1 When you search for real estate in a specific geographic area, you want to be sure that the Realtor that you are contacting knows the area, knows the specific properties, the amenities etc. You don’t want to be passed from office to office in order to get the requested information. You want the information quickly and may want to jump on the chance to see a desired property before it is gone! Contacting an independent local Realtor just makes sense, in essence you are cutting out the middle man. The Realty Guild is an organization that supports and promotes the independent brokerages. The Realty Guild was established in 1987 by a small group of independent broker/owners as a forum through which to share ideas. Today the Realty Guild has more than 50 offices with 700 agents covering more than 200 communities in Massachusetts. Through the Realty Guild, members are able to keep their independence yet tap into the power that a larger entity can offer. The members of the Realty Guild must be Realtors (members of the National Association of Realtors), and must be approved by the membership as a whole. There is only one member per town, other than in large cities such as Boston.2 [video poster="https://capecodproperties.com/wp-content/uploads/2017/03/Foran-RE-m4v-image.jpg" width="1280" height="720" m4v="https://capecodproperties.com/wp-content/uploads/2017/03/Foran-RE.m4v"][/video] Foran Realty is a proud member of the Realty Guild. Foran Realty Inc. was established in July of 2005 fulfilling the need to bring the “local personal touch” of real estate agencies of the past back to Cape Cod. Foran Realty, Inc. was established with a primary focus on providing outstanding customer service and a pleasant buying and/or selling experience for our all of our valued clients. They realize that a satisfied customer is what it takes to consummate a sale. Foran Realty Inc. truly offers the highest level of customer service ever to be experienced on a local level. Their objective is to redefine the real estate buying and selling experience on Cape Cod. 3 Whether you are looking to buy a home or sell your home, contact Foran Realty Inc. today. They look forward to hearing from you and working to make your real estate dreams come true! 1 https://www.thebalance.com/independent-brokerages-franchises-technology-2867371 2 http://www.realtyguild.com/i4a/pages/index.cfm?pageid=3279 3 https://capecodproperties.com/why-foran-realty/]]>
New East Dennis Listing!
Current Mortgage Rates!
What’s going to happen to mortgage rates in 2016? Lots of people, very smart people try to anticipate what is coming. We are well aware that they don’t always get it right, but the more we know the better prepared we can be. Loan Rates Have Been Crazy! A quick look at Freddie Mac’s history reveals that it has been more than five years since monthly average rates for 30-year fixed-rate mortgages (FRMs) topped 5 percent. At one point, at the end of 2012, they reached an all-time low of 3.35 percent. Right now they are still very close to that 3.35 percent and have yet to hit 4. How quickly these low rates have become the norm! But don’t forget what normal used to be. If you look back over the decade before the housing and lending crisis really hit in 2008, the average annual rate for a fixed rate mortgage was over 6 percent for seven of the 10 years. In 2000, it was 8.05 percent. That sounds bad, but once again….remember the 80’s….. In 1981, the annual percentage rate average was more than twice that at 16.63 percent. Interest rates were above 10 percent from 1979 – 1990. Don’t let those rates scare you. I have yet to find an economist that expects mortgage rates to rise to those levels again anytime in the near future. So When Will “Normal” Return? There are just too many variables to predict that with any accuracy at this point. The election, oil prices, stock activity and so much more can all make an impact and none of which at this point can accurately be predicted into the far future. What Experts Forecast for 2016 Fannie Mae and the Mortgage Bankers Association (MBA) both have teams of economists dedicated to researching and forecasting trends in housing, including current mortgage rates.(Thank goodness for them…that means we can listen to what they say rather than doing our own research!) The MBA team expects average rates for 30-year fixed rate mortgage to hit 5.1 percent in the last quarter of 2016. It anticipates fairly small increases through 2016’s quarters: Q1 4.4 percent; Q2 4.7 percent; Q3 4.9 percent; Q4 5.1 percent. Fannie Mae however forecasts much smaller rises in current mortgage rates with forecasts much smaller and shallower rises, with only 4.2 percent in the last quarter of 2016. Q1, 4.1 percent in Q2 and 4.2 percent in both Q3 and Q4. So Who’s Right? So we know that both of these research teams are incredibly intelligent and the fact is either could be right (or both could be wrong). Even the Federal Reserve will not confidently predict when its own rates will rise, and it sets those itself. Most experts and economists currently expect to see some rises between now and the end of 2016. However, a few reckon it could be a long time before we get back to normal levels. One, Deutsche Bank equity strategist David Bianco, wrote in early October, “We see a better chance of landing men on Mars before a full normalization of nominal and real interest rates, especially 10-year yields, to historical norms.” What to Watch For Usually, good economic data causes rates to rise, while poor numbers pull the rates down. In particular, low unemployment and inflation at around 2 percent are important, because those are the main criteria the Fed looks at when setting its rates. But good numbers regarding gross domestic product (GDP), incomes, manufacturing, consumer confidence and spending, and so on are all likely to see rates rise sooner and faster. Poor ones generally have the opposite effect, as does bad news about foreign economies. What happened in Greece this past year definitely helped to keep our rates low! What’s going to happen to current mortgage rates in 2016? The short answer is nobody can be sure. If you’re reading this because you need to make an important decision (time the purchase of a home, perhaps, or decide when to refinance an adjustable rate mortgage, we haven’t been much help. However we have given you the signs to watch for! Rates now are still low so it is a great time to buy a home and lock yourself in at those low fixed rates. The team at Foran Realty would be happy to help you with your home search needs on Cape Cod. https://www.lendingtree.com/mortgage-rates/mortgage-rates-what-to-expect-in-2016-article ]]>
City's Quality of Life
The State of American Well-Being: 2015 Community Rankings annually weighs each City’s quality of life in five categories– purpose, social, financial, community and physical–to determine the happiest and healthiest places in America.Choose to live in one of the 10 cities for overall well-being! Guess what our very own Town of Barnstable is number five on the list! Soak in the sun on some of the Cape’s best beaches, like Craigville Beach and smell the salt air as the sea breezes sail in through the harbors. Take a scenic drive down Route 6A or visit the Long Pasture Wildlife Sanctuary. Take in some history and visit the Kennedy Museum and the US Coast Guard Museum. Barnstable is the largest community on Cape Cod and in 2010 had a population of just over 45,000. The Town of Barnstable is made up of several villages including Hyannis, Centerville and Osterville. To the north of Barnstable lie the dunes of Sandy Neck along Barnstable Harbor shines Sandy Neck Light. The central part of the town is dominated by the pines and oaks around Wequaquet Lake. The south is where the bulk of the population lives, many along the beaches of Centerville and Hyannis Harbors. When it comes time to choose where you would like to live full time or part time, wouldn’t you want to live in one of the top 5 cities for overall well-being in the US?! Let the staff at Foran Realty help you find the home of your dreams in one of the happiest and healthiest areas in the country! Here are the top 10 cities for overall well-being:
- Naples-Immokalee-Marco Island, Florida (Pat Foran’s favorite vacation spot!!!)
- Salinas, California
- North Port-Bradenton-Sarasota, Florida
- Fort Collins, Colorado
- Town of Barnstable, Massachusetts
- Santa Cruz-Watsonville, California
- Boulder, Colorado
- Charlottesville, Virginia
- Anchorage, Alaska
- San Luis Obispo-Paso Robles-Arroyo Grande, California
No Better Time to Buy
It’s time to buy a home! That is right you heard it here, no more doom and gloom for the real estate market. The time has come to go out and buy some real estate. The only thing holding buyers back has been consumer emotion but a look at the facts should help buyer feel more confident in opening up their wallets for a great opportunity in today’s housing market. JP Morgan’s Market Insights report has outlined why people looking to buy a home have never been in a better position. Here are just three important points from the JP Morgan report. The Price is Right One measure the report looked at was the ratio of personal income to home prices. “Since 1966, the median price of an existing single family home in the U.S. has varied between 150% and 251% of personal income per household. However, roughly three-quarters of the time it has been in a relatively narrow band between 185% and 230%. In September 2011, the ratio was just 153%, implying that to get back to an average price to income ratio, home prices would have to rise by about 27%.” Mortgage Rates are Right Mortgage interest rates are at historic lows as compared to personal income. The report notes, “During the week of October 7, Freddie Mac reported that mortgage rates had fallen to an average annual level of 3.94%. Assuming the use of a fixed rate mortgage with 20% down, this would make the median mortgage payment on a single family existing home just 6.9% of per household personal income, compared with an average of 14.4% since 1966.” What this means is that it is a buyers perfect storm. Buyers who buy now will likely reap a long term financial gain by buying a home at a lower than average cost and financing it for a lower than average cost. It is a win-win situation. Home Ownership Beats Renting The report goes on to look at the cost of renting versus owning. JP Morgan predicts that by the “third quarter of this year, we estimate that the implied median mortgage payment had fallen to just 78% of the median asking rent. In other words, at current mortgage rates, home prices would have to rise by 35% just to get back to their average relationship to rents.” Home buying is now more affordable than it has been in decades. Home prices are at all time lows, mortgage rates are at rock bottom and income levels remain steady. Despite what you may hear on the nightly news home ownership has never been more affordable.]]>
Strong Demand=Slim Pickings
According to Lawrence Yun, the National Association of Realtor’s chief economist, the spring housing market is starting off strong. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. The NAR expects sales to rise between 7% and 10% in 2012. What does that mean? Strong demand has melted away inventory in some housing markets with investors and first-time buyers vying for bargains, homes are being snatched up as soon as they hit the market. Prices may not be shooting up, but homes are once again selling at a rapid clip in many markets, draining the multiple-listing services and turning up the competitive pressure on buyers. Multiple offers and bidding wars are back. Lately if a buyer is not there the first day a home comes on the market, it’s gone. When a quality property that is priced accurately comes on the market, it’s not going to sit around. In some areas the competitive environment has already begun to nudge prices up slightly. Bargain prices and historically low interest rates are bringing buyers back. The belief among buyers is that the housing market has already turned the corner and that there won’t be a better time to land an affordable home. National Association of Realtors President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami, says market conditions are improving as supply and demand have become more balanced.]]>
Get Off the Fence
Whether you are a buyer or a seller it is time to get off the fence. Despite years of bad news surrounding the real estate market, the time has come when it is both a good time to be a buyer and a seller. Why Buy? Here are just a few reasons why you should get off the fence and buy: 1. When investors start gobbling up real estate you know it’s a good deal. In 2011, investors upped their buying by 64%. While it is still not time to start flipping for a profit the clock is ticking down to an uptick in prices. 2. Interest rates are historically low. You have been hearing this for a while but they are hovering right around 4%. 3. First-time buyers are in a unique position. They didn’t lose money in the housing market. 4. It’s a great deal! Prices are at all-time lows. So you may be saving as much as 40% off a home if you buy now. Why Sell? Here are just a few reasons why you should get off the fence and sell: 1. Inventory is shrinking. Demand is up and in certain areas and price ranges there is limited inventory so putting your home on the market now will most likely result in a sale. 2. Mortgage availability has stabilized. Mortgage restrictions are loosening and especially first-time buyers are able to get mortgages as they were not affected as much by the financial crisis. 3. Unemployment is not as bad as you think. One is 30 Americans is unemployed as a result of the recent financial crisis. There are lots of able buyers out there. 4. Houses are selling and some are even going to bidding wars. Homes that are priced according to the market are selling and selling quickly. 5. Don’t wait for prices to increase. This could be a long wait. ]]>