Interest Rates on the Rise: The Time to Buy is NOW!

Call your East Orlando Real Estate Specialists to buy your new home now!

There has already been speculation about mortgage rates rising with the U.S. Reserve tapering its $85 billion-per-month bond-buying program, but now Fed Chair Janet Yellen has predicted The U.S. Reserve could start raising interest rates earlier than intended. Although Yellen says that interest rates will raise depending on what conditions are like, she gives a time period of six months after the U.S. Reserve bond-buying program has ended.

According to CNBC.com: “In its policy statement, the Fed said the benchmark federal-funds rate will remain near zero for a “considerable time” after its asset-purchase program ends. Yellen attempted to clarify the term, saying it is ‘hard to define’ but ‘probably means something on the order of around six months.’”

According to Yellen, that means the rise could start as early as Spring 2015.  Buy your house before the interest rate starts to increase.  NOW really is the time to take advantage of the low interest rate before it spikes to make the most out of your home buying experience.  Call your neighborhood realtors, Jenny and The Wemert Group, at 407-412-8488 or email us at info@thewemertgroup.com today!

Another 5 Star Zillow Review for Jenny and the Team on a Short Sale in Hunters Creek

Tuggles012966 wrote on 02/03/2014;

From the [minute] I met Jenny her knowledge and professionalism was evident and continued throughout the time we worked together. Jenny and Lacey were always available when I reached out to them and were incredibly supportive. The house did not sell as quickly as I would have liked and I ended up being a few hours away. Jenny and Lacey checked on the house for me, reassured me and held my hand through a challenging time. They believed when I began to doubt and they got the job done!! I would highly recommend Jenny, Lacey and the Wemert team and should I be in the Orlando market again, they will be the first group I call.

If you are considering a short sale or are thinking of selling your home, call Jenny and The Wemert Group at 407-412-8488 and let us help you make your move.

Buy Your Dream Home NOW – Before Mortgage Rates Start to Rise!

Economists have predicted that mortgage rates will rise in 2014, but so far, nothing’s happening. For the past month, mortgage rates have mostly stayed flat or moved lower, with the 30-year fixed-rate mortgage averaging just above 4.5 percent.

However, mortgage rates are expected to move higher this year because the Federal Reserve will begin to taper its $85 billion-per-month bond-buying program, which had been helping to keep interest rates low. Mortgage rates started inching up from all-time lows last May when the Fed first hinted that it would do so.

For this month, the Fed may cut it’s bond-buying stimulus by $5 billion, but so far, it hasn’t caused mortgage rates to rise.

Housing analysts are still predicting an uptick in mortgage rates this year. “Mortgage rates will rise because interest rates always increase with an improving economy and a strong stock market, which appears to be the current trajectory, though they likely will rise more slowly than some have predicted,” CNBC reports.

If want to get your dream home, NOW REALLY is the perfect time to buy that home and get the benefit of these low mortgage rates. Call Jenny and The Wemert Group for more information on 407-412-8488.

Is Foreclosure a Stress Factor for YOU? We can help…

According to the National Association of Realtors, while foreclosures have fallen by 26% nationwide in the past year, Florida continues to be a hotbed for these types of homes sales. Among the top 10 cities with the highest foreclosure rates in the country, eight are in Florida.

Long delays in processing the foreclosures have been part of our state’s problem. We rank No. 3 among states with the longest timelines for completed foreclosures, taking an average of 944 days. (In New York, it takes an average of 1,029 days, and in New Jersey, it takes 999 days.)

“Millions of home owners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years since the housing bubble burst — both in the form of homes lost directly to foreclosure as well as home equity lost as a result of a flood of discounted distressed sales,” says Daren Blomquist, vice president at RealtyTrac.

HOWEVER, if foreclosure continues to be a concern for you, or someone you know, we can help you by supporting you through an alternative – a Short Sale.  So what exactly is a short sale and how exactly can WE help YOU?

A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness.

To qualify for a short sale:

◾Your house must be worth less than you owe on it.

◾You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. Divorce, estate situations, etc… also qualify.

There are some huge misconceptions when it comes to a short sale vs. a foreclosure. Here are some of the main reasons why you should call us at 407-412-8488 and see how we can help you.

1.) If you let your home go to foreclosure you could end up with an IRS tax liability and still owe the bank money. HOWEVER, a short sale can help alleviate your liability to the bank. There are also exceptions to this, but in most cases banks are releasing homeowners from the deficiency balance on a short sale.

2.)Banks would rather perform a short sale than a foreclosure. A foreclosure takes a long time and creates a huge expense for the banks; a short sale saves both time and money.

3.) Short sales are in every market, and are not just limited to any particular income class. The downturn affected everyone from all facets of life. A short sale should be looked at as a helpful tool, not a negative stigma. That is why the government offered programs that actually encouraged consumers to participate in short sales. It is not just affecting one community; it is affecting communities and consumers across the nation.

4.) Though the short sale process is time consuming; it is not as difficult as the media would have you believe. The problem is that most short sales are denied because of a misunderstanding of the process.  We know how to navigate through the process and can take care of ALL the negotiations for you.

5.) A short sale should not cost you any out of pocket money. As a seller of a property you should never have to pay for any short sale cost upfront to any professional service. Realtors charge a commission that is paid for by the bank. The only potential cost you could incur is if the bank would not release you from a deficiency balance in the short sale.

6.) The farther you get behind on your payments, the harder it is to get a short sale approved. If you think you need to perform a short sale, time is of the essence; the sooner you start the process, the better. Waiting too long can trigger the ramifications of a foreclosure and weaken the ability to do a short sale as a viable option, so call us today at 407-412-8488 and let us help.

7.) If you go through a short sale, the time to buy another house depends on your entire credit picture and can vary from 12-24 months. There are even a few FHA programs that allow for a purchase sooner than that. This is very different to the effect of a foreclosure on your credit picture, which could see you unable to enter the housing market for up to 7 years after losing your home.

With the options available today, no homeowner should ever have to go through foreclosure, and hopefully this information can help you think twice before walking away from your home with the possible long term ramifications a foreclosure can have.

We have helped numerous homeowners avoid the pitfalls of foreclosure and, by taking on all the negotiations with banks and other parties, we have removed the stress and uncertainty that going through a short sale can cause.  If we can help you with your home in ANY WAY, or if you just have questions about your property, please call The Wemert Group today at 407-412-8488 and let us take that stress away.

What a GREAT way to end the week – another awesome review on Trulia for the Team!

Jenny and the Team helped Myrnaadeclaro sell her home in Villages of Rio Pinar.  Here’s what she said:

Jenny, Lacey and “The Wemert Group” are excellent in providing service. Prompt response, communicates well regularly and gives you updates as it occurs. Very friendly and courteous group. Very happy with their service and we highly recommend them.

If you are thinking of selling your home or just want to know what it’s REALLY worth in the current market, call Jenny and The Wemert Group for a free valuation at 407-412-8488.

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Home Sales The BEST Since 2006!

Homeowners sold 5 million homes in 2013, a rebound year for the industry that marked the highest level of sales since the housing boom year of 2006.

The report from the National Association of Realtors showed that there were 5.1 million previously owned homes sold in the year, up 9.2% from 2012 and up nearly 20% from 2011.

December sales were up slightly from November, the first month-over-month rise July. Mortgage rates have been rising steadily since hitting record lows in May, raising the cost of purchases for home buyers.

The Realtors attributed the full-year gain to rising prices, lower unemployment, a drop in foreclosures and demand, as well as mortgage rates that are still low by historical standards, even with the steady increases most of the year.

The median price of a home sold in the year was $197,100, up 11.4% from the previous year. Rising prices have reduced the number of homeowners who owe more on their mortgage than their home is worth, helping to bring more buyers into the market. Tight supplies of homes for sale are keeping prices high, as the report showed less than a 5-month supply at the end of the year.

Part of the tight supply is due to the sharp drop in distressed home sales. Only 14% of the homes sold in December were in foreclosure or were short sales for less than the amount owed on the existing mortgage. A year earlier, nearly a quarter of sales were distressed home sales.

NOW is definitely the time to SELL or BUY your home.

  • Inventory is still LOW meaning that we can help you get the BEST price for your home with a relatively quick sale.
  • Mortgage rates are rising so we can help you find your dream home, before it becomes out of your reach.

Let the # 1 Real Estate Team in  East Orlando be your East Orlando Real Estate Specialist! Call Jenny and The Wemert Group at 407-412-8488 to find out what your home is REALLY worth.

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