Wednesday, August 1, 2012

Weekly Rate and Real Estate Update, 8.1.12

Welcome August…school is around the corner and rates are rock bottom!

Dan’s activity this week:
Can’t believe its August already, the summer sure flew by.  Well, the inspection negotiations from last week did not go well.  Let’s just say that client and I were out looking at homes last night.  Good news is I think we found another one!

While we don’t have any word back yet, the Short Sale has moved farther along than it did with our first offer.  Now the bank is seeing if they’ll have enough to satisfy all the players who are owed money. 

We are moved in!  We still have subs in finishing up smaller projects and I have a long list to finish out as well.  Last Friday we did get one more “renovation surprise” as we call it.  For multiple reasons, thankfully it rained.  Had it not, we wouldn’t have discovered that the backyard grade and broken sump pump line was basically dumping water into the basement!  So, we ended up having to break up the back patio (which had settled and sheered the sump line off) and redo the grade of the back and side yards to run any water away from the foundation.  Good news is the basement is dry now; bad news is this event has accelerated our need to redo the deck/porch/patio area before we were ready.  All that and we love our new home!

 To see updates to the project click HERE!  

Rates for the week
From the IBJ... The average rate for 30-year mortgages fell from 3.78 percent to 3.75 percent in the week ended July 25, according to The rate for 15-year mortgages fell from 3.04 percent to 3.00 percent.

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