30 Year fixed interest rates on the rise this week!

Rates for 30-year home loans edged up this week to 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said Thursday.
The average rate on a 15-year fixed-rate mortgage fell to 4.87 percent, down from 4.89 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.99 percent, up from 4.97 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.93 percent from 4.95 percent.
If you are thinking of buying…now is the time to do it! We can help you on the path towards home ownership. Give us a call today.

We look forward to assisting you with all your real estate needs.

Push for an expansion of the first time home buyer tax credit?

We blogged about the $8000 tax credit back in February, but there are some new proposals in the works in Washington. Both legislators and the business community are hoping to build on the $8000 tax credit. 
A number of bills have been introduced in the House and the Senate and among the proposed changes are:
* Setting a new cap of $15,000.
* Extending the tax break into mid-2010.
* Making the benefit available to all homebuyers, not just first-timers.
* Offering a separate tax credit to $3,000 for borrowers who refinance.

We will keep you updated as more information is released. To learn more about the $8000 tax credit, be sure to visit our website.
We look forward to assisting you with all your real estate needs!

FHA and USDA Financing

FHA Loans:

FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD insures the loan, so the lender can offer a better deal.

- Here are some key features and benefits about this program:

Eligible with Fixed Rate Loan Programs (15, 20, 25 and 30yr Terms) AND 1YR, 3/1 & 5/1 ARM’s

1. Margin: 1YR – 2.25%, 3/1 and 5/1 – 1.75%; Caps: 1/5; Index: CMT

2. 1 Year ARM must qualify at 1% above the Note Rate

Maximum Financing up to 96.5% of the Appraised LTV

Minimum Down Payment Requirement = 3.5% and it can be Gifted from a Friend or Family Member

Maximum 6% Seller Contributions Allowed

Eligible for Primary Residences (1-4 Unit) Only

Purchases, Rate/Term and Cash-Out Refinance Transactions Eligible

All Purchase Transactions Minimum FICO = 620

Full Doc Option Only

Maximum Loan Amount for 1Unit = $353,750 (effective April 28, 2009 in Orange, Osceola and Lake Counties…let me know if you need limits for any other counties and/or units)

2Months PITI (Principle, Interest, Taxes and Insurance) Cash Reserves Required

No Minimum Contribution from the Borrower’s Own Funds Required

1.5-2% (Depending on Loan Approval) PMI Required Up Front which may be Financed into the Loan

Website for more info on specific State guidelines: http://www.hud.gov/buying/loans.cfm

USDA Rural Housing Loans:

The Guaranteed Rural Housing (GRH) Loan Program is a Government insured single-family home loan program for low-to-moderate income borrowers looking to purchase a home in a rural development area.  This program is an excellent option to offer borrowers who aren’t able to make a significant down payment on a home.  It is an affordable way to achieve the dream of home ownership.

- Here are some key features and benefits about this program:

Eligible with Fixed Rate Loan Programs Only (30yr Terms)

Maximum Financing up to 100% of the Appraised LTV

Maximum 6% Seller Contributions Allowed

Eligible for Primary Residences (1 Unit) Only

Purchases and Guaranteed Rural Housing Rate/Term Refinance Transactions Eligible

Full Doc Option Only

Maximum Loan Amount = $417,000

No Cash Reserves Required

No Minimum Contribution from the Borrower’s Own Funds Required

No PMI Required: UpFront USDA Guaranteed Fee of 2% can be Financed into the Loan Amount for Purchase Transactions and .5% for Rate/Term Refinances

- Check Eligibility for Income and Property First at http://eligibility.sc.egov.usda.gov

If you are interested in learning more about the different financing programs, please contact us and we can put you in contact with a local lender.

We look forward to helping you move on the path towards homeownership!

Timing vs. Activity

 

• Timing is extremely important in the real estate market.

• A property attracts the most activity from the real estate community and potential buyers when it is first listed.

• It has the greatest opportunity to sell when it is new on the market.

Would you like a market analysis for your neighborhood? Please contact us. We look forward to serving you.

Stats for Hunters Creek/Southchase

Hunter’s Creek is a 4,000-acre master-planned community. Hunter's Creek boasts: Tennis courts, parks, racquet ball courts, walking and bike trails. The community also features a baseball field, basketball court, restaurants, community center, playgrounds, picnic area, soccer field, tot lot and volleyball.
Located in South Orlando in Orange County, halfway between Disney World and the airport, Hunters Creek is convenient to all major attractions, and within minutes of major employment centers such as Tupperware International, Lucent Technologies, Lockheed Martin and Walt Disney World.

Hunter’s Creek offers a combination of condominiums, townhomes and single family homes.  Here is a brief snapshot of the current state of the market:

As of June 16, 2009 :
There are currently 246 HOMES for Sale listed in our MLS system ranging from $68,000 for a 3 bed/1 bath in Sky Lake to $689,000 for a 5 bedroom/4 bathroom home in Hunters Vista.
There are 136 Condominiums/Towhomes for Sale in the MLS ranging from $27,500 for a 1 bed/1 bath in Palms Villa Residences to $254,000 for a 4 bedroom/3 bathroom townhome in Chartres Gardens
ACTIVE: HOMES
246 Total: 125 are pre-foreclosure/short sales/bank-owned  (making up 50% of the inventory).
ACTIVE: CONDOMINIUMS/TOWNHOMES
136 Total:  101 are pre-foreclosure/short sales/bank-owned  (making up 74% of the inventory).

PENDING: HOMES
168 Total:  123 are pre-foreclosure/short sales/bank-owned  (making up 73% of the inventory). 
PENDING: CONDOMINIUMS/TOWNHOMES
64 Total:  58 are pre-foreclosure/short sales/bank-owned  (making up 90% of the inventory).

SOLD: HOMES (last 3 months)
118 Total:  85 are pre-foreclosure/short sales/bank-owned  (making up 72% of the inventory). 
SOLD: CONDOMINIUMS/TOWNHOMES
66 Total: 53 are pre-foreclosure/short sales/bank-owned  (making up 80% of the inventory).

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market.

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

8 Tips to Guide for Your Home Search

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
Visit our website to get your home search started! We look forward to helping you.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag)

Simple Tips for Better Home Showings

1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.

9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.

10. Buy a flowering plant and put it near a window you pass by frequently.

11. Make centerpieces for your tables. Use brightly colored fruit or flowers.

12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.

13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.

14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.

15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.

16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.

17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.

18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag)

If would like more information or would like us to prepare a market analysis for your home, please let us know.

Celebration Stats as of June 3, 2009

Celebration offers a combination of condominiums, townhomes and single family homes.  Here is a brief snapshot of the current state of the market here in Celebration.

As of June 3rd there are currently 374 (a DECREASE of 20 properties over the previous month) properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Siena at $94,900 (Short Sale) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 374:  61 are pre-foreclosure/short sales/bank-owned  (making up 23% of the inventory). Out of the 374: 179 are Single Family Homes and 195 are condominiums/townhomes.
PENDING = 91 (an increase of 15% over the previous month): 52 are either bank owned or short sales, making up 57% of the pending inventory.
SOLD (May 3 to June 3rd) = 20: 8 were condominiums/Townhomes and 12 = Single Family Homes)  Here is the breakdown: 2 Bank owned/ 4 Short sale/ 14 Seller owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.