The Real Estate News Wire
The National Association of REALTORS (NAR) reported in late October that recent problems within the mortgage markets are improving and expected to ease demand. Once demand begins to move, home sales will begin to rise again and prices will slowly edge back up. Overall, September saw the national market for existing homes fall by 8%. Although the home sales fell, third quarter sales were better than forecasted with a 5.42 million annual rate versus the 5.38 million previously forecasted by NAR.
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Lawrence Yun, NAR senior economist, said the decline is understandable. "Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans," he said. "The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans."
According to Freddie Mac, the national average 30-year fixed rate loan averaged 6.38 percent through September. Higher home inventories and lower interest rates combine to make this a great buyers market!
As temperatures start to drop nearly half of American families will turn to alternative sources to heat their homes. Make sure you’re ready to heat your home safely and effectively.
- Have your chimney professionally inspected. Buildup from last year's fires can be dangerous if not cleaned regularly.
- Keep your fires behind screens and never leave them unattended. Always extinguish fires before going to bed or leaving the house.
- Ensure that any space heaters are away from flammable objects and placed on a level surface. By turning off space heaters when leaving the room or going to sleep, you save energy and increase safety.
By following these common sense tips, your home can remain warm and safe throughout the winter months!
