January 23, 2008 Newsletter
This is the first in ongoing installments of a newsletter for our existing and previous clients to keep you abreast of the real estate market, including trends, changes in market values of properties, mortgage rate information, investment strategies and overview of the real estate industry.
We encourage our realtor friends to submit properties going up for sale and will feature several homes each month.
Our purpose is to be your source of information as to what is truly happening in the marketplace. So many times we get our information from snippets in the media, and the true story gets buried in the attempt to make a story newsworthy.
For example, Brian Williams reported on NBC Nightly News on Thursday January 10, 2008 that an individual lady in California signed up for a reverse mortgage, and in the process, the loan officer convinced the woman to invest in some long-term annuities that were not in her best interest. No mention was made as to when this lady took out the loan, or what other needs it might have met. What the piece failed to disclose is that now, as a part of the loan documents that are explained to the borrower, and signed by the borrower, is a requirement that the borrower cannot invest the funds they receive in long-term annuities. The lenders and the government have already taken steps to insure that what happened to the woman in California will not occur in the future. As we have closed many reverse mortgages which are in fact beneficial to the consumers, the news piece came off as negative towards reverse mortgages, and implied that investing scams were a by product of the reverse mortgage scenario. That has not been our experience, and we are in the marketplace everyday, seeing what is really going on.
Now for some good news. Fixed interest rates have dropped below six percent, and it appears that, they may remain below six for some time. Contact us today at 410-884-1160 for more information. They haven’t been below Six for over 2 years and no one can predict how long they will remain this low, but now would be a great time to buy or refinance.
More good news. According to the NAR (National Association of Realtors) Economist, the Baltimore market has hit bottom. He has based his analysis on local economy, job availability, and interest rates and has concluded that Baltimore’s market is in a position where further price reductions should diminish.
We want to be your sounding board for your real estate matters, and help in any way we can, including the handling of your closing, writing a contract, negotiating a lease or helping you find the right realtor or lender. Unlike some who have gotten in and out of the title business, we have been in real estate for thirty years, and we intend to stay in the marketplace. Click Here to visit our web site for more information about Colony Title.