Memorial Day is Monday May 30 this year, less than two weeks from now. Austin home sellers may wonder if this traditional kickoff of the summer selling season in Austin actually produces offers. I have a listing for a home in Austin coming up that will be ready the weekend before Memorial Day. Would it be a waste of market time to list a home in Austin the Thursday before Memorial Day, right before everyone heads out for vacations, or should a home be placed on the market for sale as soon as it’s ready, regardless of holidays?
The potential downside could be that putting a home up for sale before a big holiday weekend will accomplish nothing more than earning it additional days on market with no hope for a fast offer. I mean, who spends Memorial day weekend looking at houses anyway, right? M
While the world was focused on events in Egypt this week some major news was occurring at home for the mortgage industry. The industry took a look back and speculation began as to the future of the industry. If you are a homeowner considering a mortgage refinance or you are contemplating the purchase of a new home and are using the mortgage calculators here is some information that may impact your decision.
Rates jump
Freddie Mac released its Weekly Primary Mortgage Market Survey (PMMS) on February 10, 2011. The PMMS reports the average rate of 125 mortgage origination companies from Monday to Wednesday. In the February 10th release the benchmark 30 year mortgage rate was 5.05 percent at a cost of 0.7 origination points.
The Fair Housing Act was adopted in 1968 and administered by HUD as a way to minimize discriminatory housing practices. If a complaint is filed with HUD offices, it is investigated by the Office of Fair Housing and Equal Opportunity (FHEO). However, there is more that goes into this act.
In an attempt to knock down its rising stockpile of foreclosed properties, mortgage finance company Fannie Mae is now offering incentives to both buyers and real estate agents who take these homes off the market.
For eligible properties, the government-run entity will give homebuyers up to 3.5 percent of the purchase price for closing costs, as long as they plan to live in the home, not rent it or flip it. What’s more, buyers could be eligible for mortgage and renovation financing, which gives them the opportunity to pay just a 3 percent down payment.
The agents representing these buyers can qualify for a $1,200 bonus – no small prize during this down market. Agents can submit initial offers beginning June 14 and must close by Oct. 31,
The crucial spring home selling season is almost gone and it has left a wounded housing market limping in its wake.
Sales of previously owned U.S. homes fell to a six-month low in May, prices dropped 4.6 percent from a year ago, supply rose, and first-time homebuyers slid to an anemic 35 percent of sales.
It all points to a real estate market that remains in a deep fog and is likely to continue to be an albatross around the economy’s neck.
“This one report does not change our long-term view in that we still believe the housing market will remain a drag on overall economic activity in 2011 and likely into 2012,” said Tom Porcelli, chief economist at RBC Capital Markets in New York.
NEW YORK — Sales of existing homes fell in May, as severe weather and high gas prices weighed on the shaky housing market.
Home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million, down from a revised rate of 5 million in April, the National Association of Realtors said Tuesday.
Sales were more than 15% lower than in May 2010.
Economists had expected a May sales rate of 4.79 million existing homes, according to consensus estimates from Briefing.com.
“Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” said NAR chief economist Lawrence Yun.
Gas prices surged earlier this year, pinching household budgets and putting a damper on consumer spending.