Real Estate Information Archive

Good news from the Feds today......keeping short term rates the same which led in upward finish for stocks  The economic factors are showing the economy is stabilizing.  The following article was just release from the Associate Press.

Fed Will Keep Key Rates Low
When the Federal Reserve ends its meeting on Wednesday afternoon, it is almost certain to leave the key rate at or near zero and pledge to hold it there.

That makes it likely mortgages will stay historically low and rates on home-equity and other consumer loans will hug 3 percent.

But it is unclear whether the Fed will continue some programs that have kept mortgages and other consumer debt even lower than the market might expect. One such program involves buying U.S. Treasurys. The Fed is set to buy $300 billion worth of Treasury bonds by the fall. It has bought $235 billion already this year.

"I think they'll let it expire. It seems the mood turned against Treasury purchases in the last couple of months, and there's been some skepticism whether it has worked in bringing rates down," says Michael Feroli, an economist at JPMorgan Economics.

Source: The Associated Press, Jeannine Aversa (08/11/2009)

Charlotte residential closings increased in April to 1773. While this number was down 26% from April 2008, April presented the fourth straight month of increase in closings. The average sales price of $201,532 was up approximately $20,000 over the lowest average posted in January of this year. 

Low interest rates, the first time home buyer credit and great inventory of excellent homes has fueled a surge of interest by buyers in the lower price points over the past six weeks. While activity at the lower price points, sales activity on homes valued over the convential loan limit ($417,000) still remain weak, people search for jumbo loan money. The good news for the higher price segment is some banks are now seeing an opportunity in jumbo loans and are starting to lend again. 

For any one looking to purchase a home in the future, I cannot stress enough how now might be one of the best opportunities in recent history. For additional statistics from the Charlotte Regional Realtors Association, got to http://carolinamls.epubxpress.com/link/rref/2009/jun/48?s=0 

Thinking about buying  or selling, let our team provide you with specific data regarding your selling or buying opportunity, by contacting me: gina@mayesharrisrealty.com

SEASONED REAL ESTATE
Photo taken March 20, 2009, Davidson, NC
by Gina Mayes Harris, CRS, GRI
Re/Max Metro

The best part is the leaves will come back and so will the market. Better yet,
the leaves will turn brillant colors with the seasons and the market will keep
changing and growing.

I've been in the real estate industry for 20 years and like most of you, I've
never experienced this 'expensive education' that we are seeing each day. My
nine year old daughter, Anna, participated in an ArtFest at her school and she
took photos from Sept-Dec 2008 of the same tree. She was honored with a ribbon
and we are so proud of her. But the biggest lesson learned, was when she said,
'Mom, the tree is like your work, right now it appears dead, but it's not...it
is getting ready for another wonderful season.' Children speak the truth and I
see HOPE.
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