The average rate for 15-year mortgages reached a new bottom this week, dipping from 4.40 percent to 4.32 percent—the lowest level since Freddie Mac began tracking rates in 1991.
Rates for 30-year mortgages approached the all-time low of 4.78 percent again last week, falling to 4.83 percent from an average of 4.91 percent a week ago.
Wellesley College economist Karl Case says the Federal Reserve's efforts to purchase mortgage-backed securities from Fannie Mae and Freddie Mac is lowering rates on home loans.Source: Boston Herald, Thomas Grillo (11/20/09)
We are thankful each and everyday to be real estate professionals in Huntsville. Yes, certain market segments have been slow but as we finish the third quarter of the year Huntsville real estate has been very good to us. Sales have shifted from upscale homes to modest and entry level properties but our volume has increased . In short we have had another great year so far.
We have worked with an unusually high number of first time homebuyers this year and couldn’t be more pleased. He commissions we receive with the smaller homes is less but the sense of satisfaction in helping excited, anxious buyers more than compensates. We have never seen so many hugs, thank you’s and invitations to meet the family and friends of our buyers. We had a burley male army officer who demanded a hug at closing and young lady who was convinced we were a Godsend,
There have been a few notable changes in our local
Our rental department continues to grow and thrive. While sales of
While we did sell a lot of Huntsville investment property to real estate investors in the past several years, I’m actually pleased to see the pace slow. There were a lot of out of state investors who made horrid purchase decisions in Huntsville. Many of them came to us for help when the rents and appreciation rates they were promised tuned our to be grossly overstated. We saw more than one investor loose their property in foreclosure because they made decisions based on unrealistic predictions.
Huntsville Real Estate Sales Very Robust in October Rudulph/Brander Real Estate Statistical Reports in it's recent news letter stated that;
For a second month in a row, the Huntsville, North Alabama market performed substantially better than expected. In October sales were 13% above September results. This is the best October to September comparison in ten years. October total dollar sales were $138,995,936, compared with $123,448,487 in September, and 19% above last year’s level of $116,676,494 Total unit sales increased from 766 in September to 865 in October, an increase of 99.
New sales increased from 156 homes last month to 178 this month, an increase of 22.
Existing homes sales increased from 610 homes last month to 687 this month, an increase of 77
The first realtor I had in Huntsville didn’t work out at all but when I found Philip online he took the time to learn what I was looking for and to educate us on the Huntsville area. After showing us a lot of properties we started to focus on an area that was just being developed, with great schools that was near Redstone Arsenal where I work. Philip worked through several issues with the builder with us and went well beyond what we expected of a realtor. We have referred colleagues within the Army Materiel Command to Philip and will defiantly call him when we are ready to make our next home purchase.
~M.C.
Congress has extend and expanded the homebuyer tax credit!
Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the homebuyer tax credit. That bill will be sent to President Obama for his signature in the next day or so. The bill includes a provision for current homeowners to purchase a new home.
Please click here for more information on the bill and who qulaifies for the credits.
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