According to Gregory Bull with the Associated Press, average fixed-rate mortgages dropped again to record lows, giving more incentive to perspective home buyers.  Freddie Mac says the average rate on a 30-year mortgage loan fell to 3.56%, down from 3.62% two weeks ago.  It hasn’t been this low since long-term mortgages begain in the 1950′s.  Additionally, the average rate on a 15-year mortgage dropped to 2.86%.

The falling interest rates have produced a small uptick in the housing market.  Home sales were up in May from the same month last year and homebuilders started more projects.

In spite of the record low mortgage interest rates and slight increase in home sales, the housing market still remains sluggish and below healthy levels.  This could be due to the fact that the unemployment rate still remains high and many people are having a hard time qualifying for these home loans or can’t afford larger down payments required by the banks.

U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring. The unemployment rate was unchanged at 8.2%, the government reported last week.

Slower job creation has caused consumers to pull back on spending.

Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.

To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

The average fee for 30-year loans was 0.7 point, down from 0.8 point last week. The fee for 15-year loans also was 0.7 point, unchanged from the previous week.

The average rate on one-year adjustable rate mortgages rose to 2.69% from 2.68% last week. The fee for one-year adjustable rate loans slipped to 0.4 point, down from 0.5 point.

The average rate on five-year adjustable rate mortgages dropped to 2.74% from 2.79% last week. The fee was unchanged at 0.6 point.

According to David Wessel, at the Wallstreet Journal, Housing has passed a milestone.   David  believes  the housing market has turned and states that  the U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up.  

“We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.

The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won’t happen again this year, he says.

Builders began work on 26% more single-family homes in May 2012 than the depressed levels of May 2011. The stock of unsold newly built homes is back to 2005 levels. In each of the past four quarters, housing construction has added to economic growth. In the first quarter, it accounted for 0.4 percentage points of the meager 1.9% growth rate.

“Even with the overall economy slowing,” Wells Fargo Securities economists said, cautiously, in a note to clients, “the budding recovery in the housing market appears to be gradually gaining momentum.”

Economists aren’t always right, but on this at least they agree: A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don’t. (The full results of the Journal’s July survey will be released at 2pm ET)

Housing is still far from healthy despite the Federal Reserve’s efforts to resuscitate it by helping to push mortgage rates to extraordinary lows: 3.62% for a 30-year loan, according to Freddie Mac’s latest survey. Single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace. Americans’ equity in homes is $2 trillion, or 25%, less than it was in 2002 and half what it was at the peak. More than one in every four mortgage borrowers still has a loan bigger than the value of the house, though rising home prices are reducing that fraction slowly.

Still, the upturn in housing is a milestone, a particularly welcome one amid a distressing dearth of jobs. For some time, housing has been one of the biggest causes of economic weakness. It has now—barely—moved to the plus side. “A little tail wind is a lot better than a headwind,” says economist Chip Case, the “Case” in Case-Shiller.

From here on, housing is unlikely to drag the U.S. economy down further. It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses. “Manufacturing had led growth and construction had lagged,” JPMorgan Chase economists said last week.”Now the roles are reversed: Manufacturing growth has slowed as private construction comes to life.”

Plenty could go wrong. The biggest threat is a large shadow inventory of unsold homes, homes which owners won’t put on the market because they are underwater, homes that will be foreclosed eventually and homes owned by lenders. They have been trickling onto the market, slowed in part by government efforts to delay foreclosures; a flood could reverse the recent rise in prices. Or the still-dysfunctional mortgage market could get worse. Or overly zealous regulators or a post-election change in government policy could unsettle mortgage lenders or home buyers.

But the housing bust is over.

According to John Gittelsohn and Prashant Gopal with Bloomberg, the U.S. housing market is showing signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.  This is wonderful news for home sellers and Realtors across the country, but can we believe it?

Bloomberg states that Data released yesterday shows better-than-estimated new home sales and a slowdown in price declines.  However, prices may still have a way to fall because there are over 6 million homes with delinquent mortgages and/or in the foreclosures process about ready to hit the market.  To read more about this article in Bloomberg, click here.

published on Trulia.com on 12/1/2011

Today‟s home sellers have a hard row to hoe, as my Mom would say. Home values have dropped, the market is flooded with competition and even if a buyer does come along, a record high number of deals fall through. On top of that, they face the age-old conundrum of having two seemingly conflicting aims: they want to get their homes sold, fast, but also want – and need – to squeeze every single possible dollar out of it. While it‟s tempting to price your place on the high side and „test the market‟ or „negotiate down,‟ overpricing your home can actually deter buyers, cause your home to lag on the market and eventually even expose you to the risk of being perceived as desperate and receiving lowball offers. Here are 5 „cures‟ to the temptation to overprice your home, all of which can help you max out the chance that your home will sell.

1. Check the Comps! “Comps” is real estate lingo for comparable sales – the nearby, similar homes that have recently sold. You might think that your taste level, aesthetic style and home maintenance practices are vastly superior to those of your neighbors – and you might be right. But this will be the single largest purchase your home‟s eventual buyer will ever make, and trust me – they will be doing the research. The small contingent of urgent and qualified buyers who are active on today‟s market do not want to overpay for a home, and most will view your home as overpriced and not worth the hassle (or the haggle) if it is out of whack with the recent sales prices of similar homes. Similarly, appraisers will use these numbers when figuring out your home‟s value. Even if you do get an offer at a higher-than-justified price, if the buyer‟s appraiser finds that your home is overvalued compared to other nearby recent sales, it can cause major delays in your buyer‟s mortgage process – or derail it altogether. Work with your agent to find and evaluate the recent sales in the area, and to ensure that your home‟s list price makes sense vis-a-vis the comps. 2. Get inside the minds of the local home buyers. The vast majority of buyers – over 90 percent – start their house huntinhg online. And what most of them do is type in a price range, a range of bedrooms and bathrooms and a geographic area, then spend dozens of obsessive hours perusing hundreds of listings. Given the flooded market and buyers‟ busy lives, many will screen your home off their interest list in a New York minute if it seems overpriced from its online listing. If that one-inch picture and the number of beds, baths and square feet either (a) doesn‟t make it into their search results because the price is so much higher than what most local buyers want to spend on a home with those criteria, or (b) seems underwhelming, for the price, compared to the other online listings of similar homes, prospective buyers will never even make it into your home, and all your stunning staging and crave-able curb appeal will never have the opportunity to work their magic. Local agents have an inside track on what local buyers care about and what they will and will not spend. Talk to your agent about it, but don‟t forget to actually listen to and consider what your agent has to say! If you don‟t trust what an agent is telling you about where you should list your home, talk to several agents –

if the consensus is a recommended list price range lower than what you had in mind, that‟s a sign you should reconsider. Also, search for similar homes to yours on Trulia.com (Realtor.com and Zillow.com) , to see how it would stack up against similar listings online at the price range you have in mind. That‟s where local prospective buyers will see it (and screen it in or out) first.

3. Visit competing Open Houses. Buyers do not shop for homes in a vacuum. They‟re out there looking at dozens of homes – or more – to make sure they‟re (a) getting the best deal possible, and (b) not missing „the one.‟ So, while viewing a thumbnail image of your competition and seeing the list prices of other homes online is informative, it is even more useful to walk through the actual properties with which your home is competing, in living color. Before you put your home on the market, take a few hours and visit nearby Open Houses. This exercise is the most vivid way to get a reality check about what you‟re up against and what your home‟s strengths and weaknesses are compared with the other homes buyers will see, which will go a long way in getting you to the right asking price. Even if you are unpleasantly surprised at how nice the neighboring homes are at low prices, taking this information in before you list your home is much less painful than waiting months for the market to give you this education (in the form of no or uber-low offers). 4. Get an inspection – in advance. Home buyers have long used the home inspection as a negotiating tool to get the seller to come down on the sale price mid-stream. Get ahead of the game by getting your own inspection(s) – talk with your agent about which ones are appropriate – and getting the skinny on your home‟s condition before you list it. Keep in mind that you will likely need to provide any written professional inspections you obtain before listing your home to the buyer under your state‟s real estate disclosure laws. You might be able to repair some things at relatively low cost and include the recent improvements in your marketing. Alternatively, you can set and negotiate pricing based on any condition issues or needed repairs you want to pass down to the buyer. This empowers you to get to a final price that aligns with market conditions and the condition of your home without taking massive mid-escrow hits on pricing. It also empowers you to offer a discount for needed fixes up front, when the price break has the most power to help attract bargain-seeking buyers. 5. When in doubt, go low. An overpriced home, in most cases, will cause a lot more problems in your real estate journey than an underpriced one. Think about it: an overpriced home just sits on the market with little or no buyer interest until the seller cuts the price. And many interested buyers just sit, waiting for that price cut, seeing it as a cue to make an even lower offer. Now, consider the opposite end of the pricing spectrum: you start with a lower price than you want, but one that is supported by the comps in your market – or even goes a tad bit lower than recent homes have sold for. Lots of buyers are attracted to your house, in part because it looks like a great value for the price. You end up with multiple offers, which gives you the upper hand in negotiating a higher price. The moral: if you aren‟t sure about what price to place on your home, go a little bit lower than the recent comps sold for. Insiders know from experience that you‟ll sell your home faster this way – and at a better price than if you overprice it out of the gate. These steps can help you get out of your own way, get a bird‟s eye view on the market and see your home as buyers will see it. And that‟s a reality check that can make the difference between selling your home and not.

According to Colleen Hernandez, CEO of HPF – Homeownership Preservation Foundation , mortgage foreclosure scams — which seek to dupe struggling home owners with offers to save them from financial troubles — have soared nearly 60 percent this year. Furthermore, she states that scammers are increasingly using federal programs, like refinance programs such as HARP and HAMP, to try to trick home owners, reports the Homeownership Preservation Foundation (HPF), a nonprofit group that helps home owners avoid foreclosure.

“Every new government initiative spawns a slew of foreclosure avoidance scams, often from the same cast of characters doing business under various names to avoid easy detection and identification,” says Colleen.  Additionally,  “Most of these scams involve individuals supposedly offering mortgage foreclosure avoidance assistance that trained HPF counselors provide at no cost. Sadly, with most scams, no meaningful services are ever provided.”

It appears that about half of the reported scams to HPF tend to involve claims of specialized “legal services” from attorneys or individuals to help home owners avoid foreclosure.

The HPF warns that scammers also are using the HPF logo and brand to try to dupe home owners in foreclosure rescue scams.

“The only way distressed home owners can be certain they are dealing with a trained HPF counselor is by calling 888-995-HOPE,” Hernandez says.  In addition to dealing with a trained HPF counselor, it may be helpful to work with a local Realtor you know and trust when it comes to selling your home; especially if you are in a situation where you may need to have a short sale or bank foreclosure.

Source: Homeownership Preservation Foundation

This amazing estate consisting of 78.91 acres, is located within 4 miles of Lake Glenville.  Enjoy spectacular long-range mountain views all the way to Blue Ridge Parkway! This property can be used as a private estate or subdivided into several smaller estates. There are numerous almost level, easy building sites, a small creek and a beautiful pond. Call Frank at 828-342-9972 and arrange to go out and walk this beautiful property.  To see a visual tour, click HERE.

There is no better place to enjoy a game of golf than on the Highlands/Cashiers Plateau.  Golfers are drawn by the majestic beauty of our area and pleasant four-season climate; but the main attraction to mountain golf is cool breezes, lush fairways, sprawling bent grass greens, and a gently undulating terrain reminiscent of the Scottish Highlands where the game originated 200 years ago.

Take a look at the many courses available in Western North Carolina in the Highlands, Cashiers, Sapphire, Lake Toxaway, and Lake Glenville area and be sure to make plans to visit us soon!

                           Click Here to Visit our Local Golf Courses

Imagine waking up in the morning and walking out on this beautiful deck overlooking a spectacular view of the 18th hole of the beautiful Burlingame Country Club Golf Course. 

This quality crafted home is nestled in a private, wooded cul-de-sac with an extra lot.  It also offers a spectacular view of the 18^th hole of the Burlingame Golf Course with some view of the Horsepasture River. Well planned open design with 2 bedrooms and 2 baths on main floor.  Additional  2 bedrooms and one bath on second floor, with balcony sitting area that overlooks great room.

Home features include hardwood floors, lots of windows to bring in natural light, cathedral ceiling & monumental fireplace in great room.  Huge private deck overlooking golf course, with sounds from melodious splashing sounds from the Horsepasture River.

In addition to all the features and benefits of this home, you are just a short Golf Cart ride to Clubhouse, where you will enjoy fine dining, swimming pools, tennis courts, exercise room, and a well planned, activities schedule for you and/or your family.    Home Photos     Utube Visual Tour    Burlingame Country Club Info & Tour

For more information about this home and life in the Burlingame Country Club community, please contact Frank Pimental at Landmark Realty Group LLC, Email: Frank@CashiersLife.com, Phone: (828) 342-9972

Happy New Year!!

December 31: Ring in the New Year at Old Edwards Inn and Spa.  The New Years Eve Celebration kicks off at 6pm and includes $130 Gala Dinner, Live Entertainment, Champagne Toast and “12 Grapes at Midnight”. Call 828-787-2625 for more information.

December 31: The Rib Shack at Old Edwards Inn & Spa gives its own variation on a New Year’s Celebration from 9pm-2am. $20 advance tickets, $25 at the door. Call 828-787-2625.

December 31: Inn at Half Mile Farm hosts a New Year’s Party Inn Style; including 7pm Dinner and 9pm party with Champagne Toast at midnight. Call 800-946-6822

December 31: Wolfgang’s Restaurant & Wine Bistro hosts a special New Year’s Eve Dinner. Call 828-526-3807 for more information.

December 31: Ruka’s Table hosts a special New Year’s Eve Dinner. Call 828-526-3636 for more details.

December 31: On the Verandah hosts a New Year’s Bash. Dinner only 6:30pm-7:30pm. Late night seating beginning at 9pm with Dinner, Live Band and Dancing. Call 828-526-2338 for more information.

Times are tough & frustrating for REALTORS these days.  But then, there’s a closing – and a happy client…

Good morning Frank!

We have been on cloud nine all weekend since the closing on our farm!  My cousin took this picture yesterday of Don starting to prepare the property for next year’s crops.  We’re so excited!  We’ve got the barn all cleaned out and ready to start organizing.

Just wanted to tell you again how much we appreciate everything you have done to make this experience enjoyable.  You went way above and beyond the call of duty.  The closing on Friday was just super special, and we were blown away with your generosity.  Having lunch to chat about our plans for the farmhouse, picking out a sign for our farm, and the beautiful personalized calendar with our names on each month.

Thank you just doesn’t seem like enough to express how much we appreciate you!

Talk to you soon,

Belinda and Dr. Donald Carringer

Music to a my ears and just what a REALTOR needs, to stay in the game.