The Maggee Miggins Group » Blog

June 2010 Home Sale Report

maggee — Tue, 20 Jul 2010 03:14:23 +0000

Recap!!

The first 6 months of the year although challenging found our real estate market to be trending like pretty much like last year. We are noticing that homes seem to be sitting on the market longer and pricing is leveling off. We also see that of the towns we cover inventory is less than last year and sales are up. What I am finding though is that every real estate transaction seems more difficult with sellers thinking they are not getting enough money for their homes and buyers thinking they are paying too much. Once a price is agreed to then there is a whole other round of negotiations after a home inspection. Lots and lots of patience and cooler heads are needed to close the deal. I really feel that hiring an experienced agent is the most important thing that you can do.

There is good news! Interest rates which had been predicted to be up at least a point higher then where they are today are very attractive causing buyers to come out and purchase homes. If you are thinking about buying up what a great time to do that as well. Also it is a fabulous time to refinance if you have not been able to do so in the past. Should you need mortgage reps email me or call me for that info. I have a list of people that I recommend highly who work for really great banks, with really great rates.

As always it is my pleasure to provide you with the sales information. While we were switching around websites they somehow got lost but now you should be able to access them all . We have also added a few new fields for the number crunchers. I hope you enjoy the rest of the summer and as always please do not hesitate to reach out to me with any of your real estate needs. I look forward to hearing from you.

Warm Regards,
Maggee

To view the latest home sale figures, please click here.

February 2010 Home Sales Report

John-Michael — Thu, 25 Mar 2010 18:04:49 +0000

What can I say? My predictions are coming true! February shaped up to be just as great as January in terms of homes selling. We recently had a listing that sold in two weeks with competing offers. So we have buyers just waiting to purchase in specific locations around town. As I always say, now is a great time to be in Real Estate! It’s not too late to get in the game and take advantage of the tax rebate all the while getting the right price for your home.

Find out the home prices in your town by clicking here.

January 2010 Home Sales Report

maggee — Wed, 03 Feb 2010 22:13:30 +0000

Buyers are back and product is moving!

We at the Maggee Miggins Group listed 10 homes in January and already we have 5 homes under contract for the same time period. Apparently the lower interest rates brought the buyers out.

I will continue to hammer home the fact that the tax incentive credits will expire this year. So if you are thinking of listing your home or buying a home the house must be under contract by April 30th with a close of June 30. And by the way, I really recommend closing by the third week of June. I am sure there will be a mad rush for the end of the month and quite possibly you could get bumped as the mortgage brokers, title companies, attorneys, surveyors will all be overwhelmed.

Lastly thank you for all of your referrals this month. We cannot thank you enough for trusting your friends and families to our real estate group. We promise we won’t disappoint.

To view the latest home sale figures, please click here.

30-Year Rates Down For Third Consecutive Week

maggee — Mon, 25 Jan 2010 22:04:26 +0000

New from Realty Times:

January 22, 2010

McLean, VA –Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. Last year at this time, the 30-year FRM averaged 5.12 percent.

The 15-year FRM this week averaged 4.40 percent with an average 0.6 point, down from last week when it averaged 4.45 percent. A year ago at this time, the 15-year FRM averaged 4.80 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent this week, with an average 0.6 point, down from last week when it averaged 4.32 percent. A year ago, the 5-year ARM averaged 5.24 percent.

The 1-year Treasury-indexed ARM averaged 4.32 percent this week with an average 0.6 point, down from last week when it averaged 4.39 percent. At this time last year, the 1-year ARM averaged 4.92 percent.

“Fixed mortgage rates followed bond yields lower for the third consecutive week, pushing 30-year mortgages below 5 percent once more,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Similarly, ARM rates eased along with shorter-term rates, as the federal funds futures market indicates no increase in the Federal Reserve’s target rate following its upcoming committee meeting on January 26th and 27th.

“Because of reduced sample sizes and work disruptions that occur with severe weather, housing starts tend to be more volatile during winter months. And, indeed, housing starts declined 4.0 percent in December, falling short of the market consensus of no change. Building permits , which are less vulnerable to weather interruptions, unexpectedly jumped 10.9 percent.”

And so it begins 2010…

maggee — Tue, 12 Jan 2010 17:22:53 +0000

And so it begins 2010. I always like the beginning of a new year. We get to reflect on last year’s successes, what we did right, what we did wrong and come up with ways to improve. We hope you like what you see as the year progresses. We saw the market momentum of the last quarter really gather steam. Already in the first week of the New Year our listings are getting offers, our buyers agents are writing contracts and I am getting many calls from people asking me to list their homes. With inflation getting ready to rear its ugly head, interest rates going up and the tax credits that buyers are able to take advantage of due to expire by the end June ( the house must be under contract by April 30^th) we are encouraging all to take advantage. The smart and savvy buyers and sellers will be making their moves in the first half of the year. If you are thinking of listing or buying please give us a call. With over 80% of our business coming from personal referrals we want to thank you for recommending us to your neighbors, friends and colleagues. Let us help you take advantage of this market.

Year End News!

maggee — Sat, 02 Jan 2010 17:27:46 +0000

What a year! We began with an outlook as grim as any since the Great Depression and many have suffered. Fear can be so paralyzing and the first six months we saw so many people living in that space. Then slowly dipping their toe in the water the buyers started to engage again. We feel that we have rounded the corner. People are getting back on their feet and confidence is edging up. And from a real estate perspective, we are moving forward again.

The numbers tell us that the real estate market bottomed in June of this year (overall, prices declined in the first half of 2009 and then flattened out). It also appears as if the year 2010 overall will be flat.

Change can often be seen as disruptive, but we embrace it at the Miggins Group and recognize the new opportunities that are always in front of us. We changed offices in May to Keller Williams in Short Hills, and in doing so we gained access to the “big guns” of the Summit office for any of our client’s needs. Our parent company, Keller Williams, has grown to #3 in the country and our local office is ranked the number 2 office in our board – out of over 2000 offices! This is for an office that is only 4 years young.

More to come!!!

We’re Picking Up!!

maggee — Tue, 08 Dec 2009 17:25:55 +0000

We’re Picking Up!! Most people assume the time between Thanksgiving and Christmas is a no go for real estate. I must disagree. Right now, Gail and David, 2 of our buyer specialists are juggling offers on 5 homes. We are also seeing offers on our listings and I have been busy previewing and pricing homes that are due to come to market. I of course am a big supply and demand type of person. What we are seeing is that the supply is shrinking. Over 20% on average in the towns we cover. Prices may be down off the go go days of years past but product is moving. If you are fence sitting, time to jump! Interest rates just went down even further and tax credits have been extended to first time homebuyers and also those with moderate income levels. So give us a shout we would love to get you in your new home by the new year. What are you waiting for?

Warm Regards, Maggee

Should I Buy a Home Now?

maggee — Thu, 15 Oct 2009 17:24:14 +0000

I’m often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.