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A recent client told me she was thinking about getting a St. Joseph statue and burying it her yard. Do you know why? Frankly up until 5 or so years ago another client told me the same thing. At the time I had been selling real estate for only 20 years and had no idea about what she was talking about. Well it supposedly helps you sell your home. Faster, more money, I don't have a clue? Frankly it was on the exam that I took 30 years ago. Are there any stories out there about this phenomenon? Also does anyone know where I can buy a truck load of these things. I understand that the religious store in Hyannis is all out, maybe I can earn some side money...
Nancy
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| Posted by Nancy Clayton at | | | |
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Nobody wants to carry two mortgages on two homes at the same time. Sometimes, however, an overlap occurs between buying a new home and selling the old one. Here’s where a bridge (or "gap," or "swing") loan can take the pressure off the monthly budget and provide down payment money.
- Take a short-term loan.
A bridge loan is a short-term loan for which the equity in your old home (and sometimes in your new one) serves as collateral. Various lenders charge different interest rates – often 1 or 2 percentage points above the current prime rate, or a bit higher than the current regular mortgage rate. Depending on the lenders’ requirements (appraisal, title search, etc.), closing costs can be anywhere from 0.5% to 1.5% of the loan amount.
- Pay off as you choose.
You may pay the loan off when you sell your home, or in monthly or quarterly installments. If your home does not sell within the specified term (often 6 months or a year), the loan is usually renewable. As real estate professionals, we have experience in all aspects of home purchasing. E-mail us to take advantage of our knowledge of the kinds of financial assistance that are available.
If you have any real estate questions, just ask us. We’re happy to help! In the meantime, we thought you might be interested in our FREE e-Report, Why Refi: Five Great Reasons To Refinance Today. Simply click the link to get your copy today.
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| Posted by Sherry Bergeron at | | | |
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MarketWatch
WASHINGTON - U.S. home prices will probably fall temporarily as the housing market corrects, the National Association of Realtors said yesterday.
Prices should bounce higher in a few months, said David Lereah, chief economist for the real estate group ''as the market works through a build in housing inventory.''
Median existing-home sales prices should rise about 2.8 percent this year and 2.2 percent next year, the group said in its monthly economic outlook. Median new-home prices are expected to rise 0.2 percent in 2006 and 2.4 percent in 2007.
After adjusting for inflation, median home prices would be lower at the end of 2007 than they are now, the group projects.
Existing-home prices have risen at an average of 9.6 percent annually in the past four years, well ahead of the inflation rate. New-home prices rose 13.3 percent in 2004 and 9 percent in 2005.
''This year sales are slowing, homes are plentiful and sellers are negotiating,'' Lereah said. ''Under these conditions, we'll probably see prices dip temporarily below year-ago levels as the market works through a build-up in housing inventory.''
Twenty-five of 48 economists surveyed in the Wall Street Journal's monthly survey said they expect little or no growth in the Office of Federal Housing Enterprise Oversight's home price index in 2007, the newspaper reported yesterday in its online edition.
(Published: September 8, 2006)
Source: Cape Cod Times
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| Posted by Sherry Bergeron at | | | |
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Sherry and I have been talking about the changing Cape Cod market. Actually it is changing everywhere for that matter. CA, GA, FL everywhere the market is and has shifted to a buyers market.
I visited a home last weekend that was one the market last year for $899,000 and it is currently listed for $699,000. Similarly a home in the Maravista area of Falmouth was listed for $549,000 last year and it is currently listed for $425,000. I know of another home that was listed as a FSBO for $550,000 last summer and actulally sold for $379,000. There truly are some great values out there.
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| Posted by Nancy Clayton at | | | |
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The real estate market is still in retreat according to August sales statistics released on Tuesday, September 5th by the Barnstable County Registry of Deeds.
August was a particularly sluggish month. Compared with the same month last year, both the number of sales and the median price took their biggest dip this year, according to the statistics.
The number of sales in August fell by 33.6 percent to 489 from 736 in August 2005. The median price dropped 6.7 percent to $350,000 compared with $375,000 in August 2005.
The registry statistics include all recorded real estate sales of property valued at more than $50,000. Because of the amount of time involved in closing real estate sales, numbers for August actually indicate activity in July.
Register of Deeds John Meade said the drop in sales and prices in the August statistics was expected given the direction of the market and because summer is historically a slower period for real estate than spring or fall.
''July tends to be a quiet month for real estate activity. Everyone's at the beach,'' Meade said.
But he added that the market does appear to be pulling back from ''the incredibly hot level of activity that marked the beginning of the 2000s.''
''My guess is we're going to see things start to pick up as the year ends,'' he said.
So far this year, according to the registry's numbers, March showed the most resilience with sales dropping only 8.7 percent compared with the same month last year. The median price also posted a slight gain at $354,900 compared with $352,500 in March 2005.
In July, the median sale price held fairly steady at $365,000 compared with $365,371 in the same month last year, but the number of sales dropped by a steep 31.4 percent.
August statistics from the Cape Cod & Islands Association of Realtors will not be released until later this month. But according to July statistics from the Realtors, which track sales listed with the Cape Cod & Islands Multiple Listing Service, single-family home sales were down nearly 30 percent that month compared with July 2005. The average sale value for the month was off by 6.9 percent at $499,498 compared with $536,628 last July.
Meade said he does not expect that the real estate slowdown will be permanent.''My expectation is that barring a huge increase in interest rates, or some other economic calamity, things will start moving along pretty good here.''
Source: Cape Cod Times by Staff Writer, Christie Smythe
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| Posted by Sherry Bergeron at | | | |
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It's a scenario that seems to defy economic rules, yet we're seeing it in many real estate markets around the country: Sales prices are rising even as home demands slows. What's going on?
To get an answer, we have to look at sellers. They're typically the last ones to see the market shifting in favors of buyers. They continue to list their properties at ambitious price points even though buyers, wary of the market slowdown, have little appetite to go along. The result is most properties sit on the market longer.
Given the continuing soundness of market fundamentals, the juxtaposition of these different market conditions isn't a mystery. In most markets, whether they're speeding up or slowing down, the buyers are there, buttressed by continually strong economies and low interest rates. For them, it's a waiting game. Once sellers price their homes right, sales will pick up.
This isn't to say all markets will experience a soft landing. There are vulnerable markets today, particularly those facing entrenched housing affordabability problems. During the boom, households in these markets had to stretch their incomes with creative financing to buy. So if rates rise to much, we could see an uptick in mortgage problems, not only inhibiting the home-sale recovery but also dampening local economic growth.
Thus, in part, your fortunes depend on how well policy makers at the Federal Reserve tamp down budding inflation without exacerbating the housing slowdown by precipitating mortgage problems among stretched households.
Source: Realtor Magazine
Worth Quoting...
"Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."
- Samuel Beckett
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| Posted by Sherry Bergeron at | | | |
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It has been no secret for months now that not only Cape Cod, but, for most of the country, we are in a buyers market. The buyers need their turn again. Most would say that we have had 5 years of insane growth, but I feel the market has been good for over 10 years. We have had increased values and appreciation for the past 10 plus years.
Buyers should start to explore the market again. As my computer partner husband says "there are some real treasures out there." Just the other day on our MLS system I pointed out to him a home (that obviously was way out of whack) that was listed at $579,000 and is now down to $439,000.
Interest rates are still very historically low. When I got into real estate in 1981 the interest rates were as high as 21%!!!.
Buyers should seek the advice of honest and experienced agents, working in their best interests, to guide them through the property histories and give them all the info possible so they can feel confident about their decision.
Sherry and I have over 30 years experience in real estate and have lived on Cape Cod for 44 combined years. If you have any real estate questions, we will give you the best info and advice possible.
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| Posted by Nancy Clayton at | | | |
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| Welcome to our new blog! We are in the process of adding more information to our site and will have weekly updates. Please bookmark our site and feel free to visit and contribute.
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| Posted by Nancy Clayton at | | | |
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