Demand Is Rising, Supplies Are Falling:
Home resales rose 4 percent last month, according to the March Existing Home Sales report. A total of 5.1 million homes were sold on an annualized, seasonally-adjusted basis.
The strong results re-establish the national, long-term trend toward rising home resales.
March marked the 6th month out of eight in which sales volume has increased and sales are up 32 percent from July 2010 lows.
Home supply has resumed its downward trajectory, too.
At the current pace of sales, the entire home resale inventory would be depleted in 8.4 months. This is 0.1 months faster as compared to February, and a full month faster than the 12-month average.
The Existing Home Sales report also included a breakdown by buyer-type.
• First-time buyers bought 33% of homes, down from 34% in February
• Repeat buyers bought 45% of homes, down from 47% in February
• Investors bought 22% of homes, up from 19% in February
35 percent of buyers paid in cash.
And, perhaps most noteworthy, according to the National Association of REALTORS®, 40 percent of March home resales were "distressed properties". Distressed homes include foreclosures, short sales, and REO and typically sell at discounts "in the vicinity" of 20 percent.
Home prices are based on the basic economic theory of Supply and Demand. So, with home supplies dropping and demand for homes rising, it's reasonable to expect home values to rise later this year.
If you're in the market for a home, play the recent trends to your advantage. Today, homes are affordable and mortgage rates are low. This may not be the case later this year. The best "deals" of the year may be what you buy now.
Call Mike and Melody now!
April 11th, 2011
Mortgage markets worsened last week as energy costs remained high, and jobs data looked strong. The safe haven buying that characterized the March mortgage market has subsided.
It's driving mortgage rates higher.
Conforming and FHA mortgage rates rolled back 8 weeks worth of improvements last week and are now back to mid-February levels. The rise in rates is hurting refinance activity and home affordability.
The biggest story from last week figures to carry forward into this one - the Federal Reserve's take on inflation.
In the minutes from its March meeting, the FOMC was shown to have discussed the possibility of raising the Fed Funds Rate ahead of schedule, and to be watching near-inflation closely. Both developments are in response to a growing economy with rising price pressures.
Mortgage rate shoppers should take note.
Inflation is a mortgage-rate killer. When inflation is present in the economy, all things equal, mortgage rates rise. Sometimes by a lot. And, usually, just the expectation of inflation is all it takes to make mortgage rates jump.
That's what we saw last week.
This week, keep a close watch on new inflation-related data set for release. This includes Tuesday's Retail Sales data, Wednesday's Producer Price Index, and Thursday's Consumer Price Index. Each release can potentially move mortgage rates although, if recent trends are an indication, expect for rates to rise.
Mortgage rates remain historically low. If you're shopping for a mortgage, consider locking as soon as you can.
Labels: best realtor in town, current mortgage rates
Ability is what you are capable of;
Motivation determines what you do;
Attitude determines how well you do it!
Labels: alpharetta homes for sale, best realtors in town, cumming homes for sale
At Tellus Northwest Georgia Science Museum it's your mission to explore the solar system. So go ahead, reach for the stars, hang out with dinosaurs, play with a rainbow or find a gem. You can do it all without ever leaving Georgia.
The Tellus museum is every parent's and educator's dream: a place where children love to learn!
Because Tellus covers so many different aspects of science and history, the museum is broken down into four galleries. They include, the Weinman Mineral Gallery, the Fossil Gallery, the Science in Motion Gallery and the Collins Family My Big Backyard Gallery.
More than 50 cases containing minerals, gold and gems are located in the mineral gallery, where visitors learn how the earth was formed and what makes up its crust.
Creatures of every kind reside in the fossil gallery, including a Tyrannosaurus rex and a 9-foot wide jaw of a Megaladon (an ancient shark bigger than today's school buses).
The Science in Motion Gallery offers insight into the history of transportation, from the automobile to the space shuttle.
And finally, the Collins Family My Big Backyard Gallery becomes the playground for little "scientists" conducting everyday experiments like light refraction, sound wave structure, and the discovery of magnetic properties.
The museum also boasts an observatory and digital planetarium, and there's a fossil dig and gem-panning area for children.
The planetarium transports visitors to the farthest reaches of the universe (and beyond) to learn about black holes, the potential of other life forms and the patterns of galaxies. On special nights, Tellus opens its observatory for stargazing events.
Tellus visitors are able to go home with a goodie bag, of sorts. Youngsters are invited to sift through sand and water to find "precious" gems and even fossils (shark teeth and snail shells are among things hidden in the archeological dig). They'll never leave empty handed.
The museum will work with education groups to organize outings and planetarium field trips. But, learning isn't only for the young; adult seminars and topics are also open to the public.
Tellus Museum is located at:
100 Tellus Drive
Cartersville, GA 30120
(770) 606-5700
Labels: spring break day trips, Tellus Northwest Georgia Science Museum, your real estate agent
