Tuesday, July 22, 2014 / by Cristina Edelstein
Home Mortgage Rates: Where are They Headed?
Many of our clients ask us where interest rates are headed over the next several months. While no one has a crystal ball, we did want to share what some experts are saying on the subject.
“For now, and likely through the summer, we may see data-driven bumps and dips in rates. Although we managed a slight dip presently, a bump is in order before long.”
“In the next few months, mortgage rates are likely to remain at their current, low level, but will not remain there for long. As the Federal Reserve is expected to ‘taper’ its purchases of long-term Treasuries and mortgage-backed securities, and as economic growth picks up, long-term yields will gradually rise. Fixed-rate mortgages are expected to be higher in six months, and may even approach 5 percent a year from now.”
National Association of Realtors
Monday, July 21, 2014 / by Cristina Edelstein
13,397 Homes Sold Yesterday!
If you read certain headlines, you might be led to believe that the housing recovery has come to a screeching halt. Naysayers are claiming that the threat of rising mortgage rates and a lack of consumer confidence are keeping Americans on the fence when it comes to purchasing real estate. That is actually far from reality.
After all 13,397 houses sold yesterday, 13,397 will sell today and 13,397 will sell tomorrow.
That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. According to the report, annualized sales now stand at 4.89 million. Divide that number by 365 (days in a year) and we can see that, on average, over 13,000 homes sell every day.
If you are considering whether or not to put your house up for sale, don’t let the headlines scare you. There are purchasers ...
Sunday, July 20, 2014 / by Cristina Edelstein
Only took 2 weeks to find this West St. Paul Home
Megan and I met in April to discuss her home search, and only two weeks later we were able to find her a cute 1.5-story home in West Saint Paul. At offer time, we found out there were already several offers in on her property, but through smart decision-making and solid research, we were able to secure her the winning bid.
Megan and her boyfriend, Paul, both work together at a restaurant. Megan is also going to school studying acupuncture. They make an adorable and fun couple. Paul loves to cook, and I know they’ll have a great time entertaining their friends and family in their new kitchen. Their new home also has a backyard patio, and a nice yard for their dogs to play in.
Although we had to arm-wrestle with some challenges during the loan process and had a photo-finish closing, we’re happy to report that Megan is now a proud first-time homeowner.
Thank you, Meg ...
Saturday, July 19, 2014 / by Cristina Edelstein
To Call Robbinsdale Home – The Browns are our 100th Closing in 2014!
Jacob and Kara are friends of ours from church. They are a great couple, on the quieter side, but full of fascinating hobbies and interests like going to Comic Con every year. They were so much fun!
They had been renting since they got married, not that long ago, and decided it was time to stop wasting money and buy a home. They wanted to find a home near Minneapolis with a unique architecture to it, to have something distinct and special about it. We knew we’d have to focus on older homes, and although there were many areas they were considering, I suggested they check out Robbinsdale since it has great homes with character plus the parkway and AMAZING restaurants in downtown Robbinsdale.
They ended up finding a great home in Robbinsdale with some character. We negotiated the offer and even got some of the furniture in the deal, which fit some of the spaces per ...
Friday, July 18, 2014 / by Cristina Edelstein
Twin Cities Market Update – July 15, 2014
Pending sales are back up and so is inventory. After a slower start to the year, the numbers are rallying a bit. However, one number not rising is the number of people filing for unemployment so that means jobless applications continued their downward trend. This could help families put away down payment funds.
In the Twin Cities region, for the week ending July 5:
• New Listings increased 14.8% to 1,269
• Pending Sales increased 17.4% to 1,045
• Inventory increased 7.7% to 17,587
For the month of June:
• Median Sales Price increased 4.7% to $219,900
• Days on Market decreased 6.8% to 69
• Percent of Original List Price Received decreased 0.3% to 97.2%
• Months Supply of Inventory increased 10.5% to 4.2
by Kerby & Cristina