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The Deal of the Century??

by Freddie Mac

The Deal of the Century??

Recently, Freddie Mac published a blog post titled Mortgage Rates: Still the Deal of the Century. They explained that, if you are planning to purchase a home, now may be the time:

“If you are in the market to buy a home, today's average mortgage rates are something to celebrate compared to almost any year since 1971.”

And they let their readers know that there is no guarantee that rates will remain this low:

“Over the past few years, we've enjoyed a long run of historically low mortgage rates. While no one expects them to change dramatically overnight, they are expected to head up. Most experts agree that mortgage rates will drift up in the coming months to end the year approaching 4.50%... Buying a home is a big investment – perhaps the biggest one you'll make in your life. So, it's important to be sure you are ready to make that purchase. If you are ready, today's rates are not to be missed.”

The article went on to calculate what the principal and interest payment would be based on a $200,000 fully amortizing mortgage at different times in history. Mortgage Payments | Keeping Current Matters

Here is a look at rates over the decades:

Historic Mortgage Rates by Decade | Keeping Current Matters

Here is a look at rates over the last four years and what Freddie Mac projects for next year:

30 Year Fixed Rate Mortgage Rates | Keeping Current Matters

Bottom Line

If you are thinking of buying your first home or looking to move up to your dream home, now may be the time to do it.


   

Second Home Owner Stats

by Allison Simson

Happy Tuesday Morning to YOU!

Check out this information just in from the National Association of Realtors Annual Second home and investment property report:

Vacation Home Sales Soar to Record High in 2014, Investment Purchases Fall

WASHINGTON (April, 2015) – Vacation home sales boomed in 2014 to above their most recent peak level in 2006, while investment purchases fell for the fourth straight year, according to an annual survey of residential homebuyers released today by the National Association of Realtors®.

NAR’s 2015 Investment and Vacation Home Buyers Survey,* covering existing- and new-home transactions in 2014, shows vacation-home sales catapulted to an estimated 1.13 million last year, the highest amount since NAR began the survey in 2003. Vacation sales were up 57.4 percent from 717,000 in 2013.

Lawrence Yun, NAR chief economist, says vacation sales in 2014 showed astonishing growth, nearly doubling the combined total of the previous two years. “Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment,” he said. “Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.”  

Here's a quick look at the details:

 

 

 

 

       

* If you are interested in seeing the full report, please reply to this email and I'll send it to you directly!

Good news for Summit County second home buyers and sellers!

Maybe this spot in Breckenridge would work for you:

 

Image Unavailable

110 Sawmill RD

Price: $175,000

Beds: 1

Baths: 1

Sq Ft: 296

This incredible location sits streamside in one of Breck's original historic ski lodges, and can be your very own ski-in powder paradise & summer getaway! Just 3 blocks from Main St you'll find everything you would expect from one of N. America's pr...

View this property >>

Desire to Own a Vacation Home Growing

by Allison Simson

Desire to Own a Vacation Home Growing

Posted: 14 Apr 2015 04:00 AM PDT

Desire to Own a Vacation Home Growing | Keeping Current Matters

The National Association of Realtors just released their 2015 Investment and Vacation Home Buyers Survey which revealed that vacation home sales boomed in 2014 to above their most recent peak level in 2006. NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:

“Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment. Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.”

The report shows:

  • Vacation-home sales catapulted to an estimated 1.13 million last year
  • This was the highest amount since NAR began the survey in 2003
  • Vacation sales were up 57.4% from 717,000 in 2013
  • Vacation-home sales accounted for 21 percent of all transactions in 2014, their highest market share since the survey was first conducted

Bottom Line

If you have been considering that waterfront condo in Florida, that ranch in Wyoming or that special getaway you someday will retire to, maybe now is the time to act. Prices are good and mortgage rates are at historic lows. Contact a local real estate professional to help you put your dreams to a plan.

Displaying blog entries 1-3 of 3

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Photo of Summit Real Estate Real Estate
Summit Real Estate
The Bright Choice
330 Dillon Ridge Way, Suite 10
Dillon CO 80435
970-468-6800
800-262-8442
Fax: 970-468-2195

Allison Simson, Owner/Broker, is a licensed Colorado Real Estate Broker