Featured #202D in the Bayberry $446,250
3 bedrooms, 2 baths on top floor with panoramic water views
Built in 2007, 9 1/2′ ceilings, tiled entry, kitchen & baths
Andersen tilt-out windows, ceiling fans, stainless appliances
Washer, dryer, elevator and parking underneath
From USA TODAY yesterday, it was reported that housing prices showed their first gain in three years, indicating that the market may be turning around.
From http://www.biggerpockets.com/renewsblog/2009/07/28/home-sales-rise-finally-great-recession/, author Charles Feldman, writes: “The government… is reporting that sales of new, single-family homes went up some 11 percent in June from the previous month while, at the same time, the actual number of new homes still on the market was at the lowest number since the winter of 1998!”
It seems that the local market in Marshes Light is following this trend as we are seeing an increase in home values, increased activity to our sales center, and there is a smaller inventory of homes available.
From MSNBC, the Associated Press reports on 7/23/2009: The average rate for a 30-year fixed mortgage this week was 5.2 percent, up from 5.14 percent a week earlier, mortgage company Freddie Mac said Thursday.
Interest rates for 30 year fixed were spiking over 6.3% one year ago.
From the Active Rain website, author Lew Corcoran http://www.lewcorcoran.com/MyBlog has this to say:
If you’re still floating and watching the rates, ask yourself this question: Will it hurt me more to lock in now and watch rates drop another eighth or a quarter point, or will it hurt me more to keep floating and watch rates turn for the worse? If you’re willing to take the risk and continue watching rates, then keep a wary eye on the markets and maintain contact with your mortgage professional, because the markets can change at any moment.
My Interest Rate Lock Advice for Today:
If I were considering financing/refinancing a home, I would…
· Lock if my closing was taking place within 7 days
· Float if my closing was taking place within 8 and 30 days
· Float if my closing was taking place between 31 and 60 days
· Float if my closing was taking place over 60 days from now