February 2014 Your Home Newsletter

Mortgage Rates Are Going Up

Last year’s 3.5% mortgage rates are long gone — and experts say consumers who hold off buying or refinancing homes in hopes that sub-4% interest levels will return could miss out on today’s sub-5% rates, too.
“We think 3.5% rates are in the rearview mirror now,” says Mike Fratantoni, chief economist at the Mortgage Bankers Association. “It’s highly unlikely that we’re going to get back to those levels again.”
Benchmark U.S. mortgage rates hit a record-low of around 3.5% in late 2012 and early 2013 as the Federal Reserve’s Quantitative Easing III program helped push long-term interest rates into the cellar. Under QE3, the central bank had been buying $85 billion of Treasury bonds and mortgage-backed securities each month in a bid to drive rates on mortgages and other long-term debt down. Read More.


Area Home Sales Statistics for Northern Kentucky and Greater Cincinnati


If you would like more information about sales in your specific community, send me an email at mikebeckerhomes@fuse.net and let me know how I can help you.

Northern Kentucky
 

   January 2013  January 2014 % change
 Residences sold  316  362  15.6%
 Average price $139,618$134,517 -3.6%
 Median Price $116,450 $114,400  -1.7%
 Average days on market  8681  

 
Cincinnati

  January 2013 January 2014 % change
 Residences sold  1137  1043 -8.2%
 Average price  $141,176 $152,887 8.3%
 Median Price $110,000  $114,900 4.4%
 Average days on market  77  69 

 
2013-14 Cost vs. Value: Remodeling Pays Off Big Time

As existing-home sales and home prices make remarkable strides upward nationwide, remodeling projects are also continuing to make a comeback in a big way.

This is the second year in a row that all 35 projects in Remodeling Magazine’s Cost vs. Value Report saw more home improvement dollars recouped upon resale of a home than the previous year. Read More

Construction cost estimates were generated by RemodelMAX. Cost vs. Value is a registered trademark of Hanley Wood, LLC.
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