A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast. Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.
A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
Lawrence Yun, NAR’s chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he says. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9. Continue reading ‘A Summer Rise in Home Sales on the way’
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained. Continue reading ‘Simple Tips for Better Home Showings’
Freddie Mac reported a jump in the 30-year fixed mortgage rate to 6.03 percent during the week ending April 24; It went up from 5.88 percent the prior week, marking the first time in six weeks that mortgage rates rose above the 6 percent level.
The 15-year fixed mortgage rate climbed during the same period, moving slightly up to 5.62 percent from 5.40 percent last week.
The five-year adjustable mortgage rate rose to 5.68 percent from 5.48 percent, while the one-year adjustable rate climbed up to 5.28 percent, from 5.10 percent.
The rise in interest rates were attributed to heightened inflationary concerns. As was mentioned in a previous blog entry, concerns of inflation will inch up interest rates.
To those sitting on the fence hoping home prices will decrease further, interest rate increases will make any negligible home price decreases not worth the wait. In fact, if interest rates go up another ½ percent or more, a home price drop of $10,000 will still cost more in interest rate charges in the long run.
Looking back 10 years
10 years ago we were all younger and more energetic. You could have never imagined today you would be so different from the person that you thought yourself to be a decade’s ago. Plans change, chance events materialized, and instinctual decisions interestingly turned out to be right on. That’s the unpredictable journey of life.
As rising home sales and increasing home prices begin to climb in the third and last quarter of 2008, many folks might regret not buying when good opportunities and interest rates were common. Contact your “local” Realtor and ask him or her if the market you are in indicates a good time to buy.
