Bankrate.come just released a closing cost estimate by state. Out of the 50 states, Minnsota has the 17th highest closing costs based on a hypothetical example of a $200,000 priced home and 20% down. New York has the highest closing costs in the nation. http://www.bankrate.com/finance/mortgages/2011-closing-costs/closing-costs-by-state.aspx
Today’s article from Builder Magazine compares new home sales versus existing homes. According to the 2010 Census, this past year posted the lowest new home sales transactions since data was collected in 1963. Although not good news for builders and developers, buyers looking to build new will continue to find enticing properties and deals in…read more
4 Bedrooms for the Price of 4 Wheels – Yahoo! Real Estate via 4 Bedrooms for the Price of 4 Wheels – Yahoo! Real Estate.
The recent proposal to reform Fannie Mae and Freddie Mac could have major implications on future homeowners, as well as sellers. Although it is likely to be years before any changes are implemented, the ability to finanace a home could be much more difficult in the years to come. How Buying a Home Is Likely…read more
Today’s link provided 10 ways homeowners can increase the energy efficiecy of thier homes. Although the energy efficiency tax credit expired with the new year, many improvements are worth pursuing as they will save money over the life of the home. In the upper Midwest, most homeowners seek to reduce their heating costs in the…read more
The attached article sums up today’s buyers…more and more buyers are not seeking high loan-to-value ratios and are either putting more money down or paying cash. However, many of these buyers are not your “typical” first-time homebuyer who may have little equity (less than 5%) to contribute to the down payment. As lenders have tightened…read more
It has always been a given homeowners have historically had a higher net worth than renters, however new data released suggests owners have a 41% higher net worth! Please see link below for further information: http://www.housingwire.com/2010/11/16/nar-homeowners-net-worth-41-times-greater-than-renters
Just when we thought rates had bottomed out and they couldn’t quite possible go any lower; the Feds met yesterday and will buy back $600 billion on long-term treasuries. As a result, we expect mortgage rates to dip even further! Economists predict rates could even dip down as low as 3.875% very shortly, continuing to…read more
Another good article about the future of home sizes in America. Home buyers continue to reflect on how much space they really need as home sizes are shrinking again after decades of square footages increases. Ironcially the family size in America has decreased while home sizes have increased substantially. It will be interested to see…read more
Just when you think mortgage rates have gone as low as possible..they have declined to another record low! Mortgage rates hit decades-low of 4.19 percent Source: Associated Press/AP Online Publication date: 2010-10-14 By ALAN ZIBEL WASHINGTON – Rates on 30-year mortgages fell to 4.19 percent, the lowest level in decades. They were pushed down by…read more
