What is causing Mortgage Rates to spike and what’s the outlook?

Posted on Oct 6, 2011 in Home Lending Info

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Today’s Real Estate News

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We Buy Houses in Fairfax Virginia in 7 Days or Less

We Buy Houses in Fairfax Virginia

Everyone has heard the news on the current deteriorating state of the economy, viagra 40mg the severe credit crisis and the declining housing market. Fox, medical CNN, viagra order MSNBC, other news, outlets and even the President remind us of our pain daily. The peoples fears and perception have not become reality. Home foreclosures are at an all time high even in my neighborhood in Fairfax Virginia with many more foreclosures likely to come. The unemployment rate in Virginia is growing daily and is the highest it has been in many years. Housing resale values are at all time lows with no end in sight. Even the banks are going bankrupt (124 as of November 2009) as are many Americans who no longer qualify for credit.

Because of the recent credit crisis, many people don’t qualify for a new loan to buy a house right now, despite the incredibly low housing prices. Many home sellers can’t sell their unwanted houses because they owe more than their house is worth because of the falling house prices. Many sellers can’t rent their houses out for enough to cover their mortgage payments, taxes and insurance resulting in severe negative cash flow that bleeds then dry month after month. To make matters worse, many tenants end up losing their jobs and some even trashing the house when they move out making it even more difficult and expensive to sell. If they list their house with a real estate agent, their house will likely sit on the market for a long, long time waiting to sell since the buyers seem to have magically disappeared. Even if the house does finally sell one day at a greatly reduced price to get it sold, the owner has to pay a 6% real estate commission plus the majority of the closing costs. This often results in the seller writing a big, fat check at the closing table to finally get their house sold.

So what are my options to sell my house in Fairfax Virginia fast in this depressed econmy and housing market when many folks can’t get a loan? By trail and error, I discovered the following 3 alternatives to try to sell my Fairfax VA home quickly!

1. I tried to sell my house in Fairfax “For Sale by Owner” aka “FSBO”.

At first, selling my house by myself sounded easy enough, but it soon became my worst nightmare. At first I didn’t know how to attract buyers that might be interested in purchasing a home in Fairfax Virginia also called Northern VA. The sale by owner sign in the yard wasn’t working. I ended up spending a fortune placing classifieds in the local paper which resulted in a few potential buyers. Those that did respond wanted to see my house at all different hours of the day or night. I was afraid to say no in fear of losing a potential buyer. I would have to keep my house clean and all picked up, only to have them not show up to see my house. Other times I had some pretty scary people show up with their 5 kids in tow, trampling through my home. I never did find my ideal buyer. Even if I did, I had no idea how to get them qualified, how to handle all the purchase and sale paperwork or how to get the house closed. I said “There has to be a better way to sell my Home!” and I was determined to find it.

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2. I listed my house for sale with a local Fairfax Real Estate Agent.

When I listed my house with a local real estate agent, I thought they were all the same and they would be able to sell my house in Fairfax Virginia quickly. I called an agent from a local, seemingly reputable, real estate agency and made an appointment to have an agent come out and see me. The agent sounded like she really knew what she was talking about and got me really excited about the prospect of selling my home quickly. She said she would list my house in the MLS, on dozens of real estate sites throughout Virginia, advertise my house in the local paper and other print publications, do multiple open houses, put out signs, balloons, flyers in an information box and went on and on about how she could sell my home and still get top dollar. How could I refuse? I didn’t. I listed my house and waited. The agent put the house in the MLS put a sign in the yard along with a dozen flyers in the information box and disappeared never to be seen again. She not only refused to return my calls, but did no perceivable advertising, no open houses, no showings, no more flyers, no more nothing! Six months later I still had no buyers and apparently no agent. I ended up hiring 2 more agents with the same dismal results. Meanwhile my house in Fairfax Virginia had not only decreased in value because it would not sell for the list price, which had been reduced repeatedly, but also because of all the other listed houses and foreclosures on the market in my area of Fairfax. At this point, I was all out of ideas and praying for a solution. About that time, someone at my church told me about a company that helps people in Nothern Virgina with buying and selling houses.

3. I contacted a local, professional home buyer from Fairfax Virginia.

My friend from church told me that she had similar problems selling her Northern Virginia house, but that she had contacted a local professional home buyer who bought her house in under a week! What? Is this possible? Could I sell my Fairfax VA house in 7 days or less too? She said their are professional home buyers out there, also known as “real estate investors”, who buy and sell real estate for investment purposes. You’ve probably seen their “We buy Houses” advertisements around town but never gave them much thought. These are people who buy houses professionally and are always actively looking for more houses to buy. She gave me their WEBSITE information. I filled out their easy online information and they had free reports about the real estate market in Northern Virginia. A local Fairfax home buyer called me and said that if my house qualified and if I was flexible on price and terms, that they may be able to buy my house in the next 7 days or less. They said depending on my situation that they may be able to pay all cash, pay some cash now and some cash later or take over your mortgage payments giving me immediate debt relief. At this point I was definitely flexible and had nothing to lose by scheduling an appointment for them to come see my home and possibly enable me to sell my Fairfax Virginia house fast!

So I scheduled the appointment with the Fairfax home buyer and he came out inspected my home.  he made me several offers to buy my house as promised. I chose the offer that best suited my needs and we scheduled a closing the following week with a local real estate closing attorney. It was that fast and that simple to finally sell my house in Fairfax! I still can’t get over it. After waiting two years trying to sell my house on my own and through a licensed agent, I was able to sell my house in less than 7 days to a local professional home buying company!

If you have an unwanted Northern Virginia house you need to SELL FAST visit our website, you have nothing to lose by visiting our website and everything to gain. I was able to sell my Northern Virginia home fast and you can too!

We buy houses from people in situations just like yours in almost any area of Northern Virginia in any condition or price range. We specialize in finding creative solutions to real estate problems in Fairfax.

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Mortgage rates have gone up every single week for last 5 weeks – now up ~.75%. (Get the mortgage rate update in this post). It all started with Fed announcing Quantitative Easing 2. The big question is why so sudden and why so steep! There are several possible reasons:Markets are increasingly more optimistic that 2011 economic growth will be stronger than what had been expected. Expectations until a couple of weeks ago were for GDP growth in 2011 to be 3.0%, information pills now the consensus is for growth to be at 4.0% and a decline in the unemployment rate from the present 9.8% to 8.7% by the end of 2011.The extension of the Bush tax cuts, the 2.0% cut in workers contribution to social security will put more cash in consumers’ pockets.Also driving rates higher, the end of safety moves generated by issues in Europe and in the US and Congress’s unwillingness to cut federal spending. The $ 858B tax cut bill now moving through Congress is yet one more Christmas tree filled with earmarks (pork), politicians can’t do anything that doesn’t end up in more unnecessary spending. The fiscal budget bill also moving through Congress is hung with earmarks driven by Democrats and with not a lot of strong resistance from Republicans.Outlook for Mortgage Rates:Since Real Estate recovery is key to overall economic recovery, you might think that the Fed won’t allow the rates to continuously go up. But surprising as it may sound, the Fed doesn’t directly control mortgage rates. Ben Bernanke & Co. directly control the Federal Funds rate — i.e,. the rate at which banks lend to one another on an overnight basis and that serves as a benchmark for short-term credit. But the longer the term of the debt, the less direct control the …


TRANSPARENT REAL ESTATE

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