MarketWatch Newsletter March 22, 2012
Exclusive "inside the market" news for you!
by Michael Ray, Licensed RE Broker
Market Off the Bottom?
MARKET NOTES: While market head winds continue, statistics show the local real estate market is improving. However, the market has bifurcated. There are now two distinct classes for resale properties - the retail market and the distress market. Both markets are enjoying small price increases, with the retail market in the lead. The market is clearly turning. Buyers previously priced out of our market still have an unusual second chance. Inventory is almost in balance and builders are starting to build again. Click here to watch an excellent, recently released video for a complete understanding of the local market position right now!
INTEREST RATES: Cash sales have increased as mortgage rates remain historically low. The number of cash sales are up dramatically. In addition, FHA continues to play a bigger part in home financing with a low, low 3.5% down payment and a $423,750 loan limit - that's around $15,000 down for a home valued at close to $440,000. Conventional loans are near record lows. Qualification is strict but loans are available. The Federal Reserve will keep rates unusually low to aid the housing market.
INSURANCE: Tips for Sellers/Buyers!
Homes built in 2002 or later cost less to insure and will have more companies willing to insure the property. A hip roof provides a significant premium credit. Impact glass, shutters and a code compliant garage door also offer savings. Homes valued over $1,000,000 in replacement cost have access to special insurance programs. Sellers should use these as selling points and buyers should should make additions to their list of requirements.
CALL MICHAEL at 561-385-5483 for any real estate related questions.
*** Please forward my newsletter to any of your friends. ***
www.TeeTimeHomes.com
If your property is listed with a real estate broker, this is not a solicitation to list your property.
|