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October 8, 2008 at 9:47 am · Filed under Affordable Housing, Did You Know?, Gulf Coast Housing, Pensacola, Residential, Selling Your Home, The Mortgage Market
Pending sales report shows buyers may be finding the bottom in Real Estate
The Pending Home Sales Report, an index to reflect homes that are under contract but not yet closed, has risen to the highest level since last summer (up 7.4% over the previous month). Does this mean we have hit bottom? No one will know that until we have the advantage of hindsight and are able to see it on the charts.
But, one fact remains true. Prices can only come down so far before those on the sidelines can no longer stand around and watch. With nationwide housing prices at levels of 2003, it begs the question, how much farther down can we go? Obviously there are other economic factors at play, and the economy is complicated and a little scary right now. But, the foundation for the current down turn was the over-inflated real estate market, and clearing out the existing inventory is crutial to starting a broad recovery. Another important reminder to sellers is that the majority of homes being sold are actually foreclosures. If you have a home you would like to sell, but don’t need to sell, now is still not the time.
Stay tuned for more updates, and check out the latest mortgage rates at SteveRussellOnline.com.
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October 7, 2008 at 9:33 am · Filed under Affordable Housing, Did You Know?, FSBO, Gulf Coast Housing, Pensacola, Realtor, Residential, Selling Your Home, The Mortgage Market
Are you going to take advantage of the home buyer tax credit available through the end of the year?
For those of you interested in buying a home, but you are still on the fence about the current market, don’t forget that the window is closing for the housing stimulus tax credit good through the end of the year. This tax credit is good for first time buyers (buyers who have not owned a home in the last 3 years), and it is available up to 10% of the purchase price to a maximum of $7500.
While your decision to buy a home should not be based solely on incentives, it is equally important not to ignore those incentives if you are serious about buying. The difference between buying a home on December 1st and January 10th could mean significant tax savings for your 2008 return. Be sure to contact your tax advisor for specifics and qualifying criteria.
For more information on qualifying for a mortgage, visit SteveRussellOnline.com or call 850-221-8334.
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October 6, 2008 at 9:33 am · Filed under Affordable Housing, Gulf Coast Housing, Pensacola, Residential, Selling Your Home, The Mortgage Market
Mortgage rates are down and so is the stock market.
Stocks are down today amidst continued concerns for global economic slow downs. As of 9:24 A.M. (Central Time), the Dow has dipped below 10,000 for the first time since October 2004. According to traders, this is due, in large part, to the increased uncertainty of the global economy and corporate earnings as we begin the 3rd quarter corporate earnings season.
As usual, when there is a selloff in stocks, people tend to move their money over to bonds, and today is no exception. Mortgage bonds are up over 70 basis points leading to stronger monrtgage rates this morning. If you were waiting to lock your loan, today would be a good day for it considering the major move of the index over levels of resistance.
You can see where today’s rates are currently at SteveRussellOnline.com.
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