Interest Rates Hit New 12 Month Low!

Article Courtesy of Keeping Current Matters/The KCM Blog

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!
Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.
Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!

Short Closings Can Happen!

While we typically look at 30- to 45-day closings when there is a loan involved, it IS possible for a faster closing.  I am delighted to share that a recent offer by one of my clients closed in 19 days!  Not every lender can get you through the process that quickly, but with some it can be done.  The key to making it work is GETTING ALL REQUESTED DOCUMENTS TO THE LENDER AND CLOSING ATTORNEY IMMEDIATELY.  Any delay on your part will slow down the process.  Of course, there can be reasons that a Seller can't close that quickly, but that's a different topic.  When a home is vacant, Sellers are usually happy to get it closed quickly.    

Thank you to Melissa Messick, Senior Loan Officer at Movement Mortgage, for sharing the following information.  Please contact me if you would like a pdf copy.

WHAT KIND OF MARKET ARE WE IN?

Home Inventory Determines What Kind of Market We Are In
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices

Thinking of Selling Your House? This is the Perfect Time!

Article Courtesy of Keeping Current Matters/The KCM Blog

It is common knowledge that a great number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their homes on the market until then. The question is whether or not that is a good strategy this year.

The other listings that come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market during this season in comparison to the rest of the year? The National Association of Realtors (NAR) recently revealed the months during which most people listed their homes for sale in 2018. This graphic shows the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,520,000.

That number spiked to 1,870,000 by May!

What does this mean to you?

With the national job situation improving and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now.

Bottom Line

If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers. Beat the rush of housing inventory that will enter the market and list your home today!

SCCL SALES STATS & CURRENT LISTINGS - 2/10/19

SCCL Stats are updated regularly... Use the links below or the tabs at the top of this page to check in frequently for the most current information. 

ACTIVE / UNDER CONTRACT / SOLD YTD

to view all currently Active, Under Contact, 
and Sold (Year-to-Date) listings in Sun City Carolina Lakes.  

UP-TO-DATE STATS FOR SCCL
to view the most current sales stats for New Listings, # of Homes for Sale, 

Pending Sales, Closed Sales, Average Days on Market, Months Supply of Homes for Sale, Average Days List to Close, and Average Percent of Original Price. 

Includes interactive graphs with monthly data going back to 2015.

The following information is current as of 2/10/19.

UP-TO-DATE STATS FOR SCCL 

Why It Makes No Sense to Wait for Spring to Sell

Article Courtesy of Keeping Current Matters/The KCM Blog

The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:

Putting your home on the market now, rather than waiting for increased competition in the spring, might make a lot of sense.

Bottom Line

Buyers in the market during the winter are truly motivated purchasers and they want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.

SCCL Trail Improvements (??)

Below is information that was included in FSR's Friday Flash this past week.

As an avid walker, I was really disappointed to learn that some of my favorite trails are being replaced with concrete.  I'm wondering why it's being done, who made the decision to do it, and at what cost.  Aside from the high cost of concrete, it also comes with maintenance issues, can be very hard on knees and other joints, and it's not aesthetically pleasing, especially when you want to get out and enjoy the beauty of nature. 

In search of some "concrete" information (Pun intended.), I contacted Peter Gertler of the SCCL Group of Informed Owners (GIO).  Here is Peter's reply:

There is inadequate drainage, hard rock, and slopes under some of the trails which causes the asphalt to heave and break. Estimated life with asphalt 3-5 years. Estimated life with concrete at least 10 years. The Board negotiated an agreement with Pulte wherein Pulte would contribute the cost of asphalt and the Association would pay the difference to install concrete on those trails.

When I asked if there was any opposition, here was his reply: 
No opposition, but then there was no real opportunity to comment.  The Board approved this in a private session sometime in the recent past. It is not more expensive because Pulte is fronting the base installation cost.  The only thing the Association is paying is the up cost for forms.  According to the report, the concrete will last 3 times longer than the asphalt.  

I walked the Fair View Trail today and, following last night's rain, there was debris on some parts and the sod was pretty soaked.  Some of the former vegetation (including grasses, bushes, small trees) along the "trail" (sidewalk) has been removed and, while it's nice, it's not the rustic trail it was before.  I'm sure once the grass and other vegetation is in place the current standing water will be better managed and the final look will be pleasant.  Just gonna miss the "trail" feel.  Sad that they'll be doing the same to the Hawk's View trail next. 

Buying a House This Year? This Should Be Your 1st Step!

Article courtesy of Keeping Current Matters/The KCM Blog
1/14/19

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.

HOA DUES ASSESSMENTS HAVE GONE UP IN 2019

Villas and Carriage Homes have a lower Master Assessment than Single Family homes and have additional unit specific assessments.  The additional assessment on Carriage Homes is based on the square footage of each unit. 

Please note that some current listings on MLS are showing old assessment information.  Agents who are knowledgeable about Sun City Carolina Lakes have made the updates to existing and new listings, while some agents who may not be familiar with the community may not yet have made the changes. 

CHANGES IN SCCL RECYCLING BEGIN IN JANUARY

There has been a lot of chatter about what can and cannot be recycled under the new guidelines starting this month, so I placed a call to ACTIVE WASTE SOLUTIONS and was told that the only item that can no longer be recycled is glass.  They said that the list at their website is the most current information, so here it is:

Click to enlarge.

Click to enlarge.

In an article in Carolina Gateway (1/2/19), it was noted that "there will no longer be bins for plastics and glass at the county's 12 convenience sites."  And, "beginning Jan. 21, cardboard, metals, aluminum cans, tires, oils and newsprint will still be accepted..."  Since Active Waste Solutions continues to accept plastic, and the county says it won't accept plastic, I'm curious as to where Active Waste Solutions takes their recycled items.