December
5, 2012 - Freddie Mac's weekly survey of average mortgage rates saw 30
year fixed rate mortgage loans at 3.34% and .7 discount points.
Average 15 year rates were 2.67% and .6 discount points.
Friday, December 28, 2012
Home Mortgage Information
Washington, D.C. (December 5, 2012) - Mortgage applications increased 4.5% from the previous week,
according to data from the Mortgage Bankers Association's (MBA) Weekly
Mortgage Applications Survey for the week ending November 30, 2012.
If you would like more information on real estate on Marco Island, please give me a call at 239-404-7471. We have beachfront condos as well as single family homes. Visit my website for a list of properties for sale.
Monday, December 24, 2012
No pressure on mortgage rates as Fed continues easing
Mortgage rates remained at or near record lows this week as the Federal Reserve signaled that measures designed to keep a lid on interest rates will remain in place for some time to come.
Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, down from 3.34 percent last week and 3.94 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21.
For 15-year fixed-rate mortgages, rates averaged 2.66 percent with an average 0.6 point, down from 2.67 percent last week and 3.21 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.7 percent with an average 0.6 point, up from 2.69 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.
For one-year Treasury-indexed ARM loans, rates averaged 2.53 percent with an average 0.5 point, down from 2.55 percent last week and 2.81 percent a year ago. That's a new low in Freddie Mac records dating to 1984.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans increasing for a fifth week in a row, to a level 9 percent greater than a year ago. But applications to refinance still accounted for 84 percent of all mortgage applications.
Information provide from Inman News December 13, 2012
Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.7 point for the week ending Dec. 13, down from 3.34 percent last week and 3.94 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21.
For 15-year fixed-rate mortgages, rates averaged 2.66 percent with an average 0.6 point, down from 2.67 percent last week and 3.21 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.7 percent with an average 0.6 point, up from 2.69 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.
For one-year Treasury-indexed ARM loans, rates averaged 2.53 percent with an average 0.5 point, down from 2.55 percent last week and 2.81 percent a year ago. That's a new low in Freddie Mac records dating to 1984.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans increasing for a fifth week in a row, to a level 9 percent greater than a year ago. But applications to refinance still accounted for 84 percent of all mortgage applications.
Information provide from Inman News December 13, 2012
Fannie Mae: Housing market 'has turned the corner'
Despite lower expectations for the economy's progress as a whole this quarter, home sale and price trends suggest housing finally represents "a tailwind to growth," according to a monthly economic outlook released today by Fannie Mae's Economic & Strategic Research Group.
"The housing market has turned the corner and a sustained recovery is under way," the report said, despite some significant challenges that remain ahead, including tight lending conditions, uncertainty surrounding mortgage regulations, and the fiscal cliff.
Home prices have seen strengthening year-over-year gains over the last several months and prices are expected to end the year on a positive note for the first time in six years, Fannie Mae economists said.
They projected the median price of an existing home would rise 4.2 percent on an annual basis in 2012, to $173,000. They expected the median price of a new home to increase 4 percent, to $236,000. Fannie Mae is projecting that median prices of both new and existing homes will rise an additional 1.7 percent in 2013.
Existing-home sales, new-home sales and single-family housing starts are expected to see substantial increases from last year. Fannie Mae predicts each will rise 9.6 percent, 19.5 percent and 25.7 percent, respectively, in 2012 compared to 2011. The mortgage giant expects further improvement next year with increases of 6.4 percent, 21.9 percent and 22.4 percent, respectively.
After falling to record lows this year, mortgage rates are expected to fall even further next year, boosting housing demand. Rates for a 30-year fixed-rate mortgage are projected to average 3.7 percent this year and decline to 3.4 percent in 2013 as a result of the Federal Reserve's continued efforts to keep a lid on interest rates.
For information on Marco Island Real Estate contact me at 239-404-7471 or visit my website at www.RealEstateonMarco.com
"The housing market has turned the corner and a sustained recovery is under way," the report said, despite some significant challenges that remain ahead, including tight lending conditions, uncertainty surrounding mortgage regulations, and the fiscal cliff.
Home prices have seen strengthening year-over-year gains over the last several months and prices are expected to end the year on a positive note for the first time in six years, Fannie Mae economists said.
They projected the median price of an existing home would rise 4.2 percent on an annual basis in 2012, to $173,000. They expected the median price of a new home to increase 4 percent, to $236,000. Fannie Mae is projecting that median prices of both new and existing homes will rise an additional 1.7 percent in 2013.
Existing-home sales, new-home sales and single-family housing starts are expected to see substantial increases from last year. Fannie Mae predicts each will rise 9.6 percent, 19.5 percent and 25.7 percent, respectively, in 2012 compared to 2011. The mortgage giant expects further improvement next year with increases of 6.4 percent, 21.9 percent and 22.4 percent, respectively.
After falling to record lows this year, mortgage rates are expected to fall even further next year, boosting housing demand. Rates for a 30-year fixed-rate mortgage are projected to average 3.7 percent this year and decline to 3.4 percent in 2013 as a result of the Federal Reserve's continued efforts to keep a lid on interest rates.
For information on Marco Island Real Estate contact me at 239-404-7471 or visit my website at www.RealEstateonMarco.com
Monday, December 17, 2012
Marco Island Real Estate Sales Statistics for November 2012
Marco Island Sales Statistics for November 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 65 55
Condominiums 75 78
Lots 26 29
Condominiums 75 78
Lots 26 29
ACTIVE LISTINGS:
Single Family 317 402
Condominiums 528 681
Lots 266 342
Condominiums 528 681
Lots 266 342
PENDING SALES:
Single Family 33 31
Condominiums 47 32
Lots 14 14
SOLD:
Single Family 28 19
Condominiums 42 23
Lots 14 7
AVERAGE SALE PRICE:
Single Family $ 677,804 $545,555
Condominiums $477,188 $334,720
Lots $219,036 $134,529
The market is stable and we anticipate a strong sales season through the winter months. Call me at 239-404-7471 or visit my website for real estate information.
Monday, December 3, 2012
New tax implications for Short Sales
How the Federal Mortgage Forgiveness Debt Relief Act affects homeowners facing Short Sales
For the past five years, homeowners whose banks have forgiven unpaid mortgage debt after a short-sale principal reduction or foreclosure have not counted that money as income on their tax returns. The federal Mortgage Forgiveness Debt Relief Act could expire January 1, 2013 meaning borrowers may be faced with big IRS bills after losing their home if the sale happens after January 1, 2013.
Attorneys general from all over the United States are pushing for an extension of the act.
“If the act expires, you will be asking people to pay cash on an income they never received and with cash they don’t have,” says John DiBiase, communications director for the National Association of Realtors®’ government affairs office. “I think that is well-understood, especially by members of the Florida delegation.”
Wednesday, November 21, 2012
Marco Island Real Estate Statistics for October 2012
Marco Island Sales Statistics for October 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 58 48
Condominiums 86 77
Lots 24 25
Condominiums 86 77
Lots 24 25
ACTIVE LISTINGS:
Single Family 303 392
Condominiums 516 655
Lots 255 337
Condominiums 516 655
Lots 255 337
PENDING SALES:
Single Family 38 25
Condominiums 51 33
Lots 10 4
SOLD:
Single Family 29 26
Condominiums 34 24
Lots 9 5
AVERAGE SALE PRICE:
Single Family $528,869 $538,135
Condominiums $422,357 $425,154
Lots $103,167 $230,000
Marco Island Real Estate Statistics for September 2012
Marco Island Sales Statistics for September 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 37 33
Condominiums 46 42
Lots 17 22
Condominiums 46 42
Lots 17 22
ACTIVE LISTINGS:
Single Family 297 389
Condominiums 501 642
Lots 256 327
Condominiums 501 642
Lots 256 327
PENDING SALES:
Single Family 25 18
Condominiums 42 18
Lots 13 12
SOLD:
Single Family 32 21
Condominiums 30 31
Lots 12 13
AVERAGE SALE PRICE:
Single Family $525,563 $619,857
Condominiums $332,800 $358,482
Lots $379,708 $251,469
For more information on Real Estate in Marco Island, please give me a call at 239-404-7471
Thursday, October 18, 2012
Building Permits have increased 30% in Collier County
NORTH NAPLES —A new resort-style gated community will soon sprout in North Naples, sprawling over nearly 1,800 acres.
This project alone is expected to create and support an estimated 600 to 800 jobs per year.
The turnaround doesn't just help construction workers. It means work for machine operators, engineers, surveyors, landscapers, interior designers and others whose business is tied to new development.
Building permits have increased 30% in Collier County. There has been significant increases in single family homes being built in Marco Island as well.
This project alone is expected to create and support an estimated 600 to 800 jobs per year.
The turnaround doesn't just help construction workers. It means work for machine operators, engineers, surveyors, landscapers, interior designers and others whose business is tied to new development.
Building permits have increased 30% in Collier County. There has been significant increases in single family homes being built in Marco Island as well.
Wednesday, October 17, 2012
Marco Island Real Estate Statistics for August 2012
Marco Island Sales Statistics for August 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 47 32
Condominiums 56 55
Lots 20 22
Condominiums 56 55
Lots 20 22
ACTIVE LISTINGS:
Single Family 290 382
Condominiums 512 652
Lots 262 332
Condominiums 512 652
Lots 262 332
PENDING SALES:
Single Family 39 29
Condominiums 38 40
Lots 17 8
SOLD:
Single Family 33 21
Condominiums 44 33
Lots 24 9
AVERAGE SALE PRICE:
Single Family $605,012 $526,609
Condominiums $439,025 $383,824
Lots $259,942 $238,278
Vacant lots are making the most changes at this time. We are seeing an increase in interest and view lots are simply not available in the lower price points as they were 6 months ago. For more information, please give me a call at 239-404-7471 or visit my website.
Vacant lots are making the most changes at this time. We are seeing an increase in interest and view lots are simply not available in the lower price points as they were 6 months ago. For more information, please give me a call at 239-404-7471 or visit my website.
Marco Island Real Estate Statistics for July 2012
Marco Island Sales Statistics for July 2012
PENDING SALES:
SOLD:
AVERAGE SALE PRICE:
Year 2012 vs 2011
NEW LISTINGS:
Single Family 26 45
Condominiums 55 54
Lots 23 15
Condominiums 55 54
Lots 23 15
ACTIVE LISTINGS:
Single Family 299 398
Condominiums 517 665
Lots 273 328
Condominiums 517 665
Lots 273 328
PENDING SALES:
Single Family 30 22
Condominiums 38 28
Lots 18 10
SOLD:
Single Family 27 31
Condominiums 37 23
Lots 19 10
AVERAGE SALE PRICE:
Single Family $684,352 $681,032
Condominiums $440,092 $325,935
Lots $189,369 $443,750
Inventory continues to decline with in time will provide for a strong selling market. For more information, please give me a call at 239-404-7471 or visit my website.
Inventory continues to decline with in time will provide for a strong selling market. For more information, please give me a call at 239-404-7471 or visit my website.
Marco Island Real Estate sales Statistics for June 2012
Marco Island Sales Statistics for June 2012
Year 2012 vs 2011
NEW LISTINGS:
Single Family 33 28
Condominiums 52 64
Lots 13 11
Condominiums 52 64
Lots 13 11
ACTIVE LISTINGS:
Single Family 319 404
Condominiums 532 679
Lots 280 333
Condominiums 532 679
Lots 280 333
PENDING SALES:
Single Family 33 23
Condominiums 39 31
Lots 9 8
SOLD:
Single Family 33 36
Condominiums 53 43
Lots 13 7
AVERAGE SALE PRICE:
Single Family $710,123 $697,625
Condominiums $406,774 $378,765
Lots $305,538 $191,000
Lot prices have shown the most improvement. There has been a steady increase of construction in the past 4 months. For more information regarding beachfront or waterfront homes on Marco Island, please give me a call at 239-404-7471 or visit my website.
Lot prices have shown the most improvement. There has been a steady increase of construction in the past 4 months. For more information regarding beachfront or waterfront homes on Marco Island, please give me a call at 239-404-7471 or visit my website.
Tuesday, October 9, 2012
Homebuyers Frustrated by Low Inventories
HOMEBUYERS FRUSTRATED BY LOW INVENTORIES
ORLANDO, Fla. – Oct. 8, 2012 – Low inventories of for-sale homes are becoming a problem for homebuyers. Almost every major market in the U.S. has posted double-digit decreases in available listings.
“The buyers tend to become a little frustrated as they are seeing homes that they want to ‘think about’ – and before they can even get home to discuss it, there are already multiple offers on the property,” Sheri Moritz, a real estate broker with Keller Williams’ Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, inventories have fallen 21 percent in the past year, according to Realtor.com data.
Multiple-bid situations are common in many markets. But surveys show that homebuyers lose their enthusiasm when faced with competition for a property, according to a recent survey by Redfin. Seven in 10 of homebuyers reported that they’ve faced competition on at least one of their offers recently, but 31 percent say they would back off when faced with a multiple-offer situation for a home.
Charles Roberts, a director at the Denver Board of Realtors® and co-owner of Your Castle Real Estate, says that “urgency” is the new landscape greeting homebuyers.
“Gone are the days of looking at 50 homes and taking months to make a decision,” Roberts says. “If there’s a good property on the market, buyers need to act quickly, and yes, sometimes bid above asking price. The educated, thoughtful clients are getting great deals with astoundingly low interest rates. The clients that are still insisting on putting offers at 80 cents on the dollar are getting shut out of the market. They either learn that that strategy doesn’t work anymore or they keep on renting. Our job as real estate agents is to teach them what the market looks like and guide them in their decision-making.”
Source: “Low Inventories Thwarting Buyers,” Inman News (Oct. 1, 2012)
© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688
“The buyers tend to become a little frustrated as they are seeing homes that they want to ‘think about’ – and before they can even get home to discuss it, there are already multiple offers on the property,” Sheri Moritz, a real estate broker with Keller Williams’ Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, inventories have fallen 21 percent in the past year, according to Realtor.com data.
Multiple-bid situations are common in many markets. But surveys show that homebuyers lose their enthusiasm when faced with competition for a property, according to a recent survey by Redfin. Seven in 10 of homebuyers reported that they’ve faced competition on at least one of their offers recently, but 31 percent say they would back off when faced with a multiple-offer situation for a home.
Charles Roberts, a director at the Denver Board of Realtors® and co-owner of Your Castle Real Estate, says that “urgency” is the new landscape greeting homebuyers.
“Gone are the days of looking at 50 homes and taking months to make a decision,” Roberts says. “If there’s a good property on the market, buyers need to act quickly, and yes, sometimes bid above asking price. The educated, thoughtful clients are getting great deals with astoundingly low interest rates. The clients that are still insisting on putting offers at 80 cents on the dollar are getting shut out of the market. They either learn that that strategy doesn’t work anymore or they keep on renting. Our job as real estate agents is to teach them what the market looks like and guide them in their decision-making.”
Source: “Low Inventories Thwarting Buyers,” Inman News (Oct. 1, 2012)
© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688
Monday, June 25, 2012
Mortgage Rate - June 24, 2012
For more information on purchasing a home on Marco Island, Please give me a call at 239-404-7471
NOW IS A GREAT TIME TO PURCHASE A HOME
FHA
 |
Conforming1 Loan Rate | |
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|
30 Year Fixed |
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15 Year Fixed |
|
30 Year Fixed |
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Interest Rate | |
3.875% | |
3.0% | |
3.75% | | ||
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|
Annual Percentage Rate (APR) | |
4.051% | |
3.308% | |
4.827% | | ||
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|
Monthly Payment | |
$846.43 | |
$1,243.05 | |
$1,034.13 | | ||
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Payment Term | |
30 YEARS | |
15 YEARS | |
30 YEARS | | ||
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Loan Amount | |
$180,000 | |
$180,000 | |
$180,000 | | ||
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Est. Prepaid Finance Charges | |
$3,800 | |
$3,800 | |
$3,800 | | ||
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|
Down Payment | |
25% | |
25% | |
3.5% | |||
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