Archive for the 'Interest Rates' Category
Open House @ the Ocean in Solana Beach Saturday October 22nd 12:30 to 4p.m.
Posted by Nick Bednorz | Leave A Comment »
Located @ 707 Sierra Ave South in Solana Beach CA 92075 Offering Price $649,500Not a foreclosure or Short Sale.
Real Sellers. Real Motivated
Owners want out of Property Management
Extras and Upgrades Include:
- Travertine Floors throughout
- Stone Countertops in Kitchen & Baths
- Bathrooms have been Upgraded
- 2-master suites
- 2 1/2 bathrooms
- 1 bathroom in each bedroom plus 1/2 bath for guests
- vaulted ceilings
- southerly view from living room,kitchen & Dining Area
- pool
- gated beach access
- small intimate complex with only 30-units
- Short Walk to Del Mar Race Track and County Fairgrounds
- Near Cedros Design District, Restaurants and Entertainment:
- Brigantine restaurant
- Belly Up
- Fletcher Cove
- Schools
- View other homes @ www.nickbednorz.com
- open this link to view MLS sheet Residential Client Full (All Pages)
- Click this link for virtual Tour
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The Interest Rate Impact…It’s Bigger Than You Think!
Posted by Lisa Herndon | Leave A Comment »
Why is now a good time to buy a home? The answer may not be exactly what you think! Sure, home prices are down, making that home you had your eye on a few years ago much more affordable. Even more significant though is the drop in interest rates. For months we’ve heard reports that interest rates are “nearing all time lows” but last week, interest rates hit their all time low at a little over 3.75%.
A lot of people I meet and clients I’m working with to help buy a home ask me, “shouldn’t we wait to see if home prices continue to drop?” I also hear, “I’ve heard that we may be in for another housing price dip…shouldn’t we wait?” My answer: If you want to pay more for your home, wait to see what happens with home prices! Now this might be opposite of what you expected and it does not mean that I think home prices are going to begin rising dramatically. It means that home buyers should take advantage of the low interest rates while they last. They are MORE significant than the price of the home.
Do you know that a $600,000 home will cost you approximately $130,000 more over the life of the loan for every point of interest? For example, the difference between a 4.25% interest and 5.25% interest rate (both of which are fantastic) will cost you approximately $130,000 amortized! Sure, we may see home prices go down a bit more, but why risk $130,000 while you wait for the price to drop $10,000 or $20,000? To break it down further, the same $600,000 home will cost you approximately $362 per month more for every 1% increase in interest rate. Compare this to the approximate $100 per month savings for every $20,000 in home price reduction. Bottom line: If you are waiting for that $600,000 home to drop to $580,000 to save $100 per month, if interest rates rise, you will be paying much more for your home, not less! Interest rates are sure to begin rising again at some point. The average interest rate historically is 9%. We’ve hit the “all time low” already and rates are still great! Take advantage of it!
Lisa Herndon is a licensed Realtor proudly serving the San Diego, CA area. Please visit www.SanDiegoGreatHomes.com for more information and to learn about working with Lisa to help buy or sell your home!
Financial information provided by Mark Robertson with Samuel Scott Financial. For more information about Samuel Scott Financial, visit http://samuelscottfg.com/mark.htm
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Countywide Mortgage Update – Higher Mortgage Rates and Lower Loan Amounts Coming Soon?
Posted by Paul Gonzales | Leave A Comment »
HEADS UP! The cost of real estate financing may be going up, and the size of cheaper loans may be going down – all very shortly! Since I last reported on this in April, the Federal government has done nothing to change either of these two prospects.
Higher Rates
On June 30th the Federal Reserve is scheduled to end its subsidy of interest rates including mortgages, by terminating its purchase of U.S. Treasuries. While arguments abound about whether this program, known as “Quantitative Easing” or “QE2” has helped or hurt the economy, many analysts are concerned that the ending of this program could put upward pressure on interest rates, particularly mortgage loans.
More Costly Loans
The current “jumbo” or high-balance loan limits for both conventional (Fannie Mae and Freddie Mac) and FHA loans are scheduled to be rolled-back to considerably lower loan amounts on October 1st. The Obama Administration has signaled that it does not intend to press Congress to extend the current (higher) loan amounts beyond that date. This may not be an issue in the Midwest but could impact real estate markets such as Southern California. In San Diego County that will likely mean the maximum conventional and FHA loan limits could drop from $697,500 to below $600,000 depending on what formula HUD uses to compute the new lower limits. Loan amounts above the new limits will fall into the more expensive, higher interest rate and tighter underwriting rules for true jumbo loans.
Home Buyer or Home Seller?
For either party with an interest in real estate today, these two events should prompt urgency in buying or selling that home. Whether you are shopping for or looking to sell that home, you may be well served by being proactive and getting ‘er done. Contact your Real Living Lifestyles agent today, get the facts and get moving now!
For more information – Paul Gonzales, Countywide Mortgage Lending (760) 746-7388 paulforloans@aol.com, CA-DOC290493
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Countywide Mortgage Update – Home Buyers and Sellers: Two Important Events That Will Affect You Very Soon
Posted by Paul Gonzales | Leave A Comment »
If you are planning to either purchase or sell a property this year, there are two scheduled events coming up rapidly that may have a significant impact on you:
Higher Interest Rates?
On July 1st the Federal Reserve will complete its $600 Billion dollar purchases of US Treasury Bonds. Many analysts believe that with the Fed pulling out of the Treasury market, demand for such bonds will lessen, causing interest rates including mortgages to rise.
More Expensive Loans?
On October 1st the current conforming “jumbo” loan limit in San Diego County is scheduled to be reduced from $697,500 to $625,500 (or lower). For home buyers looking to purchase a home in the approximate price range of $500,000 to $900,000, this will push them into the limited, “true” jumbo loan category. Such jumbo rates and prices are significantly higher than current conforming rates.
What This Means
While no one knows what, if anything, the Federal government may do about these two scheduled events, the impacts are quite clear:
- For home buyers higher rates will mean higher payments and reduced buying power. For those buyers in the $500-$900,000 price range these effects will be magnified by the lack of conforming jumbo loans resulting in even higher rates and costs to obtain financing.
- For home sellers these two events will reduce the number of available buyers, especially in the price range noted above.
** THE MESSAGE IS CLEAR ** The next several months may prove to be the absolute best time this year (and beyond) to buy or sell that home. Contact your Real Living Lifestyles real estate agent today, get the facts and get moving now!
for more information – Paul Gonzales, Countywide Mortgage Lending (760) 746-7388 paulforloans@aol.com, CA-DOC290493
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San Diego: A Leader in an “Infant” Housing Recovery
Posted by Paul Morales | Currently 1 Comment »
As most San Diegans know, local housing prices rose and fell far in advance of most of the country. But what they may not know is that it seems our home town has become one of the leaders in an “infant” housing recovery.
To be sure, San Diego Real Estate is still a real “mixed bag” these days but Standard & Poor’s Case-Shiller Home Price Index for November 09’ showed area prices up nearly 0.4% from both Oct 09’ and Nov 08’. (the report has a 60 day lag period) As such, we were one of only four areas nationally to see an upturn beginning late last year with the others being Dallas, Denver and San Francisco. Additionally, the local index has risen steadily since hitting its low in April of 09’ which adds to the good news.
However, the 20 metro areas in the index were collectively down over the same period. That news should add more than a bit of caution to the good news since any recovery could not be seen as being broad-based. Adding to the “seesaw” effect is the Federal Housing Finance Agency’s price index, which is up 0.7% from October to November and is based on mortgage financing. And still another factor to consider is that in the months following last year’s $8,000, federal 1st time home buyer credit, overall sales predictably softened up.
With the “hangover” effect from that buyer credit having run its course, it’s my opinion that what we see going forward from here should be the market naturally finding its own way and the effort for the market to build a reliable base continuing to have its ups & downs . And of course, what that means to you still has more to do with your own personal situation than anything else.
For instance, I work with a number of investors who have noted a change in the market going back to the spring of 09’ while my clients who bought or sold a home for themselves have experienced things very differently. No matter which group you might fall into, stay informed. Check this blog for the latest news or use the tools on my website www.oldecarlsbadrealty.com . From there you can check the latest mortgage rates, homes available for sale in San Diego, the value of your own home and more. If you need help beyond what you find on my sight then please give me a call and I’ll be happy to follow up.
Paul M.
Paul R. Morales, Realtor
Exclusive Properties
760-720-4488 Direct
www.OldeCarlsbadRealty.com
Serving all of Southern California
Related Posts: Area Information, Area Statistics, Buyers, Carlsbad, Encinitas, Homeowners, homes for sale, Interest Rates, Oceanside, Real Estate News, San Diego, tax credit
