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Northern Neck Fishing – NOT

Sunday, January 22, 2012

It isn’t often I leave the Northern Neck but this year Renee and I decided to spend a few winter months in Florida. I’ve needed a break for some time.
At first when we got down here I was wide open just like at home. I couldn’t wait to surf fish. I think I enjoy that more than any other type of fishing probably because I enjoy the beach but I have never been the type that could just sit.
I bought my long surf rods with me. 3 15 footers and one 13. I would take them all on the beach and fish all 4 at the same time.
Since we’ve been here though I’ve changed and much to Renee’s pleasure I’ve stopped carry the cell phone around, stopped emailing and texting, and I’ve slowed down on the surf fishing. Not that I don’t go most days but I only take 2 poles. I now carry a chair and my IPad but instead of using the IPad for work I’ve been using the IBooks.
I still catch more fish than we could ever eat but for the first time in my life I think I have learned to relax. I kind of enjoy it.
I know spring is coming and I’ll have to jump back in there and started selling more Northern Neck Real Estate, I might have to even work harder so I can afford to do this again.

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Mortgage Rates Sink Lower With Unsteady Markets

Wednesday, August 17, 2011

Northern Neck Real Estate – Will lower rates sell more homes? It is buyer’s market here in the Northern Neck!

Another active week occurred with mortgage rates sinking lower as uneasiness continues to create unsteady markets. Concerns over economic stress around the globe has markets reacting unpredictably each day of the week and have resulted in sliding mortgage rates.

Freerateupdate.com’s daily survey of wholesale and direct lenders show that by the end of the week, all mortgage rates dropped below 4%, except jumbo mortgage rates. Current 30 year fixed mortgage rates are at 3.875% and 15 year fixed mortgage rates are at 3.250%, both down .250%. 5/1 adjustable mortgage rates dropped .125% and are at 2.625%. With the necessary documentation ready for submission and good credit, borrowers can obtain these low mortgage rates with 0.7 to 1% origination point. As mortgage rates have been falling, the Mortgage Banker’s Association has reported that applications have been increasing especially for refinances.

FHA mortgage rates saw the same plunge below 4%. Current FHA 30 year fixed mortgage rates are at 3.750%, a decrease of .250% from the previous week. FHA 15 year fixed mortgage rates remained the same and are at 3.500%. FHA 5/1 adjustable mortgage rates dropped .500% and are at 2.750%. Borrowers will find that there is quite a bit of money to be saved with these low FHA mortgage rates which are not credit score driven. FHA also accepts a down payment as low as 3.5% with a minimum credit score of 580. This can be combined with approved gifts and other housing grants which makes the total transaction even more affordable. Closing costs (APR) for FHA mortgage loans do tend to be higher due to various FHA fees and the upfront mortgage insurance premium. Regardless, right now, opportunity is banging at the door of borrowers who are either purchasing a home or refinancing.

Jumbo mortgage rates have been somewhat steady, but are still at the best pricing for this year. Current jumbo 30 year fixed mortgage rates are at 4.625%, jumbo 15 year fixed mortgage rates are at 4.375% and jumbo 5/1 adjustable mortgage rates are at 3.250%. Because jumbo mortgage loans are not government insured, they are considered to be risky. Therefore, borrowers should have excellent credit to obtain these low jumbo mortgage rates with 0.7 to 1% origination fee. Jumbo mortgage loans are still necessary for higher priced properties above the conforming loan limit, which is $417,000 to $729,750 depending on location.

Markets have been volatile as investors have been sensitive to what is happening here in the U.S. and also around the world. MBS prices, swinging up and down this week, eventually drove mortgage rates down. Mortgage rates move in the opposite direction of MBS prices. The European debt crisis continues to sway investing decisions, as well as, the weak economic conditions of the U.S. Jobless claims decreased and retail sales increased for the month of July, but the Trade Deficit for June was larger than expected. In the wake of plunging mortgage rates, refinancing applications have increased as borrowers are seeking to save some serious money or time on their mortgages.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.

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Low Interest Rates – Buy Northern Neck Real Estate

Wednesday, July 27, 2011

MCLEAN, Va., — Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates changing little over the previous week following mixed economic and housing data. The 30-year fixed average 4.52 percent and the 15-year fixed averaged 3.66 percent.

30-year fixed-rate mortgage (FRM) averaged 4.52 percent with an average 0.7 point for the week ending July 21, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.56 percent.

15-year FRM this week averaged 3.66 percent with an average 0.7 point, up from last week when it averaged 3.65 percent. A year ago at this time, the 15-year FRM averaged 4.03 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago, the 5-year ARM averaged 3.79 percent.

1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.70 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Mortgage rates were virtually unchanged this week amid mixed economic data reports. Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.”

“The recent housing data also varied. For example, single-family housing starts jumped 9.4 percent in June to the strongest pace since November 2010 and homebuilder confidence rebounded in July. Yet, existing home sales fell 0.8 percent in June and represented the fewest since November 2010.”

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Real Estate Outlook: Housing Market Struggles and it is a Buyer’s Market in the Northern Neck

Monday, July 25, 2011

While it might not be at the pace that economists would like, the economy is recovering. Federal Reserve Chairman, Ben Bernanke, reported last week to the Committee on Financial Services, that “the pace of the expansion so far this year has been modest.”

The housing market, however, continues to struggle. Concerns over potential policy changes, namely a required 20 percent down payment, has sidelined potential buyers.

According to the National Association of Realtors’ ninth housing pulse survey, 71 percent of Americans says this requirement would have a negative impact on the housing market. And 82 percent of Americans say having the money for closing costs and down payments is the largest obstacle to buying a home, making this purchase too expensive.

This is troubling news, considering housing is at a more affordable rate now than it has been in decades.

Federal Reserve Chairman, Ben Bernanke, reported to Congress’ Committee on Financial Services, that residential construction activity is low. “The demand for homes has been depressed by many of the same factors that have held down consumer spending more generally, including the slowness of the recovery in jobs and income as well as poor consumer sentiment,” he says.

“Mortgage interest rates are near record lows, but access to mortgage credit continues to be constrained. Also, many potential homebuyers remain concerned about buying into a falling market, as weak demand for homes, the substantial backlog of vacant properties for sale, and the high proportion of distressed sales are keeping downward pressure on house prices.”

The NAR survey has found that unemployment is at the forefront of people’s minds. Sixty-one percent of Americans have job security concerns, saying layoffs and unemployment “are a big problem in their area.”

Another paramount concern is the abolition of the mortgage interest deduction. While eliminating this tax relief would benefit the country’s overall budget, fifty-one percent of Americans oppose it and fear it would carry negative consequences for the housing market.

According to NAR, “The stalled economy continues to adversely affect the housing market. Confidence in job security is a top obstacle (80 percent say “huge” or “medium-size”) to home ownership, while job layoffs and unemployment are ranked as the top problem facing Americans.”

Bernanke says, “In part, the recent weaker-than-expected economic performance appears to have been the result of several factors that are likely to be temporary. Notably, the run-up in prices of energy, especially gasoline, and food has reduced consumer purchasing power.”

Despite this fact, 72 percent of those surveyed by the NAR still say buying a home is a good financial decision. And the majority of respondents think now is a good time to buy. Besides the long list of social benefits, such as stabilty, safety and long-term economic gains, interest rates are at historic lows and prices are at incredible rates of affordability in every region. Now is a great time to buy.

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Northern Neck Homebuyers Make Lifestyle Options Priority

Saturday, July 23, 2011

The adage when it comes to real estate has been “location, location, location.” A recent survey, though, shows that lifestyle options are a priority. These include health and safety, access to cultural activities, and family-friendly neighborhoods.

Of course, location is still important, but today’s buyers are looking for a sense of belonging in a community as well as creating a desirable lifestyle with the home they buy.

More than 1,000 homeowners and future home buyers were surveyed for the Better Homes and Gardens Real Estate LLC and the Meredith Corp report. The respondents indicated that how satisfied they’ll be with the purchase of a new home may depend significantly on the home’s surrounding community. About 84 percent of those surveyed were homeowners and an additional 10 percent had plans to buy within three years.

Here are some of the results. The survey found the following lifestyle options are top priorities for buyers.

  • Ease of commuting by car: 38%
  • Access to health and safety services: 34%
  • Family-friendly neighborhood: 33%
  • Availability of retail stores: 32%
  • Access to cultural activities: 21%
  • Public transportation access: 19%
  • Nightlife and restaurant access: 18%
  • Golf-friendly area–access to golf courses: 6%

These are not necessary the top priorities of Northern Neck Real Estate buyers as most of my clients are looking for a more relaxed atmosphere and a lower tax base. We may not a lot of public transportation but we do have golf and boating.If you’re a seller what should all this mean to you? It’s an opportunity to target buyers based on their interest. Just like businesses need to know who their target market is so that they can build a brand and solicit to those consumers, so too, for sellers.

If you’re selling your home and you know that the above priorities can influence buyers, it only makes sense to play up the lifestyle options that apply to your home.

Often sellers focus predominantly on their home and the upgrades and amenities. While those features are very important, remember that practically any home can be remodeled. If you’re in an excellent location with easy freeway access, on a low traffic street in a friendly neighborhood, surrounded by retail stores and hot dining spots, it’s time to play it up. Those features aren’t always easy to find.

Promote your lifestyle features with not only creative writing in the Multiple Listing Service detailed section, but also in ads with photos. You should also try using video of your home and the surrounding area. These days marketing goes beyond the MLS and glossy flyers. An archived video on the Internet doesn’t get tossed in the trash like a piece of paper often does.

Showcasing your home on social media sites and giving a taste of the neighborhood in a well-produced video can be a fantastic marketing tool. However, don’t use a poorly shot video; that may hurt you more than help you. Hiring a videographer or even a video journalist to tell a story about the area is well worth the money you’ll spend. This style of storytelling can greatly increase interest in your home and, ultimately, the sales price.

Another option is to use footage (link or embed the video) from local retail outlets and post it on your social sites so that you can showcase some of the fun, nearby entertainment establishments. Create an album on your social sites so that all these photos, videos, links to articles are housed in it and then share it with friends. Don’t make this album about you and your family in the home. Instead, make it like a review of the area. You are showcasing, through pictures, videos and words, the great places that you enjoyed while living in your home. Putting all these items online gives you greater exposure as people forward them to others.

Reality TV is popular for a reason; it takes people along for the journey, exposing life as it really is. Showcasing your home, neighborhood, and nearby restaurants allows potential buyers an opportunity to imagine the things that they would do if they lived in your home. We are becoming a very visual society and because so many properties are viewed first, and sometimes only, via the Internet, it’s worth making what buyers see online valuable and persuasive. Seeing all that your home and its surrounding area has to offer in a video is as close as they get to actually experiencing it. The next step is literally stepping into your home for a closer look.

A little extra effort and promotion to highlight what’s important to buyers may get you the sale faster and the price you’re hoping for.

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Shopping Northern Neck Real Estate – What is Appraised Value?

Sunday, July 17, 2011


Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.

For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

It also doesn’t take into account special considerations, like the need to sell rapidly.

Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

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June Round Up: Northern Neck Real Estate Rates Hold Steady

Sunday, July 17, 2011


In Freddie Mac’s results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.51 percent with an average 0.7 point for the week ending June 30, 2011, up from last week when it averaged 4.50 percent. Last year at this time, the 30-year FRM averaged 4.58 percent.

15-year FRM this week averaged 3.69 percent with an average 0.7 point, the same from last week when it averaged 3.69 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.5 point, down from the previous week when it averaged 3.48 percent. A year ago, the 5-year ARM averaged 3.97 percent.

1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.6 point, down from last week when it averaged 2.99 percent. At this time last year, the 1-year ARM averaged 3.80 percent.

Quotes attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April’s figure was revised downward; consumer expenditures account for roughly two-thirds of the nation’s gross domestic product.”

“Meanwhile, there were some signs of improvement in the housing market. In April, the S&P/Case-Shiller® 20-city composite home price index rose 0.7 percent, representing the first monthly increase since July 2010. However, much of the improvement reflected the seasonal increase in homebuying over the spring-summer period.  Pending existing home sales rebounded in May, exhibiting the largest monthly increase since November 2010.”

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Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent

Friday, June 17, 2011

Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed mortgages rates changing little despite recent inflation reports. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50 percent, while the 15-year inched down again to 3.67 percent.

30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.

15-year FRM this week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent.

1-year Treasury-indexed ARM averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The core producer price index rose just 0.2 percent in May while the core consumer price index increased 0.3 percent, both near the market consensus forecast.”

“Much of the run down in home mortgage debt so far has been through second mortgages, according to the Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline.”

Even though rates are up it is still a good time to buy Northern Neck Real Estate.

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Fixed-Rate Mortgages Hit a New Year-To-Date Low

Sunday, May 22, 2011

MCLEAN, Va., — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed-rate mortgages declining for the fifth consecutive week amid mixed economic and housing data. The 30-year fixed averaged 4.61 percent and the 15-year, 3.80 percent.

30-year fixed-rate mortgage (FRM) averaged 4.61 percent with an average 0.7 point for the week ending May 19, 2011, down from last week when it averaged 4.63 percent. Last year at this time, the 30-year FRM averaged 4.84 percent.

15-year FRM this week averaged 3.80 percent with an average 0.7 point, down from last week when it averaged 3.82 percent. A year ago at this time, the 15-year FRM averaged 4.24 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.48 percent this week, with an average 0.6 point, up from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.91 percent.

1-year Treasury-indexed ARM averaged 3.15 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 4.00 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, “Fixed mortgage rates inched down for the fifth consecutive week as financial markets try to ascertain the current strength of the economy. Industrial production was unchanged in April owing to disruptions in automobile parts supplies due to the earthquake and tsunami in Japan. Netting out automobiles and gasoline, retail sales rose 0.2 percent in April, which was less than a third of the increase in March and the weakest growth since December 2010. However, consumer confidence, as measured by the University of Michigan, rose above the market consensus in May to the highest reading since February.”

“Data on the housing market was also mixed. New construction on single-family homes fell 5.1 percent in April, with the largest declines occurring in the Midwest and South regions where tornados hit the hardest. Homebuilder confidence remained unchanged in May and near its January 2009 historical low, according to the NAHB/Wells Fargo Housing Market Index. However, conventional mortgages applications  rose for the past five straight weeks ending May 13th, buoyed by lower mortgage rates and stronger refinancing activity.”

Now is the time to find Northern Neck Real Estate

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30-year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent

Sunday, May 8, 2011

This is some great news for all real estate buyers looking for cheap money. I hope it helps the Northern Neck real estate market.

McLean, Va., — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates drifting lower with the 30-year fixed-rate mortgage matching the yearly low of 4.71 percent, and the 15-year fixed hitting a new yearly low of 3.89 percent.

30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending May 5, 2011, down from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.

15-year FRM this week averaged 3.89 percent with an average 0.7 point, down from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47 percent this week, with an average 0.6 point, down from last week when it averaged 3.51 percent. A year ago, the 5-year ARM averaged 3.97 percent.

1-year Treasury-indexed ARM averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. At this time last year, the 1-year ARM averaged 4.07 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, reports, “Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.”

“Data reports on the housing market, on the other hand, were a little more uplifting. The National Association of Realtors® reported pending home sales rose in March for the second month in a row to the highest index reading since November 2010. Also, the Federal Reserve reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening.”

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