Archive for March, 2009
Deals Of The Week March 28th, 2009
I am going to revive the deals of the week…again. Over the last year or so I have had a struggle between wanting to put up deals of the week for anyone to see and the MLS rules which apparently do not allow that.
So you will need to sign up for them for the weekly list by just completing the contact form at the bottom and asking to be on the deals of the week list in your message.
This week, the deals of the week include:
And quite a few more. That’s only about 1/2 of them. Just sign up here and ask to be on the deals of the week in the message:
MEA Election March 26th, 2009
The Matanuska Electric Association Election is coming up soon. You should get your ballots in the mailbox in just a week or so. This year, more than any year that I can remember, it is important to vote in this election.
The MEA board made a decision in 2005 that they will no longer purchase their power from Chugach Electric and instead will produce their own power by 2014.. Since then there have been mostly power struggles, closed meetings, and petty arguments going on at the board level. We need serious, forward looking people to make some tough decisions on the board.
MEA recently purchased a parcel from the Eklutna Native Association on which to build a gas power plant. There are many uncertainties about how this will be done. We need people who are going to guide MEA during these next few critical years.
The photos at the top are of Marvin Yoder and Crystal Nygard. They are both very competent people who I am convinced will focus on the future of MEA, not on the petty arguments.
You can read more about them here:
Make sure to send in your ballot as soon as you receive it and vote for these two very qualified people.
Interest Rates…Should I Lock In Now? Or Wait? March 25th, 2009
One of the quandaries of buying is trying to figure out when you should lock your interest rate. Depending on your lender and depending on the type of loan you are getting you have the option of locking in an interest rate before you actually close on the deal.
Some lenders allow you to lock in your interest rate 30 days before you close without charge. Others will allow you to lock it in for a longer time with a small fee.
So you have to gamble…will the rates be lower when I close? Or am I better off to lock in the interest rate now?
In our current mortgage market you win either way because it appears that for the short term at least interest rates will stay close to the low level of 5% or so for 30 year fixed loans.
Some mortgage companies publish their rates on their website.
Homestate Mortgage publishes theirs every day here.
Bryan Scoresby of Countrywide in Wasilla sends me an email everyday with his rates. Here is part of yesterday’s email from Bryan:
Bryan J. Scoresby
Countrywide Home Loans
Daily Rates
March 23, 2009
Loan Product 30 years 15 years
Conventional Fixed with 1.0% LO Fee 4.750 4.625
FHA Fixed with 1.0% LO Fee 4.875 4.500
Rural Development with 1.0% LO Fee 4.500
AHFC First Time Homebuyer (Tax Exempt) 6.375 6.125
AHFC First Time Homebuyer (Taxable Program) 6.500 6.250
AHFC Taxable 6.625 6.375
Conventional rates are quoted based on a 45 day lock period. Government loans on a 45 day lock. Rural Development is on a 60 day lock. Locks up to 180 days and shorter locks of 10 days are also available. Changes in the industry are putting pricing adjustments based on credit score. Lower scores will incur higher rates or more costs. Bryan is committed to giving your customer the lowest available rate for the loan program. Countrywide also offers a very large loan product mix to choose from. If you have a need to fit your client (ARM, Interest Only, Fixed, Equity, Government AHFC), Bryan will find a Countrywide loan product to fit your buyers needs.
Bryan Scoresby
Mgr, HLC Sales
CMD 352-1 – Wasilla, AK RST
Countrywide Bank, FSB
907-352-4504 Office
907-232-6444 Cell
907-357-5866 Fax
There are at least a couple websites that aggregate expert opinions on future mortgage rates:
So far, it looks good for the short term, that is 30-90 days. There are indications that the interest rate will begin to rise by mid summer however. It’s important to remember that the longer term forecasts are always less accurate and many things can change the outcome but here are some predictions:
It doesn’t make a whole lot of difference when you lock right now because you will get an extremely good rate. I had a client close yesterday with a rate of 4.875% for a 30 year fixed rate loan, they were a little disapointed that they missed a dip of 4.6%, but that’s not a big thing. I personally expect to see interest rates drop even further in the next 6 months to a year.
But it WILL be a big deal if you wait until the rates jump to 8% or more.
Some experts predict that inflation is bound to hit us after all the stimulus money begins to have a big effect. Inflation is almost always followed by interest rate increases. But that is likely two years or more into the future. In the meantime, an opportunity is to be had now with low interest rates and relatively low housing prices.
Wasilla Real Estate, Monday Market Memo for March 17-23, 2009 March 23rd, 2009
Here are the statistics for the week of March 17-23, 2009. These are for single family homes in Wasilla, Palmer and the surrounding area including the whole Matanuska-Susitna Borough.
The total inventory continues to increase as it should through spring. And this is spring, at least officially if not temperature wise. We have more light than anyone south of us as of this week. That’s a nice thought. Not so nice is the prospect of Redoubt’s ash cloud blocking out the sun. So far it remains north of Wasilla and Palmer although Talkeetna may get some dusting today.
The pending inventory is up for the week but the closed inventory is down, way down. I expect that will also look better as things move into spring.
|
|
Average Price | Median Price | DOM | |
| New | 29 | $238,362 | $243,000 | . |
| Total Active | 759 | $280.510 | $238,921 | 154 |
| Pending | 17 | $215,806 | $208,500 | 92 |
| Closed | 6 | $238,950 | $251,950 | 154 |
I have been doing some reading that makes me think that interest rates may go down a little more, but then they may rise later this summer. If that is true, it would be important to buy now rather than later. I’ll try to post the info later today or tomorrow about this. This is going to be a busy Monday, not sure if I will get it done today.
If you would like a daily update on the hot new listings that fit your criteria, just drop me a line at [email protected] or give me a call. 907 232-7900 is my number.
This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.
Wasilla Real Estate News, Monday Market Memo for March 10-16, 2009 March 16th, 2009
Wasilla Real Estate News statistics for the week of March 10-16, 2009. These are the statistics for all single family homes in the Matanuska-Susitna Borough.
Notice that the inventory continues to rise. This is normal for spring, although this week there were three times as many listings coming on the market as were leaving the market. So right now, that means there are three times as many sellers as there are buyers.
Having more sellers than buyers in the spring is not abnormal, but the difference does seem to be higher than normal.
|
|
Average Price | Median Price | DOM | |
| New | 32 | $307,008 | $269,450 | . |
| Total Active | 750 | $281,417 | $238,000 | 153 |
| Pending | 11 | $228,409 | $170,000 | 73 |
| Closed | 10 | $225,495 | $192,450 | 126 |
For the buyers that are looking, there are some great houses out there at attractive prices.
We listed three nice homes this week:
The nice homes tend to go quickly. Many of the homes coming on the market this spring are definitely priced to sell.
If you would like to have the new listings sent to you as soon as they come on the market drop me a line at [email protected] . Ask for specific criteria and your search will be specific. With this program you will see the listings before they are on www.alaskarealestate.com and they will meet your specific criteria. Just send your name, email and phone number and I will set it up for you.
You can also get on the foreclosure list where you will see the new foreclosures before they hit the internet.
This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.
Marty Van Diest, Tele 907.232.7900 / marty[at]valleymarket[dot]com
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