Archive for the 'Market Updates' Category
Are all the price points selling in Asheville?
September 29th, 2009 categories: Market Updates, Real Estate News
Is your price range up or down?
There is much discussion about how the real estate market is in the middle of its turnaround based on sales increasing on a year-over-year basis. Though the fact that housing is again moving is fabulous news, let’s not lose sight of which homes are selling.
Here is a closer look at different price ranges and how they are faring in the current ‘boom’:
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0-100,000
100,000 – 250,000 250,000 -5 00,000 500,000 – 750,000 750,000 – 1,000,000 1,000,000 – 2,000,000 2,000,000+ |
sales up 38.8%
sales up 8.7%
sales down 6.2% sales down 8.9% sales down 10.6% sales down 23.3% sales down 32.4 |
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Is the Housing Market at the Bottom?
August 5th, 2009 categories: Buyers, Market Updates
This week’s housing market data was generally positive. June New Home Sales jumped 11%, the third straight month of increases. Inventories of unsold new homes fell to an 8.8 month supply from a 10.2 month supply in May. The May Case-Shiller index of home prices in 20 Metropolitan areas rose 0.5% from April, following 34 straight months of declines. While the results vaired greatly in different parts of the country, the increase in average prices provided support for the analysts who believe that the housing market has bottomed.
Copyright @2009 MBSQuoteline
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Pending home sales up for three months in a row!
June 7th, 2009 categories: Market Updates
Do you want to know what’s going on in the housing market? Here is a great conversation about the status of home sales as of June 2, 2009 from Lawrence Yun, Chief Economist with the National Association of Realtors. He goes into great detail on a number of subjects that can affect you as a seller or buyer. CLICK HERE for the video.
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Where O Where has Sandy been!
May 18th, 2009 categories: Market Updates
Wow, it has been much too long since my last blog – My apologies! The reason? Blame it on two weeks of real estate continuing education. The information we learn is invaluable, but putting me in a classroom for 8 hours straight is like being in a straightjacket!! My saving grace was the comfortable wing-back chairs the school had available. Thank you Cumbie Institute!! So, now expect me to be back to normal blogging . . .
Here’s some fantastic news: The Secretary of the Department of Housing and Urban Development (HUD) announced this week that home buyers will be allowed to use the $8,000 first-time homebuyer tax credit for down payments on purchases financed by FHA loans. FHA will allow approved lenders, nonprofits, and government agencies to advance the funds in the form of bridge loans that buyers would use for down payments. Buyers would repay the loans after they received their tax refunds. The FHA will release more details on the program soon.
So, with a great tax credit being offered by the government, you’re not sitting on the fence not sure to buy yet, are you? Don’t let your chance slip away!! Prices have tumbled, interest rates are at an all time low, and now you have money to put down on your first home. Win, Win, Win.
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Mortgage Week In Review
December 8th, 2008 categories: Market Updates, Real Estate News
Mortgage rates moved even lower this week, helped by economic weakness and recent actions by the Fed and the Treasury. conforming fixed-rate mortgage rates dropped to levels last seen in 2003. According to Freddie Mac, the weekly decline in rates was the largest since 1981, over its Wednesday to Wednesday measurement period.
The Fed and the Treasury are looking at additional programs to boost the economy. On Wednesday, the Treasury confirmed that it is considering a plan which would offer below-market mortgage rates for select loans used to purchase homes. The lower rates would not be available for refinancing loans. At this point, it’s not certain if, when, or in what form this latest idea will be acted upon. As we have seen recently, most notably with the $700 billion TARP rescue plan, government programs often change significantly before their implementation.
During the first half of this week, Pending Home Sales on Tuesday will be the only economic data.
Brought to you by: Cameron Lewis, Beverly-Hanks Mortgage, MBS Quoteline & Xinnix
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Mortgage Rates to Drop?
December 4th, 2008 categories: Market Updates
The Government appears to be ready to take any necessary action to bolster the economy and the housing market. Click on here to see a video explaining three main agendas being considered.
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Mortgages and the $700 billion TARP rescue plan
November 18th, 2008 categories: Market Updates
For mortgage markets, the biggest news of the week came from Treasury Secretary Paulson during an update on the $700 billion TARP rescue plan. Paulson surprised investors with the news that the Treasury has scrapped the original plan to purchase troubled assets from banks and will use the funds in other ways to support the still “fragile” financial system. Lawmakers an investors were provided few details about the anticipated future use of the funds, and this abrupt shift in plans added to the uncertainty confronting investors in recent weeks.
While mortgage rates ended the week nearly unchanged from the prior week, daily volatility remained high. During October and November, movements in mortgage rates have been much larger than usual, primarily due to the high degree of uncertainty facing investors. Will there be a second major government stimulus package and what form will it take? What will be the impact of the extra debt issued to fund the government programs? Will other countries such as China have less money available to invest in US bonds, including mortgage backed securities, while they stimulate their own economies? Finally, how will the Treasury use the remaining funds from the $700 TARP rescue plan (discussed above)? Once investors have answers to these and other questions, we should see less volatility in mortgage rates.
Brought to you by : Cameron Lewis, Beverly-Hanks Mortgage Services
MBSQuoteline Xinnix
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When will Western North Carolina Real Estate Market Improve?
November 5th, 2008 categories: Market Updates
This is the question on the minds of everyone isn’t it? Here is some food for thought and information we all need to keep in mind as we go forward as buyers or sellers in todays market.
So, in the many discussions I’ve had with people about when they think the market will improve here in Asheville and in Western North Carolina in general, here are some of the answers I’ve been given:
a. After the election.  b. 2009. c.  Spring 2009. d. Summer 2009.
And the correct answer? DAY BY DAY! Keeping in mind how to respond to the challenge we face in todays housing market, there are some positives specific to our market that I want to share with you.
Historically, WNC has been a stable marketplace. We enjoy a high quality of life here. There is a limited supply of new construction in comparison to other states, and no national builders. The percentage of sales from speculative buyers is small and our percentage of foreclosures is very modest.
Sales are rising fastest nationally where prices have dropped the most: (Real Trends Housing Market Report Sept 08)
                                                Closed Sales                                          Average PriceÂ
NorthEast                                      -10.2%                                                      -3.9%
South                                               -8.6                                                            -5.00
MidWest                                       +7.8                                                            -11.1
West                                               +27.1                                                          -21.2
What this essentially tells us is that our region is perhaps still priced a little high. If you have a house on the market and not getting much activity, reducing the price will bring a buyer in quicker. In fact, I’ve seen sellers price their homes very competitively and have multiple offers come in. When you have multiple interest in a property, the price very often can go up. It’s the best situation for a seller to be in. Take the step and underprice your competition, you may be pleasantly surprised at the outcome, not to mention being able to move on . . .
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Act Now, Before the Fed Does
October 28th, 2008 categories: Market Updates
The Federal Reserve is scheduled to meet this week and announce its new Policy Statement and interest Rate Decision Wednesday . . . and will cut the Fed Funds Rate once again. This is no big surprise. Throughout 2008, the Fed has lowered key interest rates in an effort to stimulate the economy – including cuts in its Fed Funds and Discount Rates earlier this month in an unscheduled meeting. As we know however, cuts int hese interest rates do not translate into lower home loan rates. In fact, theytypically move in the exact opposite direction.
That’s the reason I wanted to share this information with you today. If you want to secure a lower mortgage rate, the best time to act could be before the Fed meets and announces its latest cut.
In the chart below, notice the pink line. That line represents the interest rate the Fed impacts with its financial policy. As you can see, the line has been consistently lower since January. The blue line, which represents 30-year fixed-rate mortgages, shows that mortgage rates have risen since the first Fed rate cut announcement.
So don’t wait until Wednesday. Whether you’re considering buying a home or refinancing your existing property, call Cameron Lewis of Beverly-Hanks Mortgage/828-258-1945, clewis@Beverly-Hanks.com  and he’ll review your individual situation and see what’s best for you and your family.   And don’t believe the hype about credit being impossible to get. Credit standards for many loans have tightened up, but mortgage money is widely available on home purchases for borrowers who can provide documentation and support their mortgage application.
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Many will profit from the Fannie-Freddie failure – Will you!
September 11th, 2008 categories: Market Updates
Mortgages are in the news again today . . . but this time, the news is good! Especially for people looking to buy or refinance a home, as interest rates have dropped to the lowest levels see since April.Â
You’ve probably heard that Fannie Mae and Freddie Mac were taken over or “bailed out” by the Federal Government over the weekend. The announcement came as the government felt that both of these institutions were potentially unable to meet their obligations. These agencies must pay off maturing Bonds every month, and they do so by selling new Bonds. But during the last twelve months, investor appetite to purchase new mortgage-backed security Bonds has deteriorated. As such, it has become more difficult for Fannie and Freddie to replenish capital to fund more loans. If both Fannie and Freddie became insolvent, the housing market as well as the mortgage market would come under further pressure.Â
With the Treasury stepping in to provide a “backstop” for the mortgage giants, investors now have the confidence to purchase Mortgage Bonds. The greater interest has helped lower interest rates today.
As always, if you want to discuss this news further and what it means to you and how you can benefit, my mortgage man at Beverly-Hanks is ready and available to meet with you in person, or have a friendly phone conversation. Cameron Lewis, Mortgage Consultant, (828)258-1945 – clewis@beverly-hanks.com
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