Posts Tagged ‘interest rates’

Buying a House this Year?

Everything!, Long Beach Peninsula, Our Listings, Real Estate | Posted by Cheri Diehl

Is 2012 the year you’re finally going to take the ownership plunge?  Hopefully, you’ve been doing all the right things to prepare.

Here’s an interesting article on how being a good renter means more than you think.  A GOOD RENTAL HISTORY CAN HELP BUYERS. Thanks to Rockwell Institute * for this link.

Mortgage Rates
30 Year Fixed: 3.91%
15 Year Fixed: 3.23%
1 Year Adj: 2.80%
(U.S. Weekly Averages)

Interest rates are still low and inventory is still high.  Sales are improving in South Pacific County though, so don’t be left looking for the right house when all the good ones are taken!  Here’s an example of what’s currently on the market in the $100,000 to $150,000 range.  Some are fixers, some are fixed.  Resi_Client_Summary2801.  This report is limited to single family, stick built homes.  There are condos, manufactured homes, townhomes, etc. with a wide range of prices and amenities.  For more information on any of these listings, just send me an EMAIL.  Or call us at 360-642-3325!

And one more article you should read before starting your search:  Making the Right Choice.

So, what are you waiting for?  Get out there and start looking.

*  If you’re thinking of a career in real estate, I’d love to help and so would Rockwell Institute.  Get more info by clicking on the sign!

Tags: , , , , , , , , ,
No Comments »

October 2011 Sales Report

Everything!, Long Beach Peninsula, New Listings, Our Listings, Real Estate | Posted by Cheri Diehl
OCTOBER 2011 SALES REPORT

 

October was a pretty nice month, both weather-wise and sales-wise!  16 single family homes listed with the Northwest Multiple Listing Service sold during the month.  There were also 6 vacant land sales during that period of time.  It was encouraging to me that of the sales, only two of the homes were bank owned.  There are still some great buys here at the beach and interest rates are still incredibly low per Freddie Mac’s Primary Mortgage Market Survey.

According to NWMLS, October was a month for “Tricks and Treats” in home sales.  Pending sales up, sale prices down.  To read the whole report, click NWMLS NR (Oct 2011).

As of this post, there are 336 single family homes/condos in “Active” Status.  If you’re looking for a beach home for either vacations or full time living, the inventory is high, sellers are motivated, interest rates are good, and Discovery Coast Real Estate is here to help!   And sellers, as of today there are 37 homes in pending status – buyers are out there so don’t get discouraged!

Come to the beach and dig some razor clams, stop by the office and pick up the 2012 Tide Tables too!

Tags: , , , , , , , , , , , , ,
No Comments »

Thinking it through

Long Beach Peninsula, Real Estate, water front, water view | Posted by Cheri Diehl

You’re looking for a home.  Maybe you’ve  been looking for a long time, maybe you’ve just started.  How do you finally make that decision? It’s scary, isn’t it? 

How much can you spend on a home? So many buyers focus on the price of the home rather than what it will ultimately cost them per month.  And it’s interesting to note that the low interest rates on mortgages is what really makes things so affordable right now.

Buyers who believe we haven’t “hit bottom” with prices could be in for an unpleasant surprise if they wait too long.  If you’ve got your eye on a home and the list price is “X”, what will your monthly payment be?   A couple months later the seller reduces the price and you’re ready to make your move.  The interest rate has jumped just 1%.  Your buying power just dropped by 10.75%. 

That very reasonable and affordable monthly payment just went up, perhaps by enough that now your lender denies your loan!

So, while it’s important to watch prices, mortgage rates are an integral part of the purchasing process.  Stay in touch with your Realtor and your lender.  And remember, don’t be buying a new car right before you make an offer on the house of your dreams!

Questions?  Email me!

Boxer Play Date!

Tags: , , , ,
No Comments »

Mortgage Rates are Rising…

Everything!, Long Beach Peninsula, Real Estate | Posted by Cheri Diehl

After about 8 weeks of unbelievable, historically low interest rates, things are starting to change.  30 year and 15 year fixed mortgages were up one-quarter of a percent.  They are still down considerably from a year ago.  So, buyers, if you were waiting for the rates to drop even more, don’t wait any longer!  While I don’t know where it will go from here, I do know that homes are starting to sell.  And as homes begin to sell, prices will begin to firm up and sellers will be a little less likely to lower their expectations.   I have heard many potential buyers say that they don’t believe we’re at the “bottom” yet and they want to wait and get the most bang for their buck.  Prices on property here at the beach (and there are many) are still more affordable than most places along the western coastline.  Don’t be one of the 20/20 hindsight group saying “I should have bought last year….”

And, while you’re here shopping for the perfect beach property, clamming is happening this weekend (evening tides) and Discovery Coast Real Estate has plenty of tide books to hand out.  And maybe you’ll want to check out the Cold Weather Survival forum at the Fort Clatsop Visitor Center in Oregon. 

Don’t feel like fighting the city crowds the weekend after Thanksgiving?  Then come to the beach!  In between looking at homes and/or land for sale, you can enjoy the Peninsula Art Association’s Studio Tour (Art is not fattening), or have some family fun during Holidays at the Beach.  Remember this Saturday  is “Small Business Saturday” – join the movement and shop local!

No matter what, please accept my best wishes for a wonderful Thanksgiving!

Tags: , , , , , , , , ,
No Comments »

July Sales Report

Everything!, Long Beach Peninsula, Real Estate | Posted by Cheri Diehl

Pacific County saw a bit of an increase in sales in July, which is really encouraging.  With a bit of sunshine, I think more buyers will be getting in the mood to buy!

There was one commercial sale, the Ilwaco Market, which changed hands on 7/15/10.  In the Farm and Ranch category, Cranmoor Farm sold on 7/14/10.  Single family homes, which in clude manufactured homes not in parks and condos totaled 12 with an average price of $132,633 and average 246 cummulative days on the market.  Vacant land sales ranged from $$7,500 to $90,000 in 8 separate sales.  Please note that these are strictly NWMLS listed sales.  For more detail on the sales you can view the Cross_Client_Detail3870

How’s the rest of the state doing?  Here are some excerpts from the Northwest Multiple Listing Service News Release:

Brokers reported 5,571 pending sales across the 21 counties in the Northwest MLS service area. That’s up slightly from June when they reported 5,547 pending sales, but down about 23 percent from twelve months ago when there were 7,279 pending sales.

NAR, in its prepared statement, also addressed the employment picture. “There could be couple of additional months of slow home-sales activity before picking up later this year, providing the economy continues to add jobs. We’ve turned the corner on home prices and they should remain fairly stable over the balance of the year, but we really need to see stronger job creation to have a meaningful recovery in the housing markets,” according NAR.

MLS director Matt Deasy, managing broker of Windermere Real Estate/East, suggested some would-be buyers may not fully understand the advantages of today’s low interest rates. Citing examples from Windermere’s affiliated mortgage company, Deasy said a buyer saves $374 a month on a $300,000 loan compared to three years ago. The principal and interest on a $300,000 mortgage at today’s rate of 4.375 percent would be $1,498. Three years ago, when the rate averaged 6.375 percent, the P&I payment would have been $1,872.

On a $400,000 loan, the savings would be almost $500 per month ($2,495 less $1,997 = $498). For the past 30 years, the average rate is approximately 9 percent, which puts the payment on a $300,000 loan at $2,414 – a difference of $916 per month. “Buyers are motivated when they see these comparisons,” Deasy remarked. He also believes there’s a pent-up demand based on the number of pre-approvals for loans in the mortgage company’s pipeline. He expects many of these potential buyers “will pull the trigger” once rates or prices start edging up.


Tags: , , , ,
No Comments »

Buying a Home, (Part 2) Not so fast….

Everything!, Real Estate | Posted by Cheri Diehl

money14

YOU WANT A HOUSE AND YOU WANT IT NOW!

So you’re ready to buy a home.  Do yourself, your Realtor and the seller a favor and get pre-approved before you even start looking.  One of the worst things for a buyer is to fall in love with a house and find out that you don’t qualify.  For the seller, it can be very disheartening to think you have your home sold and you can get on with things, and then find out it isn’t going to happen.   Do I need to mention how your agent will feel after after spending time showing property, writing and presenting an offer, only to find out that everyone is disappointed?

Step one should be to make sure your credit is what you think it is.  The Fair Credit Reporting Act allows you to obtain one free credit report every 12 months.  Visit the site or call 877-322-8228.  This will only take a few days to do and it’s worth waiting for.

Okay, you’ve found out that there are no surprises with your credit report.  Maybe it’s even better than you thought!  It’s time to find a lender.  There are  options: traditional lenders such as the local bank or credit union and mortgage brokers who have access to many different lenders with different loan programs.  Traditional lenders may not be able to work with you if you have an issue with your credit or maybe your income reporting.   Bottom line – shop around for the best loan package (and interest rate) for your unique situation.

The amount you have available for a down payment will be a big consideration when talking to a lender.  Whether you have the traditional 20% to put down or are looking for VA, FHA, USDA low or no down loans, don’t give up if the first lender you talk to isn’t able to help.  And don’t forget the tax credit for first time home buyers!  While the financing crisis (fiasco) has many people convinced there is no money to borrow or that they would never qualify, that may not be the case.  There are some great loans out there and you need to be pro-active to find them!  (by the way, I can help you!)

There are two rules of thumb normally used to determine how  much you can afford:

1 – your maximum monthly mortgage payment should not exceed 28% of your gross or pre-tax income

2- your maximum debt (including that mortgage payment) should not be more than 30% of your gross income

Normally, you will first get “pre-qualified” where a lender or mortgage broker will tell you how much of a mortgage you can afford.  “Pre-approval” is the written guarantee from the lender that they will grant you a loan up to a specified price (subject of course to appraisal and other conditions that will be written out).

Once your loan is approved and the interest rate is guaranteed (“locked in”) for a specific period of time, it’s time to call your Realtor and start shopping!



Tags: , , , , , , , , , , , ,
1 Comment »