RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

What Baby Boomers Can Expect when Entering the Real Estate Market

October 28, 2014 1:39 am

The real estate industry has changed dramatically over the years, and continues to evolve even today. For baby boomers who may not have bought or sold a home recently, entering the market can be especially overwhelming. Whether you’re planning on upsizing or downsizing, here are three things you should know about the industry.

1. Research begins online. Some baby boomers have been out of the real estate game for many years. It’s important to search the Internet before setting up an appointment with an agent. This will help you gauge your local market, learn forecasts for sales in your area, and read reviews and feedback.

2. Local expertise matters.
An experienced agent with local market knowledge is still your best bet when it comes to getting your home sold. They can help you evaluate comparably priced homes in your neighborhood and guide you through the negotiation process.

3. Paperless transactions are here to stay.
Thanks to technology, a buyer or seller doesn’t need to be present to sign a contract, and agents don’t need to wait for faxes to come through. Embrace mobile applications to make the process quick and efficient.

Source: Zillow

Published with permission from RISMedia.


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Mortgage Rates Decline Further

October 27, 2014 12:18 am

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates hitting fresh lows for the year for the second consecutive week amid declining bond yields. At 3.92 percent the average 30-year fixed rate is at its lowest level since the week of June 6, 2013.

"Fixed mortgage rates continued to fall last week after the yield on 10 year Treasuries dropped to their lowest point of the year,” said Frank Nothaft, vice president and chief economist, Freddie Mac. “Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent from August. Housing starts were up 6.3 percent in September adding a seasonally adjusted annual rate of 1.017 million units. Building permits rose 1.5 percent to a seasonally adjusted annual rate of 1.018 million units in September.”

The survey shows:
  • 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending October 23, 2014, down from the previous week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
  • 15-year FRM this week averaged 3.08 percent with an average 0.5 point, down from the previous week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent last week with an average 0.5 point, down from the previous week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent last week with an average 0.4 point, up from the previous week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.60 percent.
Source: Freddie Mac

Published with permission from RISMedia.


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