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Rates
as of April 29, 2004:
30 yr. fixed: 6.01
15 yr. fixed: 5.35
1 yr. adj: 3.75
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Source: Realty Times
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Buyers: How To Gain The Advantage During The Busy Spring Season
The spring and summer months are traditionally the busiest times of year for the residential real estate market. Weather is more cooperative and many families like to move while the kids are on their summer break.
But in recent years spring, for many regions, has meant more homes on the market, but also more buyers, fierce competition and an increase in prices.
The National Association of Realtors projects the 30-year fixed-rate to average 6.5 % in 2004, up from a generational low of 5.8 % in 2003.
On the heels of three consecutive record years for home sales, the uptick in interest rates will offset some of the benefits of an improving economy," said NAR's chief economist David Lereah. "However, the impact will be fairly minimal because the fundamental conditions for a strong housing market remain -- a growing number of households, an improving job market and generally good affordability conditions."
If you're in the market for a house this spring, there are a number of steps you can take to try to give you the advantage over other homebuyers, including:
- Consult with your REALTOR, get started early and let he or she know exactly what you're looking for.
- Get pre-approved. This will give an advantage on several fronts.
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| How To 'Ace' The Home Improvement Test
Pay attention. There will be a test.
Q#1: Do the most common home repair scams involve roofing, gutter cleaning, driveway paving, furnace repair or all of the above?
Q#2: What is a sign of a less than reputable contractor -- door-to-door solicitation, discounts for you for finding other customers, contractors who say they just happened to have materials left over from previous jobs, contractors who are unavailable by phone except for an answering machine, or all of the above?
Q#3: Your contractor should carry what kind of insurance -- personal liability, worker's compensation, property damage or all of the above?
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Wondering What Your Home Is Worth?
Let me show you.
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Local Real Estate Market Conditions
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Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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This Month's Articles:
- Numerous Ways To Spruce Up Your Landscaping Before You Sell
- Zero-Down Loans: You May Have More Options Than You Think
- When To Avoid 'Value-Added' Home Improvements
- Selling Your House, Moving, Disasters: What They Mean For Your Taxes
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