Richmond Home Shopper

July Mortgage Rates Climb to 5.2%, Still 1.5 Points Lower Than 12 Months Ago

FOX Business Article…

Freddie Mac reports July mortgage rates climb t0 5.2%, still 1.5 points lower than 12 months ago.

Katie Culp FOX Business–  A rise in U.S. mortgage rates for the first time in four weeks was reported Thursday by Freddie Mac, the world’s second-largest mortgage buyer, building on hopes that the housing market is headed toward a recovery.

“Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat-to-down slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a written report.

Freddie Mac’s weekly survey showed the average 30-year fixed-rates (FRE: 0.6008, 0.0088, 1.49%) jumped to 5.2%, a tick up from the prior week’s average of 5.14%.

This time last year, 30-year rates averaged 6.63%. Read the rest of this entry »

It’s Still a Buyer’s Market in Richmond!

The economy is improving and there are positive signs in the real estate market BUT, it’s still a buyer’s market!  Central Virginia area home sales numbers along with National and State numbers show a real estate market down compared to a year ago but,  improving compared to earlier this year.  Median prices fell as well.  Richmond area home prices dropped about 12 1/2 percent to $206,904 in the second quarter compared to the same period last year.  In Virginia prices fell about 8 1/2 percent to $245,885 in quarter 2 (April/May/June).  While prices are off they are not as far off as they were in the first quarter of 2009 (Jan/Feb/Mar).  What does it mean?  There are still more houses for sale than there are buyers and it’s still a great time to buy a home.

Nationally, sales of previously owned homes rose for the third straight month in June. The National Association of REALTORS reports sales increased about 3 1/2 percent in June which is better than predicted and expected.  The national median price for June was $181,800 in June, down about 15 1/2 percent from a year ago.

Interested in buying a Richmond area home?  Skye Bruce Properties can help make sense of the current real estate market and help you develop a buying strategy to get the most home for your money.  Contact Skye Bruce Properties today!

Strategies to Increase Home Sale Profits

The proposition of selling a home is getting better with each passing day according to a recently released report from the National Association of Realtors. If you need to sell your home, a few smart strategies can help you increase your profits.

A number of real estate pundits are pointing to the recent decline in home inventory and the fact that interest rates have increased on the 30-year fixed mortgage as a positive endorsement of a healthier housing market.

Joanne Sebby, a licensed real estate broker in Chicago, and operator of a local Two Men and a Truck moving franchise, believes she’s benefitting from what could be the start of a real estate “bloom,” if not a full “boom.” Read the rest of this entry »