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Tuesday, December 29, 2009
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16 comments:
Not a huge surprise, but as many here have estimated prices in DC did fall slightly in October. The CS index says that prices are down 0.4% in October. I expect we will see prices fall just under 1% next month and losses continue throughout the winter. The bigger question is what happens next spring.
Also just for the DC is different group. DC was down 0.4%, while both the 10 city and 20 city index were flat.
cs page
Sorry not sure why the link won't work, but I think you all know where CS is listed.
I have just bought a home in NoVa/20148 and curious to know from you guys the direction of interest rates for 30 yrs fixed, which was recently climbing up slowly... I have time until march end to lock the rates, so would like to know when is the best time or what rate is appropriate to lock?
Keviz,
Ben Bernanke already locked his, moving from a cheaper ARM to a fixed 30 year, so I would say the sooner the better. There's no reason he would have refinanced now if he didn't think rates were going to go up, or at the very least that rates weren't going to go down.
How is it exactly that you have a floating rate post-purchase? Or do you not close until March?
OT:
has anyone else seen black mold around their wooden window frames after the snow storm? is this expected after extreme weather changes, or an indication for more troubles to come?
TIA!
MM,
I don't know, but on the day of the snow, the aluminum window frames in our apartment had black mold. Also a ton of condensation. We cleaned them with bleach and it hasn't returned. But I suspect that anytime there's condensation on the inside of the windows, one will have to clean them.
Snow means saturated cold air, so a higher probability of condensation than any other cold day.
Cara,
Its a new home under construction and would be ready by march/april. So I cant lock now unless I pay for locking for extended period.
Keviz,
Ooo, that's tough. Run the numbers, how much is the extended locking fee? What will they let you lock at? (which may not be the same as what they'd let you lock at for a normal time-frame). How much would rates have to rise by the end of February for that fee to pay for itself in under X years (I suggest no more than 3 years)?
The paying points calculator at the Washington Post should be sufficient to run these numbers. Paying an extended lock fee is the same thing as paying points if you think the future rates will be higher.
<a href="http://www.washingtonpost.com/real-estate/tools-calculators/pay-extra-points-for-lower-interest-rate/process.html> WaPo points</a>
going from 5.0% to 5.5% interest rates, if you paid 0.5% upfront, would pay for itself in 16 months.
But if in the end rates only went up to 5.25% it would take 33 months to pay yourself back for the piece of mind.
Now the other complication, is that you need your lock to last all the way until completion, otherwise you've thrown money away. Find out how much an additional rate lock extension would cost, and whether it's even a possibility.
Are you more likely to kick yourself for paying money upfront for rate insurance you didn't need if rates don't rise before mid-March or are you more likely to be angry with yourself over a quarter point rise?
Anyone remember the nice Dunn Loring house that someone picked up from a seller "under duress" for $641K and put on the market again at $869K?
It sold for $840K.
http://franklymls.com/FX7183355
Ace,
Wow. Looks like she cleared between $100k and $150k in pure profit, depending on what you figure the transaction and holding costs were. You can make up for a lot of lost transaction volume in your agent business that way.
Cara, no kidding!
I think even at that selling price and even with the too-small backyard and proximity to 66 noise, it's one of the better deals I have seen for all concerned.
Cara,
I don't mind rates going up to 5.5% on 30 yrs fixed, but beyond that... it would be tough. I have an extended rate lock for 6 months by paying a 0.5% of a point possibility with the lender.
Keviz,
I really doubt rates will go above 5.5 so quickly that you won't be able to act on getting a lock. OTOH a 6 month lock for only 0.5 points is a pretty good deal. It's a lot of upfront cash though depending on the price of the house.
If you're okay with 5.5% I'd say you should be fine waiting until late February, mid-March to lock if you'll be able to do so at no fee for a long enough time to allow them to finish construction. If you're going to need to pay for an extended lock period anyway, then you may as well pay for it now and get the low rate.
More Gables Gone Wild...
http://franklymls.com/AR7224471
This one actually has some nice interior features, but the exterior is ghastly, IMHO.
The interior is ok Ace though I share your reservations about the exterior. What I find most interesting about your pick is that the list price is $1,450,000 and the 09 tax assessment is $539900. Zillow lists it as equivalent value at 635,000 with a max value end range point of 951,000. I know they expect people to negotiate but I think this list price is just plain silly.
c/Ace
Why are there no faucets in one of the bathroom shots? Was it not finished yet? Anyway... I like the interior, but that exterior, looks just like the jack-o-lantern's I made when I was 6. Maybe two right next to one another. This could be way cool on halloween, but other than that, what were they thinking? Useless tiny triangular windows...
Do you think roofers charge by the gable? I think they should consider it.
That price looks insane to me, but I don't know the area.
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