According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 11/19/09:
Conforming 30 Year fixed rate is 4.85-5%
Jumbo 30 year Fixed rate is 5.625%
5/1 ARM is 4.25%
5/1 Adjustable I/O rate is 4.5%
Jumbo 15 Year Fixed rate is 4.5%
Friday, November 20, 2009
Sunday, November 15, 2009
Westport's Real Estate Market is Starting to Heat up!
Westport’s Real Estate market is starting to see some movement. I wouldn’t call it hot yet, but a soft sizzle is certainly starting to brew. During the last 60 days, 48 homes have closed in Westport. Average list price was $1,822,975 with an average selling price of $1,667,240. Closing prices were down a mere 8.5% from asking price.
So, what’s contributing to this newfound interest in the Real Estate Market?
Many Bankers and Traders are expecting large bonuses this year, which is allowing them to take advantage the current market’s lower prices. It trickles down from there. If one is moving up, and negotiates a good price, they can afford to sell their current home for less, and the cycle continues.
In addition, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 (HR3548) into law on November 6th. According to Michael Daversa, President of Atlantic Residential Mortgage in Westport, “the bill extends and expands a key tax credit for homebuyers, while also offering more help to those out of work.”
The $8,000 First Time Homebuyer credit has been extended through April 30, 2010. If you have never owned a home, or have not owned a home in the last 3 years you can qualify. Your adjusted gross income (AGI) cannot exceed $125,000 for an individual, or for a married couple $225,000.
“You can also qualify for a $6,500 credit,” reminds Daversa, “if you have lived in your current house for 5 consecutive years during the 8 year period ending with the date the new home is purchased.” In this scenario, the same AGI levels prevail.
There are some caveats though. The selling price cannot be higher than $800,000 and you must remain in the home as a primary residence for at least 36 months from purchase date.
Between lower prices (many are suggesting that we are back to 2004 prices), great opportunities and tax credits, the housing marketing is enjoying the infused energy. If you were considering purchasing a new home, the timing could not be better!
So, what’s contributing to this newfound interest in the Real Estate Market?
Many Bankers and Traders are expecting large bonuses this year, which is allowing them to take advantage the current market’s lower prices. It trickles down from there. If one is moving up, and negotiates a good price, they can afford to sell their current home for less, and the cycle continues.
In addition, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 (HR3548) into law on November 6th. According to Michael Daversa, President of Atlantic Residential Mortgage in Westport, “the bill extends and expands a key tax credit for homebuyers, while also offering more help to those out of work.”
The $8,000 First Time Homebuyer credit has been extended through April 30, 2010. If you have never owned a home, or have not owned a home in the last 3 years you can qualify. Your adjusted gross income (AGI) cannot exceed $125,000 for an individual, or for a married couple $225,000.
“You can also qualify for a $6,500 credit,” reminds Daversa, “if you have lived in your current house for 5 consecutive years during the 8 year period ending with the date the new home is purchased.” In this scenario, the same AGI levels prevail.
There are some caveats though. The selling price cannot be higher than $800,000 and you must remain in the home as a primary residence for at least 36 months from purchase date.
Between lower prices (many are suggesting that we are back to 2004 prices), great opportunities and tax credits, the housing marketing is enjoying the infused energy. If you were considering purchasing a new home, the timing could not be better!
Current Mortgage Loan Rates 11/12/09
According to Jeff Jensen of CT Home Mortgage, this week's Mortgage Lending Rates are as follows as of 11/12/09:
Conforming 30 Year fixed rate is 5.-5.25%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%
Conforming 30 Year fixed rate is 5.-5.25%
Jumbo 30 year Fixed rate is 5.75%
5/1 ARM is 4.375%
5/1 Adjustable I/O rate is 4.625%
Jumbo 15 Year Fixed rate is 4.75%
Subscribe to:
Posts (Atom)