Why Right Now is a Great Time to Shop for Brunswick County Real Estate

This is the most beautiful time of year to be looking at our large number of Brunswick County homes for sale. Many of these homes are decorated for the holidays and it adds to the appeal when buyers tour the property. It’s easier to picture your own holidays spent living there when you experience the holidays there first hand.

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There is a beautiful assortment of holiday themes in the homes we’ve seen and if you have a home on the market we suggest you may want to have it professionally decorated for the holidays. It could very well be the difference in whether your property sells at this time of year or not.

If you’re in the market for a new home and would like to tour some properties, give us a call at 910-579-1808 and we’ll make arrangements to get together to look at some homes.

During this time of year the spirit of Christmas surrounds us all. Be sure to go out and take part in as many local events taking place over the holidays as you can.

From all of us at Sloane Realty, we wish you and your family a very Merry Christmas!

Mortgage Rates Continue To Fall

HomeforSaleJust what is it going to take to initiate home sales and refinancing of Brunswick County homes for sale if the latest low interest rates aren’t going to do it? The average rate on the 30-year fixed mortgage fell to 3.87 percent this week. Weeks ago, it dropped to a record low of 3.98 percent according to the National Bureau of Economic Research. Even the average rate on a 15-year fixed mortgage increased a bit to 3.16 percent from 3.14 percent.

Low mortgage rates haven’t translated into higher home sales of Brunswick County homes for sale or anywhere else for that matter. Across the country mortgage applications dropped 1.2 percent yet again, as reported by the Mortgage Bankers Association. The low rates have caused a modest boom in refinancing, but that benefit will soon be wearing off. Most people who can qualify to refinance have already locked in rates below 5 percent.

High unemployment, businesses failing and low wage increases have made it more difficult for many people to qualify for loans but many people who could, simply aren’t even applying. Some of these people wrongly think lending institutions aren’t accepting loans at this time and that isn’t the case. Plenty of homeowners who could afford to refinance already have. Brunswick County homes for sale and elsewhere remain available, offering buyers sweet prices on primary homes or vacation investment properties. You can get the best deal of your life by purchasing now.

Finding a Way to Make That Purchase

interest-rateFixed mortgage interest rates for Ocean Isle NC real estate continue to hover at record lows. Interest rates had fallen further when the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.

Interest rates on a 30-year, fixed-rate mortgage hovered near 4 percent for the third consecutive week, remaining at 60-year lows, according to Freddie Mac. An average 15-year fixed-rate mortgage also slightly increased to 3.31 percent last week, down from the prior week’s 3.3 percent.

A drop in mortgage rates could provide some help to the economy but only if more people would refinance. The thinking is that when people refinance at lower rates, they pay less interest on their loans and so they have more money to spend in general, thus boosting the economy overall. But many people aren’t spending that money – choosing to hold onto it instead, mostly out of fear of what the future will bring. Many people reluctant to refinance just aren’t aware that 100% of their refinancing (closing) costs can be wrapped back into the new loan amount resulting in zero out of pocket expense to refinance.

Plenty of homeowners have already refinanced in the past year. Last year at this time, the 30-year, fixed-rate averaged at 4.39 percent. Freddie Mac spokesman Chad Wandler said the recent interest rates haven’t been so low for at least 60 years since long-term rates began being recorded.

There’s no reason not to purchase Ocean Isle NC real estate available at this time. With low prices and record low interest rates, this is the time of a lifetime. If you can find a way – do it. Ocean Isle NC real estate is surrounded by an abundance of amazing natural beauty, with championship golf courses near, and the vast Atlantic Ocean just steps away. It’s a wonderful place to visit and an even better place to live.

Time to Buy?

Okay, by now there is no way that you haven’t heard!  The real estate market is down!  Were you expecting that one?

What this means to you?

As the market is down and credit for aspiring homeowners is falling there are fewer and fewer ‘qualified’ buyers.  The difference is, the market may seem like it is picking up some, but don’t be fooled.  Many of these new home prospects are going to be unable to finance homes in the area.

This means that it is the right time to purchase a new home.

As the home supply remains high and there are fewer and fewer home buyers in the market the prices of homes is extremely low.  If you’re looking for a bargain – here it is.  Some homes that were several hundred thousand dollars are having their price tags slashed in an effort to sell the home more quickly.

How to take advantage of the current market in Ocean Isle and Holden Beach?

Contact someone from Sloane Realty and inquire about new communities in Ocean Isle and Holden Beach.  Tell them that you read about some of the great deals and special on their blog.

Why now is the time to buy

In any economic market the ‘market’ is always uncertian.  The only things that can give clear indication of when it’s time to buy and time to sell are key economic indicators.  Just today, Yahoo! Finance reported jobless claims increased and labor costs decreased.

What does this mean?  

The labor costs decreasing and productivity increasing indicates inflation will remain in check for now.  This is indicative that the Federal Reserve’s credit policy will have some breathing room.  Jobless claims increasing means there are less buyers in the market.  Referring back to Supply & Demand 101, the prices of homes will fall.

How does this affect me?

If you’re looking at buying a home then let’s look at these two market conditions:

  • Prices of homes has decreased again.
  • Good to Average credit scores should have an opportunity to find excellent financing.

Contact a Sloane Realty representative and let us help you find the Ocean Isle Beach real estate you’re looking for.

Quick Lesson in Ratios for Home Buyers

These are the ratios that banks and mortgage lenders are concerned with when lending the money to sell a home.  When you’re looking for Ocean Isle Beach Real Estate be sure to do your home work.  Sloane Realty is here to assist you in your endeavor to purchase Ocean Isle Beach Real Estate.

(article excerpt http://www.bankrate.com/clv/green/mtg/basics1-2a.asp?caret=3)

Front-end Ratio
The housing expense, or front-end ratio, shows how much of your gross (pretax) monthly income would go toward the mortgage payment. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. To calculate your housing expense, multiply your annual salary by 0.28, then divide by 12 (months). The answer is your maximum housing expense.

Maximum housing expense = annual salary x 0.28 / 12 (months)

Back-end Ratio
The total debt-to-income, or back-end ratio, shows how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees. In general, your total monthly debt obligation should not exceed 36 percent of your gross income. To calculate your debt-to-income ratio, multiply your annual salary by 0.36, then divide by 12 (months). The answer is your maximum allowable debt-to-income ratio.

Maximum allowable debt-to-income ratio = annual salary x 0.36 / 12 (months)

Take Advantage of Current Market Conditions

It is nothing new to anyone that the national real estate market is incredibly slow these days. Home owners that are trying to sell their property are having a difficult time getting their asking price and many of them have resorted to slashing the home’s price, losing much of their potential profit just to get the home off their hands.

Home buyers need to take advantage of this trend so they can receive amazing deals on a home.
Find a dream vacation home in Ocean Isle Beach, North Carolina. Many homes are for sale in the market and are extremely affordable. Ocean Isle Beach is a beautiful beach town located in the southern tip of North Carolina’s beautiful coast. Let Sloane Realty be your first choice when deciding on Ocean Isle Beach real estate.