Well, it was a matter of time....what are rates going to do? Who really knows what will happen, but most investors and owners were hoping rates would stay low. We have talked time and time again about this market and how we know our society is a minimum monthly payment world! So basically.....what can we afford monthly..not what the price is. The Destin Florida Condo market is no different. We see prices go up when interest rates go down...and we are now seeing the opposite....is that something different? Seems pretty cut and dry to most people! Below is a review of the current rate market and what is happening on a global scale:
30-Year Mortgage Rates Rise This Week Freddie Mac's Primary Mortgage Market Survey, released Thursday, shows the 30-year fixed-rate mortgages rose to an average of 6.09 percent this week, with an average 0.7 point. Rates are up from last week when they averaged 5.78 percent, but are lower than last year at this time, when 30-year rates averaged 6.42 percent.Thirty-year fixed-rate mortgages are still more than 0.5 percentage points below this year's peak of 6.63 percent, set the week of July 24th.15-Year Rates at 5.77%The 15-year fixed-rate mortgage this week averaged 5.77 percent with an average 0.6 point, up from last week when it averaged 5.35 percent. A year ago at this time,15-year mortgage rates averaged 6.09 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.02 percent this week, with an average 0.6 point, up from last week when it averaged 5.67 percent. A year ago, the 5-year ARM averaged 6.15 percent. One-year Treasury-indexed ARMs averaged 5.16 percent this week with an average 0.5 point, up from last week when it averaged 5.03 percent. At this time last year, the 1-year ARM averaged 5.60 percent. Market Remains Soft"The latest housing information for the third quarter continues to show some softness in prices and sales activity," said Frank Nothaft, Freddie Mac vice president and chief economist. He noted that house prices fell 5.3 percent over the twelve months ending in July – weaker than the market consensus – according to the Federal Housing Finance Agency's purchase-only house price index. Meanwhile, the August median sales price for existing single-family homes fell 9.7 percent over the year earlier, the largest 12-month drop since records began in 1968, according the NATIONAL ASSOCIATION OF REALTORS®. Source: Freddie Mac
For more information on property for sale in and arround the Destin Florida Condo market please visit us online to find out more about the wonderful opportunities in Destin Florida.
Saturday, September 27, 2008
Monday, September 1, 2008
Inheriting Property Can Get Confusing
Some people end up getting eaten alive when a family member passes and you inherit the property. Below is a great way of looking at the overview of this process. It doesn't matter if it's a Destin Florida Condo or if it's a Destin Florida Home. Take the time to find a qualified accountant, attorney and real estate professional to assist you!!
Daily Real Estate News August 28, 2008What to Know About Inheriting Property Inheriting property can be exceedingly confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice is the best approach for the person who has inherited property, here is some basic information that can help a real estate professional better understand the situation.
Every state has a legal process that allows the person who was willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will can help fill out the forms. If there is no lawyer involved, sometimes someone in the clerk of courts office can guide the person inheriting property through the transfer process.
Generally, there is little or no transfer tax or other cost involved because the person who is inheriting the property didn’t pay anything for it.
When a person dies and title is transferred to a spouse or a child, the due-on-sale clause in a mortgage contract doesn’t apply. Otherwise, while a lender could call the loan, in the current economic climate it is unlikely if the person inheriting the property makes regular payments.Source: Real Estate Matters Syndicate, Ilyce Glink (08/24/2008)
Many people get overwhelmed and are already way too emotional to be able to handle so much stress. Take the time to allow qualified people to be of assistance!
http://www.randbcoastalrealestate.com/
Daily Real Estate News August 28, 2008What to Know About Inheriting Property Inheriting property can be exceedingly confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice is the best approach for the person who has inherited property, here is some basic information that can help a real estate professional better understand the situation.
Every state has a legal process that allows the person who was willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will can help fill out the forms. If there is no lawyer involved, sometimes someone in the clerk of courts office can guide the person inheriting property through the transfer process.
Generally, there is little or no transfer tax or other cost involved because the person who is inheriting the property didn’t pay anything for it.
When a person dies and title is transferred to a spouse or a child, the due-on-sale clause in a mortgage contract doesn’t apply. Otherwise, while a lender could call the loan, in the current economic climate it is unlikely if the person inheriting the property makes regular payments.Source: Real Estate Matters Syndicate, Ilyce Glink (08/24/2008)
Many people get overwhelmed and are already way too emotional to be able to handle so much stress. Take the time to allow qualified people to be of assistance!
http://www.randbcoastalrealestate.com/
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