Displaying blog entries 1-6 of 6
The March edition covers Montgomery real estate market activity and we’ve got insights and strategies for you to successfully negotiate your contract for a win-win!
Features special guest Terri Murphy of US Learning.
Please join us!
The problems with the subprime mortgage market has been in the news lately with much speculation as to the effect this industry's woes will have on the real estate market and the economy as a whole.
Here is what the Wall Street Journal reported 3/12/07:
"Federal Reserve Chairman Ben Bernanke and many other economists do not expect troubles in the subprime mortgage niche to impact the overall national economy, citing a low unemployment rate and income gains. Additionally, they point to data from the Labor Department indicating that only 8 percent of consumer spending is tied to the lowest-income Americans, who make up the bulk of subprime borrowers. However, the U.S. economy could suffer if investors and lenders begin shrinking the amount of credit available to prime borrowers--a scenario that sparked previous recessions. Furthermore, rising subprime foreclosures could worsen the housing downturn, with Lehman Brothers chief U.S. economist Ethan Harris anticipating a monthly increase in inventory of as much as 20,000 homes in 2008. California, Florida and other overheated markets--as well as Ohio, Michigan and others plagued by the downturn in manufacturing--would be hit the hardest."
Need a mortgage to buy your new home? Contact us at 800-428-5239. We will refer you to a reputable, reliable and consumer friendly lender.
FreddieMac.com reports interest rates have been inching down for the past three weeks. This is icing on the cake for Midtown Montgomery home buyers who are benefiting from a moderately slower housing market. Sellers haven't been left out in the cold, however, as prices continue to rise. Take a look at the numbers.
The number of single family homes in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between Exits 1 and 6) that sold in February increased by 8 or 20%! And the number of pending listings decreased by only 3 homes or less than 2%.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
February 2007 |
46 |
40 |
169 |
$165,071 |
|
February 2006 |
49 |
32 |
188 |
$140,931 |
Sellers are becoming more comptetitive in their pricing to attract today's ready, willing, and able buyers. Add to this the interest rates inching down...Buyers, it is time to buy!!
If you are thinking of buying a home? You can get a daily email list of new homes for sale as they hit the market by visiting EmailMontgomeryAlabamaHomes.com. It is fast, easy and FREE!
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
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Don't Forget This SUNDAY, MARCH 11, 2007! |
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And a reminder to call The Hat Team for your Montgomery, Al real estate needs. 800-428-5239
Skyrocketing property values in the past few years made it easy for homeowners to borrow heavily against their homes with second mortgages and home-equity loans. But as housing prices have leveled off, overextended homeowners are now defaulting because they cannot afford higher mortgage payments and can no longer refinance.
Every where you look, including websites such as BankRate.com, you see information about the dramatic increase in foreclosures due to sub-prime lending. In the wake of increased foreclosures, lenders are tightening their belts and increasing loan qualification limits. The majority of sub-prime borrowers are either lower income or minority borrowers, and the stricter loan qualifications are making it tougher for them to obtain financing.
As these alternative credit programs (loans for credit-challenged borrowers) disappear, it becomes increasingly important that home-buyers deal with an agent whose background and training include mortgage financing techniques. No matter how tough lenders become, they all have what is called a Community Reinvestment Act obligation to reach out to marginal borrowers.
We, at The Hat Team, not only have the knowledge and experience to help you find financing for your new home, we have a network of well-qualified, reputable lenders who will do everything they can to assist you also.
You can learn more about us at HatTeam.com or give us a call, 800-428-5239. We are at your service!
Expansion Management, a publication for executives looking to expand or relocate their businesses, awarded Alabama a 5-Star rating based on five major health care categories and ranked Alabama in the top 10 states in its annual 'Healthcare Cost Quotient' rankings.
Categories included health care facilities, health care providers, health insurance costs, health care provider costs, and malpractice insurance costs. Full article...
5-Star rankings aid in bringing businesses and jobs to Alabama, which in turn increased our property values. Wondering what your property value is? Visit MontgomeryHomeInfo.com for a no-hassle home valuation. Your valuation will be emailed to you. And to talk with us in person, call 800-428-5239.
Displaying blog entries 1-6 of 6
