AAAaaaaahhhh! Such sweet news it is that the interest rate on a 30 year fixed mortgage is at 5.875% today with Bunet Home Loans! Sound the bells, jump up and down and call your friends that are thinking of buying or should be thinking about buying a home. This is an awesome rate - it has been quite a while since 30 year fixed rates were under 6%.
Fixed Conventional
30 Year - 5.875%
20 Year - 5.75%
15 Year - 5.5%
Arms
Don't even think of it t fixed rates are cheaper than arms now!
FHA/VA
FHA - 6%
VA - 5.5%
(Word on the streeet is that we may be able to do FHA loans for 5.5% - sweet!)
Friday, November 30, 2007
Wednesday, November 28, 2007
Congratulations Ellen!!
Ellen Seagren was the the winner of our November contest.
She now has $25 to spend on Gas.
She now has $25 to spend on Gas.
Tuesday, November 27, 2007
Market Activity Report - Nov. 27
From the Minneapolis Area Association of Realtors:
Despite recent favorable drops in mortgage rates and improvement in housing affordability, buyer activity remains slow in the Twin Cities housing market. For the week ending November 17, there were 545 new purchase agreements signed, down 17.7 percent from the same week in 2006. As we enter the holiday season, sellers continue their annual pause, as the number of new listings on the market and the total number of homes for sale have been in a general seasonal decline for more than eight weeks.
Full Report Here
Despite recent favorable drops in mortgage rates and improvement in housing affordability, buyer activity remains slow in the Twin Cities housing market. For the week ending November 17, there were 545 new purchase agreements signed, down 17.7 percent from the same week in 2006. As we enter the holiday season, sellers continue their annual pause, as the number of new listings on the market and the total number of homes for sale have been in a general seasonal decline for more than eight weeks.
Full Report Here
Tuesday, November 20, 2007
Maybe that Vacation home IS possible
Fractional Financing....What is it? My friend Ken Miyamoto at Allegiance Mortgage sent me some great information this morning....
Fractional Financing
“The chance to own your dream home in your dream vacation spot for a fraction of the cost”
Fractional financing has been around for over 15 years. It has been the #1 mortgage choice in the luxurious ski resorts in the Colorado mountain resorts where the common adage is, “the billionaires have moved the millionaires out of the market”.
Simply put, fractional financing is a way to own your dream home for a fraction of the cost. You may purchase a share of an $800,000 dream second home for as little as $200,000 or less….a fraction of the cost. And you don’t have to pay one dime for it when you don’t use it! When you make your monthly mortgage payment you never have to ask yourself, “I haven’t been there in months; what am I doing paying for this when I don’t use it?”
This mortgage has no similarities to a time-share because fractional mortgages provide you the normal tax benefits of home ownership, separate titled or deeded ownership of your share, opportunity to rent that time you don’t use it and you get your share of the appreciation; none of these benefits can be associated with a time-share.
A management agreement and outside management service (like a homeowners association agreement) controls the maintenance and management of the property when you are not there. All you do is show up to enjoy your dream home.
Here are the numbers to purchase an $800,000 dream home:
$200,000 Share = 13 weeks of use (more than most people can actually get away….but if you can get away more than that, buy two shares!)
$180,000 mortgage = PITI payment of $1,486 or $17,832 per year
Rental income 6 weeks = $15,000 per year
Net cost $2,832 per year or $236 per month (Depreciation, tax benefits vary by person)
You may be able to own your $800,000 dream vacation home
for as little as $236 per month!!
And be able to use it more weeks than you can actually get away and
never have to pay a dime for the time you don’t use it.
BUT WAIT IT GETS EVEN BETTER!!
Why don’t you use your IRA funds for the down payment?? You can legally partner with yourself and realize some gains in your IRA which are tax-free, of course, until retirement.
Discuss this with a real IRA expert such as Mr. Todd Grill, President of Entrust Midwest, LLC. Todd will explain why a combination of fractional mortgages and leveraging your retirement funds with real estate just might make the most sense to build wealth and live in your dream vacation home! Give him a call at 763-559-5363.
FAQ
Q. Why don’t I just buy a time-share?
A. That is certainly a possibility but usually you only get to use it a week or two a year (is that enough?). You don’t get the appreciation and you might not get a tax benefit. And unlike fractional financing, with a time-share you might have 26 other users rather than 2-8. Regardless of how they are structured most time-shares are closer to renting than owning. Fractional mortgages are real, deeded, titled home ownership.
Q. Is this some new mortgage scheme or idea that might not work as planned?
A. Fractional Financing has been in existence for many years. It began in the ski resorts of Colorado but has spread to California and other vacation spots. It is financing that is provided by a very large federally chartered bank using their own money. It definitely is not a new or trial mortgage. Of course, once you have your title in your hand, it will be easier to believe. You will own the dream home of your life for a fraction of the cost!
Q. Is it really conceivable that I could buy my dream home and only have it cost me only a few hundred dollars a month?
A. It is possible. With some tax benefit or write-off of interest, some possible appreciation, some possible rental income when you are not there, you could very well own a million dollar dream home for a few hundred dollars a month. Now every case is different and we are not financial planners or accountants or attorneys so you do need to sit down with your financial team and work out the numbers for yourself. But what is certain is you will own that dream home for a fraction of the cost and be able to use it more time than you will probably be able to get away.
Q. What happens if one shareholder defaults on their loan?
A. Nothing happens; the lender owns that share and will sell it; just like any other mortgage. With the current mortgage on your primary home, if your next door neighbor defaults on his loan, it doesn’t impact you or your loan. The same is true of fractional financing; each loan is separate and has its own separate title or deed and one has nothing to do with the other.
Q. Can I sell my share when I want and for what price I want?
A. Of course; a fractional mortgage is exactly the same as any normal mortgage; it is your property to sell or keep.
Q. Who decides when I can use it?
A. The association or management agreement spells that of which you are a part. Most commonly, use is evenly distributed by seasons and special holidays are rotated. The use is equal and fairly distributed throughout the calendar year. In fact there is a standard formula that is used.
Q. How many shares are permitted?
A. We will permit up to 13 shares but the most common numbers are 3-8 shares but each developer or owner can determine the number of fractions they wish to have and that number is usually based on the market. However, if you offer eight shares and that is not enough time for one particular person, they can purchase two shares to increase their use.
Q. Can I share time with other shareholders?
A. Certainly you can contact the others to see if they want to switch times with you or rent some of your time to them or others.
Q. What about maintenance issues or needs in the future?
A. Maintenance is handled by the management agreement or home owners agreement. Most often the shareholders will provide some fund for future needs as do other or normal homeowner associations.
Q. What if one of the other shareholders wants to change the décor or fixtures?
A. Individual shareholders can’t make those decisions; those are all made by the management company according to the management agreement.
Q, What is the loan procedure to get a fractional mortgage?
A. Just like any other mortgage. Contact Ken Miyamoto at Allegiance Mortgage of MN for an application; it is just as simple and straightforward as any residential mortgage….it might even be more simple and straightforward.
Q. I write-off a lot of my income. Can I get a stated income fractional Mortgage?
A. Absolutely you can get a stated income loan.
Q. How about an interest-only payment? Is that possible, too?
A. It certainly is and is quite common.
Q. If I want to sell my single family home on the lake but would like to keep use of it for a little part of the year, could I put it into four fractional pieces and sell only three of them and keep one for myself?
A. Of course. That’s another beauty of fractional mortgages; you can sell to get out some of the equity but you don’t have to give up total use of it. Fractional mortgages can be the best of both worlds for the buyer and the seller.
Q. I’m a developer and own just the kind of place that is perfect for fractional financing. But I got financing to build it and my current lender will not permit partial releases of the title on each property. Do I have to wait until I have all shares sold?
A. You may choose to wait to get all the buyers for the shares or we can provide you the financing (called a Conversion loan) to pay your construction lender off so you can sell shares one at a time and get each buyer their own title as each loan closes.
For more info on Fractional Financing and other great mortgage programs contact Ken Miyamoto at kmiyamoto@allegiancemn.com
Fractional Financing
“The chance to own your dream home in your dream vacation spot for a fraction of the cost”
Fractional financing has been around for over 15 years. It has been the #1 mortgage choice in the luxurious ski resorts in the Colorado mountain resorts where the common adage is, “the billionaires have moved the millionaires out of the market”.
Simply put, fractional financing is a way to own your dream home for a fraction of the cost. You may purchase a share of an $800,000 dream second home for as little as $200,000 or less….a fraction of the cost. And you don’t have to pay one dime for it when you don’t use it! When you make your monthly mortgage payment you never have to ask yourself, “I haven’t been there in months; what am I doing paying for this when I don’t use it?”
This mortgage has no similarities to a time-share because fractional mortgages provide you the normal tax benefits of home ownership, separate titled or deeded ownership of your share, opportunity to rent that time you don’t use it and you get your share of the appreciation; none of these benefits can be associated with a time-share.
A management agreement and outside management service (like a homeowners association agreement) controls the maintenance and management of the property when you are not there. All you do is show up to enjoy your dream home.
Here are the numbers to purchase an $800,000 dream home:
$200,000 Share = 13 weeks of use (more than most people can actually get away….but if you can get away more than that, buy two shares!)
$180,000 mortgage = PITI payment of $1,486 or $17,832 per year
Rental income 6 weeks = $15,000 per year
Net cost $2,832 per year or $236 per month (Depreciation, tax benefits vary by person)
You may be able to own your $800,000 dream vacation home
for as little as $236 per month!!
And be able to use it more weeks than you can actually get away and
never have to pay a dime for the time you don’t use it.
BUT WAIT IT GETS EVEN BETTER!!
Why don’t you use your IRA funds for the down payment?? You can legally partner with yourself and realize some gains in your IRA which are tax-free, of course, until retirement.
Discuss this with a real IRA expert such as Mr. Todd Grill, President of Entrust Midwest, LLC. Todd will explain why a combination of fractional mortgages and leveraging your retirement funds with real estate just might make the most sense to build wealth and live in your dream vacation home! Give him a call at 763-559-5363.
FAQ
Q. Why don’t I just buy a time-share?
A. That is certainly a possibility but usually you only get to use it a week or two a year (is that enough?). You don’t get the appreciation and you might not get a tax benefit. And unlike fractional financing, with a time-share you might have 26 other users rather than 2-8. Regardless of how they are structured most time-shares are closer to renting than owning. Fractional mortgages are real, deeded, titled home ownership.
Q. Is this some new mortgage scheme or idea that might not work as planned?
A. Fractional Financing has been in existence for many years. It began in the ski resorts of Colorado but has spread to California and other vacation spots. It is financing that is provided by a very large federally chartered bank using their own money. It definitely is not a new or trial mortgage. Of course, once you have your title in your hand, it will be easier to believe. You will own the dream home of your life for a fraction of the cost!
Q. Is it really conceivable that I could buy my dream home and only have it cost me only a few hundred dollars a month?
A. It is possible. With some tax benefit or write-off of interest, some possible appreciation, some possible rental income when you are not there, you could very well own a million dollar dream home for a few hundred dollars a month. Now every case is different and we are not financial planners or accountants or attorneys so you do need to sit down with your financial team and work out the numbers for yourself. But what is certain is you will own that dream home for a fraction of the cost and be able to use it more time than you will probably be able to get away.
Q. What happens if one shareholder defaults on their loan?
A. Nothing happens; the lender owns that share and will sell it; just like any other mortgage. With the current mortgage on your primary home, if your next door neighbor defaults on his loan, it doesn’t impact you or your loan. The same is true of fractional financing; each loan is separate and has its own separate title or deed and one has nothing to do with the other.
Q. Can I sell my share when I want and for what price I want?
A. Of course; a fractional mortgage is exactly the same as any normal mortgage; it is your property to sell or keep.
Q. Who decides when I can use it?
A. The association or management agreement spells that of which you are a part. Most commonly, use is evenly distributed by seasons and special holidays are rotated. The use is equal and fairly distributed throughout the calendar year. In fact there is a standard formula that is used.
Q. How many shares are permitted?
A. We will permit up to 13 shares but the most common numbers are 3-8 shares but each developer or owner can determine the number of fractions they wish to have and that number is usually based on the market. However, if you offer eight shares and that is not enough time for one particular person, they can purchase two shares to increase their use.
Q. Can I share time with other shareholders?
A. Certainly you can contact the others to see if they want to switch times with you or rent some of your time to them or others.
Q. What about maintenance issues or needs in the future?
A. Maintenance is handled by the management agreement or home owners agreement. Most often the shareholders will provide some fund for future needs as do other or normal homeowner associations.
Q. What if one of the other shareholders wants to change the décor or fixtures?
A. Individual shareholders can’t make those decisions; those are all made by the management company according to the management agreement.
Q, What is the loan procedure to get a fractional mortgage?
A. Just like any other mortgage. Contact Ken Miyamoto at Allegiance Mortgage of MN for an application; it is just as simple and straightforward as any residential mortgage….it might even be more simple and straightforward.
Q. I write-off a lot of my income. Can I get a stated income fractional Mortgage?
A. Absolutely you can get a stated income loan.
Q. How about an interest-only payment? Is that possible, too?
A. It certainly is and is quite common.
Q. If I want to sell my single family home on the lake but would like to keep use of it for a little part of the year, could I put it into four fractional pieces and sell only three of them and keep one for myself?
A. Of course. That’s another beauty of fractional mortgages; you can sell to get out some of the equity but you don’t have to give up total use of it. Fractional mortgages can be the best of both worlds for the buyer and the seller.
Q. I’m a developer and own just the kind of place that is perfect for fractional financing. But I got financing to build it and my current lender will not permit partial releases of the title on each property. Do I have to wait until I have all shares sold?
A. You may choose to wait to get all the buyers for the shares or we can provide you the financing (called a Conversion loan) to pay your construction lender off so you can sell shares one at a time and get each buyer their own title as each loan closes.
For more info on Fractional Financing and other great mortgage programs contact Ken Miyamoto at kmiyamoto@allegiancemn.com
Minneapolis: Most Affordable Place to Live Well
According to Forbes Magazine, Minneapolis is the Most Affordable Place to Live Well. It comes as no surprise to those of us that live here...Access to Recreation, the Arts, great job opportunities and affordable housing are just a few of the things that make Minneapolis special to me. Most newcomers I speak with often seem surprised that we aren't all living in igloos, eating hotdish and muttering little more than "oh sure, you betcha."
What pushed Minneapolis to the top? Last quarter, 61% of the area's home sold were available to the median household earner, according to NAHB/Wells Fargo, which puts the City of Lakes in 17th place of the 50 cities we measured. Minneapolis ranked just under the median in cost of living. Its quality of life ranking most distinguishes it; here the city ranked third, and came in ninth in arts and leisure offerings.
Indeed, Minneapolis has top-notch cultural institutions, whether they be theaters, music halls or museums. The Guthrie Theater, for example, is considered one of the premier facilities in the country. The Twin Cities receive funding from local corporate foundations including those of Target (nyse: TGT - news - people ), 3M (nyse: MMM - news - people ), Best Buy (nyse: BBY - news - people ), General Mills (nyse: GIS - news - people ), Cargill and United Health, and from charitable institutions like the Minneapolis Foundation, which manages just under $700 million in assets.
Read the full article here
Thanksgiving by the Numbers
From the U.S. Census Bureau
272 million
The preliminary estimate of turkeys raised in the United States in 2007. That’s up 4% from 2006. The turkeys produced in 2005 together weighed 7.2 billion pounds and were valued at $3.2 billion.
46 million
The preliminary estimate of turkeys Minnesota expects to raise in 2007. The Gopher State is tops in turkey production. It is followed by North Carolina (39 million), Arkansas (31 million), Virginia (21.5 million), Missouri (21 million), and California (16.8 million). These six states together will probably account for about two-thirds of U.S. turkeys produced in 2007.
690 million pounds
The forecast for U.S. cranberry production in 2007, essentially unchanged from 2006 and 11% more than 2005. Wisconsin is expected to lead all states in the production of cranberries, with 390 million pounds, followed by Massachusetts (180 million). New Jersey, Oregon, and Washington are also expected to have substantial production, ranging from 18 million to 52 million pounds.
1.6 billion pounds
The total weight of sweet potatoes—another popular Thanksgiving side dish—produced by major sweet potato producing states in 2006. North Carolina (702 million pounds) produced more sweet potatoes than any other state. It was followed by California (381 million pounds). Mississippi and Louisiana also produced large amounts: at least 200 million pounds each.
1 billion pounds
Total pumpkin production of major pumpkin-producing states in 2006. Illinois led the country by producing 492 million pounds of the vined orange gourd. Pumpkin patches in California, Ohio, and Pennsylvania also provided plenty of pumpkins: Each state produced at least 100 million pounds. The value of all the pumpkins produced by major pumpkin-producing states was $101 million.
If you prefer cherry pie, you will be pleased to learn that the nation’s forecasted tart cherry production for 2007 totals 294 million pounds. Of this total, the overwhelming majority (230 million) will be produced in Michigan.
1.8 billion bushels
The total volume of wheat—the essential ingredient of bread, rolls, and pies—produced in the United States in 2006. Kansas and North Dakota accounted for about 30% of the nation's wheat production.
841,280 tons
The 2007 contracted production of snap (green) beans in major snap (green) bean-producing states. Of this total, Wisconsin led all states (310,200 tons). Many Americans consider green bean casserole a traditional Thanksgiving dish.
$9.5 million
The value of U.S. imports of live turkeys during the first half of 2007—99.5% from Canada. Our northern neighbor accounted for all of the cranberries the United States imported ($2.2 million). When it comes to sweet potatoes, however, the Dominican Republic was the source of 63% ($1.7 million) of total imports ($2.7 million). The United States ran a $4.9 million trade deficit in live turkeys during the period but had surpluses of $9.4 million in cranberries and $15.3 million in sweet potatoes.
13.1 pounds
The quantity of turkeys consumed by the typical American in 2005, with a hearty helping devoured at Thanksgiving time. Per capita sweet potato consumption was 4.5 pounds.
An Organic Feast
144,086
Number of certified organic turkeys on the nation’s farmland, as of 2005. Most of these turkeys were in Michigan (56,729) or Pennsylvania (48,815).
The Turkey Industry
$3.6 billion
The value of turkeys shipped in 2002. Arkansas led the way in turkey shipments, with $581.5 million, followed by Virginia ($544.2 million) and North Carolina ($453 million). In 2002, poultry businesses whose primary product was turkey totaled 35 establishments, employing about 17,000 people.
$3.86 billion
Forecast 2007 receipts to farmers from turkey sales. This exceeds the total receipts from sales of products such as rice, peanuts, and tobacco.
The Price is Right
99 cents
Cost per pound of a frozen whole turkey in December 2006.
Market Activity Report - Nov. 20
From the Minneapolis Area Association of Realtors:
Weekly Market Activity Report
The rapid flattening in fourth-quarter sales can be viewed as a positive sign, as compared to the third quarter, when buyer activity was in rapid decline.
Over the last two weeks, newly signed purchase agreements (pending sales) are behind the same period in 2006 by 15.2 percent, as compared to the last three months when sales dropped by 21.5 percent. Recent listing activity has declined by 4.6 percent, as compared to last year. The total inventory of homes for sale is dropping as we near the holiday season.
Click here for all the numbers.
Weekly Market Activity Report
The rapid flattening in fourth-quarter sales can be viewed as a positive sign, as compared to the third quarter, when buyer activity was in rapid decline.
Over the last two weeks, newly signed purchase agreements (pending sales) are behind the same period in 2006 by 15.2 percent, as compared to the last three months when sales dropped by 21.5 percent. Recent listing activity has declined by 4.6 percent, as compared to last year. The total inventory of homes for sale is dropping as we near the holiday season.
Click here for all the numbers.
Friday, November 16, 2007
Interest Rates for Nov. 16
Rates for Conventional Fixed Rate loans are slightly better than last week. Burnet Home Loans is reporting no movement on FHA/VA or ARMs.
Conventional Fixed
30 Year 6.125%
20 Year 6.000%
15 Year 5.750%
Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%
FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%
Conventional Fixed
30 Year 6.125%
20 Year 6.000%
15 Year 5.750%
Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%
FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%
Thursday, November 15, 2007
Home Inspector on the Radio
As I was running errands this morning I heard a familiar voice on MPR talking about wet basements, foundation problems and all kinds of fun stuff. John Trostle, a well respected local home inspector was talking with Kerri Miller on mid-morning in a segment titled Different Housing Market, New Issues. It was a great discussion, with some really good call-in questions. John always has great advice.
If you missed it, here's the link.
If you missed it, here's the link.
Tuesday, November 13, 2007
“City Living” First Time Home Buyer Loan Changes
There are some great first time home buyer programs out there and City Living is definitely one worth considering. There have been some recent changes that make buying a foreclosed or otherwise vacant home more possible. City Living provides qualified buyers with three different assistance options:
No cash assistance, 5.8% interest rate
2% cash assistance 6.25% interest rate
4% cash assistance 6.375% interest rate
Cash assistance means you get a grant of either 2% or 4% of the loan amount! That is money that you do not have to pay back. Obviously your interest rate will be higher if you choose the cash assistance route. In order to qualify for City Living, you have to meet income guidelines. In addition, to qualify for the 4% cash assistance you need to be one of the following: 1) single, 2) have dependents, 3) purchasing a foreclosed property or 4) purchasing a vacant property. Feel free to contact us with any questions!
No cash assistance, 5.8% interest rate
2% cash assistance 6.25% interest rate
4% cash assistance 6.375% interest rate
Cash assistance means you get a grant of either 2% or 4% of the loan amount! That is money that you do not have to pay back. Obviously your interest rate will be higher if you choose the cash assistance route. In order to qualify for City Living, you have to meet income guidelines. In addition, to qualify for the 4% cash assistance you need to be one of the following: 1) single, 2) have dependents, 3) purchasing a foreclosed property or 4) purchasing a vacant property. Feel free to contact us with any questions!
Market Activity Report - Nov. 13
From the Minneapolis Area Association of Realtors:
As mortgage rates decline and home sellers appear increasingly willing to accept moderate offers, home sales have picked up slightly in recent weeks. Newly signed purchase agreements (pending sales) for the week ending November 3 were behind last year at this time by only 13.6 percent. New listings on the market also increased, up 7.3 percent for the same time period comparison. This week's edition of MAAR's Weekly Market Activity Report features updated figures for several key metrics:
Days on Market Until Sale in October was 142 days, an increase of 20.3 percent from one year ago.
Percent of Original List Price Received at Sale declined further to 93.1 percent and should continue to fall until early 2008.
The November Housing Affordability Index increased dramatically to 138 due to declines in mortgage rates and home prices, an important trend for the long-term health and accessibility of our market.
Months Supply of Inventory declined slightly to 9.5 months due to the annual drop in the number of homes for sale that takes place in November.
Here's the 100 Report for Minneapolis.
As mortgage rates decline and home sellers appear increasingly willing to accept moderate offers, home sales have picked up slightly in recent weeks. Newly signed purchase agreements (pending sales) for the week ending November 3 were behind last year at this time by only 13.6 percent. New listings on the market also increased, up 7.3 percent for the same time period comparison. This week's edition of MAAR's Weekly Market Activity Report features updated figures for several key metrics:
Days on Market Until Sale in October was 142 days, an increase of 20.3 percent from one year ago.
Percent of Original List Price Received at Sale declined further to 93.1 percent and should continue to fall until early 2008.
The November Housing Affordability Index increased dramatically to 138 due to declines in mortgage rates and home prices, an important trend for the long-term health and accessibility of our market.
Months Supply of Inventory declined slightly to 9.5 months due to the annual drop in the number of homes for sale that takes place in November.
Here's the 100 Report for Minneapolis.
Saturday, November 10, 2007
Weekend Open Houses
If you're not watching Sunday's big game, come visit us at an Open House.
Neil will be at 3435 40th Ave S from 2-4 and Shari will be at 3017 38th Ave S from 2-4. It should be a beautiful Fall day to get out and about.
Neil will be at 3435 40th Ave S from 2-4 and Shari will be at 3017 38th Ave S from 2-4. It should be a beautiful Fall day to get out and about.
Friday, November 9, 2007
Rate Watch Friday November 9th
Rates have actually inched up a tiny bit. Here are the rates from Burnet Home Loans for Friday November 9th:
Conventional Fixed
30 Year 6.25%
20 Year 6.125%
15 Year 5.875
Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%
FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%
Conventional Fixed
30 Year 6.25%
20 Year 6.125%
15 Year 5.875
Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%
FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%
Tuesday, November 6, 2007
Market Activity Report, Nov. 6th
From the Minneapolis Area Association of Realtors (MAAR):
With mortgage rates falling and a plentiful harvest of homes to choose from for area buyers, the pace of declining home sales in the Twin Cities has slowed slightly in recent weeks. Newly signed purchase agreements (pending sales) were behind this time last year by 16.7 percent for the week ending October 27, an improvement from the large declines seen in late September. While the inventory of homes for sale is still at a record high, it is beginning its annual autumnal drop and should continue to wane through the rest of 2007.
This week's edition of the MAAR Weekly Market Activity Report features updated figures for Mortgage Rates and Supply-Demand Ratio. Rates have fallen dramatically in the last two months, teaming up with home price declines to create important improvements in affordability that will benefit our market down the road. The Supply-Demand Ratio of 11.22 means there are 11.22 homes on the market for every buyer.
For a detailed look at the way our changing market is affecting buyers and sellers in various submarkets affected by price range, property type and construction status, take a look at our Housing Supply Outlook. Dig deeper.
With mortgage rates falling and a plentiful harvest of homes to choose from for area buyers, the pace of declining home sales in the Twin Cities has slowed slightly in recent weeks. Newly signed purchase agreements (pending sales) were behind this time last year by 16.7 percent for the week ending October 27, an improvement from the large declines seen in late September. While the inventory of homes for sale is still at a record high, it is beginning its annual autumnal drop and should continue to wane through the rest of 2007.
This week's edition of the MAAR Weekly Market Activity Report features updated figures for Mortgage Rates and Supply-Demand Ratio. Rates have fallen dramatically in the last two months, teaming up with home price declines to create important improvements in affordability that will benefit our market down the road. The Supply-Demand Ratio of 11.22 means there are 11.22 homes on the market for every buyer.
For a detailed look at the way our changing market is affecting buyers and sellers in various submarkets affected by price range, property type and construction status, take a look at our Housing Supply Outlook. Dig deeper.
Monday, November 5, 2007
First Snowflake Siting!
Even though I have lived in Minnesota since 1989, this little Texan still gets really excited the first time snow flies - and it's flying now! I have to admit that this excitement is often tempered by dread of impending frigid weather. This year I am a little more brave after having received a home energy audit and making suggested improvements.
The big impact work we did was in our attic space (a.k.a. our bedroom). We live in one of those wonderful bungalows that had great expansion space in the attic. The previous owners finished the space quite nicely. However, there were a lot of attic bypasses into our room. Lots of air was freely being exchanged between the attic area into the bedroom area. This made for a hotter summer and a cooler winter. I won't lie to you. Crawling around in those attic spaces wasn't the most fun thing I have ever done, but it was very gratifying to make this improvement in our home. We noticed a big difference this summer and things have been feeling pretty good this fall. We have yet to turn on the heat upstairs. (Our upstairs has a separate heating system from the central air/heat that serves the rest of the house.) If you have never had a home energy audit done, I would encourage you to consider it. It's a great way to save energy and to help you embrace the snow.
The big impact work we did was in our attic space (a.k.a. our bedroom). We live in one of those wonderful bungalows that had great expansion space in the attic. The previous owners finished the space quite nicely. However, there were a lot of attic bypasses into our room. Lots of air was freely being exchanged between the attic area into the bedroom area. This made for a hotter summer and a cooler winter. I won't lie to you. Crawling around in those attic spaces wasn't the most fun thing I have ever done, but it was very gratifying to make this improvement in our home. We noticed a big difference this summer and things have been feeling pretty good this fall. We have yet to turn on the heat upstairs. (Our upstairs has a separate heating system from the central air/heat that serves the rest of the house.) If you have never had a home energy audit done, I would encourage you to consider it. It's a great way to save energy and to help you embrace the snow.
Friday, November 2, 2007
What About Those Interest Rates?
Rates remain the same despite the fed lowering rates 1/4 on Wednesday. We will keep watching... Here are the today's rates from Burnet Home Loans. I would stay away from those 10 year arms!
Conventional Fixed
30 year 6.125%
15 year 5.75%
Conventional Arm
5/1 5.875%
7/1 5.875
10/1 6.25%
FHA/VA
FHA 30 year 6.00%
VA 30 year 6.00%
Conventional Fixed
30 year 6.125%
15 year 5.75%
Conventional Arm
5/1 5.875%
7/1 5.875
10/1 6.25%
FHA/VA
FHA 30 year 6.00%
VA 30 year 6.00%
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