% range for several weeks now despite increased volatility in the bond and stock markets. Bond traders are betting that rates will remain low for some time to come while stock traders are increasingly unsure about the sustainability of the 2009 rally. Mixed economic reports coupled with the possibility of a jobless recovery have helped keep investor optimism in check to an extent. We could get some direction on interest rates this week when the Federal Reserve’s Open Market Committee concludes their two day meeting on monetary policy. Most expect the Fed will leave rates unchanged but they could signal future increases in their adjournment remarks on Wednesday.

The Federal Reserve is now nearing the end of its $1.25 trillion buyback of mortgage-backed securities having already purchased $977 billion since the program began earlier this year. As I have stated in past articles, this program has been largely responsible for keeping mortgage rates so low for so long. With only twenty two weeks and $273 billion to go, we may begin to see long term rates begin to edge up in the coming months as the huge demand created by the program tapers off. Stay tuned.

Quote for October 30, 2009

People who consider themselves victims of their circumstances will always remain victims unless they develop a greater vision for their lives.

~ Stedman Graham

Quote for October 31, 2009

Success demands singleness of purpose.

~ Vince Lombardi

Rates are still low and home prices are affordable. Please give me a call so we can start your new home search today!

The best part about selling in a buyers market is that once you close you can take part in the low interest rates and low prices of homes today and make up what seems to be a loss. Here is what happened with my recent customers. We just closed yesterday and they got a home that was almost twice the size of their previous home for about the same monthly payment. They paid approximately 5k to buy a new home with a lot more square footage that would accomodate their growing family. Oh and did I mention that they bought their previous home in early 2006? Not everyone is upside down and just like these customers, you too can take advantage of the market. If you have been waiting to buy your dream or if you have outgrown your current home, now is the time to upgrade. You might find that the home you've always wanted or the home that you need won't cost as much as you think. Call me if you would like to take advantage of today's market.