The National Association of Realtors reported on Monday that the September Pending Home Sales Index jumped 6.1% t0 110.1 after a 6.4% rise in August. The big rise far surpassed analysts’ expectations who anticipated a more modest rise of 1.2%. Most economists contributed the large increase to the estimated 200,000 to 400,000 first-time homebuyers rushing to take advantage of the $8,000 tax credit set to expire on November 30th. To that end, many analysts are anticipating a drop in pending home sales after November 30th. The NAR report helped offset a Commerce Department report last Thursday that showed new home sales fell unexpectedly on September after rising for five straight months. Commerce said new home sales fell 3.6% in September to a seasonally adjusted annual rate of 402,000. It was the first decline since March. Ironically, the drop was also attributed in part to the expiring first-time buyer credit. Go figure.
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Category: Real Estate Market
How Short Sales Effect Your Credit
Many people don’t understand how a short sale will affect their credit. The short sale itself does not harm one’s credit in any way. It is possible to complete a short sale without having a major impact on the person’s credit. We are going to go through several scenarios to explain short sale options and the ramifications of each scenario.
Episode #28 – Hurry, Beautiful Home on Grand Lagoon $123/foot
This week’s features:
- Deal 1 – 3,566 SF home on Grand Lagoon, $123/foot
- Deal 2 – Super great starter home for $87/foot, ONLY $115k!
- Deal 3 – Affordable NEW home 1,577 sf only $179,500!
The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Subscribe to our podcast in iTunes.
Or, you can click here to download it to your desktop.
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
Continue reading “Episode #28 – Hurry, Beautiful Home on Grand Lagoon $123/foot”
8 Tips on How To Buy a Foreclosure
It seems that more and more people are getting excited about being on the winning end of the foreclosure crisis. Even though they are great deals customers sometimes are frustrated with the amount of red tape we have to go through and the fact that we have to do it the banks way. The game has changed in Real estate and navigating short sales and foreclosures requires a little study so I thought I would share a few foreclosure cliff notes with you.
Rates Rise – Home Prices Still Rising
We are definitely seeing a return to volatility in mortgage rates as a see-sawing stock market has made for fickle demand for bonds. While sitting near record lows for several weeks rates bounced back up by late last week and were approaching 5.375% on the conforming thirty-year, fixed-rate on Monday before settling back to 5.25% on Tuesday. Some of the pressure on rates can be attributed to the huge government bond auction this week that will push the nation’s overall debt to near its debt ceiling of just over $12 trillion. The $123 billion in government securities creates additional supply yet, so far, it appears there is still adequate demand to absorb the new debt which has allowed rates to ease somewhat. I believe we will continue to see this return to volatility in both bonds and equities as investors become less convinced that this year’s rally in stocks will continue.
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Episode #27 – Huge Home in Palm Bay for $100 a foot
This week’s features:
- Deal 1 – 3,200 SF home in Palm Bay, Nice, less than $100/sf
- Deal 2 – Super Cute Lyndell Plantation Home only $225k
- Deal 3 – Super Hot Deals in Wild Heron Open House This Weekend
The Beach Show is your ONLY internet TV show all about Real Estate on Panama City Beach.
Subscribe to our podcast in iTunes.
Or, you can click here to download it to your desktop.
Remember, it doesn’t cost anything to work with us if you are a buyer.
Click the “more” tag for show notes.
Call us at 850-527-5651 to see these properties or for anything else you need regarding real estate in Panama City Beach.
Continue reading “Episode #27 – Huge Home in Palm Bay for $100 a foot”
How to Deal with Multiple offers on a Short Sale
There have been more questions than answers this week. Among other, people have asked: What do those zeroed out items mean in a contract and are you sure you can not take multiple offers on a short sale??? Since we do not have time enough to answer the first one lets talk about some more questions that I continue to get about Short sales. All of my customers and myself agree that the short sale is certainly not a short process and there continues to be so much confusion on how to handle them between the buyer and the seller.
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Housing Starts Miss Forecast
Mortgage rates remain low again this week helped out by reemerging doubts about the stock rally and economy as a whole. The benchmark thirty-year, fixed-rate stands just above 5% with no points and the fifteen year is just below 4.50%. While paying a point was buying a full ½% discount to the rate in the first quarter of the year, that premium has narrowed significantly and a point today is only buying a 1/4% rate improvement.
New Rules Hamper Housing Market
I will be the first to agree that the mortgage industry was extremely under-regulated for years and feel that lack of oversight, among other things, was largely responsible for the collapse of the housing market and subsequent financial crisis we now find ourselves in. But two of the most significant changes we’ve seen in years, both designed to protect consumers and reign in unscrupulous lenders, have done more to hamper the housing recovery than provide better consumer protections.
Save Money on Homeowners Insurance – Q&A, Part Two
Last week we addressed the Wind Mitigation inspection and how you could save some bucks on your home owners insurance. Since space would not allow I only gave a brief introduction to what was involved and how it resulted in savings for you. This week we are going to go a little deeper and answer some other questions you may have about the Uniform Mitigation Verification Inspection form. Again, please consult an expert that can help you as I have borrowed this information from an article written by John Staab a licensed inspector as well as the web site of Richard Pickle inspector in the Orlando Area.
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