Fed Cuts Rate

The surprise decision by the Federal Open Market Committee to cut the federal funds yesterday may reflect growing fears that the U.S. economy is weakening. Ironically, the concern may be good news for people hoping for lower mortgage rates. While rates on fixed and adjustable-rate mortgage loans are not tied to the Fed rate, mortgage rates often dip when investors fearing an economic slowdown grow more conservative and buy up Treasuries and bonds. This causes long-term rates -- and by extension, mortgage rates -- to fall, creating an opportunity for lower mortgage rates. With rates are at a 5-year low now is a good time to start shopping for a home. It's also a good time to refinance from an adjustable-rate mortgage to a fixed-rate. Watch closely because the Real Estate market may just surprise us all in the next few months.

Whitehall Real Estate Sales Update

When compared to 2006, this year’s statistics for Whitehall show that homes are staying on the market longer, and although fewer have sold, the average price per square foot has increased. At this time in 2006, 56 homes had sold after an average 53 days on market. The 2006 sales averaged $111 per square foot. How can you interpret this information? First, Whitehall continues to be a very popular neighborhood for resale. Homes are selling, and if they are priced reasonably they tend to sell in less than three months. Also, the homes in our neighborhood continue to appreciate. While the rate of appreciation has slowed, the amount of appreciation is significant. When we began marketing homes eight years ago, the average price per square foot for Whitehall homes was $86! Only one home sold for over $100 per square foot. It wasn’t until 2005 that homes in Whitehall sold, on average, for more than $100 per square ..(read more)

The Mulligan Team's Blog by The Mulligan Team

Fed Cuts Rate

Whitehall Real Estate Sales Update