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CURRENT NEWSLETTER
Mortgage
rates dip, but above record lows
Average rates on 30-year, fixed-rate mortgages dropped to 4.82% this week,
staying below 5 percent for the tenth week in a row.
Read the full story.
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Merritt Island, Fl.
Home 321-799-8334
Cell 321-213-4831
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Real estate investors see mixed signs
- By Steve Monfort
The real Estate market is showing further signs
of recovery in the form of a higher number of homes receiving multiple offers,
according to a recent report.
According to USA Today, real estate professionals are reporting an increase in
homes that have received multiple offers, which is said to be a sign that prices
are starting to increase, along with the number of buyers on the market.
"If a house is in a good neighborhood, is maintained and is a good value, it'll
get multiple offers," Florida real estate company owner Julie Holt told the
newspaper, adding that about one in ten homes are currently receiving more than
one offer, compared to one in 30 last fall.
Still, not all signs are positive for real estate in the short term. The website
Zillow.com reported this week that 21.9 percent of homeowners now owe more on
their mortgages than their homes are worth, while home values have seen their
ninth quarterly decline.
The website also cites a 14.2 percent year-over-year decline in real estate
prices, to an average market value of $182,378.
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Interest in
purchasing foreclosed homes rises
SAN FRANCISCO – May 21, 2009 – Consumers appear to be more willing to buy
foreclosures, with 55 percent of U.S. adults indicating that they are at
least somewhat likely to consider a foreclosed home in the future, compared
to the 47 percent of U.S. adults who indicated the same in November 2008,
according to a new study. Harris Interactive conducted the survey for
Trulia.com and RealtyTrac.
In the current market, adults in the U.S. believe foreclosed properties
offer an even greater bargain opportunity than before, the study found.
Forty percent expect to pay at least 50 percent less for a foreclosed home,
compared to only 31 percent of U.S. adults surveyed in November 2008.
The May 2009 survey also found that 74 percent of U.S. adults familiar with
President Barack Obama’s mortgage relief program are at least somewhat
confident it will give homeowners the incentive to renegotiate with mortgage
lenders in order to prevent their homes from going into foreclosure.
While overall consumer interest in buying foreclosed homes has increased,
the current wave of the study also found higher levels of negative sentiment
about forecloses. In November 2008, 80 percent of U.S. adults felt that
there were negative aspects to purchasing a foreclosed home. In the current
survey, the number of U.S. adults concerned with negative aspects rose to 85
percent.
Among the 85 percent, 71 percent cite hidden costs as their top concern, 46
percent believe the process is risky and 31 percent are concerned that the
home will lose value. Not surprisingly, consumers expect hefty discounts on
foreclosed homes, with 83 percent believing they should pay at least 25
percent less for a foreclosed property, perhaps to compensate for perceived
risks.
My Comment:
Foreclosed properties can be a bargain but they are sold "as is" which means
you should have a knowledgeable Realtor in your corner to help you through
the process. The last thing you need is a termite infested investment! |
