Real Estate
Tuesday, July 27, 2010
Jumbo Loan Rates for Vacation Homes Significantly Lower - Railey Blog
By: Mike Kennedy
July 20th, 2010
Category: Deep Creek Lake Buyer Info, Interest Rates and Loans, Obtaining a Mortgage
The overall interest rate environment for buyers looking to finance a real estate purchase in the Deep Creek Lake second home resort market continues to improve as Jumbo Loan Rates have recently decreased as well. Current Jumbo Loan rates for loans over $417,000 are now in the the 5.25%-5.375% range. These rates are the lowest we’ve experienced since 2003 and may not last long! Last year at this time Jumbo Rates were on average about 1.00%-1.50% higher. The down payment requirement for a second home loan between $417,000-$650,000 is 20%. Loan amounts between $650,000-$1,000,000 requires 25% down and any loan amount over $1,000,000 requires 35% down.
Lower Jumbo Rates can have significant benefits for a vacation home buyer. First, the monthly payment is much lower resulting in substantial savings over the life of the loan. Secondly, it also allows a buyer to have more purchasing power allowing for other alternatives that may be more desirable to them. For example, last year at this time someone borrowing $480,000 at 6.5% for a $600,000 Deep Creek Lake home would have a monthly payment around $3,034. Right now with the lower Jumbo Rates, the payment on the same loan would be approximately $2,650 a month - or a savings of about $138,240 over the life of the loan.
In addition, if the same buyer decided to purchase something a little more expensive now - they could borrow approximately $550,000 - or $70,000 more - with the same monthly payment as last year at this time. This allows a buyer to consider other options that may be more desirable to them. In this market it could mean the difference between buying a lakefront house versus another type of setting. Or it could mean the difference between purchasing a bigger house with more features regardless of the setting.
These lower rates may not last long. This is a great opportunity to save a significant amount of money or to increase your purchasing power. If you are buying or selling Deep Creek Lake real estate contact us. We can be your trusted advisor and guide you through the entire process. Visit my ’Mortgage‘ page for more information on vacation or second home loans at Deep Creek Lake.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Lake view detached condo for sale Roman Ridge at Traders Landing
This is arguably the largest unit available in the Traders Landing & Roman Ridge community. Over 3,100 square feet with large lake views, 4 master suites and lots of living area to enjoy. AND, you can walk to Traders Coffee House for coffee & breakfast in the morning
More
from the listing:
Enjoy the comfort & privacy of a single family home with this 4BR, 4+BA, detached vacation home! Let the condo assoc. do the dirty work while you RELAX in over 3100 s/f of prime living space. Wide views of the lake from every room, 4 master suites (views!), custom rec room with billiards, eat-in kitchen, expansive deck, hot tub, reading loft and more! Leased boat slips & owner financing available.
55 JEFFREY LN #2
OAKLAND, MD 21550
$439,000
GA7267793
Monday, July 26, 2010
June Existing Home Sales Drop 5.1%
By Tom Granahan
FOXBusiness
The economy got a rare dose of good news Thursday morning in the form of home sales that came in better than what economists were expecting.
The National Association of Realtors said existing home sales—completed deals on single-family, townhomes, condos and co-ops—came in at a seasonally adjusted annual rate of 5.37 million June, versus the 5.2 million that was estimated. While the latest number represents a decline of 5.1% from May, and is a three-month low, it is 9.8% higher than the year-ago level of 4.89 million sales.
“June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” said Lawrence Yun, the NAR’s chief economist, referring to the government’s homebuyer tax credit that expired at the end of April . “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
Analysts agree that a sustainable pick up in the housing market is largely dependent on the jobs market getting much healthier. Despite record-low rates on home mortgages, would-be buyers are either unable to afford a home because they can’t find work, or are reluctant to buy because of their uncertain job status.
Read the rest here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
New Home Sales Jump in June, Pace Remains Slow
Published July 26, 2010
Associated Press
WASHINGTON—Sales of new homes jumped last month, but it was the second-weakest month on record. The lackluster economy has made potential buyers skittish about shopping for homes.
New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May’s number was revised downward to a rate of 267,000, the slowest pace on records dating back to 1963. Sales for April and March were also revised downward.
The housing market had boomed earlier in the year on the strength of federal tax credits. Since they have expired, the number of people looking to buy has dropped even with the lowest mortgage rates in decades.
Despite the month’s increase, sales are still down 72 percent from their peak annual rate of 1.39 million in July 2005.
New homes sales made up about 7 percent of the housing market last year. That’s down from about 15 percent before the bust. Weak sales mean fewer jobs in the construction industry, which normally power economic recoveries.
Read the rest here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Thursday, July 22, 2010
Real Estate for Sale - 442 Deer Run - Sky Valley - GA7381957
Chalet for sale in
Sky Valley with immediate boat slips available through the HOA. This house used to be a $25k/year rental property (owners have since occupied full-time) with
Railey Mountain Lake Vacations and could be easily converted to a rental again. It has a spacious, fenced-in backyard and brick paver walkways surrounding the house. Also, walking distance to the new
Thousand Acres golf course. $439,000.
Tuesday, July 20, 2010
Building lots for sale in Mt Lake Park - C Street
C St - Mt Lake Park - GA7365848 - $18,900
I recently listed 2 building lots for sale in the town of Mountain Lake Park on C Street. Great value at $18,900 each, amongst the most competitively priced lots on the market. Both are eligible for public water & sewer.
More details here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Monday, July 19, 2010
Home buyers still calling shots on price:Trulia
By Lynn Adler
NEW YORK (Reuters) - Sellers cut prices on nearly one quarter of U.S. homes listed in June, an increase from May, showing buyers still call the shots in the U.S. housing market, real estate website Trulia.com said on Wednesday.
Sellers lowered asking prices at least once on 24 percent of homes listed as of July 1 compared with 22 percent the prior month, Trulia said in a report provided to Reuters before official release.
More job creation and employment security are needed for a sustained rebound, San Francisco-based Trulia said. Swelling inventory, under the weight of record foreclosures and typical summer selling, remains a formidable obstacle.
“We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season,” said Trulia Chief Executive Pete Flint.
Home buying demand came to a screeching halt after the April 30 deadline to sign contracts for up to $8,000 in tax credits.
Applications to purchase houses sank to 13-year lows, according to the Mortgage Bankers Association, as the spring race for tax credits stole from summer sales.
“The slow start to the summer season is creating major concern that we are heading toward a double-dip in the second half of this year” in the housing market, Flint said in a statement.
Read the rest here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Posted by
Jay on 07/19 at 09:20 AM
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Banks repossess homes at record pace: RealtyTrac
By Lynn Adler
NEW YORK Thu Jul 15, 2010 11:59am EDT
NEW YORK (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.
The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive.
Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.
Repossessions will likely top 1 million this year.
“The underlying conditions haven’t improved,” RealtyTrac senior vice president Rick Sharga said in an interview.
The housing market still grapples with “unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure,” he said.
In 2005, the last “normal” year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses.
This year more than 3 million households are likely to get at least one foreclosure filing, which includes notice of default, scheduled auction and repossession, Irvine, California-based RealtyTrac forecasts.
Read the rest here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Posted by
Jay on 07/19 at 09:20 AM
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Thursday, July 15, 2010
New listing - 3/4BR log home Mountainside - $399,900
1800 Mountainview Ct
Incredible value on a custom log home in Mountainside. Nearly 3,000 sq ft, wired ‘smart house’ w/ thermostat controls, corian countertops, hickory kitchen cabinets, wired networking in all rooms, in-wall speakers (living room), wired for surround sound (basement), whirlpool tub in master bath, 8” logs. Enjoys Mountainside community amenities of lake access, sports courts, community building.
Contact Jay Ferguson @ 301-501-0420 or for more information or to setup a private showing for this property.
Listing # GA7386737
$399,900
Subdivision: MOUNTAINSIDE
Bedroom(s): 4
Bathroom(s): 3 Full, 1 Half
Year Built: 2007
Levels: 3
Approx Finished Sq Ft: 2,880
Heating: Bottled Gas/Prop, 90% Forced Air
Cooling: Electric, Ceiling Fan(s)
Water: Well
Sewer: Sept<# of BR If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Wednesday, July 14, 2010
Lakefront Price Reduction - 914 Stockslager Rd
An incredibly well built home in a quiet setting near the Deep Creek Dam. The sellers have reduced the price to $1,149,000 (a $50k reduction) and are offering to pay buyers closing costs with a firm contract by 9-15-10. Take a look at the photo gallery here.
GA7294960 - 914 Stockslager Rd - $1,149,000 - 4BR, 3BA, built 1992, remodeled, 2,800+/- sq ft
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Friday, July 09, 2010
International Interest in U.S. Homeownership Increases - Reuters
Reuters - US Edition (NY,NY) via World Wide Web 07/07/2010
Source Website: http://www.reuters.com
International Interest in U.S. Homeownership Increases, Realtors(R) Report
Wed Jul 7, 2010 2:24pm EDT
WASHINGTON, DC, Jul 07 (MARKET WIRE)—International home buyers are increasingly attracted to property in the U.S., according to the National Association of Realtors(R)’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country. “While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors(R) have a global perspective.” The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market. Slightly more than a quarter of Realtors(R), 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of Realtors(R) worked with foreign clients. Eighteen percent of all Realtors(R) were estimated to have completed at least one sale, compared to 12 percent last year. “Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of Realtors(R) report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”
Read more here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Posted by
Jay on 07/09 at 10:38 AM
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Thursday, July 08, 2010
Cash is still king in real estate market
Cash buyers account for more than 25% of U.S. real estate deals
By Andrea V. Brambila, Thursday, July 8, 2010.
Inman News
This may be a buyer’s market, but not all buyers are on equal footing in the homebuying process. Cash is still king, and those who have it are taking full advantage of the comparatively speedy and reliable closings they offer sellers.
Cash buyers have made up at least a quarter of home purchasers since the beginning of 2010, a figure buoyed by more affordable home prices and a substantial volume of distressed properties.
According to the National Association of Realtors’ monthly Realtors Confidence Index survey, buyers paid all in cash in 15 percent of transactions in October 2008, the first month the association conducted the survey.
Fast-forward to May 2010, and an estimated 25 percent of transactions were in cash. That’s a jump from 12 percent in May 2009. From January through April, cash buyers’ share of transactions hovered at 26 or 27 percent, according to the NAR survey.
Read the rest here.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on www.DeepCreekAlive.com!
Posted by
Jay on 07/08 at 12:58 PM
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June 2010 Real Estate Market Update
June was a good month for real estate sales in Garrett County & Deep Creek Lake. The highest ever sale at Deep Creek Lake ($3.5 million) close on June 11. Railey Realty had the listing part of the transaction. I had my first million dollar sale! Surprisingly, I have come close several times but this is the first ‘official’ sale over a million (and ironically, my first transaction at Railey Realty).
There were 30 homes that sold in the month of June, which is nearly double that of May 2010.
Late spring and summer have always been among the best months of the year for real estate sales, partly because of the start of ‘vacation season’ and it’s easier to look at homes when kids are out of school, etc. Plus, you don’t have to wade through 23 feet of snow to look at houses
There were 27 sales during the same period last year, so that is a positive.
By my count, 6 of these properties sold at full price or higher.
There are 48 properties currently under contract, the exact same as last month. I look for this number to be affected by a very slow month for the local economy in June. From folks I have spoken to, rentals were down slightly and that led to lower sales for restaurants, shops and other ‘tourism dependant’ local businesses. The consensus that I have gotten from these local business owners is that the weather from January & February led to longer school years and less available vacation time. When people aren’t in town to look at houses, its also affects real estate sales.
11/12 of the 30 sales appear to me to be vacation homes, or at least in the Deep Creek Lake area. The rest seem to be primary residential homes scattered across Oakland, Granstville, Swanton and Accident.
The average list vs. ORIGINAL sales price was 88.88%, up 3.66% from last month (85.22).
The ADJUSTED list vs sale price is 93.22% - up again from last month (92.37%).
The current number of active/for sale residential listings (minus timeshares) is 774 as of today. This is up from last month (737) considerably. We are still gaining more inventory than we are selling and this will continue to drive down prices from a supply and demand standpoint. With current state of affairs, this is a number that is unlikely to come down anytime soon. That’s a 26 month supply of homes available, which is a very challenging stat to overcome.
Here are the statistical breakdowns:
Average Sale Price: $448,350 (last month) $409,316 (understand this is affected by the $3.5 million lakefront sale)
Average Days on Market: 177/241 (last month 256/267) (days on market with current broker/total days on market)
Of the $26,901,000 in total dollar volume in the month of June, Railey Realty was responsible for $16,039,900 - a whopping 60% of the Garrett County real estate market!
#1 in Garrett County & at Deep Creek Lake since 1995.
I’ll blog later about about year to date numbers - from a company standpoint, you will be impressed at the level of production we have been able to maintain even in the sketchy market conditions that exist today.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350
Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Federal Tax Report - Closing Date Extended to September 30
From NAR
Federal Tax Report
Closing Date Extended to September 30
It wasn’t pretty, and the debate went well into the evening, but on June 30 the Senate passed a stand-alone bill that extended the date for closing on a tax credit-eligible home from June 30 to September 30, 2010. The bill passed the Senate on a voice vote in a process known as “unanimous consent.” A stand-alone bill is a single issue bill that contains just one provision (and, if needed, its “pay-fors.") Stand-alone tax bills are a rarity in the Senate, but the urgency was well understood. Earlier in the week, the House had passed a stand-alone extension (HR 5623) by a vote of 409 - 5.
The White House has said that President Obama will sign the bill, although the timing for the signing is not yet known. The extension is seamless, so closings that occur between July 1 and the date the President signs the legislation will satisfy the requirements of the credit. In order to get the benefit of this closing date extension, the parties must have entered into a contract for the purchase on or before April 30, 2010.
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
Wednesday, July 07, 2010
Price Reduction on 1104 Alexander Ln - backs to Broadford Park
One of the best values in Oakland for a single family home in nearly mint condition:
Tastefully updated colonial on quiet cul-de-sac, backs to Broadford Lake park. Move-in ready! Fresh paint inside/out, re-carpeted, new kitchen in Oct 08: cherry cabinets & granite tops. Dining, family room, library, 1/2 bath & deck access on 1st floor. A tranquil 2nd floor master suite w/ 2 walk-in closets, en-suite bath & deck with views. Lower level boasts new media room! Perfect entertaining!
Now $299,000!!!
If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!
