The number of short sales in the Jacksonville market continue to increase while the number of REO homes seems to be decreasing. There are a lot of foreclosed homes (REO) that are being sold for MORE THAN ASKING PRICE with multiple offers! There are often more than a dozen offers on a foreclosed home that is in good condition. The short sale market is absolutely dead at the moment. In order for a First Time Buyer to purchase a short sale, they should have placed their offer MONTHS ago! Short sales are taking 5-6 months to get to closing so they're not a good option for a First Timer trying to meet the November 30th deadline for closing.
As the homes that have been on the market continue to sit there, more and more of them are becoming short sales as the price has to be reduced. The price drops and the status of the home becomes a short sale. It's brutal out there right now for SELLERS and it's GREAT out there for buyers!
Interest rates are approaching historic lows and the inventory of homes remains high. Now is the time to buy.
Call if I can help.
Showing posts with label Lower Interest Rates Should Spur Buying in Jacksonville. Show all posts
Showing posts with label Lower Interest Rates Should Spur Buying in Jacksonville. Show all posts
Monday, October 12, 2009
Friday, August 31, 2007
Buyers Market in Jacksonville! Interest Rates Lower!
Not only are there a gazillion houses on the market, the interest rates continue to DROP. This is amazing! If you have good credit and a down payment, now is the time to buy your dream house. Sellers are absolutely giving buyers ANYTHING they want. I've heard about Plasma TV's, furniture, closing costs and all kinds of things being thrown in the pot when contracts are written! Good grief. What the heck are you waiting for? Call me today 904-241-2386 or 904-885-9907 and let's get out there and get you a house AND a riding lawn mower (or whatever it is you need) and close the deal!
NEWS ITEM:
Rates on 30-year mortgages drop to the lowest point in 3 months
Mortgage Rate Trend Index
If mortgage industry experts polled by Bankrate.com are right, mortgage rates will decline over the next 30 to 45 days. While 23 percent expect no change, 77 percent foresee a decline and none predict an increase.WASHINGTON – Aug. 31, 2007 – Rates on 30-year mortgages fell this week to the lowest level in three months.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent. That was down from 6.52 percent last week and was the lowest level since the week of May 31, when rates stood at 6.42 percent.The moderation provides welcome news for prospective homebuyers, many of whom are finding it harder to obtain loans as lenders tighten up on borrowing standards in the face of rising loan delinquencies.Rates in other mortgage categories were mixed last week.Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.12 percent, down from 6.18 percent last week.
NEWS ITEM:
Rates on 30-year mortgages drop to the lowest point in 3 months
Mortgage Rate Trend Index
If mortgage industry experts polled by Bankrate.com are right, mortgage rates will decline over the next 30 to 45 days. While 23 percent expect no change, 77 percent foresee a decline and none predict an increase.WASHINGTON – Aug. 31, 2007 – Rates on 30-year mortgages fell this week to the lowest level in three months.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent. That was down from 6.52 percent last week and was the lowest level since the week of May 31, when rates stood at 6.42 percent.The moderation provides welcome news for prospective homebuyers, many of whom are finding it harder to obtain loans as lenders tighten up on borrowing standards in the face of rising loan delinquencies.Rates in other mortgage categories were mixed last week.Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.12 percent, down from 6.18 percent last week.
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