Affordability Making a Blast From the Past

Not much (if anything) in 2012 is even close to the cost and affordability of goods and services from 1971; One thing that has found the same level of affordability as 41 years ago though are homes. In fact, homes are more affordable to purchase now then they were in 1971!

Home sales rose in the last month of 2011 according to the Housing Scorecard. Homeowners are also bringing home double the funds needed to purchase an average home.

According to Bob Nielsen, chairman of the National Association of Home Builders, "With interest rates at historically low levels and markets across the country beginning to improve, homeownership is within reach of more households."  In fact, the Natioanl Association of Home Builders reports that there are 76 imporoving markets for the month, a 53% increase form last month.



Read the full Housing Predictor article.

Moving Right Along

According to an Atlas Lines Migration Pattern Study, Americans are making the move to the East Coast and leaving the Rust Belt states behind.

Some of the top outbound states for moves were: Ohio, Nebraska, Louisiana, Delaware, and Hawaii.
Washington D.C. had the highest percentage of inbound moves for the fifth year in a row.

Some of the other top inbound states for moves were: Virginia, Rhode Island, North Dakota, and North Carolina.

Most western and southeastern states have stayed fairly balanced when it comes to outbound and inbound moves. Atlas also reports that the summer is the most popular time to move.



Read the full Atlas Van Lines study.

Keeping Rates Low

2011 saw record low mortgage interest rates, but will they last?

According to Freddie Mac, interest rates on 30-year mortgages will begin to inch up but stay considerably low (4.5% in 2012 and 5.4% in 2013). The Federal Reserve also promises to keep rates low this year.

If you didn't take advantage fo the historically low interest rates of 2011 don't fret over the slight rate increases that will occur in 2012. You will still be getting a considerably low interest rate this year compared to the interest rates from the past. For example, in 1981 and 1982 the rates for a 30-year mortgage were at 16 percent! In 2000, rates lingered near 8 percent.



Check out the full Los Angeles Times article.

How Low Can They Go?

Looking for a belated Christmas gift? Thinking that 2012 is the year to make the leap into home ownership? Consider extremely low mortgage rates as your gift to buy a new home in the new year! It may be hard to believe, but rates are dropping below their previous record lows! Check out these rates:


30 Year Fixed Rate Mortgage: 3.91% -- This is an all-time record low and down .9% from last year.
15 Year Fixed Rate Mortgage: 3.21% --  A .94% decrease from last year.
5 Year Adjustable Rate Mortgage: 2.85% -- This is .9% lower than last year's rate
1 Year Adjustable Rate Mortgage: 2.77% -- A .63% decrease from last year



Read the full Freddie Mac article for more information.

Let's Hear it for New York!

Foreclosures in New York State are one of the lowest in the nation! New York ranked 43rd out of all 50 states for monthly total foreclosure filings according to the U.S. Foreclosure Market Report for November 2011. Better yet, the forclosure rate is a 3.17% decrease from October 2011 and a 42.89% decrease from November of last year.

Nationally, foreclosure rates are down 2.72% from October 2011 and 14.46% from last year.



Read the full RealtyTrac article to take a look at foreclosure rates nationwide.

YouTube

Have you checked out our great YouTube Chanel? Take a peek at this home from John Arquette Properties' agent Barbara Miller.

Holiday Sales

Believe it or not, but 60% of Realtors advise their clients to list their homes during the holiday season. "Why"" you may ask. 79% of Realtors believe that buyers are their most serious during the holiday and winter seasons while 61% believe that there is less competition on the market to get the home sold.

There are some challenges to listing and selling your home during the winter though.  Realtors believe that poor weather conditions and holiday vacations/events pose difficulties when it comes to showings that will inevitability get the home sold.

Online photos are of the utmost importance (not that they aren't important during the rest of the year) during the holiday season to get buyers to come to open houses and schedule showings. Great online photos will definitely give you the upper hand when it comes to selling your home this holiday season!



Read the full article.