If your current home no longer suits your lifestyle, there are two reasons why this may be
a great time to make a move.
• Mortgage rates are still historically low
• It's a buyers' market in most areas
Don't let concerns about selling your current home for less than you could have in a
previous year hold you back.
Waiting Doesn't Always Pay Off
Your potential dream home may no longer be available if you delay your search. And
interest rates may rise while you wait for prices to go even lower.
Why wait when you could be taking action?
• Find Your Loan Comfort Zone -
Your new mortgage payment should help you build long-term financial security
and not be a source of anxiety.
• Weigh Your Buying And Selling Goals -
Look into loan options, and learn how the sale of your current home will factor
into your new home price range
• Preapproval Decision
Pinpoint your home purchase price range, and affirm your ability to get financing
What Can You Do Right Now?
Talk to a home mortgage consultant about your financial needs and goals. In today's
market, a lower selling profit may be offset by
a lower purchase price for your next home.
On Friday another indication of the current house market came up. For the 3rd straight month pointing to what some analysts say it is a sign of the so called recovery. In July an index of 20 cities shows an increase in prices for 1.4% Even though if compared to a year ago ( from July 2008 to July 2009 ) prices are down for a little over 13%. The industry experts were expecting a larger percentage loss, some where around 14% so the fact that we not only did not have the 14% decrease but an actual increase of a little over 1% shows signs of a recovery. Home prices are not the only indicator. Lower inventory and high traffic are also good indicators. On the broader picture there are also better retail sales and lower than expected job losses. "The rule of thumb is that three observations is a trend," "There have been three straight good reports, so, this is a trend." Of the 20 cities, Minneapolis recorded the biggest gain during July; with prices up 4.6%. San Francisco, up 3.3%, and Chicago, 2.7% higher, also recorded sizable gains.
The only price declines occurred in Las Vegas, where they fell 1.1%, and Seattle, down 0.1%.
Las Vegas has become the city hardest hit by foreclosures, which remain one of the big issues facing housing markets
The tax credit from the recovery plan is pointed as a major market stimulus. NAR estimated that an extra 350,000 homes will be sold because of it. There are bills in Congress that would extend the program and even expand it to every home buyer. If none of these are enacted, the market could suffer a reversal..
July has been another record setting month for sales of existing homes. Up from 5% July 2008 to 7.2% in 2009. According to NAR (National Association of Realtors) this has been the highest one month gain on record for sale of existing homes. NAR Chief’s economist said ” “The housing market has decisively turned for the better, a combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.” A total of 5.24 Million properties were sold from July 2008 to July 2009. This performance has exceeded expectations. Of course a lot of these sales have to do with affordability and because homes are costing an average of 32% less of what they were 2 years ago. In any case although for some this may not be considered a “turn around” on the house market it certainly is good news.
The U.S. Federal Reserve said Monday it will extend to mid-2010 an emergency program aimed at boosting lending in the ailing commercial real estate market.
This is an important move for the Commercial Real Estate sector of our economy. This extension is until June 30 2010.
Like on the Real Estate House Market, now Commercial lenders are reluctant in refinancing loans done under easy terms and built on expectations of increased sales revenues and rents . It is calculated that Revenues are down 35% nationally putting borrowers in difficult position to either increase equity or try to refinance.
This is an important move by the Feds since lately there is a lot of speculation about the danger to the Recovery of the US Economy if Commercial Real Estate Fails.
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