Showing posts with label homebuying. Show all posts
Showing posts with label homebuying. Show all posts
Wednesday, October 17, 2012
Monday, June 4, 2012
The largest backyard on a house you will see!
Single Family Home for sale in Melissa, TX
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Overview Maps Photos Market Stats |
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Friday, February 24, 2012
Sunday, February 5, 2012
Wednesday, April 20, 2011
Wednesday, December 9, 2009
Saturday, September 26, 2009
Thursday, May 21, 2009
Thursday, January 15, 2009
Mortgage Applications Rise as Refinancing Jumps
Mortgage Applications Rise as Refinancing Jumps
U.S. mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.
Low mortgage rates, however, have yet to fuel demand for loans to purchase homes.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 9 increased 15.8 percent to 1,324.8, the highest reading since the week ended July 11, 2003, when it reached 1,358.2.
Thirty-year mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan in late November to buy as much as $500 billion of mortgage securities backed by Fannie Mae [FNM 0.66 -0.03 (-5.06%) ], Freddie Mac [FRE 0.65 -0.05 (-6.56%) ] and Ginnie Mae.
The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The refinance share of applications increased to 85.3 percent from 79.8 percent the previous week, the highest level since the MBA started conducting its survey in 1990.
Spencer Rascoff, chief operating officer at Zillow.com, an online real estate service company based in Seattle, said loan requests to his company are up more than 200 percent from just two months ago, with loan requests on pace to hit about 25,000 in January and loan quotes on pace to hit 200,000.
"Many experts agree that rates will stay relatively low for at least the next few months since the federal government is now committed to buying mortgage-backed securities to keep borrowing costs low," Rascoff said on Tuesday.
"But the future of rates isn't certain, so locking in these low rates now is a smart move," he said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.89 percent, down 0.18 percentage point from the previous week, the lowest level recorded in the MBA's survey's history.
Interest rates were well below year-ago levels of 5.77 percent.
"Our business has definitely increased dramatically in the past few weeks with rates dropping," Melissa Cohn, chairman and chief executive CEO of Manhattan Mortgage Company in New York, said on Tuesday.
Cohn said the telephones at her company have been ringing off the hook and while the company has not hired additional staff, it has retained as many people as possible.
"We are just working twice as hard to handle the increased volume," she said.
Meanwhile, though, the MBA's seasonally adjusted purchase index fell 14.1 percent to 295.8.
The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 10.8 percent.
Weekly Refinancing Activity Surges
The prospect of affordable home financing has provided a glimmer of hope for the U.S. economy with the housing market in the worst downturn since the Great Depression.
Mortgages
30 yr fixed 5.09% 5.25%
30 yr fixed jumbo 6.79% 6.91%
15 yr fixed 4.73% 4.95%
15 yr fixed jumbo 5.73% 5.83%
5/1 ARM 5.71% 5.16%
5/1 jumbo ARM 5.84% 5.10%
The Mortgage Bankers seasonally adjusted index of refinancing applications jumped 25.6 percent to 7,414.1, the highest reading since the week ended June 27, 2003, when it reached 8,599.1.
The adjustable-rate mortgage share of activity increased to 1.1 percent, up from 0.9 percent the previous week.
Fixed 15-year mortgage rates averaged 4.63 percent, down from 4.67 percent the previous week.
Rates on one-year ARMs decreased to 5.89 percent from 5.90 percent.
Copyright 2009 Reuters. Click for restrictions.
U.S. mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.
Low mortgage rates, however, have yet to fuel demand for loans to purchase homes.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 9 increased 15.8 percent to 1,324.8, the highest reading since the week ended July 11, 2003, when it reached 1,358.2.
Thirty-year mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan in late November to buy as much as $500 billion of mortgage securities backed by Fannie Mae [FNM 0.66 -0.03 (-5.06%) ], Freddie Mac [FRE 0.65 -0.05 (-6.56%) ] and Ginnie Mae.
The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The refinance share of applications increased to 85.3 percent from 79.8 percent the previous week, the highest level since the MBA started conducting its survey in 1990.
Spencer Rascoff, chief operating officer at Zillow.com, an online real estate service company based in Seattle, said loan requests to his company are up more than 200 percent from just two months ago, with loan requests on pace to hit about 25,000 in January and loan quotes on pace to hit 200,000.
"Many experts agree that rates will stay relatively low for at least the next few months since the federal government is now committed to buying mortgage-backed securities to keep borrowing costs low," Rascoff said on Tuesday.
"But the future of rates isn't certain, so locking in these low rates now is a smart move," he said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.89 percent, down 0.18 percentage point from the previous week, the lowest level recorded in the MBA's survey's history.
Interest rates were well below year-ago levels of 5.77 percent.
"Our business has definitely increased dramatically in the past few weeks with rates dropping," Melissa Cohn, chairman and chief executive CEO of Manhattan Mortgage Company in New York, said on Tuesday.
Cohn said the telephones at her company have been ringing off the hook and while the company has not hired additional staff, it has retained as many people as possible.
"We are just working twice as hard to handle the increased volume," she said.
Meanwhile, though, the MBA's seasonally adjusted purchase index fell 14.1 percent to 295.8.
The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 10.8 percent.
Weekly Refinancing Activity Surges
The prospect of affordable home financing has provided a glimmer of hope for the U.S. economy with the housing market in the worst downturn since the Great Depression.
Mortgages
30 yr fixed 5.09% 5.25%
30 yr fixed jumbo 6.79% 6.91%
15 yr fixed 4.73% 4.95%
15 yr fixed jumbo 5.73% 5.83%
5/1 ARM 5.71% 5.16%
5/1 jumbo ARM 5.84% 5.10%
The Mortgage Bankers seasonally adjusted index of refinancing applications jumped 25.6 percent to 7,414.1, the highest reading since the week ended June 27, 2003, when it reached 8,599.1.
The adjustable-rate mortgage share of activity increased to 1.1 percent, up from 0.9 percent the previous week.
Fixed 15-year mortgage rates averaged 4.63 percent, down from 4.67 percent the previous week.
Rates on one-year ARMs decreased to 5.89 percent from 5.90 percent.
Copyright 2009 Reuters. Click for restrictions.
Monday, August 4, 2008
Analysts: U.S. mortgage defaults to accelerate, peak in a couple of years
07:24 AM CDT on Monday, August 4, 2008
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Associated Press
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.
The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A mortgages, quadrupled to 12 percent in April from a year earlier. Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7 percent in that time.
The mortgage troubles have been exacerbated by an economy that is still struggling. Reports last week showed another drop in home prices, slower-than-expected economic growth and a huge loss at General Motors. On Friday, the Labor Department reported that the unemployment rate in July climbed to a four-year high.
While it is difficult to draw precise parallels among various segments of the mortgage market, the arc of the crisis in subprime loans suggests that the problems in the broader market may not peak for another year or two, analysts said.
Defaults are likely to accelerate because many homeowners' monthly payments are rising rapidly. The higher bills come as home prices continue to decline and banks tighten their lending standards, making it harder for people to refinance loans or sell their homes. Of particular concern are “alt-A” loans, many of which were made to people with good credit scores without proof of their income or assets.
“Subprime was the tip of the iceberg,” said Thomas H. Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. “Prime will be far bigger in its impact.”
In a conference call with analysts last month, James Dimon, the chairman and chief executive of JPMorgan Chase, said he expected losses on prime loans at his bank to triple in the coming months and described the outlook for them as “terrible.”
Delinquencies on mortgages tend to peak three to five years after loans are made, said Mark Fleming, the chief economist at First American CoreLogic, a research firm. Not surprisingly, subprime loans from 2005 appear closer to the end of defaults than those made in 2007, for which default rates continue to rise steeply.
“We will hit those points in a few years, and that will help in many ways,” Fleming said, referring to the loans made later in the housing boom. “We just have to survive through this part of the cycle.”
Friday, August 1, 2008
Link to area home sales for 2008
The first half of the years real estate results are in and it confirms what I have seen in the market. Sales are down. In some parts of DFW, they are down dramatically. However, a good marketing program, a house priced correctly and in good repair will help move you house quickly. This isn't a market to hold out for a high return on your equity. It is a market to just get it sold.
Click here to go to the link
Click here to go to the link
Monday, July 28, 2008
The heat and your foundation
Wow. It is hot outside.
When the temperatures are this high, it is vital, that homeowners inspect and maintain their foundation on a daily basis.
The last couple of years were very wet summers. The previous summers were very hot. These wet summers sandwiched between hot summers are the perfect conidtion to create serious foundation problems.
Foundation repairs are the number one expense to home owners even beating out termite damage.
I have personally seen foundation issues cost a home seller in negotiations.
When the temperatures are this high, it is vital, that homeowners inspect and maintain their foundation on a daily basis.
The last couple of years were very wet summers. The previous summers were very hot. These wet summers sandwiched between hot summers are the perfect conidtion to create serious foundation problems.
Foundation repairs are the number one expense to home owners even beating out termite damage.
I have personally seen foundation issues cost a home seller in negotiations.
Sunday, June 15, 2008
Dallas-Fort Worth pre-owned home sales drop 12%, prices rise
Dallas-Fort Worth pre-owned home sales drop 12%, prices rise
11:02 PM CDT on Monday, June 9, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Home sales dropped 12 percent in North Texas last month.
Even with the decline, overall prices eked out a 1 percent gain from a year ago.
Also Online
Report: U.S. pending home sales move higher
A median priced home sold for $154,000 in May – the highest price since last summer.
More than 7,700 pre-owned single-family homes in North Texas were sold last month, according to statistics released Monday by the North Texas Real Estate Information Systems and Texas A&M University's Real Estate Center.
Through the first five months of 2008, pre-owned home sales have fallen 14 percent in North Texas.
Median home prices are down 2 percent through May compared with the same period of last year.
The most positive economic news from the latest local housing data is that the number of homes for sale has fallen.
At the end of May, there were 44,910 pre-owned homes on the market – 10 percent less than a year ago. May's decline in inventory follows several months of smaller decreases from last year.
The decline in inventory is good news for North Texas and comes as the number of homes for sale is soaring in many U.S. markets.
The drop in homes on the market here "shows the market is still relatively strong and that the sales season hasn't seen much slippage," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center.
"Let's wait a while to proclaim the worst is over and see how things go," he said, "but I do agree it's a positive sign."
Real estate agents say that the supply of unsold homes on the market varies significantly by neighborhood.
"There is lot of inventory on the market in certain price ranges," said Mary Frances Burleson, president of Ebby Halliday Realtors. "But this is not a Las Vegas or Miami.
"We had a very good April and May, and people are still buying."
It's still taking longer to sell houses in North Texas. The average was 79 days in May, 14 percent longer than a year ago.
Currently there is just over a seven-month supply of pre-owned homes for sale in North Texas.
And don't expect an increase in completed home sales in the weeks ahead. The number of pending home purchases at the end of May was down 28 percent from a year earlier.
11:02 PM CDT on Monday, June 9, 2008
By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com
Home sales dropped 12 percent in North Texas last month.
Even with the decline, overall prices eked out a 1 percent gain from a year ago.
Also Online
Report: U.S. pending home sales move higher
A median priced home sold for $154,000 in May – the highest price since last summer.
More than 7,700 pre-owned single-family homes in North Texas were sold last month, according to statistics released Monday by the North Texas Real Estate Information Systems and Texas A&M University's Real Estate Center.
Through the first five months of 2008, pre-owned home sales have fallen 14 percent in North Texas.
Median home prices are down 2 percent through May compared with the same period of last year.
The most positive economic news from the latest local housing data is that the number of homes for sale has fallen.
At the end of May, there were 44,910 pre-owned homes on the market – 10 percent less than a year ago. May's decline in inventory follows several months of smaller decreases from last year.
The decline in inventory is good news for North Texas and comes as the number of homes for sale is soaring in many U.S. markets.
The drop in homes on the market here "shows the market is still relatively strong and that the sales season hasn't seen much slippage," said Dr. James Gaines, an economist with Texas A&M University's Real Estate Center.
"Let's wait a while to proclaim the worst is over and see how things go," he said, "but I do agree it's a positive sign."
Real estate agents say that the supply of unsold homes on the market varies significantly by neighborhood.
"There is lot of inventory on the market in certain price ranges," said Mary Frances Burleson, president of Ebby Halliday Realtors. "But this is not a Las Vegas or Miami.
"We had a very good April and May, and people are still buying."
It's still taking longer to sell houses in North Texas. The average was 79 days in May, 14 percent longer than a year ago.
Currently there is just over a seven-month supply of pre-owned homes for sale in North Texas.
And don't expect an increase in completed home sales in the weeks ahead. The number of pending home purchases at the end of May was down 28 percent from a year earlier.
Wednesday, June 11, 2008
Thanks for the kind words Adam!
JJ's in-depth knowledge helped me out allot when I bought my first home. He was patient with me and explained every step of the buying process. I strongly recommend him if you are buying a home. Thanks, Adam Patel
402 Cimarron Trail, Irving
402 Cimarron Trail, Irving
Monday, June 9, 2008
High cost of gas
Could we actually be facing $5 a gallon for gas as a national average? This tremendous increase in fuel is spurring what I call "fuel driven regentrification". What does that mean?
People are moving back into the city. Areas that were dead even 2 years ago are experiencing a tremendous surge in popularity among todays buyers. The suburbs are definatley out right now. Cities like Irving, Farmers Branch, Garland, Richardson are seeing tremendous amounts of interst from todays buyers. The suburbs are saved only by the telecomuter and those that have their employers based in the suburbs.
Interesting times for sure.
People are moving back into the city. Areas that were dead even 2 years ago are experiencing a tremendous surge in popularity among todays buyers. The suburbs are definatley out right now. Cities like Irving, Farmers Branch, Garland, Richardson are seeing tremendous amounts of interst from todays buyers. The suburbs are saved only by the telecomuter and those that have their employers based in the suburbs.
Interesting times for sure.
Friday, June 6, 2008
Discount brokers
Online and fee-for-service brokers have become a very popular way for some individuals to list their homes. However, just know that in everything (ESPECIALLY real estate) you definatley get what you pay for.
I took a listing recently that had been listed with Buy Owner for over a year. The sellers paid over $2000 to get Buy Owner to ship them a crude sign, a dvd of how to sell your home and that's about it. After a year, and having the ugly buy owner sign fade, the sellers called me because they were at a loss for what to do. I listed their home and sold it in less than a month.
Now, it would be great if I could collect $2000 up front and then the house never sells. Is there a chance it could sell? Sure, but next time you see a buy owner sign, call the numbers and see if anyone even picks up the phone after 5 p.m. or at all on the weekends.
A professional like myself gets paid when we have done our job. That job is to market and sell your home. If you do use a discount broker, you need to be aware of how to negotiate, market your home, structure a deal that will close, hire the right title company, apraiser, surveyor, inspector and you need to know to look for in the TREC real estate contract.
I took a listing recently that had been listed with Buy Owner for over a year. The sellers paid over $2000 to get Buy Owner to ship them a crude sign, a dvd of how to sell your home and that's about it. After a year, and having the ugly buy owner sign fade, the sellers called me because they were at a loss for what to do. I listed their home and sold it in less than a month.
Now, it would be great if I could collect $2000 up front and then the house never sells. Is there a chance it could sell? Sure, but next time you see a buy owner sign, call the numbers and see if anyone even picks up the phone after 5 p.m. or at all on the weekends.
A professional like myself gets paid when we have done our job. That job is to market and sell your home. If you do use a discount broker, you need to be aware of how to negotiate, market your home, structure a deal that will close, hire the right title company, apraiser, surveyor, inspector and you need to know to look for in the TREC real estate contract.
Tuesday, May 27, 2008
Marketing your listings
When you interview your next agent to sell your home, it is imperative that you ask them how extensive their marketing program will be. A comprehensive marketing plan will include direct mail, print advertising, signage, latest technology utilizations and most important extensive online marketing packages.
To see an award winning home selling marketing plan, call J.J. today. His 180 point marketing campagin has been successful in selling millions of dollars in listings.
To see an award winning home selling marketing plan, call J.J. today. His 180 point marketing campagin has been successful in selling millions of dollars in listings.
Thursday, May 22, 2008
Omega Delta Phi DFW Alumni Golf Tournament benefiting the Dallas Can Academy
Every year, The Omega Delta Phi DFW Alumni assocation hosts a golf tournament that benefits the kids of the Dallas Can Academy.
To participate, simply email me at JJ@JJChapa.com.
The cost to play is ONLY $65 and includes lunch. The tournament play is June 20, 2008 at 7:30 a.m.
To participate, simply email me at JJ@JJChapa.com.
The cost to play is ONLY $65 and includes lunch. The tournament play is June 20, 2008 at 7:30 a.m.
Tuesday, May 20, 2008
Choosing the right lender
Choosing the correct lender to help you through your home purchase is as important as choosing the right real estate agent.
I just closed a deal where I represented the seller. The buyers had a lender that left $900 of closing costs "on the table". The sellers had agreed to give a certain amount back to the buyers. However, these closing costs are closely regulated and strictly spelled out in the real estate contract. The buyers lender had over a month to get his job done. They, like many lenders, left everything to the last minute.
Long story short, there was a $900 mistake that the buyers had to eat. The sellers came out with $900 more. This is just one small example of how a lenders inability to get their job done can cost a buyer.
I just closed a deal where I represented the seller. The buyers had a lender that left $900 of closing costs "on the table". The sellers had agreed to give a certain amount back to the buyers. However, these closing costs are closely regulated and strictly spelled out in the real estate contract. The buyers lender had over a month to get his job done. They, like many lenders, left everything to the last minute.
Long story short, there was a $900 mistake that the buyers had to eat. The sellers came out with $900 more. This is just one small example of how a lenders inability to get their job done can cost a buyer.
Friday, May 16, 2008
Fun night
Ok...I'm not a horse race person, but, I have to say Lone Star Park is very nice. I just wanted to thank North American Title for inviting me to their suite last night. Great food, and a great dessert bar made a great ending to an otherwise long real estate workday.
I was able to catch up with some old real estate friends. Their consensus about the market is basically what mine has been so it's good to get some validation. While the market isn't as dreadful as the media would have you believe, it is definatley requiring more work to get deals put together and closed.
Sellers have to be more patient in our current market. Buyers have to be more realistic. Are there good deal out there? Sure! But those that buy real estate for a living already know where they are and are typically one step ahead. Do sellers really have $40k in equity that they are just going to give buyers? No. Would you? They'll hold out for a better market or just sell to a buyer who understands that there may be some wiggle room on price but not $40k worth of wiggle room.
Tomorrow, I would like to discuss the importance of choosing a lender that has a good reputation.
I was able to catch up with some old real estate friends. Their consensus about the market is basically what mine has been so it's good to get some validation. While the market isn't as dreadful as the media would have you believe, it is definatley requiring more work to get deals put together and closed.
Sellers have to be more patient in our current market. Buyers have to be more realistic. Are there good deal out there? Sure! But those that buy real estate for a living already know where they are and are typically one step ahead. Do sellers really have $40k in equity that they are just going to give buyers? No. Would you? They'll hold out for a better market or just sell to a buyer who understands that there may be some wiggle room on price but not $40k worth of wiggle room.
Tomorrow, I would like to discuss the importance of choosing a lender that has a good reputation.
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