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The time to Buy is Now
July 24th, 2009 4:50 PM

Daily Real Estate News  |  July 20, 2009  |   Share
Housing Experts: Now Is a Perfect Time to Buy
Don’t forget to remind potential buyers of something that is obvious to real estate professionals: Now is the time to buy, but that opportunity may be slipping away.

For people who have a job and money, a dream house is within reach, writes Marc Roth, founder of Home Warranty of America and a columnist for BusinessWeek.

He points out that mortgage rates remain low, prices are still at historic lows, and the government is offering incentives for first-time homebuyers.

He also adds that the inventory of homes to buy is still large, but it is shrinking. According to the NATIONAL ASSOCIATION OF REALTORS®, the housing inventory peaked in November 2008 at an 11-month supply. At the end of May 2009, it had fallen to a 9.6-month supply.

Roth says anyone who dallies will miss a good opportunity to buy a first home at a terrific price or go shopping for a move-up property that is a great buy.

Source: BusinessWeek.com, Marc Roth (11/17/2009)

Posted by JoAnn Leigh on July 24th, 2009 4:50 PMPost a Comment (0)

July on the Island
July 24th, 2009 4:52 PM

The weather is great. We are advanging about the high 80's to low 90's this year and that's under the usually steaming hot July nights. The water temp is around 82 and the tourist are everywhere! I love seeing the action this time of year but have to have patience with the traffic.

Oh well I'm lucking enough to live by the beach.

joann

Posted by JoAnn Leigh on July 24th, 2009 4:52 PMPost a Comment (0)

Rates dropping?
July 21st, 2009 1:22 PM

Daily Real Estate News  |  July 17, 2009  |   Share
Home Lending Rates Falling Again
Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, Freddie Mac reports.

Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.

Here’s a look at how other mortgage rates performed this week:
  • 15-year fixed loans fell to 4.63 percent from 4.69 percent.
  • One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
  • Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.

Source: Grand Junction Free Press, Wyatt Haupt Jr. (07/17/09)

Posted by JoAnn Leigh on July 21st, 2009 1:22 PMPost a Comment (0)

Charleston Area Sales Statistics
July 14th, 2009 10:46 AM

This is rather interesting. It helps up conclude the affordable homes are selling due to the incentives being given and FHA loans.

Single Family Homes only and Sold in the last year

                    Solds       Homes available now               Days on the Market

Daniels Isd         86            149                                    133

Goose Creek    1014              914                                   85

Isle of Palms        44             213                                  252

James Island      285             378                                  102

Mt Pleasant       807           1145                                   129

Sullivans Isd        18              48                                   185

Summerville      1484           1372                                    88

West Ashley       578            578                                    99

Wild Dunes           22            119                                  334

Posted by JoAnn Leigh on July 14th, 2009 10:46 AMPost a Comment (0)

Possible tax credit changes
July 1st, 2009 2:36 PM

Daily Real Estate News  |  June 22, 2009  |   Share
Home Buyer Tax Credit Could Expand
A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it.

A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:
  • Setting a new cap of $15,000.
  • Extending the tax break into mid-2010.
  • Making the benefit available to all home buyers, not just first-timers.
  • Offering a separate tax credit to $3,000 for borrowers who refinance.

USA Today, Stephanie Armour (06/22/09)
Posted by JoAnn Leigh on July 1st, 2009 2:36 PMPost a Comment (0)
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