1. The Return of the Multiple Offer: More and more agents are seeing multiple bids being made on homes that are priced well and in good condition. With all the foreclosures out there, buyers have to pick through homes in less than spotless condition, and when they find a quality listing, they're jumping on it.
2. Negative Equity Home Ownership: Homeowners in a negative equity situation are becoming more the rule than the exception. One fifth, or almost 22 % of home owners owe more than their home is worth.
3. Some Markets Show Increase: Although overall house prices have declined 14.2 percent from a year ago, there are a few markets that noticed an increase in house prices from January to March 2009.
These include:
Fayetteville, NC: +14.4%; Oklahoma City, OK: +5.1% Binghamton, NY: +2.5% Jacksonville, NC: +2.5% Cumberland, MD: +2.3% Austin, TX: +1.6% Gainsville, GA: +1.5% Toledo, OH: +1.5%
4. Top ten Markets that have decreased by over 20% include:
Redding, CA: -34.1% Vallejo, CA: -31.8% Riverside, CA: -31.1% Las Vegas, NV: -30.3% Modesto, CA: -30.4% Bakersfield, CA: -29.4% Phoenix, AZ: -24.4% Miami, FL: -23.7% Naples, FL: -23.9% Santa Barbara, CA: -22.9%
5. Senate Ok's Foreclosure Bill: The Senate approval of the foreclosure-prevention bill means tougher rules for lenders and extra provisions for owners of foreclosed properties. Now homeowners have a 90 day grace period before they have to move. Deposit insurance by the FDIC has been increased from $100,000 to $250,000. It also discourages some of the old lending practices. Now lenders must be prepared to take financial responsibility for mortgages advertised with "too good to be true" interest promotions.
6. $8,000 Home Buyer Tax Credit: This was introduced as an incentive for first-time home buyers taking the first step toward home ownership.
7. Home Builders Losses on the Mend: Major home builders who have noticed losses for the first quarter have decreased from one year ago. Pulte Homes reported a loss of $514 million in 2009, improved from $696.1 million at the same time in 2008. D.R. Horton Inc. report losses of $108.6 million, compared to $1.31 billion during the first quarter in 2008. Horton claims their new building strategy which includes building smaller, lower priced houses in an effort to compete with foreclosure sales is working.
8. Long Term Interest Rates Lower than Short Term: It's now cheaper to get a 30-year fixed rate mortgage (now averaging 4.80 percent), than a 15-year term at 4.48 percent or a 5 year at 4.8 percent. Historically, short term rates have always been the lowest.
9. Green Building Trends: Building environmentally friendly homes is more than a trend, it's becoming the norm. In fact, the green building industry is expected to grow 60 percent in 2009. Builders not familiar with this type of construction technology are going to be left behind.
10. No More McMansions: Homes are getting smaller as buyers opt for smaller, more economical and energy efficient designs. They are still getting the upscale upgrades the likes of granite counters and spa baths, but on a smaller scale.
Thursday, June 18, 2009
The Key To A Refinance In Jacksonville
Jacksonville refinancing is one way you can think about to lowering your mortgage payments, and keeping your house. In today's economic crisis, and with the problems brought about the country's sub-prime mortgage, the real estate market has taken a tremendous beating. There have been hundreds of foreclosures and defaults on payments, and in many parts of the country, the market has yet to turn around.
In Jacksonville, Florida however, it seems that the real estate market has not been affected too much. As of 2008, the sales volume even increased by 6%! The prices of houses in Jacksonville has only decreased by a minimal 11%.
If you compare this to many other cities in the country, Jacksonville is a pretty good place to invest, and for residents of the city, the positive outlook is looking brighter every day.
Currently, there are only 22,000 houses for sale in Jacksonville, and this number is steadily decreasing. This is because real estate in Jacksonville is starting to recover. For this reason, if you are a home owner with a mortgage that is burdened by high interest rates, you now have the extra option of applying for refinancing.
With refinancing, you can lower your monthly payments, and enjoy a lower interest rate. A home loan that was taken out in 2005 came with a 6.5% interest rate. Today, the interest rate is only 4.375%, and this will account for the drop in the monthly amortization payments.
The opportunity available for refinancing is a unique offer that does not come very often. If you are interested in considering refinancing, you should talk to some experts who can give you some advice on your best options.
In Jacksonville, there are several major organizations who will go out of their way to freely counsel you about your home mortgage situation. The best part about talking to these experts is that there is no strings attached.
Try calling these organizations, and listen to what they have to say. You could be start relieving some stress from financial burdens by understanding your situation and considering easy and convenient choices.
In Jacksonville, Florida however, it seems that the real estate market has not been affected too much. As of 2008, the sales volume even increased by 6%! The prices of houses in Jacksonville has only decreased by a minimal 11%.
If you compare this to many other cities in the country, Jacksonville is a pretty good place to invest, and for residents of the city, the positive outlook is looking brighter every day.
Currently, there are only 22,000 houses for sale in Jacksonville, and this number is steadily decreasing. This is because real estate in Jacksonville is starting to recover. For this reason, if you are a home owner with a mortgage that is burdened by high interest rates, you now have the extra option of applying for refinancing.
With refinancing, you can lower your monthly payments, and enjoy a lower interest rate. A home loan that was taken out in 2005 came with a 6.5% interest rate. Today, the interest rate is only 4.375%, and this will account for the drop in the monthly amortization payments.
The opportunity available for refinancing is a unique offer that does not come very often. If you are interested in considering refinancing, you should talk to some experts who can give you some advice on your best options.
In Jacksonville, there are several major organizations who will go out of their way to freely counsel you about your home mortgage situation. The best part about talking to these experts is that there is no strings attached.
Try calling these organizations, and listen to what they have to say. You could be start relieving some stress from financial burdens by understanding your situation and considering easy and convenient choices.
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