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Rockland County Real Estate 2009 Have we finally hit bottom
January 22, 2010 By Leave a Comment
Rockland County Real Estate Marketing
February 4, 2009 By Leave a Comment
How Will We Market Your Property ?
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Rockand Real Estate Positive Signs
December 18, 2008 By Leave a Comment
30 Year Fixed at a 37 Year Low.
Yes Virginia, there “is” a Santa Claus. Well that’s how I felt yesterday when I saw that mortgage interest rates had adjusted downward again. Below is a reprint from the Freddie Mac Site, but I saw that Provident Bank yesterday had a 30 year conforming rate of 4.875 (with 1 point). I had an email from a colleague where they saw a mortgage broker at 4.75 with no points. So . . . let the games begin!
Compilation of Weekly Survey Releases for 2008
| December 11, 2008 | 30-yr | 15-yr | 5/1-yr ARM | 1-yr ARM |
Rates: |
5.47% | 5.20% | 5.82% | 5.09% |
| Points: | 0.7 | 0.7 | 0.6 | 0.4 |
There are other positive signs in the marketplace as well. Remember the huge bailout plan to purchase troubled mortgages? Well part of that plan is being shelved. Lawrence Yun, NAR Chief Economist writes (Source GHVmls economic and market watch report/Oct) that “Instead the money will be used to support securitization for consumer financing.” Yun adds that the goal is to get capital to lenders so that they can start issuing loans to consumers and companies. Yun shares that LIBOR rates (the key rate measurement of liquidity flow in the financial system) have begun to thaw. But those stubborn residential mortgage rates carry a high spread above Treasury rates, commercial mortgage loans are non-existent and the banks are still not lending to small businesses.
The notwithstanding the above information, the most important thing I want to communicate is YES THERE ARE LOANS OUT THERE ! If you have good credit, (read my post on FICO Scores here)a stable job and some $ to put down, you can get mortgage money. Property values have digressed to levels not seen in years. Improved affordability has led to improved home sales. The huge inventory is being worked off. As I’ve told you for months now, a shrinking inventory is another sign that the real estate market is stabilizing. Yun goes on to warn though that while these signs are encouraging, more must be done.
NAR, the National Association of Realtors has proposed that the government buy-down mortgage interest rates to ensure fixed low rates for home buyers. NAR has also presented a plan to Congress that would eliminate the repayment feature of that $7500.00 first-time home buyer tax credit. NAR has proposed that this credit be offered to all buyers and that higher FHA and conventional loan limits be made permanent. This should greatly aid in the housing recovery.
We all know that consumer confidence is at an all time low, but we also know from history that the journey to wealth accumulation begins with owning ones own home.
Rockland Real Estate Accurate Pricing Key to Quick Sale
December 11, 2008 By Leave a Comment
Pricing & Perception is everything!
Sellers: Asking Prices! Pricing is always important in any market, but in this difficult climate, the most important rule is to price your property accurately. This can often be a challenge because what happens locally may not compare what is being presented within the national media. Careful consideration must be given to market trends, late statistics on recent sales (within 60-90 days), available credit and the local employment picture.
Agents: It is absolutely essential, and I believe our duty, to accurately price properties for sale from the get-go. With the bulging inventory there is no time to lose. Care must be taken to properly analyze all data. A thorough market analysis should take hours, not minutes. The agent must know all competing properties and assure the seller that theirs is the competition, not the other way around. Market updates should be done on a WEEKLY, not monthly basis. Lately, I look virtually every day, and at the very least every 3 days to be certain my listing is properly positioned. If it is not, we will lose. [Read more...]
Holiday Decorating While Selling My Rockland Home ?
December 8, 2008 By Leave a Comment
Should you decorate your home while attempting to sell it this Holiday Season?
Well that can be a very tricky question. I will try to make it as simple as possible for you. The answer is basically the same as any other time of the year. The answer, quite frankly, depends on what type of decoration you choose. I would say that the rule is: “Less is More”. The other thing to be realistic about is to consider what is the “quality” of the decorations you possess. Are they outdated? Or do they still sparkle and bring a special feel and excitement to the room?
If you are skilled in home decor and TRULY have some lovely things to set about go ahead and decorate. The problem is that one’s man’s treasure is another man’s junk. What may be appealing to us, may turn someone else away and may not showcase your home in its best light. If things become too “cluttery” you’ll find that the prospects are looking at your nicknacks and not your home. Also when there is too much clutter it tends to make the house feel smaller. A tree that is taking up valuable square footage in the living room may just be that one thing that makes the buyer “feel” the house is too small.
What do professional home stagers advise? Maureen Henry of Rockland Home Staging comments “I usually tell clients to decorate late, the week before the Holiday and take the decorations down immediately after.”
The bottom line is this: The way you live in a house and the way you sell a house are two very different things. To be on the safe side, I would keep decor to a minimum. It is not every year that you will be selling your home. In these days of bulging inventory, I feel you must do every single thing possible to showcase and stage your home properly. If you absolutely must decorate for Christmas, call in a staging expert for a unbiased second opinion. I found a great forum on this topic over at Southern Living.
Happy Holidays Everyone.
Angela Chan
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