Sep 26, 2011
Is it a good time to refinance your home loan?
Rates are at an all time low and lenders are looking to make loans. There is a lot of money in the system. So, is it the right time to refinance? Depends on what you are trying to achieve. Yes rates are as low as 3.25 on a 30 year loan, 2.75 on a 15 year loan and FHA is at 3.375/30 yr and 2.75/15 year. I also saw an ARM (Adjustable Rate Mortgage) for 1.8%/5year term. But “rate” is only one piece of this puzzle. Yes you can lower your payments, but is that going to help you achieve your long term financial goals? Oh, you do not have any long term goals; best get some! Traditionally, refinancing was about getting cash out of the “equity” built up or increase in value. That is now history and a bad idea in this economy. If you need to lower your payments, then make sure you do the “math”. Closing costs are usually 3-4% and if you do not plan on staying in your home for another 5 years, it may work against you financially to refinance. The simple answer is: DO THE MATH! Get good advice and make sure it is beneficial to your financial future. Lowering your rate and lowering the number of years you will be paying for your mortgage can save you a lot of money. It is like a forced savings account. There are mortgage refinancing calculation assessment tools online. We have a very experienced loan officer in our office, Robin Stallings. She would be glad to help you through the numbers. If you want to learn more about it, call Robin or me to discuss it with you.
Aug 17, 2011
What the real estate market needs the most is a stable economy. The failure of Congress to simply do its job was devastating to our economy which translates into a setback for the entire real estate environment. I am fed up with a Congress that keeps playing the political game of how to stay in office. If they will not do their job, then it is time that the American voters elect people of integrity to get the business of our nation back on track. I hope you will make your voice heard!
Cross Realty Offers A Program That Helps Sellers with Short Sales!
Clients who are in a “short sale” position need specific help and advice. This program includes having sellers talk with legal council to assess their situation and take the best option for their specific situation. We offer a program that will help. Call any of our agents for more details. The worse thing a family in a short sale position can do is not be proactive. Call us for individualized help today.
Jul 20, 2011
The good news is that there were more under contract sales in June as compared to a year ago and the number of listings has decreased (-8.8%), but we still have a ten month supply. We want about a four month supply. At least it is going in the right direction. The bad news is that the median home price across Hampton Roads fell from $229,950 to $199,900 over the last twelve months. This is reflective of the sale of foreclosure properties that are going for less than the regular listings and bringing the median price down. The market has some very interesting possibilities for buyers and continues to challenge sellers. It is all about the right price! We know where that is, call us for help. Thanks for your referrals; we always have time to take care of them in a top professional manner!
Jun 20, 2011
Welcome to summer! It is hot and the foreclosure sales are hot also! One of the economic articles that I read monthly had an interesting point. The major holders of the foreclosure properties, such as Bank of America, is predicting a drop in value over the next twelve months of about 3% – 5%. This tells me that they must have a lot more foreclosures to sell over that same period. It is the selling price of the foreclosures that is putting downward pressure on the overall medium prices.
The real estate market will simply have to work through it’s challenges to get to a better place. It is all about price if you want to sell, we know where that price is, call us, we can help.
May 23, 2011
The market continues to improve in the number of sales, but it still is the foreclosures and bank owned properties that are getting the most attention and that is all to do with price. Numerous trade organizations and governmental organizations have proposed possible solutions, none have really been successful. The government has attempted numerous programs from tax incentives to the HAP program, with little results. Home buyer tax credits prompted purchases, but mostly of bank owned properties. Struggling homeowners’ needs have gone wildly unmet.
In an interview with CBS News, John Boehner, House Speaker, said: “Over the last couple years, Congress has really set up four programs to help with those mortgage problems. And unfortunately, none of those have worked. And all they’ve really done is drug out the length of time for the market to clear the problems. Which is unfortunate?” “I’m even more skeptical today that there isn’t anything the government can do to resolve these problems.” One real question is: Is it the government’s job to fix housing or should it correct itself? It isn’t exactly a partisan issue and it is the largest part of the economy that has been crippled. The only thing that really has helped sales is the drop in values, which is the same thing that hurt the market the most. It is still a mess and unfortunately looks like it will stay that way for a while. IT IS ALL ABOUT PRICING. We know where your home will sell, call us we can help!
Apr 14, 2011
Suffolk is covered in “Gold”; ok its pollen, but that means our azaleas will soon be in bloom. The real estate market is not golden, nor blooming. The market is still struggling to obtain balance and stability, but the market is better because we have more sales. The challenge is that 20% of the listings; of which we still have a ten month supply and want a four month supply; are foreclosures or bank owned properties. The real kicker is that 43% of the sales are these same compromised properties. They are still setting the prices lower than normal sellers want to see and have to compete with. The government is considering making changes in the mortgage industry and possibly the interest deduction on home loans. Anything they do like that will simply send prices down lower. No good short term fixes and the best time to sell your home was last week! We can help you through this, call us.
**A Veterinarian that makes house calls? Did you know that we have a Vet that will come to your pet at your home? Hannah Adams, DVM does just that and she is a wonderful asset to our pets and community. Contact her at 757-355-2774 or adamsvet2pet@gmail.com.
