Conforming 30 year fixed rate mortgages are now averaging just a tad under 5.5%, while "Jumbos," those loans above $417,000, are now in the 6.5% range. Less than 6 months ago, these rates were closer to 6.3% and 7.2% respectively.
To put this in perspective, a $400,000 loan 6 months ago had a monthly payment of about $2476 (P&I). Today, the payment for that same loan amount would be $2271, a savings of $205 per month!
Another way to look at this is to consider the increase in your purchasing power. 6 months ago, a payment of $3395 would get you a loan of about $500,000. That same payment today would give you almost $37,000 more!
Home prices have come down, there are many nice houses for sale and interest rates are very low; a housing trifecta! You just might now be able to buy that house of your dreams! Call me to find out. After all, it doesn't hurt to look.
Monday, January 28, 2008
Saturday, January 5, 2008
More On Vacant Houses
As a follow up to the last post, 46% of houses on less than 1 acre and currently listed for sale in Bend are vacant according to data from MLS.
There are 1256 stick built houses on less than an acre listed for sale. Of those, 256 are vacant "existing" houses and 328 are "new construction" with completion dates of February 29 or sooner.
While it's doubtful that all of the "new construction" listed with completion dates between now and the end of February will be finished as scheduled, there are still a lot of empty houses waiting for buyers.
There are 1256 stick built houses on less than an acre listed for sale. Of those, 256 are vacant "existing" houses and 328 are "new construction" with completion dates of February 29 or sooner.
While it's doubtful that all of the "new construction" listed with completion dates between now and the end of February will be finished as scheduled, there are still a lot of empty houses waiting for buyers.
39% Of Homes For Sale Are Vacant
According to data culled from the MLS, 634 out of the 1639 stick-built houses, townhomes and condos currently listed for sale in the greater Bend area are vacant. That's 39% of the total inventory of houses for sale.
475 of the vacant properties are listed as new construction. Of these, 396 show that they're completely built or will be by the end of February.
475 of the vacant properties are listed as new construction. Of these, 396 show that they're completely built or will be by the end of February.
Thursday, January 3, 2008
Inventory Declines Over 10% In One Week!
Nearly 200 housing units were taken off the market in the greater Bend area between December 30th and January 2nd, resulting in a decline of more than 10% in the supply of residential properties for sale.
Most of the properties were removed from the market due to the expiration of listing contracts.
No doubt that many of these properties will be relisted, but any reduction in our inventory is a step towards a better market environment.
Most of the properties were removed from the market due to the expiration of listing contracts.
No doubt that many of these properties will be relisted, but any reduction in our inventory is a step towards a better market environment.
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