Hello Everyone,
Yes we have news that interest rates have fallen to 4 7/8% for a 30 year fixed loan through Prosperity Mortgage as of the 19th of December 2008. How's that for a Christmas present? It gets better- if you pay a few points for a buy-down the rate can go as low as 4 1/8%. I have been saying that I expected the market to enjoy brisk selling and buying starting in the end of January 2009 and that appears to be starting to be a reality. Not that I have a Crystal Ball, in fact who knows if something else comes along to cause the economy to falter again, but indicators are pointing toward a certain direction. One indicator is the majority of market makers in the stock market are more optomistic and positive now than they have been during the past several months. This shared attitude has been allowing the stock market to begin to firm up. There is still plenty of awareness on home mortgages in trouble, and this is a real concern, but there is a reduced media level of reporting on the subject as of late compared with the past several months. As I mentioned before foreclosers were down in Maryland 16% in November 2008, while other troubled areas rose. I was always disappointed with the Media about the housing troubles, I never read what percentage of homes go under foreclosure in a NORMAL housing market. I always read that foreclosures had risen to let's say 6% , instead of reading that 94% of the nations homeowner's WERE making their mortgage payments! I suppose that type of reporting doesn't sell newspapers. Another indicator that is unofficial but seems to make some sense is that although the Big Three automakers have their hands out for loan help, I have been noticing more paper temporary license tags for new cars on the road, opposed to few seen during the past months. Of course you can challange this observation and you would be justified since auto prices have reduced, and deals are abundant, but I did qualify this indicator by saying it was unofficial. When you get out on the road today, see if number of temporary tags increase in numbers over the next few weeks.
The end of year is approaching quickly, if you sold any securities that had a profit since last January that was in a private account (not an IRA,401K,etc.) you might want to consider selling additional securities that have a loss to enable you to offset the profits and keep you from having to pay Capital Gains tax. Always check with your financial advisor for more information.
The future looks brighter! The days are now getting LONGER- Yea! Have a great Holiday Season!
Monday, December 22, 2008
Saturday, December 20, 2008
Friday, December 12, 2008
Hi! Well we made it through the Thanksgiving Holiday and the shopping madness that followed on the following Friday. The peak Hunting Season for Deer was last week, although we all probably know of friends that have hunted deer out of season with their vehicles this year.
As we approach the Holiday Season and the New Years celebrations I look back over the events of the past year, and along with many others look very forward to a brand new year. Compared with those who grew up before the internet age and the resulting instant worldwide news coverage, the average American is constantly informed about global events, housing , credit markets, and the stock markets. Unfortunately, the Media sells more papers and attracts more viewers when the news is bad than when the news is good. Sometimes I wonder which direction our economy would head if everyone would not read or listen to the news for one month? Of course this won't and shouldn't happen, it is our nature now to be on top of every news worthy story, especially when it concerns our money and savings. Saying that, it is each of our responsibilities to read or listen to the news and find the objective points and if possible get rid of the negative slant and replace it with a positive one. Ask yourself how the story pertains to you and your life, because I still feel that the major reason the economy is still dragging, and we continue to hear of major issues affecting the economy (snowballing events) is because of our lack of confidence, Americans need to be assured that everything will be fine, we need to have certainty for what tomorrow will look like. Look what happened with the $4.00 plus gas prices, Americans reached the point that the price of gas increased to far- so we all started to be aware of travel instead of just getting in our cars and going, the result of course was Billions of miles less traveled and the dramatic reduction of gas prices. We can fix this economy-we just have to rid ourselves of the negativity and be confident that we will recover. The Wall Street Journal article dated 2 December 2008 by James Hagerty states "Over the past few years, Americans have had a brutal lesson in the risks of real estate. House prices have crashed more than 35% in some parts of the country, millions of people are losing their homes of foreclosure, and banks are failing. The takeaway? Many Americans still see real estate as their best shot at wealth. In survey after survey, people expect prices to bounce back--in some cases, as soon as six months from now." Here in Maryland it was announced that foreclosures had a 16% reduction last month, while others had increased.
Last week news leaked out that the Treasury was working on a plan to offer a loan rate of 4.5% to certain segments of the housing markets for the purchase of limited type mortgages. So what happened, all of the potential buyers that were on the fence for the past few months, and were anxious to purchase something, heard this possibility of a lower rate -decided to wait a little longer. Now I won't pretend to know what tomorrows interest will be, but what I do know is that the offered interest rate as of today is 5%!!! What are we waiting for, these rates won't be around forever. I remember paying a mortgage rate of 18% in the early 80's, and I also remember my Dad paying 5% rate in 1955! How much better does it have to get? Even so, there will be those who wait, despite the possible restrictions the treasury might place on the loans, and who knows that might turn out to be a great move-why take the chance for a 1/2 percentage point?
I predict that years down the road our conversations with our families and friends will brag of going through the really tough times when markets struggled, gas prices soared, property values fell, and how we had to watch how we spent the little money we had. Not too much different from the conversations of our parents that suffered the times of the Great Depression. We won't get as bad as the 1930's, Americans are much too instant now, we move on to the next moment at once for that immediate gratification.
We live in a great country with great people-enjoy! and have a HAPPY HOLIDAY!
As we approach the Holiday Season and the New Years celebrations I look back over the events of the past year, and along with many others look very forward to a brand new year. Compared with those who grew up before the internet age and the resulting instant worldwide news coverage, the average American is constantly informed about global events, housing , credit markets, and the stock markets. Unfortunately, the Media sells more papers and attracts more viewers when the news is bad than when the news is good. Sometimes I wonder which direction our economy would head if everyone would not read or listen to the news for one month? Of course this won't and shouldn't happen, it is our nature now to be on top of every news worthy story, especially when it concerns our money and savings. Saying that, it is each of our responsibilities to read or listen to the news and find the objective points and if possible get rid of the negative slant and replace it with a positive one. Ask yourself how the story pertains to you and your life, because I still feel that the major reason the economy is still dragging, and we continue to hear of major issues affecting the economy (snowballing events) is because of our lack of confidence, Americans need to be assured that everything will be fine, we need to have certainty for what tomorrow will look like. Look what happened with the $4.00 plus gas prices, Americans reached the point that the price of gas increased to far- so we all started to be aware of travel instead of just getting in our cars and going, the result of course was Billions of miles less traveled and the dramatic reduction of gas prices. We can fix this economy-we just have to rid ourselves of the negativity and be confident that we will recover. The Wall Street Journal article dated 2 December 2008 by James Hagerty states "Over the past few years, Americans have had a brutal lesson in the risks of real estate. House prices have crashed more than 35% in some parts of the country, millions of people are losing their homes of foreclosure, and banks are failing. The takeaway? Many Americans still see real estate as their best shot at wealth. In survey after survey, people expect prices to bounce back--in some cases, as soon as six months from now." Here in Maryland it was announced that foreclosures had a 16% reduction last month, while others had increased.
Last week news leaked out that the Treasury was working on a plan to offer a loan rate of 4.5% to certain segments of the housing markets for the purchase of limited type mortgages. So what happened, all of the potential buyers that were on the fence for the past few months, and were anxious to purchase something, heard this possibility of a lower rate -decided to wait a little longer. Now I won't pretend to know what tomorrows interest will be, but what I do know is that the offered interest rate as of today is 5%!!! What are we waiting for, these rates won't be around forever. I remember paying a mortgage rate of 18% in the early 80's, and I also remember my Dad paying 5% rate in 1955! How much better does it have to get? Even so, there will be those who wait, despite the possible restrictions the treasury might place on the loans, and who knows that might turn out to be a great move-why take the chance for a 1/2 percentage point?
I predict that years down the road our conversations with our families and friends will brag of going through the really tough times when markets struggled, gas prices soared, property values fell, and how we had to watch how we spent the little money we had. Not too much different from the conversations of our parents that suffered the times of the Great Depression. We won't get as bad as the 1930's, Americans are much too instant now, we move on to the next moment at once for that immediate gratification.
We live in a great country with great people-enjoy! and have a HAPPY HOLIDAY!
Sunday, November 23, 2008
Ocean City Inlet
I talk about Ocean City exclusively on this Blog, and I realized there might be someone out there in the world that has never had the opportunity or pleasure to visit here and enjoy all our town has to offer, so from now on I will try and include some photos along with my messages.
This view is taken from about 1,000 yards off of the beach while my family was out for a ride to find some Dolphins- we only saw Five that day, but it was a thrill!
Even if you do not have your own boat, there are places you can rent one, or just take one of a number of joy rides, such as the " THRILLER", or "OC ROCKET"- both are fast and my Grandson loves them! Enjoy!!
Santa Claus
All I need to know about Life - I Learned from Santa Claus
-Encourage people to believe in you.
-Always remember who's naughty and who's nice.
-It's as much fun to give as it is to receive.
-Some days it's OK to feel a little chubby.
-Don't pout.
-Make your presents known.
-Always ask for a little bit more than what you really want.
-Bright red can make anyone look good.
-Wear a wide belt and no one will notice how many pounds you've gained.
-If you only show up once a year, everyone will think you're very important.
-Whenever you're at a loss for words, say, "HO ho ho!"
Have a great Holiday season!
-Encourage people to believe in you.
-Always remember who's naughty and who's nice.
-It's as much fun to give as it is to receive.
-Some days it's OK to feel a little chubby.
-Don't pout.
-Make your presents known.
-Always ask for a little bit more than what you really want.
-Bright red can make anyone look good.
-Wear a wide belt and no one will notice how many pounds you've gained.
-If you only show up once a year, everyone will think you're very important.
-Whenever you're at a loss for words, say, "HO ho ho!"
Have a great Holiday season!
Winterfest of Lights
The Holiday Season was kicked off this week with the lighting of the Christmas Tree at Northside Park here in Ocean City. At the same time all of the decorations at Northside Park and throughout the entire city were lighted to mark the official Winterfest of Lights Festival that will continue until after New Years Day. Santa arrived by horse drawn buggy and will be at Northside Park to greet young and old alike. Take a ride on the shuttle to check out the displays and have a hot chocolate while you wait to have your picture taken with Santa Claus.
As you drive south to the Boardwalk, you are able to drive through another light display while staying in your car. Gather up copies of the free papers offered throughout the resort and see all of the events offered during your visit. Don't forget to take advantage of the off-season meal deals that all of the restaurants offer during this season.
Those of us that live at the Beach have an opportunity to enjoy all of the events offered throughout the year, and we know how fortunate we are for that. Have you considered hopping off the fence and joining us as a neighbor in Ocean City? The prices for properties are depressed, there is lots of inventory to choose from, and the interest rates are most favorable- so what other concerns do you have that I can help you solve?
Have a great Thanksgiving!
As you drive south to the Boardwalk, you are able to drive through another light display while staying in your car. Gather up copies of the free papers offered throughout the resort and see all of the events offered during your visit. Don't forget to take advantage of the off-season meal deals that all of the restaurants offer during this season.
Those of us that live at the Beach have an opportunity to enjoy all of the events offered throughout the year, and we know how fortunate we are for that. Have you considered hopping off the fence and joining us as a neighbor in Ocean City? The prices for properties are depressed, there is lots of inventory to choose from, and the interest rates are most favorable- so what other concerns do you have that I can help you solve?
Have a great Thanksgiving!
Thursday, November 6, 2008
Post Election Update
Hello Readers! Most of the election results are in, and president-elect Obama has Won. The hope of all who had voted is that he will succeed in fullfilling his promises made during his campaign. It will be a very difficult task even if he gets complete backing from Congress. On Election day the stock markets showed backing for his being ahead and the market rose 5%. The following day the market fell by 4% and as of this moment the market is down another 4.5%. In the days that follow we will eventually discover the trend- whether up or down. As I have discussed previously, I think the markets will start to re-bound in January and we will then see the stock market and the housing market begin to make that slow crawl back out of the basement.
During the Fall and winter season in Ocean City we have many SPECIALS, such as: Waterman's- Mon. 12.95 specials(steak and Shrimp, fried stuffed Shrimp), Tues 1/2 price entrees, Wed. $12.95 Specials(prime Rib, Haddock dinner)
Carousel- Tues. $5. Burger Night, Everyday till 7p.m. choice of 10 entrees $10.00 each
Olive Tree- Sunday free spaghetti night, just buy all-you-can-eat salad and bread sticks for $4.95, Mon. 1/2 off second entree, Thurs 1.2 priced bottle of wine
Coins- Tues,Thurs & Sunday, 1/2 priced dinner entrees 5-9 p.m.
Adolfo's- Wed & Thurs, 1/2 price menu, Thurs AUCE Spaghetti & meatballs
Tequila Mockingbird-Mon. ,Taco night 6-10 p.m. $1.25 beef, chicken, bean, or pork tacos
Osteria Fraschetti- Sun-Thurs choice of 12 entrees for $12.95
DeNovo's- Mon.,Chicken or Eggplant Parmesan over pasta $9.95, Thurs., a 14oz. certified angus strip steak w/baked potato $14.95
Long and Foster Real Estate will be collecting Toys-for Tots for the Marines again this Season, drop off can be made at my office in Ocean City, Maryland at 11701 Coastal Highway, or if you are located in other parts of our country bring the toys to your local drop off spot, most important-participate! Enjoy!
During the Fall and winter season in Ocean City we have many SPECIALS, such as: Waterman's- Mon. 12.95 specials(steak and Shrimp, fried stuffed Shrimp), Tues 1/2 price entrees, Wed. $12.95 Specials(prime Rib, Haddock dinner)
Carousel- Tues. $5. Burger Night, Everyday till 7p.m. choice of 10 entrees $10.00 each
Olive Tree- Sunday free spaghetti night, just buy all-you-can-eat salad and bread sticks for $4.95, Mon. 1/2 off second entree, Thurs 1.2 priced bottle of wine
Coins- Tues,Thurs & Sunday, 1/2 priced dinner entrees 5-9 p.m.
Adolfo's- Wed & Thurs, 1/2 price menu, Thurs AUCE Spaghetti & meatballs
Tequila Mockingbird-Mon. ,Taco night 6-10 p.m. $1.25 beef, chicken, bean, or pork tacos
Osteria Fraschetti- Sun-Thurs choice of 12 entrees for $12.95
DeNovo's- Mon.,Chicken or Eggplant Parmesan over pasta $9.95, Thurs., a 14oz. certified angus strip steak w/baked potato $14.95
Long and Foster Real Estate will be collecting Toys-for Tots for the Marines again this Season, drop off can be made at my office in Ocean City, Maryland at 11701 Coastal Highway, or if you are located in other parts of our country bring the toys to your local drop off spot, most important-participate! Enjoy!
Tuesday, November 4, 2008
For the Home Buyer
This Post is directed information for a Home Buyer, but any information can usually be helpful for us all.
You first need to know your affordable price range, and then be pre-qualified or better be pre-approved for that amount of Loan. Most important- make sure that Loan amount makes sense to you in a Monthly payment -because everyone's circumstances are different. How much can you afford? The key items are the size of the down payment, interest rate, any monthly property fees, and the amount of the mortgage. Caution! You will need money to pay for closing costs, moving, appliances, household setup, and a reserve for family emergencies.
Now, start the property Hunt. Take your time, remember what appeals to you as a Buyer today will probably also appeal to buyers tomorrow. Okay, You've found it- your "dream House"! Now what? You make an offer by submitting a signed real estate offer to purchase with the type of financing you desire. ( this will become the sales contract once the Seller accepts). Always read and understand every detail, and any verbal agreements should be written into the contract.
Sales contracts differ from one area to another, but several provisions should be included in the purchase of real estate. These are:
1. Deposit "earnest money", usually 1-2% of the purchase price, deposited in escrow, and
applied as down payment at settlement
2. Contingency on Financing- Be specific about the total loan amount and the exact financing
terms.
3. Contingency on Inspection- You have the choice ( at your expense) to have a building
inspection.
4. Termites- You should have a written report at settlement stating the property is free and clear of any active termite infestation.( the area determines who pays for
this inspection)
5. Personal Property- Any items to be conveyed that aren't physically attached should be in
writing.
6. Repair work- A "pre-settlement walk-through inspection" should be made days before
settlement to determine if the major systems are operating, ie. Heating,
plumbing, etc.
7. Title Insurance- the buyer has the right to choose the title attorney or insurance
company, be sure and clear the company with your lender.
8. Closing and Occupancy Date- When you choose your settlement date "closing date"
Be sure to include an agrrangement with the seller in the event you can't
secure possession on the agreed date, such as a daily rent-back agreement
for "post-settlement occupancy"
Remember- shop smart for the right loan. You have the option of shopping for the best terms you can obtain. Generally, a mortgage acceptance requires 15-30 days for conventional, 30-45 days for VA and FHA from application to approval. In some cases, loans may be approved more quickly. Prosperity Mortgage Company is a Long and Foster and Wells Fargo Home Mortgage Company.
Some Questions you should ask most lenders.
1. Are both fixed-rate and adjustable mortgage loans available?
2. What is the interest rate?
3. What are the "points"?
4. How long can I "lock-in" the financing at the current interest rate?
5. What are the other fees a lender may charge me in conjunctin with my loan?
6. Are funds for a second mortgage available?
7. Is there a pre-payment penalty clause?
8. Is there an open-end? This clause in a mortgage allows you to borrow in the future for improvements or other purposes, up to the amount of principal you've paid off.
9. If you sell your house, will the buyer be able to assume your mortgage at the same interest rate?
10. Will the lender require mortgage insurance?
I hope this information will be a help to you- See you next Time!
You first need to know your affordable price range, and then be pre-qualified or better be pre-approved for that amount of Loan. Most important- make sure that Loan amount makes sense to you in a Monthly payment -because everyone's circumstances are different. How much can you afford? The key items are the size of the down payment, interest rate, any monthly property fees, and the amount of the mortgage. Caution! You will need money to pay for closing costs, moving, appliances, household setup, and a reserve for family emergencies.
Now, start the property Hunt. Take your time, remember what appeals to you as a Buyer today will probably also appeal to buyers tomorrow. Okay, You've found it- your "dream House"! Now what? You make an offer by submitting a signed real estate offer to purchase with the type of financing you desire. ( this will become the sales contract once the Seller accepts). Always read and understand every detail, and any verbal agreements should be written into the contract.
Sales contracts differ from one area to another, but several provisions should be included in the purchase of real estate. These are:
1. Deposit "earnest money", usually 1-2% of the purchase price, deposited in escrow, and
applied as down payment at settlement
2. Contingency on Financing- Be specific about the total loan amount and the exact financing
terms.
3. Contingency on Inspection- You have the choice ( at your expense) to have a building
inspection.
4. Termites- You should have a written report at settlement stating the property is free and clear of any active termite infestation.( the area determines who pays for
this inspection)
5. Personal Property- Any items to be conveyed that aren't physically attached should be in
writing.
6. Repair work- A "pre-settlement walk-through inspection" should be made days before
settlement to determine if the major systems are operating, ie. Heating,
plumbing, etc.
7. Title Insurance- the buyer has the right to choose the title attorney or insurance
company, be sure and clear the company with your lender.
8. Closing and Occupancy Date- When you choose your settlement date "closing date"
Be sure to include an agrrangement with the seller in the event you can't
secure possession on the agreed date, such as a daily rent-back agreement
for "post-settlement occupancy"
Remember- shop smart for the right loan. You have the option of shopping for the best terms you can obtain. Generally, a mortgage acceptance requires 15-30 days for conventional, 30-45 days for VA and FHA from application to approval. In some cases, loans may be approved more quickly. Prosperity Mortgage Company is a Long and Foster and Wells Fargo Home Mortgage Company.
Some Questions you should ask most lenders.
1. Are both fixed-rate and adjustable mortgage loans available?
2. What is the interest rate?
3. What are the "points"?
4. How long can I "lock-in" the financing at the current interest rate?
5. What are the other fees a lender may charge me in conjunctin with my loan?
6. Are funds for a second mortgage available?
7. Is there a pre-payment penalty clause?
8. Is there an open-end? This clause in a mortgage allows you to borrow in the future for improvements or other purposes, up to the amount of principal you've paid off.
9. If you sell your house, will the buyer be able to assume your mortgage at the same interest rate?
10. Will the lender require mortgage insurance?
I hope this information will be a help to you- See you next Time!
Monday, November 3, 2008
Pre Election Post
Hi! Tomorrow is November 4th- Election Day and all of the poll forcasts predict a huge turnout, be sure you are one of those voting to choose what direction our country will take for the next Four or Eight years. I look forward to the end of the campaigning and the constant trashing of each other, I never could understand why each man couldn't state what he stood for and what he wanted to do if elected, and then explain how he intended to accomplish his plan. Instead they both get to acting just like grade school kids- "he did that" or "he said that" what a shame for our leaders to have to conduct themselves in that manner! Enough of that.
The good news is that after the election the focus will shift from running for office to the issues again- War, Economy, Health Care etc., and just maybe we can make some headway in the forward direction and get some solid answers to our global problems. Locally in Ocean City Buyers and Sellers seem to have been in a holding pattern over the past few weeks waiting for the election outcome. Inventory is now priced correctly and the interest rates are at 6% plus or minus paying a point for a lower rate. I will post an update to this Blog after the Election. Enjoy
The good news is that after the election the focus will shift from running for office to the issues again- War, Economy, Health Care etc., and just maybe we can make some headway in the forward direction and get some solid answers to our global problems. Locally in Ocean City Buyers and Sellers seem to have been in a holding pattern over the past few weeks waiting for the election outcome. Inventory is now priced correctly and the interest rates are at 6% plus or minus paying a point for a lower rate. I will post an update to this Blog after the Election. Enjoy
Tuesday, October 14, 2008
14 October 2008 Hello! Sorry for the delay of posting this update, there has been so much information available concerning real estate, economic, presidential elections, global economy, failing institutions, and of course the absolutely beautiful weather we were having in Ocean City the last couple of weeks. Yesterday our government in conjunction with the EURO nations have begun to apply unlimited money to help the global credit markets. The stock markets reaction was positive with the DOW advancing 936 points. Does this mean the bottom has been seen and we are over the wild roller coaster ride- I don't know. I would love to say the only direction now is up, but we have so many other factions to depend on for direction these days, such as all of the individual countries that use our products and we use theirs that have to control their currency and their credit markets.
The Real Estate market pulled up the brakes when the global credit scare took place over the past weeks, prices have come down, interest rates are still attractive, and plenty of people are looking- but I feel they are waiting to see how this downturn will be played out before jumping in. The part I can't understand is if we are in such a troubled economy, why is there so much traffic on the roads? Why are the shopping centers, outlet malls, and restaurants so busy? Could this entire economic worry be EMOTION based and when we as individuals regain confidence in the systems all will once again be righted.
The Real Estate market pulled up the brakes when the global credit scare took place over the past weeks, prices have come down, interest rates are still attractive, and plenty of people are looking- but I feel they are waiting to see how this downturn will be played out before jumping in. The part I can't understand is if we are in such a troubled economy, why is there so much traffic on the roads? Why are the shopping centers, outlet malls, and restaurants so busy? Could this entire economic worry be EMOTION based and when we as individuals regain confidence in the systems all will once again be righted.
Wednesday, September 24, 2008
September 24,2008
Sunfest is over and appeared to be a grand success since no weather showed up to hamper activities this year. Entertainment was as good as it gets and the venders all had big smiles on their faces. This week on Capitol Hill had Congress in special sessions trying to get firm answers on how the proposed $700 Billion Dollar Bailout would be spent-and if this was the total amount needed to get the results intended. This being the first time ever anyone has had to react to a financial problem this huge- it is very hard to develop an exact budget, the Feds want to throw whatever monies it will take at whatever spot is the hotest at the moment, and hope that all of the money will not be used. Its a very tough road to go down, and an equally hard sale to make since Paulson will be gone after the Elections.
The Real Estate market is reacting to all of this uncertainty by going on hold. There is plenty of interest here in Ocean City, but I think most Buyers are looking for some sort of a resolve before proceeding with a purchase. After we get some direction on this matter, buyers will return to the market.
The Real Estate market is reacting to all of this uncertainty by going on hold. There is plenty of interest here in Ocean City, but I think most Buyers are looking for some sort of a resolve before proceeding with a purchase. After we get some direction on this matter, buyers will return to the market.
Saturday, September 13, 2008
Enjoying the Second Season in Ocean City
Hello from Long and Foster Real Estate,
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Enjoying the Second Season
Hello from Long and Foster Real Estate,
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Well here we are again-the end of a glorious summer. Labor day marked the end of the First season, and the start of our Second season which runs up to and including the Holidays. Events such as the Wine fest on the beach and the Sunfest at the inlet, and the Winterfest of Lights keep the town the place to visit and live. This week we saw a drop in Mortgage interest rates as a result of the Freddie Mac and Fannie Mae issue, and since the prices for properties in Ocean City have already show reductions- the coming weeks should present a brisk buyers market. If you would like to share the dream of owning at the Beach, I will help you to realize that dream. Visit my Website at: www.josephmyles.lnfre.com and please check my Blog. E-mail: joemyles@l&f.com
Thank you, Joe Myles, Realtor 410-520-2778
Saturday, September 6, 2008
Second Season
Well Labor Day has come and gone, and we are now in the "Second Season" at the Beach. Since my last article Fannie Mae and Freddie Mac have been in turmoil waiting for an answer from the Feds whether or not to infuse the companies with tons of cash or take them over. With a Trillion dollars in mortgage loans between the two companies the bottom line is that our economy cannot afford to let them fail. Waiting for the decision on which method will be chosen, the stock market running up-and then back down searching for direction, and our housing market having increased forclosures and tons of negative media coverage makes for a depressed environment outlook.
I still feel that we are in better condition than is being reported-remember more papers are sold with bad news than good news. We need to wait until we work through the excess inventory in the real estate market. Once the inventory is absorbed-then we will see a turn around in the economy and general mood of the country will turn positive. Activity in our Ocean City market has been brisk, and there are sales being generated because Sellers are reducing asking prices to a level that is attractive for the anxious Buyers.
I still feel that we are in better condition than is being reported-remember more papers are sold with bad news than good news. We need to wait until we work through the excess inventory in the real estate market. Once the inventory is absorbed-then we will see a turn around in the economy and general mood of the country will turn positive. Activity in our Ocean City market has been brisk, and there are sales being generated because Sellers are reducing asking prices to a level that is attractive for the anxious Buyers.
Monday, August 18, 2008
18 August 2008
During the past Three weeks I have seen a dramatic increase in activity in our market area. The range between $330,000.00 and 450,000.00 seems the most active, and properties exceeding $1,000,000.00 are seeing action also. I have been promoting that this is the best time to buy for the past month. The reason I feel this is the best time is because the Inventory on the market has finally reduced and interest rates are starting to move in the up direction. These indicators usually identify the market coming off its bottom. The Maryland Realtors will meet in convention early September, and current market direction information will be delivered for the entire state. I will be posting that information at that time.
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