GREAT TIME TO BUY A HOME!

Now is the best time to buy in the last thirty years!!! And we are seeing more buyers. For one, the interest rates are in the mid-4% which is unheard of. The jumbo loans are back and even some equity lines to avoid the need to come up with 20% down. Secondly, there are some great houses at good prices. The Sellers who still have homes on the market have to sell so as we say are "motivated" to provide Buyers with good value. Those Sellers who don't have to sell are able to negotiate. And there are still some good Short Sales and Foreclosures for the Buyer who is not in a rush since those deals may take up to six months to close.
We are seeing more Buyer activity in all price ranges. ABQ and Rio Rancho's economic situation has stabilized and has even had some new job development which is raising everyone's confidence. Personally, I think the worst is over. We have hit bottom, are showing slight increases from that 50% drop in sales last year, and may even begin to see small appreciation on some homes. Life is good. Call me 220-9193 and we'll get you a great deal.

STRATEGIC DEFAULTS ON RISE

"Strategic" mortgage defaults (people who "walk away" from a mortgage they can afford to pay) are on the rise.This week FOX News did an interview with the CEO of HomeFlux and 1-800-CashOffer on the rise of strategic defaults, and how many of the people we talk to each month are considering it as an option. Most people doing "strategic" defaults would be much better off selling their home via a short sale through an experienced real estate agent. The banks are in much better position to expedite and approve short sales now. We haven't lost one approval! They would rather take a loss on your mortgage than to incur the expense of foreclosing and then selling it again. Give me a call if you are thinking of a strategic default or short sale.

FINALLY LOVE RANCH

My chiropractor, a petite gentle & quiet man, treated Helen Mirren when she was here filming Love Ranch. He had articles and pictures of her all around his office and was so impressed with her a another gentle soul. Now finally the film is to be released but sadly not yet in New Mexico.

Mortgage Rates at All Time Low

It's time to buy a home in Albuquerque or Rio Rancho! There are plenty of good deals and the interest rates are in the mid-fours. Give me a call.

GREAT TIME TO BUY A HOME

The volume of homes sales seems to have come to a crashing halt with the end of the Federal tax incentive, but the interest rates are the lowest in 30 years. Rates are just above 4% for most buyers. I don't get it. It's the best time ever to buy. Sellers are desparate, rates are low and there are lots of choices out there. Where are all the Buyers??????? Call me and I'll talk you into doing it NOW.

Val Kilmer Ranch Weekend?

So Val Kilmer apologized for badmouthing Northern New Mexico or the Norteonos and got the go ahead to have visitors stay at this ranch. The money will go to the Santa Fe Film Festival so a good cause. For $500 you can be the bossfor the day or fish on the Pecos River, if it has water that is. So good idea and koodos to Val for being so generous.

GREAT TIME TO BUY!!!

So whereas the announcement below may seem to be negative, for buyers it is great news. With demand low and interest years at a twenty year low, it is a terrific time to buy. As the article below indicates, homeowners who can want to just refinance but for those who need to sell, and are therefore more motivated, they are more willing to negotiate to get the deal done.


The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 28, 2010.
"With another week of historically low mortgage rates, the trend from the prior three weeks continued, as refinance applications increased while purchase applications dropped. Purchase applications are now almost 40 percent below their level four weeks ago, while the refinance share, at 74 percent, is at its highest level since December," said Michael Fratantoni, MBA's Vice President of Research and Economics. "In addition, the ARM share dropped last week to its lowest level since March of this year, as borrowers took the opportunity to lock in at historically low fixed mortgage rates."
The Mortgage Bankers Association application survey covers over 50% of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment which can increase disposable income and consumer spending (or give consumers a chance to pay down other debts like credit cards). A falling trend of purchase applications indicates a decline in home buying interest, a negative for the housing industry and the economy as a whole.