Home Sales Decrease as Interest Rate Increases

Heads up! Great article on the declining home sales due to the inevitable increase in interest rates. Read up!

chart.FreddieMac.10.18.18.png

“Existing home sales fell 3.4% in September causing home sales to tumble more than 4% from a year ago this time, according to the National Association of Realtors.

Sales are now clocking in at a seasonally adjusted rate of 5.1 million, down from 5.37 million in September of 2017.

“This is the lowest existing home sales level since November 2015,” said Lawrence Yun, chief economist at NAR. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur under-performing sales activity across the country.”

Interest rates are on the rise. Mortgage interest rates averaged 4.85% on a 30-year fixed-rate mortgage for the week ending October 18, according to Freddie Mac. The 15-year adjustable rate mortgage averaged 4.26% while the 5-year ARM averaged 4.1%. Last year, this time, mortgage rates were under 4%.”

Read more here : https://gateless.com/articles/close-buyers/existing-home-sales-down-as-interest-rates-rise?CampaignId=492

Need to save money in the home buying and selling process?! WE CAN HELP with OUR commission structure! Call us today to find out how!

Have a Sunshine Day!

Ashley, Evelyn & Dana

Advertisements

Know your rates!

HERE ARE YOUR CURRENT RATES in St. Louis! Thanks to our friends at CapGrow Home Mortgage for the update!

Conventional 30 year fixed                            4.625%           0 pts

Conventional 30 year fixed 3% Down           4.625%           0 pts

Conventional 20 year fixed                            4.500%           0 pts

Conventional 15 year fixed                            4.250%           0 pts

Conventional 5 year ARM                            4.375%           0 pts

FHA/USDA/VA 30 year fixed                      4.625%           0 pts

Have a Sunshine Day everyone!

-Sunshine Realty STL

Inspections=Negotiation Process #2!

Good morning Sunshine and Happy Monday!

It’s a Friday for us, so we just wanted to wrap up something we’ve come across lately with our sellers/buyers. INSPECTIONS! Anytime I put a buyer under contract on their new dream home, I always, ALWAYS warn them not to get TOO excited until inspection is performed and the inspection notice is signed, sealed & delivered!

So many people don’t understand how crucial the inspection process is. Luckily, one of our favorite inspectors, Zac Lavoi (owner of Greystone Inspection Services), is phenomenal at performing the process & drafting a comprehensible report easy for buyers and sellers to read! Many things can fall apart at inspections that can kill a deal. For example, hidden moisture in walls, foundation issues, roof issues where insurance was claimed but the roof was never replaced, AND SO MUCH MORE!

We recommend doing your research on any inspection company before you hire them. They will be the people that help find ANY and ALL issues with the home you are about to move into. Lord knows you don’t want any surprises AFTER the fact! So this fun meme is for that time Realtors have waiting for that report to come in! LOL! Have a Sunshine week everyone! We hope this helps make it a little brighter!

The Sunshine Team

Ashley, Evelyn & Dana

4dbad4ad15ff08345354562feedb6112

It’s DEFINITELY still a Seller’s Market!

Good morning Sunshine!

Lately, during our consults, we’ve been getting asked the question, “Is the market still hot?” Our answer…”ABSOLUTELY!” Summer months are always prime time. That usually doesn’t dull down until school is back in session. Just to give you an idea of how amazing the market is for seller’s who price their home correctly that are in first time home buyer price range and basically move in ready, we’ve attached our current Newstime ad to show you how many properties SOLD FAST which means they went under contract in two weeks or less. Out of all of the homes we’ve sold in the past year, the average days on market is 35 days! I’ve also attached this for your viewing pleasure. For a local and family owned company, we are so thrilled we can help so many families save money, sell quickly AND find their next journey/dream home. Have a Sunshine day!

-The Sunshine Team

Ashley, Evelyn & Dana

 

Housing Market has PICKED UP!

Confidence in housing is at a new peak, with enthusiasm among sellers soaring, according to the April Fannie Mae Home Purchase Sentiment Index® (HPSI). At 91.7, the Index plowed through its previous record, climbing 3.4 percentage points month-over-month and five points year-over-year.

“The latest HPSI reading edged up to a new survey high, showing that consumer attitudes remain resilient going into the spring/summer home-buying season,” says Doug Duncan, chief economist and senior vice president at Fannie Mae.

What is driving the lift? Americans are optimistic about their prospects for selling, with 45 percent believing now is ideal to list—a high point since the start of the survey. By the same token, almost half (49 percent) of Americans believe home prices will rise—conditions that, for sellers, translate to an upper hand.”

Thanks to RISMedia for a great article to share! For the full article, follow this link:

https://rismedia.com/2018/05/08/confidence-housing-new-peak/

Real Estate & Law

Good morning and Happy Monday!

We are HUGE morning people, so we are ready to roll with the posts! We hope you are too ;). As some of you may know, real estate requires a LOT of law and legal jargon that us salespeople and brokers SHOULD be aware of! Trust me, after just passing the brokers courses and finals myself, there’s some stuff in there that I’m sure most people not in our field are unaware of. So to help everyone out a bit, I found this awesome informative Pinterest post on what sellers should consider legal wise. Hope this helps brighten your day and expand your knowledge in the wonderful world of real estate!

Have a Sunshine Day everyone!

-The Sunshine Team

Ashley, Evelyn & Dana

f6c9815adc62d136353866b3337a22a2