Tuesday, July 24, 2012
Tyler Texas Homes ~ 10 Lessons to Learn as the Housing Market Recovers
10 Lessons to Learn as the Housing Market Recovers
10 Lessons to Learn as the Housing Market Recovers
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by Shy Shinalt Tyler Homes Keller Williams Tyler Texas (TX),
Headlines abound: The Housing Bust is over… In June, a survey of economists concluded that housing has hit bottom. homeowners and renters, Americans, and citizens of the world all are sighing with collective relief. The economy and housing values both have cycles. It has been more than eighty years since the difference between the top and the bottom was so great.
As Realtors®, we are relieved that we are at the bottom, but we are realistic with the changes in the market and our work. In the not too distant past, the overwhelming majority of our work was prior to sales agreement, now it can be after. In that same time, most transactions closed. The”fallout rate” was nonexistent. Most sobering is what is now required to get to closing and how many things can derail a transaction for a “willing, ready, and able” buyer.
So we are cautiously engaging the new reality, but first we need to pause. If we do not learn from history, we are bound to repeat it. We do not want to repeat the last ten years. So what are the lessons we should learn? Here are 10 lessons that come to mind:
- The economy cannot recover without housing.
- Everyone needs shelter, but not everyone needs to own their shelter.
- High homeownership rates are important but they must be sustainable.
- Home prices go up and go DOWN.
- The process of purchasing /financing a home is more complicated.
- Sound underwriting of mortgages is critical.
- Home equity should not be used for ordinary living expenses.
- Financial reserves for family, companies, and countries are necessary.
- Homeowners confidence in the economy is directly related the value of their own homes.
- The economy is global.
What lessons did the last decade teach you? We would love to know what you learned from the last cycle.
What is important is that we remember what happened as we prepare to write the future. Most importantly, we should also have a sense of accomplishment that we endured these life lessons.
There are seasons in the weather: spring, summer, fall and winter. So there are in economic cycles. It is great to be at the thaw of winter and the budding of spring.
Shy Shinalt
903.533.8114
Tyler Homes Tyler Texas ~ Tyler Homes for sale
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Thursday, July 19, 2012
Monday, July 16, 2012
Monday, June 18, 2012
Mortgage rates halt 6 week slide
Mortgage rates halt 6-week slide
Demand for purchase loans highest in 6 months
Mortgage rates finally found a bottom this week, following six consecutive weeks of declines, but remained near record lows as worries about the European debt crisis continue to make bonds that fund most mortgages look like a safe bet to investors.
Rates on the 30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.7 point for the week ending June 14, up from 3.67 percent last week but down from 4.5 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. Last week's rate for 30-year loans was an all-time low in Freddie Mac records dating to 1971.
For 15-year fixed-rate loans, rates averaged 2.98 percent with an average 0.7 point, up from 2.94 percent last week but down from 3.67 percent a year ago. Last week's rate for 15-year loans was a low in records dating to 1991.
Rates on the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.8 percent with an average 0.6 point, down from 2.84 percent last week and 3.27 percent a year ago. Rates on five-year ARMs hit 2.78 percent during the week ending April 19, an all-time low in records dating to 2005.
For one-year Treasury-indexed ARMs, rates averaged 2.78 percent with an average 0.5 point, down from 2.79 percent last week and 2.97 percent a year ago. Rates on one-year ARMs hit an all-time low in records dating to 1984 of 2.72 percent during the week ending March 1.
A separate survey by the Mortgage Bankers Association showed demand for purchase loans for the week ending June 8 was up a seasonally adjusted 13 percent from the week before, and up 4 percent from a year ago.
Although requests to refinance accounted for eight out of 10 mortgage applications, demand for purchase loans was at the highest level in more than six months, the MBA said.
Mortgage rates are near historic lows in part because global investors see mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae as a safe haven from turmoil in financial markets.
Fears that heavily indebted countries like Portugal, Italy, Greece and Spain will default on those debts, disrupting eurozone trade and plunging the global economy into another recession, continue unabated this week.
Moody's Investor Service downgraded Spain's sovereign credit rating Wednesday, and Greek banks have seen a run on deposits as customers prepare for the possibility that parties opposed to austerity measures will prevail in elections scheduled for Sunday, Reuters reports.
The impact a eurozone meltdown would have on the U.S. economy is unclear. The 17-nation eurozone was America's largest trading partner in 2011, Yahoo Finance economics editor Daniel Gross notes. But Canada, Mexico and Latin America, Asia and Africa have become increasingly important trading partners in recent years.
Trade isn't the only issue at stake, Gross said, "There are several other channels of contagion."
Central banks around the globe are making plans to protect their currencies and economies from the impacts of an exodus of capital from eurozone countries, Reuters reports. Demand for U.S. dollars strengthens the currency's value, which can hurt exports by making U.S.-made goods more expensive to foreign buyers.
Shy Shinalt
Tyler Property Management
903.533.8114
Saturday, March 3, 2012
Give your house that un-lived-in look
How many family photos are in your living room? Go ahead, count them. You need to know how big a box you’ll need to pack them up.
That’s right. Clear them out before prospective buyers start walking through your house.
It’s not personal
You’ve probably heard about how to stage your home for sale – plant flowers, give rooms a fresh coat of paint, etc. But an important part of staging is also de-personalizing your house. That means choosing neutral paint colors when you touch-up rooms, removing posters from the kids’ bedrooms, packing up collections you may have on display, and storing family photos.
You want buyers to see your property as their own, a place they can add their personality and make memories.
Maybe it’s time to go pro
It can be hard to look at your home objectively. Those photos of your wedding, your kids, your parents – maybe even your in-laws – are associated with such strong positive feelings. Who wouldn’t love them, right?
If you’re having trouble turning your house into a clean slate, ask a trusted friend to offer an honest assessment. Or consider contacting an expert like a Texas REALTOR®, who can give you tips about all aspects of preparing your home for sale.
Don’t distract buyers. Let them focus on the features of the home, not how you’ve decorated it.
Plus, think of how easy it’ll be to dust the mantle without all those frames in the way.
Shy Shinalt
Keller Williams Tyler Texas
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