No prepayment penalty here!
In my closing today with an interest only mortgage, there was no pre-payment penalty. One instance does not a trend make.
Spec homes –
Interesting NYTimes article that may point to the future of our market?In addition to experienced developers, investors with extra cash who want to dabble in the real estate market are attracted to spec building.particularly because of this - Steven Crandall is developing homes with views in Wintergreen, Va., a resort area in the Blue Ridge mountains.
Another sign of bubbles?
Where will the markets go when the cheap and easy money dries up? With all this talk about bubbles, might this become a self-fulfilling prophesy? In our market, I do not foresee a "bursting of the bubble," but perhaps a moderate leveling-off of prices. The times when homeowners clear $80k in two years cannot continue forever! From the Washington Post - Anecdotal evidence has mounted...
Blogging between appointments!
Busy today ... just signed two listings this morning in Crozet, had lunch with my daughter at school, then took pictures of another property we are going to be listing in Crozet and off to a Closing. Having hotspots all over town makes my life so much easier and more efficient!
Bubble or not?
The articles abound on a daily basis - are we in a real estate bubble? Investors have been turning from the stock market to housing for years. First-time homebuyers have been squeezed up and out of the market. Dilapidated houses are selling for extraordinary amounts of money. Hmmm ... On WINA Wednesday morning, there was a discussion about the lack of affordable housing. One gentleman...
Pay attention to your loan documents!
Prepayment penalties — requiring borrowers who close out a loan in the first few years to fork over some extra cash — have long been common on the so-called subprime mortgages issued to borrowers with blemished credit records…. Most of my buyers are choosing to use ARMS rather than fixed rate mortgages. …But prepayment penalties can sting, particularly when mortgage rates are moving up or…
Staging homes
I just listened to an interview with Barb Schwarz, a staging expert. Call me a real estate geek, but it was fascinating. The gist is that staging homes adds value - it is that simple. By presenting a home in its best light, Sellers can realize literally thousands of dollars; this is why I do this (where applicable and the Sellers are amenable to this)...