AllenMarketWatch

Market Watch for 2009

Yes, we had a much better January in 2008.  (See Statistics on this same page.) I had a great January last year too in the number of families that we moved and sold.  This January is not too pretty, nor is February.  It is to be expected!  Prices have fallen some, really for the first time.  The buyers that are out there want good buys, so are coming in lower and expecting more.  Foreclosures are still there but with multiply contracts and bidding which doesn’t allow a buyer to “steal” the property.  Some of those foreclosures need to be left alone with all the work that is needed.  Don’t have too many investors in the market with cash since it is very hard to get a loan on some of those houses in their condition and very hard for an investor.

We are selling more FHA’s with 3.5% which anyone can use the Government loan and borrow close to $300,000.  FHA does have MIP but that mortgage insurance is now tax, so just pay it.  5% down is still available on Conventional with PMI (private mortgage insurance) but there are very few seconds out there.  (We were doing a lot of first and seconds to get an 80% loan to value.)  If there are any seconds, the interest rates are very high.  The seconds are the ones that have been wiped out on a foreclosure since the first wipes out any other loan (except a tax lien) when they foreclose on the property.

Getting qualified has been getting tougher though!  We could get you a loan with a credit score of 580 but now you must have a credit score of 620 in order to get an FHA loan which is the easiest loan to qualify for!  Keep working on those credit issues and don’t be late on your payments!

With interest rates still closer to 5% and below and prices lower, what are you waiting for to buy?  Call us for your Planning and Strategy Meeting to see if you can or should buy (without obligation).

Should I Re-finance Right Now?

Interest rates are really low right now.  We are closer to 4.75% and 5%!  Wow, that even sounds better than the 6.5% that we have been enjoying.  If you have a higher interest rate than 6.5%, we are sure you are thinking maybe you should refinance.  You will be getting information in the mail about refinancing and how cheap it is and how low of an interest rate, etc.  You’ll find it on the Internet too and you know anything you read on the Internet has to be true! 

There are some guidelines for you to follow if you think it is time to refinance.  First, your interest rate and the current interest rate should be 2% variance.  Just because you might be quoted that low of a rate, get it in writing.  Remember you have to qualify for a refinance and it takes money to refinance.  It is just like taking out a new loan.  (Hint:  you can reduce your title company charge on the title policy if you will go through the same title company that you bought and closed your house.)

Alright, if you have 2% difference, now you check with a lender and the fees will cost you $5,000.  You are saving $125 a month in your payment, so it will take close to 3 years to see that savings!  Do you see that?  So make sure you are happy with your house and it fits your needs for your family and you for the next 3 years or we think you are wasting your money in refinancing.  Yes, the lower payment is attractive, but count the cost first.  Call us and we will be happy to consult with you and refer you to a mortgage consultant that we trust to tell you the truth and guide you right.  By the way, one story we hear from those who are not our clients is that the rate was higher at closing that they thought and with the escrows, they ended up rolling more back into the mortgage!  Also, remember if you turn the loan back into a 30 year mortgage, you have just gone backward?!

 

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