Real Estate, Community News & More from My Desk to Yours

Thursday, June 27, 2013

Interest Rates Breakdown: Jumbo Loans

Over the past 20 years, the average interest rate has been between 6% and 7%. We have had record low interest rates in the past two years and they are heading up again. Jumbo loan mortgage rates have recently risen to 4.5% and are continuing to climb. The time to buy is now to get the best investment. The average sale price of a home in the past three months in Coral Gables is about $1M.
 
This is what your payments would look like if you purchased a $1M home at today’s rates (based on 20% down/$800,000 loan) and if those increase. Contact our friends at Home Financing Center at 305-777-1100 for additional details.

Wednesday, June 19, 2013

South Florida’s Home Prices Rise by Double Digits

As Seen in The Miami Herald:
"Jeannett Slesnick, a broker-owner at Slesnick & Jochem LLP in Coral Gables, said the top challenge in the current market is the dearth of inventory amid rising demand. “It’s red hot. Red, red hot,’’ she said.  Slesnick recently listed a 3/2 old Spanish in north Gables that needed extensive work ... and got multiple offers on it almost immediately. It sold for over asking price." Read the full article.