Sure enough--the Fed cut the Prime Rate by 50 basis points (1/2%) today! This should translate into even lower mortgage rates (which averaged 6.31% last week).
Between lower mortgage rates, lower home prices and a large inventory of homes, this could be one of the best opportunities in awhile to buy and sell. The merging of these 3 factors won't last forever so hesitating buyers and sellers may want to move ahead now.
Tuesday, September 18, 2007
Sunday, September 16, 2007
Renter ready to buy in Agawam,MA?
Renters tired of kissing their rent money goodbye every month should seriously consider buying an entry level condo this fall. In the Agawam area, there are several for sale in the $80,000 to $150,000 range. With a condo there is no exterior maintenance costs so you won't need to purchase lawnmowers,rakes,snowblowers, exterior paint, roofing, siding, etc.
Rates dropped this past week and are expected to drop next week when the Fed meets. This could qualify renters who could not previously afford to buy a place. If the renter has decent credit and a few grand (get help from relative if you have no cash reserves) there are still 100% mortgage loans available, through solid direct lenders who will be up front with their terms and won't leave you stranded at the closing table!
With lower home prices and reduced mortgage rates, it's actually a great time to become a "first time homebuyer" . Call me and I'll walk you through the entire process from financing to home inspections to insurance and utilities sign-ups.
Brenda 413 263-3880
Rates dropped this past week and are expected to drop next week when the Fed meets. This could qualify renters who could not previously afford to buy a place. If the renter has decent credit and a few grand (get help from relative if you have no cash reserves) there are still 100% mortgage loans available, through solid direct lenders who will be up front with their terms and won't leave you stranded at the closing table!
With lower home prices and reduced mortgage rates, it's actually a great time to become a "first time homebuyer" . Call me and I'll walk you through the entire process from financing to home inspections to insurance and utilities sign-ups.
Brenda 413 263-3880
Agawam, MA Real Estate-some selling in just days.
Some real estate is moving VERY quickly in Agawam, MA. In particular, entry level single family homes (priced up to $275,000) and condos (priced up to $150,000) are going under contract in just days! With mortgage rate cuts this past week and anticipating another sizeable cut on Sept. 18th, it's a great time to sell these entry level homes. If you've been holding back for several months, watching what the market would do, now just may be your time to sell and/or buy! Call me at 413 263-3880.
Thursday, September 13, 2007
"Slower and Lower" Real Estate Market Was Needed
In the Northeast, we rode the wave of rapidly accelerating home prices for several years--and what a ride it was! But anyone that has been around this industry for long knows that Real Estate, like everything else, has its cycles.
Sure, a "slower and lower market" hurts those of us who are full time Realtors who have no other income sources. At the same time, it is toughening us up and the strongest will not only survive, but will rise to the top of the industry, having truly earned our spot there!
Chin up fellow Realtors! Homes are still being bought and sold, as long as they are priced realistically for this current market. But if ever HONESTY was important, it is now. You must be honest with your sellers about this market; if they will not face the truth and price their home properly, then it would be better not to take that listing as it will shortly turn into frustration and upset for all.
The good news is that mortgage rates went down this week and by all accounts, are expected to be cut again next week when the Fed meets on Sept. 18th. This should help to requalify some first time homebuyers that have been shut out in recent weeks due to all the sub-lender problems. When the "first-timers" get going again it will spur activity all the way up.
When the dust settles, we will have a more normal market. The Buyers will be more solid and might actually have a small down payment :-) That will be refreshing and certainly healthier.
I guess as much as we don't like it, pain can be a good thing. When you're working out, a certain amount of pain means your muscles are stretching and growing. Pain can also make us aware of a problem in our body that needs attention and thus healing can take place. Pain is an integral part of giving birth; but once that baby is in your arms, the memory of the pain recedes and is replaced with joy and excitement.
This really will make us better at what we do! It will also be best in the long run for the consumer. Hang in there everybody!
Sure, a "slower and lower market" hurts those of us who are full time Realtors who have no other income sources. At the same time, it is toughening us up and the strongest will not only survive, but will rise to the top of the industry, having truly earned our spot there!
Chin up fellow Realtors! Homes are still being bought and sold, as long as they are priced realistically for this current market. But if ever HONESTY was important, it is now. You must be honest with your sellers about this market; if they will not face the truth and price their home properly, then it would be better not to take that listing as it will shortly turn into frustration and upset for all.
The good news is that mortgage rates went down this week and by all accounts, are expected to be cut again next week when the Fed meets on Sept. 18th. This should help to requalify some first time homebuyers that have been shut out in recent weeks due to all the sub-lender problems. When the "first-timers" get going again it will spur activity all the way up.
When the dust settles, we will have a more normal market. The Buyers will be more solid and might actually have a small down payment :-) That will be refreshing and certainly healthier.
I guess as much as we don't like it, pain can be a good thing. When you're working out, a certain amount of pain means your muscles are stretching and growing. Pain can also make us aware of a problem in our body that needs attention and thus healing can take place. Pain is an integral part of giving birth; but once that baby is in your arms, the memory of the pain recedes and is replaced with joy and excitement.
This really will make us better at what we do! It will also be best in the long run for the consumer. Hang in there everybody!
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