Wednesday, 03/10/2010
Market Update
Week of February 21 - 27:
63 New Listings
52 Active Foreclosures
62 Price Reductions *
13 Sold **
* Price Change Facts: Average list prices on "Active Only Listings" are running at 88% of original price after 199 days on the market.
** Sold Property Facts: Average sales price is 95% of list price. Average days on the market were 123. CMA Home Details with list price.
Stats shown include Downtown Dallas, Uptown, Victory Park and Oak Lawn.
Read more about current Dallas Real Estate Market Activity.
WR Starkey Mortgage News
This week Bernanke spoke, Greece almost went bankrupt, and U.S. retail sales came in higher than expected. How are they related? Interest rates of course. Here’s how:
When a country like Greece almost defaults on their debt, it sends shivers through the bond market. Remember, mortgages are bonds, they are both I.O.Us. And U.S. bonds can’t help but be tainted by global jitters. So, if the people who buy bonds are a little scared to buy after hearing about Greece, you have to sweeten the pot in order to convince them to buy. With bonds and mortgages, you sweeten the pot by offering a higher rate…and that increase is passed on to you and me.
What keeps rates from falling back down is that the economy is showing life. This is backed up the retail sales figures. What will keep rates from skyrocketing is Fed Chairman Ben Bernanke’s comment that inflation will remain subdued as the economic recovery faces “formidable headwinds.” But rise they will. The dye is cast. The march has begun. This week just confirms again what I’ve been saying:
So, lock ‘em in now. Starkey has ALL KINDS of locks: Locks that you can use without having found a house; Long term locks for up to 10 months; Float down locks and many more.
This week, rates ranged from 4.875% - 5.125% depending on program, credit and points. Have a GREAT weekend and have your buyers call me so we can lock them in and get them approved to buy.
Contact: Susan Moore with WR Starkey for your loan approval, and contact Rich Patterson to help you find your new home.
President Obama Signs the Tax Credit Bill
President Obama signed the tax credit extension and expansion bill today, November 6, 2009.
Details of the plan.
HUD Announces Change Regarding $8,000 Tax Credit
HUD announced a change which will allow first time home buyers to apply the $8,000 tax credit towards closing costs or an additional downpayment.
Printable Flyer from the National Association of REALTORS
Details of the plan.
Trulia Posts
American Recovery and Reinvestment Act of 2009
President Barack Obama signed the American Recovery and Reinvestment Act of 2009 into law in Denver, Colorado on Tuesday, February 17th. Among the many aspects of this law is the tax credit for first time home buyers. This $8,000 tax credit applies to those who have closed since January 1, 2009 or will close by December 1, 2009.
More details about the ARRA can be found here.
Frequently asked questions.
Dallas in 36 Hours - NYTimes
According to the Travel Section of the New York Times, here's what to do in Dallas if you've only got 36 hours. Although a little bit of a slap in the face at first, it does have some great links for things to see and do in the Big D.
Surge in First Time Home Buyers
The NAR and HouseHunt, Inc. reported first time home buyers make up 41% - 50% of the buyers on the market today! It's no wonder. First time home buyers do not have a home to sell before they purchase. Apartment complexes are averaging 92% occupancy. Lease rates are high (which are the normal economics of a buyer's market) and mortgage rates are at historic lows.
The information was released at the 2008 NAR convention in Orlando. Read the entire NAR press release here.
Search for Homes on Your Mobile Device
Have you ever been out looking at homes, found one you like but there's no information available at the property?
Now you can find that information or just search for homes on your mobile device.
http://m.richpatterson.net
Pre-Owned S.F.Home Sales up 2%
DFW Single Family home resales are up slightly at 2% over last year - Condo and townhome resales are down 13% over the same period.
You can read the Dallas Morning News article here.