at the end of the newsletter.
+++++++++++ November 1, 2011 +++++++++++++++++++
CONTENTS:
Introduction: New and Existing Home Sales Figures Swap Places
Mortgage Rate Update: Rates Trend Upward in October
This Month's Tip: Moving Preparations
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Introduction: New and Existing Home Sales Figures Swap Places
Welcome to the November edition of the Home Buyer's Newsletter.
Existing home sales were down in September from August's performance
but up from levels of one year ago while new home sales were up in
September but down from figures from a year ago. The see-saw results
of much of 2011 continued in September.
Existing-home sales were down in September on the heels of a strong gain
in August, but remain well above a year ago, according to the National
Association of Realtors®.
Total existing-home sales, which are completed transactions that include
single-family, townhomes, condominiums and co-ops, declined 3.0 percent to
a seasonally adjusted annual rate of 4.91 million in September from an
upwardly revised 5.06 million in August, but are 11.3 percent above the
4.41 million unit pace in September 2010.
Lawrence Yun, NAR chief economist, said the market has been stable although
at low levels, and there is plenty of room for improvement. "Existing-home
sales have bounced around this year, staying relatively close to the current
level in most months," he said. "The irony is affordability conditions have
improved to historic highs and more creditworthy borrowers are trying to
purchase homes, but the share of contract failures is double the level of
September 2010. Even so, the volume of successful buyers is higher than a
year ago and is remaining fairly stable – this speaks to an unfulfilled demand."
On the new home side, sales of new single-family houses in September 2011 were
at a seasonally adjusted annual rate of 313,000, according toestimates released
jointly today by the U.S. Census Bureau and the Department of Housing and Urban
Development.This is 5.7 percent (±18.4%) above the revised August rate of 296,000,
but is 0.9 percent (±16.3%) below the September 2010 estimate of 316,000.
The median sales price of new houses sold in September 2011 was $204,400; the
average sales price was $243,900. The seasonally adjusted estimate of new houses
for sale at the end of September was 163,000. This represents a supply of 6.2 months
at the current sales rate.
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Mortgage Rate Update: Rates Trend Upward in October
Mortgage rates trended upward in the second half of October after falling to a new
historic low early in the month. According to mortgage company Freddie Mac, 30-year
fixed rate mortgages averaged 4.10% in the final reporting period of October after
beginning the month at an average of 4.01% (and falling to an average of 3.94% in
the period that ended October 6th. 15-year fixed-rate mortgages followed the same
trend, rising to an average of 3.38% after beginning the month at an average of 3.28%.
Does this mean that rates are beginning to make a turnaround and will be rising from
this point on? It will take more than 3 weeks of reporting to determine whether or
not a new trend is being established. Throughout 2011 we have seen instances where
it did look as though rates were headed upward, only to have economic news (and the
bond market) determine otherwise and have rates head downward. Probably as good a
time as ever in recent history to have your finger firmly on the pulse of the mortgage
market. Getting your finances in order and beginning the pre-approval process could
be a big money saver going forward.
For current average mortgage rates, see:
<A HREF="http://www.ourfamilyplace.com/homebuyer/rates.html">Mortgage Rates</A>
For an extensive discussion of all aspects of mortgages, see the section on the
site devoted to this subject. <A HREF="http://www.ourfamilyplace.com/homebuyer/mortgage.html">Mortgages</A>
++++++++++++++++++++++++++++++++++++++++++++++
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++++++++++++++++++++++++++++++++++++++++++++++
This Month's Tip: Moving Preparations
Even before you have finalized a contract to purchase a home, it is a wise plan
to make plans for moving. You can't commit an exact date yet, of course,
but you can begin to lay the groundwork for your upcoming move, saving some
aggravation later.
Unclutter!
If you are selling a home and also buying one, you should have taken a big
step toward moving when you uncluttered your present home in preparation
for putting it on the market. If you are not selling a home, you can still begin
by uncluttering your present residence now rather than waiting until moving
day is approaching. Depending on your personality (whether or not you are
a pack-rat!) this activity can either be relatively simple or a potential nightmare.
They key to the exercise is to remember "it makes no sense to move junk that
we don't really want or need!" Getting rid of items not needed is pretty easy:
have a yard or garage sale, give items to charity or, as a final option, junk
undesirable items.
Organize
The time to get organized is early on in the process. After you have an
estimate of your moving date, make a calendar just for moving preparation
and "to-dos." Start by separating those items that you will not be using
unitl after you move from those that you will be using right up until the
moving day. Examples of this may be winter clothing in the summer or
yard maintenance items in the winter. It is easier if you accomplish this
room-by-room so that when you arrive at the new home you can transfer
those items to their new location.
Notify
As soon as you have confirmed your new address and moving date, file a
change of address from with the United States Postal Service in the U.S.
https://moversguide.usps.com/ or in Canada at
https://ssl.postescanada-canadapost.ca/smartmoves/default-e.aspx.
All utilities will need to beformed as to the start service date at the new
home and the end service date at the old one. These include: power,
phone, cable, gas, water and sewer. Don't forget newspaper delivery
if you receive it.
Pack
Do a little bit at a time--don't save everything for the last week or so
or you will likely be overwhelmed. Pack as you have organized--room
by room. This will make unpacking much easier at the other end of
your move. Keep boxes that you have packed at 50 pounds or less
for ease of moving. Use sheets and towels as packing materials--
they have to be moved anyway and are great at protecting more
fragile items. Clearly mark all boxes, top and sides, for easy
identification. Boxes containing fragile items should be marked as
such since the movers will not know this automatically.
Additional Hints if Moving Out of Town
If you are moving to a new town, your preparation will need to be a
bit more involved. Not only will you be responsible for all of the
tasks mentioned above, you will need to make arrangements with
additional services such as banking, child care, auto registrations
and licenses as some examples. Again, make lists to keep track
of what needs to be done--and when--and mark items as completed.
The Internet can be a big help here, since you will probably be able
to do much of the groundwork without ever leaving your current
home.
You can find additional resources on the Home Buyer's Information
Center site on this subject:
<A HREF="http://www.ourfamilyplace.com/homebuyer/moving.html">Moving</A>
<A HREF="http://ourfamilyplace.com/homebuyer/movecheck.html">Moving Contact Checklist</A>
Next Month's Tip: Compare First, Then Commit
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The Home Buying Checklist
Many of our visitors have said that one of the most valuable
aspects of the Home Buyer's Information Center is the
Buying Checklist, where they can make sure that all
the bases have been touched. You can find the checklist
here: <A HREF="http://www.ourfamilyplace.com/homebuyer/checklist.html">Home Buyer's Checklist</A>
A special thanks to all those who have written to let us know
that they have found the Home Buyer's Information Center a
helpful resource in their buying process.
Have a great month and good luck in all your endeavors!
The Team at the Home Buyer's Information Center
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