Interest Rates and Pricing - The Good News
It’s Super Bowl Sunday today, the only day of the year that, for many, it’s about the commercials. In fact one out of twelve people only will watch for the commercials. A one minute slot on today’s game cost an average of $7 million dollars.
In case you are going to be out looking at Real Estate, I have attached a few of tonight’s ads to preview. Enjoy.
Enjoying the mood and attitude of the Florida real estate market is what I have been doing. Here is the good news in this market:
1. Money is VERY VERY cheap. The interest rate for 30 year mortgages has now dipped to 3.87%. (Mortgage Market Survey). Eight out of ten mortgages written today are for refinancing. On a 15 year mortgage you can get 3.14%! The monthly payment on a $100,000 mortgage is under $470 for on a 30 year amortization and $698 for 15 year amortization.
2. Average prices in key sectors is rising, while the median price continues downward trend. I have included some charts here from Zillow showing that the median price of a home is still trending down., followed by price increase charts.. They are interactive so feel free to work with them. I always take issue with the MEDIAN chart this because this trend is greatly influenced by the type of homes that are being sold – the cheaper ones. In our office and among my associates we see upward pressure at the bottom (prices are increasing), and still are experiencing some downward pressure at the top.
The following charts indicate increases in pricing
For more ads go to the Superbowl Ads 2012
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