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According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, surged 23.1 percent last week from the week before. Refinance activity was up 26.4 percent and reached its highest level since August of last year. The Purchase Index also saw improvements, rising 10.3 percent from the week before. Michael Fratantoni, MBA’s vice president of research and economics, said interest rates dropped due to continued anxiety regarding the economic situation in Europe. The drop in rates led to the spike in refinance activity and brought buyers back to the market following the holiday season, according to Fratantoni. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.06 percent from 4.11 percent the week before. It was the lowest 30-year rate in the history of the survey. More here.

For the first time in nearly a year, more Americans say they expect their financial situation to improve over the next 12 months than say it’ll stay the same. Fannie Mae’s Monthly National Housing Survey shows an increasingly positive attitude toward the housing market and the broader economy among surveyed Americans. The results of the survey found a six percent jump in the number of people who say the economy is on the right track and a four percent spike in the number of participants who expect home prices to increase in the next year. Doug Duncan, vice president and chief economist at Fannie Mae, said there’s been a marked improvement in consumer sentiment regarding the direction of the economy, personal finances, and future home price expectations following the fourth-quarter pickup in the economy. On average, Americans say they expect home prices to rise by 0.8 percent in the next 12 months, up from 0.2 percent in November. Also, 71 percent of Americans say it is a good time to buy a home, which is a 3 percent increase from the month before. More here and here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was 39 percent higher in the last two weeks of 2011 than at the end of 2010. But despite the year-over-year improvement, the final two weeks of 2011 saw demand fall 3.7 percent. The Refinance Index was down 1.9 percent and the Purchase Index dropped 9.7 percent. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage activity declined even after adjusting for the typical seasonal slowdown caused by the holidays. Still, Fratantoni said refinance applications reached their highest share of total activity all year during the week ending December 30. Refinance applications accounted for 81.9 percent of total mortgage loan activity. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.07 percent, which was the lowest 30-year rate of 2011. The average 30-year rate for jumbo loans was 4.41 percent. More here.

Buying a home is now cheaper than renting in 4 out of 5 major U.S. cities. And, along with affordable home prices, low mortgage rates, and building economic confidence, the increase in rent makes market conditions ripe for prospective house hunters this spring and summer. Ken Shuman, of Trulia, said people looking to buy a house this summer should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home, much more so than in previous years. Conditions are particularly good for buyers looking to stay in their home for at least five years. Because prices are expected to appreciate slowly, industry experts say the market is best for buyers looking to plant roots or find a family home.

Chances are that your Coos Bay OR home and your retirement are closely linked to your financial future. Retirement accounts have taken a big hit through the course of the recession and many people are considering tapping into the equity of their homes. Tapping into home equity has become a less frequent option for many home owners over the past couple of years, due to both the lack of equity in homes today and tighter lending principles.

For those who need money for the funding of retirement or other issues it is safer to borrow equity in a home today than it was four years ago, in theory. Those who borrowed four years ago are more likely to be underwater today, especially when adding up a primary mortgage and a HELOC together.

Today’s home owner is most likely tapping equity at or near the bottom of the market, so if they have equity today there should be equity in the future, as home values rise again. That being said, borrowing equity is risky and should not be done without consulting an accountant or financial adviser.

Is the money that you have tied up in your home your best asset for future finances? If so, perhaps selling your Coos Bay home and buying a smaller, less expensive home would make financial sense. This would enable home ownership and free up some capital to invest at the same time. There are options for home owners facing retirement age, education being the key tool for success.

For the best information on how to use your Coos Bay home to fund your future, contact Jan Delimont, a Coos Bay Realtor with a MBA, at 541-290-1850 or by email today!

Click here to read an article from Market Watch titled “Tapping Home Equity in Retirement”.

There is much talk in the real estate world about increasing rents.  The decrease in home ownership caused by the bursting of the nation’s housing bubble, combined with an increase in renters has put a big demand on rental markets across the country.  This demand is creating a competitive market that is allowing a climate for rents to increase.

This is a prime example of how owning a Coos Bay home can be more beneficial than renting in certain markets.  Housing is more affordable than it has been in years in the majority of the United States.  Mortgage rates are low, inventories are high, and home values are still falling.  In areas where a monthly mortgage payment is the same or less than monthly rent, home ownership is a wise investment.

The National Association of Realtors has been hosting “Home Ownership Matters”, visiting cities across the nation and educating people on the values of home ownership.  A staggering statistic that they show is that the majority of home owners have a net worth of more than 30 times that of renters.

The mere fact that rents can go up as much as 10%, whereas fixed rate mortgage rates stay the same, make buying a Coos Bay home in today’s market smarter than renting, for those that can afford to buy a home.  Rent is, in essence, paying someone else’s mortgage.

Stop paying someone else’s mortage today and contact Jan Delimont, a Coos Bay Realtor, about Coos Bay real estate for sale.  Jan Delimon can be reached at 541-290-1850 or by email.

Click here to read an article from CNN Money regarding the expected increase in rent.

Kitchen Budget

It is possible to update your kitchen on a budget.  Remodeling a kitchen can turn out to be one of the most expensive projects in a home, as the price of new cabinets, new appliances, new plumbing, new counters, and installation can all add up to a hefty price tag.  However, more times than not, a kitchen is what sells a Coos Bay home, and considering the kitchen is one of the most lived in rooms in a home this makes sense.

 If you are considering selling your Coos Bay home and don’t have a lot of money to pour into it to prepare it for sale, consider some low-cost improvements that will update your kitchen without breaking the bank.

•  The kitchen sink is a great place to start.  Faucets come in a wide variety of modern forms these days.  A simple faucet replacement can make the area around your sink look new.
• Cabinet knobs and drawer pulls offer another inexpensive kitchen upgrade.  Changing the knobs and drawer pulls can give a fresh look to your cabinets.
• Examine the interior of your cabinets.  Can you replace your current shelves with glide out shelving?  Can the space inside your cabinets and cupboards be reconfigured without total replacement?
• A lot of people feel that granite is the only way to go with counter tops.  There are other options that are less expensive and equally attractive.  Consider engineered surfaces if you counters must be replaced.

 Jan Delimont, a MBA certified Coos Bay Realtor, has other ideas on how you can increase the equity of your Coos Bay home for sale without breaking the bank.  Contact Jan Delimont today at 541-290-1850 or by email to find out more about Coos Bay real estate.

 The more the bones of your kitchen remain the same the less expensive remodeling it will be.  Click here

The Coos Bay real estate recovery appears to be picking up speed.  Helping to accelerate the sales of homes is the extremely low cost involved.  While home values may still drop in many areas, it appears that volume may start accelerating.  The high number of foreclosed homes has pushed the prices of home very low in many parts of the country, helping to create extremely reasonable affordability. 

An interesting examination of real estate sales data uncovers the fact that cash buyers are representing a large percentage (roughly one third) of the nation’s home sales.  Today’s buyers market is a boon for real estate investors who are clearly seeing that the bottom is here, whether it has already hit or is close to being hit.  January showed that home prices on average were the lowest that they have been in close to a decade.

 It is possible to find both positive news and negative news when looking for news about real estate.  As with any information real estate changes from locale to locale, but on the whole the market is seeing signs of recovery.  Those who can afford to buy Coos Bay homes for cash and those who can acquire a mortgage are those who will not be looking back thinking if only I had bought then.

 If you don’t want to be one of the potential buyers that missed out on Coos Bay real estate, contact Jan Delimont, a Coos Bay Realtor, at 541-290-5771 or by email today.

 Click here to read a recent report on how real estate sales are around the nation from Realtor.org.

Selling a Coos Bay home, or trying to sell a home, while still living in it as a family is not without its challenges. One of the primary responsibilities of a home seller is to keep a home presentable, which means clean, neat and organized so that at any given minute a potential buyer can come in and view your home at its best. Talk about stress.

 Anyone with children has experienced toys taking over his home at some point. Even small babies, unable to move, somehow amass a trove of toys, books, play mats and more, quickly taking up valuable living room space. When trying to sell your Coos Bay home, dealing with these toys is of the essence.

 The best plan of attack when dealing with a family’s vast amount of “stuff” is to pack away unneeded items. These items can be stored and appreciated that much more when unpacked in a new home. While this is clearly a much easier task for adults, its is a great way for the entire family to be involved.

 As for toys that cannot be abandoned for any length of time, storage baskets could turn out to be a home seller’s best friend. If a showing has just been announced simply throw all toys in baskets which can be neatly parked along a bedroom wall, in a closet, or in the garage. An easy alternative is the best way to avoid stress when showing your home.

 For other Coos Bay home for sale tips, contact Jan Delimont, a Coos Bay Realtor with a MBA, about how to get the most out of your property investment.  Jan Delimont can be reached at 541-290-1850 or by email.

 Click here to learn more about how clean homes show better.