There is a new government website with online tools that can help troubled borrowers determine whether they are eligible to participate in a loan modification or refinancing program.
The site, MakingHomeAffordable.gov, is designed to help consumers understand how the ‘Refinancing and Loan Modification Program’ works and determine who is eligible for the program. In the press release , Housing Secretary Sean Donovan said this site provides the tools for American families to quickly access the help they need.
A number of lenders, both large and small, have already agreed to work within these guidelines and actively participate in the Making Home Affordable program.
JP Morgan Chase (including current WAMU and EMC customers) has introduced several new procedures, including proactive solicitations to eligible borrowers regarding the MakingHomeAffordable program.
If you think you may qualify for some mortgage relief, go to www.MakingHomeAffordable.gov and follow the instructions to determine eligibility.
Saturday, March 21, 2009
Sunday, March 15, 2009
Home sales up!
Perhaps we’re seeing the light at the end of the tunnel (let’s hope!).
In the first two months of last year 16 homes sold on Bainbridge Island; this year we had 23 residential sales. During January and February of last year, our median price was $700k, this year the median price fell to $528k. That price drop is a bit deceiving. Included in the first two months of last year’s statistics is a sale of $6.2M, the highest price ever paid on Bainbridge Island for a residential listing. If we remove that sale from the median price, the median sale price drops to $590k for Jan/Feb of 2008…much more in line with our reality.
It is encouraging to see sales volume up. Other parts of the country are reporting increased volumes too. This is may be a sign that the market has adjusted, that banks are beginning to lend, and that buyers are seeing value in real estate. By most accounts, real estate has been much less volatile and more stable than the stock market in recent months.
Comparing the beginning of last year to the beginning of this year shows us a few more trends. The ratio of sold price to list price in 2008 (with or without the sale of $6.2M) was over 99%; this year that ratio drops to 94.05%. This seems to show that buyers are more powerful than in previous years and sellers are giving a bit during negotiations.
Just a few more numbers to chew on…
Last year’s average sale price during January and February was $752k (without the $6.2M sale); this year’s is $626k. As I mentioned, the highest priced residential sale of a listed property ever sold on Bainbridge is $6.2M and occurred in the first two months of 2008; the next most expensive property to sell during that time period last year was $1.55M. This year January and February saw a high sale price of $1.25M.
Clearly, our prices have adjusted. The good news is that buyers are coming back to the market. We are not close to the volumes seen during the ‘boom years’ but we are seeing movement…buyers taking advantage of low interest rates and lower prices.
In the first two months of last year 16 homes sold on Bainbridge Island; this year we had 23 residential sales. During January and February of last year, our median price was $700k, this year the median price fell to $528k. That price drop is a bit deceiving. Included in the first two months of last year’s statistics is a sale of $6.2M, the highest price ever paid on Bainbridge Island for a residential listing. If we remove that sale from the median price, the median sale price drops to $590k for Jan/Feb of 2008…much more in line with our reality.
It is encouraging to see sales volume up. Other parts of the country are reporting increased volumes too. This is may be a sign that the market has adjusted, that banks are beginning to lend, and that buyers are seeing value in real estate. By most accounts, real estate has been much less volatile and more stable than the stock market in recent months.
Comparing the beginning of last year to the beginning of this year shows us a few more trends. The ratio of sold price to list price in 2008 (with or without the sale of $6.2M) was over 99%; this year that ratio drops to 94.05%. This seems to show that buyers are more powerful than in previous years and sellers are giving a bit during negotiations.
Just a few more numbers to chew on…
Last year’s average sale price during January and February was $752k (without the $6.2M sale); this year’s is $626k. As I mentioned, the highest priced residential sale of a listed property ever sold on Bainbridge is $6.2M and occurred in the first two months of 2008; the next most expensive property to sell during that time period last year was $1.55M. This year January and February saw a high sale price of $1.25M.
Clearly, our prices have adjusted. The good news is that buyers are coming back to the market. We are not close to the volumes seen during the ‘boom years’ but we are seeing movement…buyers taking advantage of low interest rates and lower prices.
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