Please post your local house search updates, MLS finds, on-topic ideas, and links here.
From the AP: Stocks drop as jobless claims rise unexpectedly. They keep using that word.
Thursday, August 19, 2010
Northern Virginia Bits Bucket 8/19/2010
Posted by Harriet at 9:00 AM
Subscribe to:
Post Comments (Atom)
15 comments:
LOL
"they keep using that word... I don't think they know what it means"
Though I have to say over 500,000 was a shocker/dissapointment even for me. It's hard to comprehend WHO exactly is left to get laid off. My only hope is that it's got to be former Census workers right now not a broader trend.
"It's the economy, stupid"
Just in case someone doesn't get the reference, link. I wasn't calling anyone here stupid.
Upgrade for 2010:
"It's the total economic annihilation, stupid"
:-)
hmm... $30K above list, $40K above tax. nice house but 1) on Lorcom and 2) corner lot and 3) a rambler. could an investor bought it to reno then flip? but it sits so far back to the shallow lot and almost kisses the house next door. plus land asses. is less than $500K...
CRT
http://www.channel4.com/4homes/buying-selling/buying-selling-abroad/country-guides/greece-08-05-30_p_2.html
this is the page that pic came out of, i am not sure where it was.
My comment was merely that white looks fine with a little accent work.
A little blue, a little pink, a little pastel here and there and you will have a great looking place.
my place in oklahoma i wanted a white roof, but the neighbors complained (Said white roofs are only for the poorest cheapest houses), so i got a tan roof.
temperature upstairs dropped 20 degrees during the day.
pat,
one other consideration is that the elements sometimes stain roof materials (e.g., leaves may fall during rainstorms and leave a yellowish brownish trail), and this would really show on white roofs as opposed to tan, light gray, or darker roofs, etc.
You also don't want to do something at odds with what is done in the neighborhood (unless you want to take a chance that you will take a hit in the resale value later). So I think the compromise may work better.
All-
Wow treasuries yields continue to plunge. With another large drop today they are now down almost 0.5% in the last couple of weeks. If they hold these levels for a couple of weeks mortgage rates will approaching 4%. It will be interesting to see if rates at these levels can pull some buyers off the sidelines. If not it is a really bad sign for the housing market.
hb,
Yup, with 4 nicely renovated properties sitting on the market right now in my 'hood, (3 flippers one long-time owner), and 4% rates, I'm thinking now is a really good time to make a 90% of list price offer and see who bites. (there's only 3 that are really good though). Even if you negotiated up to 95% of list, monthly costs wouldn't be any higher than my less renovated January purchase at 5% interest.
And someone might just bite. Maybe. Or at least take you seriously enough that you ended up with more than 5% off list.
mmm, except you'd need 10k more on hand for the DP for the particular numbers I ran...
(and only the long-time owner's house is really priced within 5% of what it's "worth" if that can even be quantified right now).
But yeah, if these keep sitting... I don't really know what the alternative exit strategies are for the flippers.
throw in a free ipad.
Cara-
I think it will be interesting to see what starts to happen. Inventory continues to rise as sales fall. Banks are also finally ramping up REOs which should keep inventories high in the future.
I still that the CS index will bottom around the previous March 09 low. Although I don't expect PWC and those areas to hit late 08 prices. Instead I think MD prices will be lower than in 09 and so will Fairfax and some other inner areas
Housebuyer,
I was actually consulting with a mortgage broker today. A friend is considering a re-fi from a 30-year fixed in the low 5's, plus a HELOC in the mid 2's (they did some renovations) to a fixed 15 year loan. They are being quoted 3.75% with no points.
For me, I saw a term "loan discount fee" in some good faith estimates which I believe should more rightfully be called "loan origination fees." Still they were .25% of the loan value so not outrageous. My rate would move half a point down to 4.25. The reason I'm considering it is to remove PMI. I bought the house at 15% down and it appraised for just about 5% higher than the purchase price.
My $0.02
mytwocents-
If it will only cost 0.25% and it will save 0.5% + PMI it seems like a great idea even if they make you put a little additional money down (assuming you have it).
Assuming the rate structure looks like it currently does when I buy (~18 months) I will probably either go with a 15 year fixed or a 5 year ARM. We are frugal, adverse to debt, and don't really want a big house so it will probably be paid in 5-7 years.
and as great as the rates are on 30 years they are much lower on 15 fixed and 5 year ARMs
Post a Comment