Archive for April, 2008
Five Things Every Home Buyer Should Know About Mortgages and Mortgage Lenders
April 30th, 2008 categories: Mortgages & Finance
1. Mortgage Lenders/Brokers Don’t Owe Any Fiduciary Responsibilities to Borrowers
A fiduciary is one who acts legally on behalf and in the best interests of another. Realtors are required ethically and legally to act as fiduciaries for their clients. Examples of Realtor fiduciary responsibilities are: Disclosure; Reasonable Care; Loyalty and Obedience, just to name a few of them. Unlike Realtors, mortgage lenders and brokers are under no obligation, legally or professionally to look out for your best interests. If a lender does not do CHFA loans, he/she is under no obligation to tell you about CHFA, as an example.
2. Don’t Count on Rate Quotes to Be Accurate
If you’re calling around or surfing the net for the best rates, there are three hazards. First, rates can change throughout the day so unless you are looking at the same time, comparing rates will be inaccurate. Secondly, lenders may purposely give you a low rate quote knowing that you’re not going to lock in right that minute. Surprise, when you are ready to lock in, the rate has gone up. Thirdly, you are not locked in until you lock in - so your rate will probably change. Read the rest of this entry »
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Just How Did We Get Into This Mortgage Mess?
April 23rd, 2008 categories: Mortgages & Finance
My office hosted a luncheon today with Bill McCue of McCue Mortgage. Mr. McCue, in the mortgage business for longer than I’ve been alive, had a lot to say about the mortgage mess we find ourselves in.
In case you’ve been in a hole for the last year, the mortgage mess is as follows: No or low down payment loans almost non-existent, no subprime loans, no stated income loans and increasingly stringent credit and income guidelines coupled with increases in rates of foreclosures/defaults/short sales and housing prices on the decline nationwide. A big pot of yuck.
If you’ve scratched your head in wonderment then I have some answers, thanks in part to Mr. McCue. Caveat for you economists out there - this is a simple man’s explanation. I am only a Realtor, after all:)
A long time ago, if you wanted to buy a home, you went to your local bank. You opened up an account (or already had one) and a local loan officer qualified you for a mortgage. Unless you were borrowing money through FHA or VA, which guaranteed loans in the event you defaulted, banks wanted to ensure you did not default and you had to meet pretty stringent guidelines. Read the rest of this entry »
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South Windsor Connecticut Real Estate Market Report March/April 2008
April 9th, 2008 categories: Real Estate Market
South Windsor Real Estate Market Statistics
South Windsor is still technically experiencing a seller’s market in condominiums and a slower more balanced market in single family homes.
Single Families
Average List Price: $404,335
Average Sales Price: $336,284
Active Listings: 66
Closed Listings in Last 6 Months: 68
Months of Inventory: 6 or Balanced Market
Condominiums
Average List Price: $258,348
Average Sales Price: $197,812
Active Listings: 33
Closed Listings in Last 6 Months: 67
Months of Inventory: 2.9 or Seller’s Market
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Rocky Hill Connecticut Real Estate Market Report March/April 2008
April 7th, 2008 categories: Real Estate Market
Rocky Hill is experiencing both a seller’s and balanced market, depending on whether you are selling a single family home or condominium.
Single Families
Average List Price: $362,573
Average Sales Price: $308,716
Active Listings: 43
Closed Listings in Last 6 Months: 32
Months of Inventory: 8 or Buyer’s Market
Condominiums
Average List Price: $227,250
Average Sales Price: $211,355
Active Listings: 30
Closed Listings in Last 6 Months: 49
Months of Inventory: 3.7 or Balanced Market
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Central Connecticut Real Estate Market Report 04.04.08
April 4th, 2008 categories: Real Estate Market
Hartford County Real Estate Market Statistics
In summary, the overall number of single family sales are down in March 2008 from March 2007 but are up compared to February 2008. The median sales price is stable compared to March 2007 at $249,900. The average days on market is also up slightly to 67 days compared to 64 in March 2007.
Median Sales Price in March 2008 - $249,900
420 Sales
67 Average Days on Market
Median Sales Price in March 2007 - $249,000
635 Sales
64 Average Days on Market
Median Sales Price February 2008 - $247,000
328 Sales
75 Average Days on Market
Median Sales Price February 2007 - $244,000
459 Sales
73 Average Days on Market
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