| In this issue: |
• July Housing Round-up
• Existing Home Boom
• Yard Sales vs. Ebay
• Become a BBB Agent
• Buyer Workshop
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| Interest Rate Watch |
Selected Rates as of
July 28, 2005:
• 30 yr fixed: 5.77%
• 15 yr. fixed: 5.34%
• 1 yr. adj: 4.46%
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| About the Weekly: |
The Real Estate Weekly is a free weekly bulletin published to keep clients and associates informed of happenings in the real estate market. If you would like to unsubscribe from the Weekly, please use the button at the bottom of the page.
The R.E.W. is published by:
Bo Bridgeport Brokers, Inc.
Located at:
1654 N Pearl Street
Jacksonville, FL 32206
Phone: 904.358.3955
and
127 Arlington Way
Ormond Beach, FL 32176
Phone: 877.693.4068 |
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| » July Round-up: Rates Creep Up, the Generation Y Buyer Boom, Healthy Home Amenities on the Rise |
Rates Creep Up
In Freddie Mac's Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 5.77 percent, with an average 0.5 point, for the week ending July 28, 2005. Last year at this time, the 30-year FRM averaged 6.08 percent. The average for the 15-year FRM this week is 5.34 percent, with an average 0.5 point. A year ago, the 15-year FRM averaged 5.49 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.27 percent this week, with an average 0.6 point.
One-year Treasury-indexed ARMs averaged 4.46 percent this week, with an average 0.6 point, up from last week when it averaged 4.42 percent. At this time last year, the one-year ARM averaged 4.17 percent. The last time the one-year ARM was higher was the week ending July 19, 2002, when it averaged 4.50 percent.
"Although inching upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than the annual averages since our survey began in 1971," said Frank Nothaft, vice president and chief economist at Freddie Mac. "And the most recent figures for housing sales are reflective of these low interest rates in the mortgage industry."
"Currently, we are experiencing a rather flat yield curve. As a result, ARMs mortgages will probably become less popular because the uncertainty of future monthly payments may outweigh the savings realized in the initial rate period."
Gen Y Buyers to Change Housing Market
Generation Y, made up of people born since 1979, will alter the face of the housing market, experts say. This population segment, which will account for 34 percent of the nation's population in a decade, is expected to demand amenities that enhance lifestyle and convenience over size and curb appeal.
More than one quarter of Gen-Yers plan to purchase a home by 2007, according to the National Association of Home Builders. By contrast, only 13 percent of baby boomers and 6 percent of seniors plan to do the same.
Read the rest of this article HERE.
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» Existing Home Sales Shatter Record |
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Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates and favorable market conditions continued to attract buyers, according to the National Association of Realtors.
Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- rose 2.7 percent in June to a seasonally adjusted annual rate of 7.33 million from an upwardly revised pace of 7.14 million in May. Sales were 4.4 percent above the 7.02 million-unit level in June 2004; the previous record was 7.18 million in April of this year.
David Lereah, NAR's chief economist, said home sales were expected to ease slightly from peaks reached over the last couple of months. "Just when you think sales activity is ready to settle into a more sustainable pace, the housing market continues to surprise," he said. "We've been expecting sales to remain at historically high levels, but this performance underscores the value of housing as an investment and the importance of homeownership in fulfilling the American dream."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.58 percent in June, down from 5.72 percent in May; the rate was 6.29 percent in June 2004. "Job growth and economic improvement also are boosting home sales," Lereah said.
The national median existing-home price for all housing types was $219,000 in June, up 14.7 percent from June 2004 when the median price was $191,000; this is the strongest increase since November 1980 when annual appreciation was 15.6 percent. The median is a typical market price where half of the homes sold for more and half sold for less.
Read the rest of this article HERE.
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» Yard Sales -- Sign in the Yard vs. Ebay |
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For some folks, yard sales are no longer front-yard operations. Thanks in large part to on-line auctions and swap boards, these rites of passage have moved from the side streets, dead-ends and cul-de-sacs and onto the information superhighway.
A recent study by eBay found that most households have some $2,000 worth of unwanted items that could be auctioned for cash online, not just locally but nationally. And there are even service companies that will list your items on the web on your behalf, so you don't have to catalogue each and every little thing yourself.
With AuctionDrop, for example, all you need to do is drop off items worth at least $75 and weighing less than 25 pounds -- items such as laptop computers, for example, cameras or old Waterford vases - at your local UPS store and the company will list them on eBay for a reasonable commission.
"Garage sales are terrific venues for selling your used books and small unwanted items, but traditionally consumers don't get full value their more expensive collectibles," says AuctionDrop's resident expert, Sam Robertson. "Using an online marketplace, selling more valuable items can bring top dollar."
EBay isn't the only auction site, either. There are several others. At LiveDeal.com, you can list your stuff locally with no fees and sell it to the highest bidder. "It takes only seconds to post an item for sale and upload a photo," said Steve Harmon, vice president of corporate development. "Then local buyers can make you an offer and pick up the item on the same day."
It sounds simple, but the for the majority of people who hold yard sales, the old fashioned way still works just fine: Separate what can go from what needs to stay, run an ad in the local paper, post a few signs on the main road and streets, move your stuff to front lawn, garage or driveway and wait for the crowds to descend.
Read the rest of this article HERE. | |
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