First Time Home Buyers: There are a few things that are extremely important to remember in buying your first home, once you are in escrow.
There will be a timeline that is generated, usually by the escrow company. These are deadlines that have to be met in order to keep to the purchase contract. Make sure your real estate agent is meeting the deadlines. Usually, the agent is very aware of the deadlines, but it’s always good for you to be aware too.
One of the items on the timeline is the home inspection. It is important to have a professional do this, someone who is knowledgeable about building structure, electrical wiring, plumbing, roofs, and all the many things that make up a house or condo property. It is important for YOU to be at that home inspection, so that you can ask the inspector questions about what you are seeing…
Another important date is the final walk through. This is usually done about five days before the closing of the property, just before the property becomes YOURS. If repairs had to be done, were they finished? Was there personal property that went with the home? Is it still there? Were there items that were supposed to have been removed from the property? Are they gone? If you are satisfied with the state of the property, you can be assured that it will be just that way when you take possession in a few days. If you are not satisfied, you will need to discuss with your agent what things still need to be done…
Buying a home for the first time is a huge undertaking, and can be scary. A good real estate agent can help you through the process, answering questions and helping to alleviate your fears. If you need a good agent, call me, and I can help you. Tiare Dutcher 808-753-5327.
Friday, November 20, 2009
Wondering which direction are interest rates likely to move in the next year?
Guy Cecala, CEO of Inside Mortgage Finance believes:
The Federal Reserve launched a program to buy $1.45 trillion of mortgage securities this year, and it has helped to keep interest rates at—or near—historically low levels. But the money should be used up by the first quarter of next year. Interest rates are then likely to rise, possibly increasing to a full percentage point by the end of the year.
Federal Reserve Bank of St. Louis President James Bullard believes:
Past experience suggests policy makers may not start to raise interest rates until early 2012, while concern borrowing costs have stayed “too low for too long” may prompt an earlier move.
There are several different factors that drive the movement of interest rates. Activity in the purchase/sell of 10 year Treasury Bond, economic news such as unemployment, what the Federal Reserve Bank decides to do with the Fed Fund rate, and many other factors.
Which direction do you think mortgage rate will move?
- Linda Le, Loan Officer, Pacific Access Mortgage, 808-561-5943
The Federal Reserve launched a program to buy $1.45 trillion of mortgage securities this year, and it has helped to keep interest rates at—or near—historically low levels. But the money should be used up by the first quarter of next year. Interest rates are then likely to rise, possibly increasing to a full percentage point by the end of the year.
Federal Reserve Bank of St. Louis President James Bullard believes:
Past experience suggests policy makers may not start to raise interest rates until early 2012, while concern borrowing costs have stayed “too low for too long” may prompt an earlier move.
There are several different factors that drive the movement of interest rates. Activity in the purchase/sell of 10 year Treasury Bond, economic news such as unemployment, what the Federal Reserve Bank decides to do with the Fed Fund rate, and many other factors.
Which direction do you think mortgage rate will move?
- Linda Le, Loan Officer, Pacific Access Mortgage, 808-561-5943
Monday, November 16, 2009
Hawaii Real Estate Market at A Glance
In October, single family home listings were on the market an aveage of 52 days before received an accepted offer and going into escrow.
Condos were on the market for an average of 47 days before going into escrow.
This represents a very brisk market since 60 - 90 days represents a normal market demand.
One factor affecting this brisk market is the low inventory of homes and condos available.
In October, there were 1282 single family homes avaialble for sale. This is the lowest inventory since Sept of 2005. There were 1828 condos for sale. Thats the lowest inventory since Nov of 2005.
With these low inventories, it's imperative that home buyers have a Realtor to keep them abreast of properties that meet their needs when they come on the market since the demand is still very high, especially for homes in the $300K to $700K price range and condos in the $200K to $500K range. Homes and condos in these price ranges that are in above average condition generally received multiple offers.
If you're looking for a home in these price ranges and need assistance, call me at 351-1507.
Condos were on the market for an average of 47 days before going into escrow.
This represents a very brisk market since 60 - 90 days represents a normal market demand.
One factor affecting this brisk market is the low inventory of homes and condos available.
In October, there were 1282 single family homes avaialble for sale. This is the lowest inventory since Sept of 2005. There were 1828 condos for sale. Thats the lowest inventory since Nov of 2005.
With these low inventories, it's imperative that home buyers have a Realtor to keep them abreast of properties that meet their needs when they come on the market since the demand is still very high, especially for homes in the $300K to $700K price range and condos in the $200K to $500K range. Homes and condos in these price ranges that are in above average condition generally received multiple offers.
If you're looking for a home in these price ranges and need assistance, call me at 351-1507.
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