Friday, October 29, 2010
Real Estate Investing Now is as Good as It Gets!
If you are an Investor or have been thinking of becoming a Real Estate Investor it is time to act on you ambition. There has been know better time then now to get a positive cash flow on your investment. Whether you pay cash or want to levarge your monetary investment by financing, I can show you properties that will generate long term or even short term positive cash flow. Call Jerry Pilgrim about York PA real estate property and I will be able to provide you a Cash Flow Analysis in detail on how iI can achieve your real estate goals. I am a CIAS (Certified Investor Agent Specialist) a exclusive designation that only a few have nationwide. Stay tuned for deatils in the near future.
Thursday, October 14, 2010
National Distresses Property Numbers for Quarter 2 of 2010
The statistics below are for the National Real Estate Market. I track these numbers to get a better of what can be predicted in the future regarding pricing of homes. As you will see because there is so much inventory yet to be sold nationally and here in York, I believe that we can expect some further depreciation of value on real estate here unfortunately. If you would want more specific information on the current market value on your property contact Jerry Pilgrim at Professional Realty Associates for a complimentary home value analysis.
National Numbers for all current FHA Mortgage Loans in the 2nd quarter 2010
3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.
National Numbers, VA Loans 2nd quarter 2010
2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%
National Numbers for Subprime Loans 2nd quarter 2010
14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress
National Numbers for Prime Loans 2nd quarter 2010
3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress
National Numbers 2nd quarter 2010
4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%
National Numbers all Mortgages
Total Distressed Properties 6,216,650
Total Predicted sales 3,830,000
* Numbers provided by the Mortgage Bankers Association, based on 44.5 million mortgages, non-seasonally adjusted
The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.
National Numbers for all current FHA Mortgage Loans in the 2nd quarter 2010
3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.
National Numbers, VA Loans 2nd quarter 2010
2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%
National Numbers for Subprime Loans 2nd quarter 2010
14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress
National Numbers for Prime Loans 2nd quarter 2010
3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress
National Numbers 2nd quarter 2010
4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%
National Numbers all Mortgages
Total Distressed Properties 6,216,650
Total Predicted sales 3,830,000
* Numbers provided by the Mortgage Bankers Association, based on 44.5 million mortgages, non-seasonally adjusted
The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.
Wednesday, October 13, 2010
Real Estate Market Trends - The Pilgrim Team
New, Existing-Homes Sales On Rise
The National Association of Realtors® (NAR) reported a 7.6 percent increase in existing-home sales for the month of August, to a seasonally adjusted rate of 4.13 million units anticipated in 2010. The increase was higher than many experts predicted, as real estate markets showed strong activity even without the home buyer tax credit. Regionally, the West showed the biggest increase in existing-home sales, with a jump of 13.8 percent. The Northeast followed with an increase of 7.9 percent, while the South and Midwest grew sales by 5.2 and 5.0 percent respectively.
NAR chief economist Lawrence Yun remains cautiously optimistic. "The housing market is trying to recover on its own power without the home buyer tax credit," he said. "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."
Freddie Mac reported that the average commitment rate for a 30-year fixed-rate mortgage dropped to 4.43 percent in August, a record low. The rate was 5.19 percent during this time last year. Total housing inventory fell slightly to 3.98 million units, representing an 11.6 month supply.
First time buyers accounted for 31 percent of the homes purchased during August. Investors also had a strong showing, accounting for 21 percent of the market, up from 19 percent the month before. Repeat buyers acounted for the remaining 48 percent of August home purchases.
Find the Right Coverage
When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy be in force prior to funding the loan. Make sure you have enough coverage, should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.
Check with your insurance agent for more information on these issues, and any others. If you don't have an insurance agent, we have access to several top-notch agents we can refer you to with confidence.
Seller Opportunities
Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market:
•Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big difference.
•Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential or the home.
•Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!
The National Association of Realtors® (NAR) reported a 7.6 percent increase in existing-home sales for the month of August, to a seasonally adjusted rate of 4.13 million units anticipated in 2010. The increase was higher than many experts predicted, as real estate markets showed strong activity even without the home buyer tax credit. Regionally, the West showed the biggest increase in existing-home sales, with a jump of 13.8 percent. The Northeast followed with an increase of 7.9 percent, while the South and Midwest grew sales by 5.2 and 5.0 percent respectively.
NAR chief economist Lawrence Yun remains cautiously optimistic. "The housing market is trying to recover on its own power without the home buyer tax credit," he said. "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."
Freddie Mac reported that the average commitment rate for a 30-year fixed-rate mortgage dropped to 4.43 percent in August, a record low. The rate was 5.19 percent during this time last year. Total housing inventory fell slightly to 3.98 million units, representing an 11.6 month supply.
First time buyers accounted for 31 percent of the homes purchased during August. Investors also had a strong showing, accounting for 21 percent of the market, up from 19 percent the month before. Repeat buyers acounted for the remaining 48 percent of August home purchases.
Find the Right Coverage
When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy be in force prior to funding the loan. Make sure you have enough coverage, should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.
Check with your insurance agent for more information on these issues, and any others. If you don't have an insurance agent, we have access to several top-notch agents we can refer you to with confidence.
Seller Opportunities
Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market:
•Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big difference.
•Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential or the home.
•Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!
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