Dennis Norman Musings

By: Dennis Norman

 Yesterday, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates jumped this week with 30-year fixed-rate mortgages averaging 5.45%, up from 5.24% last week, with an average of 0.41% in discount and origination fees.

The report shows 15-year fixed-rate mortgages were also higher this week at an average of 4.86%, up from 4.74% last week.

While rates are not at the lowest they have been recently they are still near historic lows.  Six months ago the average 30-year fixed-rate mortgage was at 6.39% so even with rates increasing slightly this week they are still significantly lower than the recent past and at near-historic lows.

By: Dennis Norman

 Yesterday, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates jumped this week with 30-year fixed-rate mortgages averaging 5.45%, up from 5.24% last week, with an average of 0.41% in discount and origination fees.

The report shows 15-year fixed-rate mortgages were also higher this week at an average of 4.86%, up from 4.74% last week.

While rates are not at the lowest they have been recently they are still near historic lows.  Six months ago the average 30-year fixed-rate mortgage was at 6.39% so even with rates increasing slightly this week they are still significantly lower than the recent past and at near-historic lows.

Dennis Norman

By: Dennis Norman

Yesterday the National Association of REALTORS(R) released its existing home sales report for April showing a slight increase in sales of 2.9% over March. 

Sales for April were at a seasonally-adjusted annual rate of 4,680,000 homes which is down 3.5% from last year, which means in year over year numbers things are improving because last months annual rate was down 7.1% from the year before.

The Midwest region which has held steady for the prior two months saw a modest 2% decrease from March and was the only region with decrease this time.  The Northeast region had the highest increase in sales over March at 11.6% but is still down 10.5% from a year ago.  The West had a 3.5% increase over March and is still the only region showing an increase over the prior year with a 19.4% increase.  The South had a 1.8% increase over March and is down 8.9% from a year ago.

Read more…

Dennis Norman

By: Dennis Norman

Yesterday the National Association of REALTORS(R) released its existing home sales report for April showing a slight increase in sales of 2.9% over March. 

Sales for April were at a seasonally-adjusted annual rate of 4,680,000 homes which is down 3.5% from last year, which means in year over year numbers things are improving because last months annual rate was down 7.1% from the year before.

The Midwest region which has held steady for the prior two months saw a modest 2% decrease from March and was the only region with decrease this time.  The Northeast region had the highest increase in sales over March at 11.6% but is still down 10.5% from a year ago.  The West had a 3.5% increase over March and is still the only region showing an increase over the prior year with a 19.4% increase.  The South had a 1.8% increase over March and is down 8.9% from a year ago.

Read more…

Dennis Norman

By: Dennis Norman

Existing home sales in Florida rose in April by 18 percent over a year ago and were up slightly from March.

Condo sales in Florida were up 21% in April from a year ago and up over 6% from March.

This increased activity is, at least in part, a result of significantly lower prices…the median price for existing homes in April, according to the Florida Association of REALTORS(R), was $138,500, down 31% from a year ago when the median home price was $199,500.  Due to the large number of  foreclosures, the median price has been skewed artificially low, but still, prices are down.

 This report is consistent with my recent  E-View ^TM  with Bob Radigan, a broker in Florida, about the Florida market in which Bob indicated there were good opportunities to buy real estate in Florida.

Dennis Norman

By: Dennis Norman

Existing home sales in Florida rose in April by 18 percent over a year ago and were up slightly from March.

Condo sales in Florida were up 21% in April from a year ago and up over 6% from March.

This increased activity is, at least in part, a result of significantly lower prices…the median price for existing homes in April, according to the Florida Association of REALTORS(R), was $138,500, down 31% from a year ago when the median home price was $199,500.  Due to the large number of  foreclosures, the median price has been skewed artificially low, but still, prices are down.

 This report is consistent with my recent  E-View ^TM  with Bob Radigan, a broker in Florida, about the Florida market in which Bob indicated there were good opportunities to buy real estate in Florida.

Dennis Norman

By: Dennis Norman

Recently I finished an E-View ^TM with Bob Radigan from VIP Realty Group in Florida about the gulf coast market.  Bob is also active in another popular vacation market, the mountains of North Carolina.  While in North Carolina during part of the year  Bob is an agent with Landmark Realty Group.

In my E-View ^TM with Bob we discussed the market in the North Carolina mountains and the opportunities there for vacation rentals as an investment as well as opportunities for second homes and vacation homes.

Now for my E-View ^TM:

Bob Radigan, Broker-Associate Landmark Realty Group

Q-Bob, please share with us your background and experience as it relates to the market in the North Carolina mountains.

A-I’ve been in Real estate since 1994 and have extensive experience in investment/vacation properties, second homes, motels, vacant land and luxury property. 

I Bought a cabin on Lake glenville, North Carolina over 21 years ago and absolutely love the mountain lifestyle!

Q- What is your primary market?

A- In North Carolina I cover Cashiers, Highlands, Lake Glenville, Sapphire valley and lake Toxaway. I pimarily market second homes, vacation homes and large acreage.

Q- Bob, many vacation markets, like the gulf coast of Florida you and I recently discussed, have been really impacted by the real estate market. Many areas have seen significant, never before seen, impacts on price. How is your market in North Carolina doing?

A- . In our market (single family homes, vacation homes and condos) there are great deals available for sure! A measure of over-development has made great opportunities for buyers at every turn.

Q. Bob, when we discussed Florida we discussed whether the market was “at the bottom yet”. While the North Carolina mountains area does not appear to have seen near the negative impact of Florida, it has been impacted nonetheless. I would pose the same question to you about this market, do you think it has hit bottom?

A- . Are we at the bottom yet? The entire country’s real estate market does not react at the exact same time, no one state, area or market will be at the peak or bottom in a way or time that the news media will ever be able to announce to the buying public,” the bottom has been hit here…buy now!”

North Carolina has many markets, in my little niche market it is time to buy. Is it at the bottom here? Quite possibly; some areas are much less affected than others.

Ask your REALTOR(R) to show you! Make him work…they’ll be the best source for real data, as long as you have the right REALTOR(R), of course.

Q- Financing is a challenge throughout the country but particularly when it is not for someones primary residence. What are your thoughts on this? How abundant is financing in your market for 2nd homes and investment property? What would be typical terms presently?

A – Of course credit scores are more important than ever. Loans are available and interest rates are at historic lows. A down payment of 20% is typically required for a second home and 30% for investment property.

The borrower will have to jump through a few more hoops for the lender today than before but it really all depends on the individual and their individual circumstances.

A- When we discussed Florida we talked about vacation rentals and other investment type properties. Does your market in North Carolina have similar type investment opportunities?

A- Investment property/vacation rentals is really not as common in the mountains and, other than appreciation and large land aquisitions for development, most buyers here are buying to enjoy the lifestyle, weather and beauty of the Smoky Mountains.

Q- Bob, thanks for once again taking the time to talk with me about the real estate market. Do you have any closing comments about the mountain market of North Carolina?

A- The market here has slowed a bit, like much of the country, but I see it recovering far better than other areas. Location, weather, lifestyle and desirability will draw buyers in any market.

If you would like to contact Bob Radigan with your questions about the mountains of North Carolina and possibly acquiring a second or vacation home there you can contact him on his cell at 239-691-6240 ,via email at email-paradise@coconet.com. You can also visit his website at http://www.thenorthcarolinamountains.com/.

Dennis Norman

By: Dennis Norman

Recently I finished an E-View ^TM with Bob Radigan from VIP Realty Group in Florida about the gulf coast market.  Bob is also active in another popular vacation market, the mountains of North Carolina.  While in North Carolina during part of the year  Bob is an agent with Landmark Realty Group.

In my E-View ^TM with Bob we discussed the market in the North Carolina mountains and the opportunities there for vacation rentals as an investment as well as opportunities for second homes and vacation homes.

Now for my E-View ^TM:

Bob Radigan, Broker-Associate Landmark Realty Group

Q-Bob, please share with us your background and experience as it relates to the market in the North Carolina mountains.

A-I’ve been in Real estate since 1994 and have extensive experience in investment/vacation properties, second homes, motels, vacant land and luxury property. 

I Bought a cabin on Lake glenville, North Carolina over 21 years ago and absolutely love the mountain lifestyle!

Q- What is your primary market?

A- In North Carolina I cover Cashiers, Highlands, Lake Glenville, Sapphire valley and lake Toxaway. I pimarily market second homes, vacation homes and large acreage.

Q- Bob, many vacation markets, like the gulf coast of Florida you and I recently discussed, have been really impacted by the real estate market. Many areas have seen significant, never before seen, impacts on price. How is your market in North Carolina doing?

A- . In our market (single family homes, vacation homes and condos) there are great deals available for sure! A measure of over-development has made great opportunities for buyers at every turn.

Q. Bob, when we discussed Florida we discussed whether the market was “at the bottom yet”. While the North Carolina mountains area does not appear to have seen near the negative impact of Florida, it has been impacted nonetheless. I would pose the same question to you about this market, do you think it has hit bottom?

A- . Are we at the bottom yet? The entire country’s real estate market does not react at the exact same time, no one state, area or market will be at the peak or bottom in a way or time that the news media will ever be able to announce to the buying public,” the bottom has been hit here…buy now!”

North Carolina has many markets, in my little niche market it is time to buy. Is it at the bottom here? Quite possibly; some areas are much less affected than others.

Ask your REALTOR(R) to show you! Make him work…they’ll be the best source for real data, as long as you have the right REALTOR(R), of course.

Q- Financing is a challenge throughout the country but particularly when it is not for someones primary residence. What are your thoughts on this? How abundant is financing in your market for 2nd homes and investment property? What would be typical terms presently?

A – Of course credit scores are more important than ever. Loans are available and interest rates are at historic lows. A down payment of 20% is typically required for a second home and 30% for investment property.

The borrower will have to jump through a few more hoops for the lender today than before but it really all depends on the individual and their individual circumstances.

A- When we discussed Florida we talked about vacation rentals and other investment type properties. Does your market in North Carolina have similar type investment opportunities?

A- Investment property/vacation rentals is really not as common in the mountains and, other than appreciation and large land aquisitions for development, most buyers here are buying to enjoy the lifestyle, weather and beauty of the Smoky Mountains.

Q- Bob, thanks for once again taking the time to talk with me about the real estate market. Do you have any closing comments about the mountain market of North Carolina?

A- The market here has slowed a bit, like much of the country, but I see it recovering far better than other areas. Location, weather, lifestyle and desirability will draw buyers in any market.

If you would like to contact Bob Radigan with your questions about the mountains of North Carolina and possibly acquiring a second or vacation home there you can contact him on his cell at 239-691-6240 ,via email at email-paradise@coconet.com. You can also visit his website at http://www.thenorthcarolinamountains.com/.

Dennis Norman

By: Dennis Norman

This is my final post of a series about Florida real estate and the second part of my interview with Bob Radigan with VIP Realty Groupin the Sanibel/Captiva area.

For part one of this series click here, part two click here and part three click here.

Following is the continuation of my E-View ^TM with Bob:

Q-Over the past couple of years there has been a lot of attention to the cost of, or difficulty in obtaining, property and flood insurance for Florida property.  Please give me your comments with regard to the availability of insurance and typical cost.

A- I can’t quote rates, I always rely on all my insurance
professionals. All I know is that it is available and it can be expensive
depending on many factors with the property…elevation, age,
conforming/non-conforming, rental, etc. , For the most part it is not as big an issue for most properties. Read more…

Dennis Norman

By: Dennis Norman

This is my final post of a series about Florida real estate and the second part of my interview with Bob Radigan with VIP Realty Group in the Sanibel/Captiva area.

For part one of this series click here, part two click here and part three click here.

Following is the continuation of my E-View ^TM with Bob:

Q-Over the past couple of years there has been a lot of attention to the cost of, or difficulty in obtaining, property and flood insurance for Florida property.  Please give me your comments with regard to the availability of insurance and typical cost.

A- I can’t quote rates, I always rely on all my insurance
professionals. All I know is that it is available and it can be expensive
depending on many factors with the property…elevation, age,
conforming/non-conforming, rental, etc. , For the most part it is not as big an issue for most properties. Read more…