Mortgage applications to purchase homes increased 14.4 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.
The unadjusted Purchase Index increased 9.6 percent compared with the previous week and was down 7.4 percent compared to the same week a year ago.
On a seasonally adjusted basis, this is the highest Purchase Index recorded since the week ending May 7, 2010 in the middle of the tax-rebate push.
“The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation,” said Michael Fratantoni, the association’s vice president of research and economics.
“The level of purchase applications on a seasonally adjusted basis is now at its highest level since the expiration of the homebuyer tax credit,” Fratantoni concluded.
Interest rates were mixed, with 30-year fixed-rate mortgages rising to 4.50 percent from 4.46 percent and 15-year fixed-rate mortgages decreasing to 3.83 percent from 3.87 percent.
Source: Mortgage Bankers Association (11/24/2010)
Showing posts with label grapevine texas real estate. Show all posts
Showing posts with label grapevine texas real estate. Show all posts
Tuesday, November 30, 2010
Tuesday, November 23, 2010
Why I'm jealous of today's homebuyers
By: Marty Kramer | Consumer columnist
When I bought my current home, nobody was talking about real-estate-market woes or foreclosure troubles or a struggling national economy. And yet, I'm a little jealous of buyers today.
The big story back then was the insane seller's market we were in. Time after time, my wife and I would look at a home hours after it came on the MLS only to learn it was already under contract.
Many houses sold before ever making it to the MLS. Bidding wars were common, and good properties fetched asking price or above. Seller concessions? Forget it.
My wife and I spent about seven minutes in the home we now own before telling our REALTOR® we would make an offer. Full price, of course. Even then, we worried someone would outbid us.
We asked the sellers if they could adjust the closing date so we wouldn't have to move twice. I don't know if they laughed at our request … they knew we had
zero leverage.
It all turned out well. My family is happy in our home, and we love our neighbor-
hood. Still, it would have been nice to have had more time, more choices.
Every real estate market has pros and cons. Right now, interest rates and housing inventory are extremely attractive. The market is pretty balanced, slightly favoring buyers in many locales. If your personal situation is favorable for purchasing a home, why hesitate? Hey, you probably can spend more than seven minutes in a home before deciding if you want to make an offer.
When I bought my current home, nobody was talking about real-estate-market woes or foreclosure troubles or a struggling national economy. And yet, I'm a little jealous of buyers today.
The big story back then was the insane seller's market we were in. Time after time, my wife and I would look at a home hours after it came on the MLS only to learn it was already under contract.
Many houses sold before ever making it to the MLS. Bidding wars were common, and good properties fetched asking price or above. Seller concessions? Forget it.
My wife and I spent about seven minutes in the home we now own before telling our REALTOR® we would make an offer. Full price, of course. Even then, we worried someone would outbid us.
We asked the sellers if they could adjust the closing date so we wouldn't have to move twice. I don't know if they laughed at our request … they knew we had
zero leverage.
It all turned out well. My family is happy in our home, and we love our neighbor-
hood. Still, it would have been nice to have had more time, more choices.
Every real estate market has pros and cons. Right now, interest rates and housing inventory are extremely attractive. The market is pretty balanced, slightly favoring buyers in many locales. If your personal situation is favorable for purchasing a home, why hesitate? Hey, you probably can spend more than seven minutes in a home before deciding if you want to make an offer.
Monday, November 22, 2010
Well-Kept Yards Most Important Factor in Determining Neighborhood Safety
A new survey conducted by Relocation.com finds that 75 percent of Americans believe the most important factor in determining a neighborhood's safety is the up-keep of surrounding homes, especially the conditions of the front lawns, which trumps even Googling neighborhood statistics to get a feel for a community.
The latest Relocation.com survey finds that 74 percent of respondents indicated they would select a neighborhood based on "word-of-mouth" or its local reputation over any other reason, while 67 percent of the respondents say they pay attention to local crime reports and statistics as reported in the local media. Less compelling, according to the survey, are "a gated community with security patrols" and "proximity to a police or fire station" when determining the safety of a neighborhood.
"It's interesting to see how home buyers determine neighborhood safety based on the neighborhood's appearance and not as much based on police statistics or crime reports," says Relocation.com Chairman and Founder Sharon Asher. "Our findings suggest that some home sellers who are struggling to generate interest may want to go the extra mile and help their neighbors with landscaping needs in order to create buyer interest."
The Relocation.com survey was conducted in mid-October, 2010, in a continuing effort to provide information on lifestyle factors that drive moving and relocation decisions in the U.S.
The latest Relocation.com survey finds that 74 percent of respondents indicated they would select a neighborhood based on "word-of-mouth" or its local reputation over any other reason, while 67 percent of the respondents say they pay attention to local crime reports and statistics as reported in the local media. Less compelling, according to the survey, are "a gated community with security patrols" and "proximity to a police or fire station" when determining the safety of a neighborhood.
"It's interesting to see how home buyers determine neighborhood safety based on the neighborhood's appearance and not as much based on police statistics or crime reports," says Relocation.com Chairman and Founder Sharon Asher. "Our findings suggest that some home sellers who are struggling to generate interest may want to go the extra mile and help their neighbors with landscaping needs in order to create buyer interest."
The Relocation.com survey was conducted in mid-October, 2010, in a continuing effort to provide information on lifestyle factors that drive moving and relocation decisions in the U.S.
Saturday, November 20, 2010
Mortgage Rates Back on the Rise
Rates for 30-year fixed mortgages rose to 4.39 percent this week from 4.17 percent a week ago, and average interest on 15-year loans moved to 3.76 percent from 3.57 percent, said Freddie Mac.
Interest for five-year adjustable-rate mortgages jumped to 3.4 percent from 3.25 percent, meanwhile, and one-year ARMs held at 3.26 percent. Rates have climbed along with long-term Treasury yields as traders unloaded Treasurys purchased before the Federal Reserve announced a $600 billion bond purchase program.
Source: Chicago Sun-Times (11/19/10)
Interest for five-year adjustable-rate mortgages jumped to 3.4 percent from 3.25 percent, meanwhile, and one-year ARMs held at 3.26 percent. Rates have climbed along with long-term Treasury yields as traders unloaded Treasurys purchased before the Federal Reserve announced a $600 billion bond purchase program.
Source: Chicago Sun-Times (11/19/10)
Friday, November 19, 2010
Top Tips to Winter-Proof Your Home
As winter sets in, there's nothing better than hibernating on the sofa with a good book or classic film. But having this spoiled by a home emergency can add a real chill to your winter warmth, especially if it's preventable.
We're all familiar with the issues winter forces upon us: the boiler breaking, pipes bursting or a break-in, which can make the harsh effects of winter far more severe.
Planning ahead now can help protect you against these potential problems. Here are some simple tips from John Lewis Insurance to prevent home emergencies from happening. Many of them are relatively quick and easy to do.
Quick fixes:
* Change the battery in your smoke detector or install them if you don't have any - it's a simple task that can save your life. And make sure you test them regularly.
* Inspect your roof for missing or cracked tiles. If repairs are needed, get them done as soon as you can.
* Vacuum the coils on the back of the fridge. This will help your fridge work more efficiently and will help you save money on your power bills.
* Turn your mattress regularly. We all spend more time in bed over winter - turning your mattress regularly will extend its life and ensure a more comfortable night's sleep.
* Get your boiler serviced. If you haven't had your boiler serviced this year, now is the ideal time to ensure it's in good working order.
More time needed:
* Oil your power tools and if you have a gas-powered lawn mower, drain the gas from it. They will survive the winter better and be in top shape for spring.
* Check all taps for leaks and locate the main pipe to the water mains. Pipes can burst if they freeze so if you leave home for more than a few days, ideally you should turn off the water and drain the pipes.
* Bleed your radiators by opening the valve until water appears - they will work more efficiently.
* The cold doesn't deter burglars so be sure to inspect your locks and any burglar alarms - and consider using lighting timers for that lived in appearance.
Worth the effort:
* It may take a day or two to sort out but cleaning your gutters properly will guarantee they won't get blocked or overflow.
* Trimming back trees is always recommended in the autumn.
* Clean out the garage before anything is stored that can get spoiled by the cold.
Finally, preparing an emergency kit is a great way to make those small and big emergencies as easy to handle as possible. This is what you should have at hand's reach:
* A small tool bag containing a torch, a roll of insulation tape, spare fuses, spare batteries and a screwdriver
* A radiator key
* A fire extinguisher if you have one, checked or recently replaced
* Important telephone numbers like the police, a trusted plumber, electrician, etc.
We're all familiar with the issues winter forces upon us: the boiler breaking, pipes bursting or a break-in, which can make the harsh effects of winter far more severe.
Planning ahead now can help protect you against these potential problems. Here are some simple tips from John Lewis Insurance to prevent home emergencies from happening. Many of them are relatively quick and easy to do.
Quick fixes:
* Change the battery in your smoke detector or install them if you don't have any - it's a simple task that can save your life. And make sure you test them regularly.
* Inspect your roof for missing or cracked tiles. If repairs are needed, get them done as soon as you can.
* Vacuum the coils on the back of the fridge. This will help your fridge work more efficiently and will help you save money on your power bills.
* Turn your mattress regularly. We all spend more time in bed over winter - turning your mattress regularly will extend its life and ensure a more comfortable night's sleep.
* Get your boiler serviced. If you haven't had your boiler serviced this year, now is the ideal time to ensure it's in good working order.
More time needed:
* Oil your power tools and if you have a gas-powered lawn mower, drain the gas from it. They will survive the winter better and be in top shape for spring.
* Check all taps for leaks and locate the main pipe to the water mains. Pipes can burst if they freeze so if you leave home for more than a few days, ideally you should turn off the water and drain the pipes.
* Bleed your radiators by opening the valve until water appears - they will work more efficiently.
* The cold doesn't deter burglars so be sure to inspect your locks and any burglar alarms - and consider using lighting timers for that lived in appearance.
Worth the effort:
* It may take a day or two to sort out but cleaning your gutters properly will guarantee they won't get blocked or overflow.
* Trimming back trees is always recommended in the autumn.
* Clean out the garage before anything is stored that can get spoiled by the cold.
Finally, preparing an emergency kit is a great way to make those small and big emergencies as easy to handle as possible. This is what you should have at hand's reach:
* A small tool bag containing a torch, a roll of insulation tape, spare fuses, spare batteries and a screwdriver
* A radiator key
* A fire extinguisher if you have one, checked or recently replaced
* Important telephone numbers like the police, a trusted plumber, electrician, etc.
Thursday, November 18, 2010
Mortgage Activity Logs Biggest Drop of the Year
Home loan demand fell 14 percent last week, as higher interest rates sent refinancing down 17 percent. This was the biggest drop of the year, according to the Mortgage Bankers Association weekly survey.
Applications for mortgages to purchase homes fell 5 percent last week compared to the previous week on an adjusted basis. On an unadjusted basis, purchase applications decreased 8.2 percent compared with the previous week and were 11.3 percent lower than they were the same week a year ago.
Purchase applications had been on the rise for the previous three weeks, but “rates increased sharply last week due to stronger economic data and lingering uncertainty regarding the structure and impact of the Fed’s QE2 program. Mortgage applications … dropped in response,” said Michael Fratantoni, MBA’s vice president of research and economics.
Here are the average rates:
▪ 30-year fixed-rate mortgages increased to 4.46 percent from 4.28 percent.
▪ 15-year fixed-rate mortgages increased to 3.87 percent from 3.64 percent.
Source: Mortgage Bankers Association (11/17/2010)
Applications for mortgages to purchase homes fell 5 percent last week compared to the previous week on an adjusted basis. On an unadjusted basis, purchase applications decreased 8.2 percent compared with the previous week and were 11.3 percent lower than they were the same week a year ago.
Purchase applications had been on the rise for the previous three weeks, but “rates increased sharply last week due to stronger economic data and lingering uncertainty regarding the structure and impact of the Fed’s QE2 program. Mortgage applications … dropped in response,” said Michael Fratantoni, MBA’s vice president of research and economics.
Here are the average rates:
▪ 30-year fixed-rate mortgages increased to 4.46 percent from 4.28 percent.
▪ 15-year fixed-rate mortgages increased to 3.87 percent from 3.64 percent.
Source: Mortgage Bankers Association (11/17/2010)
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