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Posted At : October 9, 2008 10:34 AM | Posted By : Weichert Realtors
Related Categories:
Carolina Forest real estate, Grand Strand area, North Carolina, Myrtle Beach SC, WEICHERT, REALTORS, Litchfield Plantation, Myrtle Beach condos, July 4th, North Myrtle Beach oceanfront real estate, Myrtle Beach South Carolina real estate, Covington Lake subdivision, Myrtle Beach real estate, protect your real estate, South Carolina, Inflation, Interest and Mortgage Rates, Mortgage, Arrowhead, Hunters Ridge, Lakes of Lockwood, real estate in Myrtle Beach, Seaside Plantation, Pawleys Plantation, Loris
Two encouraging bits of real estate news brightened my morning today.
First, pending home sales, based on contracts signed in August, jumped unexpectedly to the highest level since June 2007. According to Lawrence Yun, chief economist for the National Association of Realtors, this improvement was a result of improved affordability and lower interest rates.
In addition, the Mortgage Bankers Association reported that mortgage applications increased 2.2 percent last week due to lower home loan rates.
More pending home sales and loan applications mean more closed business. Paired with the expectation of freer credit moving forward and the $7,500 buyer tax credit, this is all promising news for the real estate industry.
"It pays to ask" and it also pays to tell. Pick up the phone and share this news with your prospects and clients. Let them know that now is the time to buy.
Let's move this market,
Posted At : October 2, 2008 9:37 AM | Posted By : Weichert Realtors
Related Categories:
Carolina Forest real estate, Grand Strand area, North Carolina, Myrtle Beach SC, WEICHERT, REALTORS, Litchfield Plantation, Myrtle Beach condos, July 4th, North Myrtle Beach oceanfront real estate, Myrtle Beach South Carolina real estate, Covington Lake subdivision, Myrtle Beach real estate, protect your real estate, South Carolina, Inflation, Interest and Mortgage Rates, Mortgage, Arrowhead, Hunters Ridge, Lakes of Lockwood, real estate in Myrtle Beach, Seaside Plantation, Pawleys Plantation, Loris
Credit Update!
Do not believe everything you hear on the NEWS! You are witnessing a POLITICAL tug of war right now.
I have had several of my business partners (Agents) call and ask me if it is getting harder to lend money…here is the bottom-line, you can pass this information off to your clients & prospects if you wish.
FHA is financing 97% of the purchase price. SunTrust is STILL financing 95% second home. The Mortgage Insurance companies have put higher credit score requirements in place, but the biggest challenge would be on 2nd home and investor properties with most of what I have been seeing for second homes credit scores being over 680…NO PROBLEM… otherwise we FHA for lower scores on primary home, and get a better rate anyway.
THE SKY IS NOT FALLING!
- USDA & VA is lending 100%. For information on Rural Development, feel free to call me. You will be surprised to know how much of our area qualifies for that product.
- Fannie & Freddie…Like I said, we still do 95% financing on both Primary & Second home
- Jumbo Money…Still available and strong.
I saw a report the other day that showed that the national sale price had only dropped 2.2% over the last couple months. (CNBC) That is great news, and shows a potential bottom.
courtesy of ed bucchino
Inflation has been rising about 3% for the past 3 years, some of the highest in a decade, and the past five months has averaged about 4%. Interest rates are on the rise because of future fears of inflation. With real estate conditions the way they are with a housing surplus, low prices, and currently low mortgage rates now looks like a fairly good time to buy. If the outlook by consumers is the fear that inflation is on a higher than normal increase, their investments which may possibly be the sources of mortgage funds are not as attractive. Mortgage funds can start to decline. Less funds with all else equal will cause more competition for these funds. This along with some other factors can increase mortgage rates. If you had been thinking about buying or, especially if you have a place in mind, now might be the time to seriously consider. Contact a Weichert Myrtle Beach realtor about market conditions, mortgage options, and real estate advice. Use Southern Coast's Myrtle Beach Property Search to find the perfect Myrtle Beach or North Myrtle Beach condo or home.
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