WHAT YOU NEED TO KNOW IF YOU ARE BUYING OR SELLING A HOME
Refinancing your home: consider only if you can save 2 percentage points on what you are currently paying. Consider closing costs and points you will have to pay. Closing costs can be as high as 3% of the loan amount, on fixed mortgages.
The longer you stay in your house, the quicker you are to break even if you decide to refinance your mortgage.
ACCORDING TO THE LATEST STATS PROVIDED BY THE MORTGAGE BANKERS ASSOCIATION:
Overall, the real estate market is stabilizing. This past month, existing home sales showed the biggest percentage increase since July 2003.
- Consumer spending is on the rise, though still slow
- Condo sales in February jumped an impressive 11%
- Home prices in the West this past month dropped 30%, the highest drop in the country
- New home sales rose almost 5%. The largest number of existing home sales was in the Northeast, a jump of about 15%
- Median price down 18% in the country from last February.
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