Archive for November, 2001
Orange California Real Estate Market Update
To Schedule a showing for this property, please Click HerePosted: November 27th, 2001
Bart Smith’s
REAL ESTATE UPDATE
November, 2001
How About Those Interest Rates?….The Fed did it again…1/2%! ! ! What does this mean? Short term borrowers benefit greatly. Long term borrowers, such as real estate borrowers may see more decline in interest rates, but rates are not tied directly to what the FED is doing. At this writing, 30 year fixed mortgage rates are between 6% and 6.25%, depending on where you go and whether or not you pay “points”. Call me if you are interested in re-financing or buying.
Are home prices coming down?….In some price ranges, yes. The upper end is feeling the downward pressure on prices in all areas of Orange County. Under $350,000, however, prices are still going up as inventory shrinks and buyers keep showing up. If you are a buyer, call me to discuss timing, financing, etc. I would love to help you.
Real Estate Financing is easier than ever….Yes, you can get 100% financing for less than 7% interest. With a modest down payment, you can get rates down near the 6% level. It makes owning a home better than renting, and you get a tax deduction too! ! !
Refinance mania strikes again….The lenders are totally buried with loan applications from people wanting to re-finance to lower their mortgage payments. If you plan to re-finance your home, expect to wait. You may be best served to contact your current lender to see if they can do a “streamline” re-finance. Our affiliate lender, Wells Fargo Home Mortgage can also provide extremely competitive rates and good service, too. Call me for details. FYI…Interest is tax deductible on real estate loans up to $100,000 in excess of your original loan.
Finally on a personal note….Our troops abroad are serving each of us individually by serving our country…Pray for them…for their safety…for their families…for their Country…We appreciate their commitment and their sacrifice. *
Until Next Time,