Jylene Sheatsley\'s Blog

For the fourth consecutive week, mortgage rates have fallen to all-time lows. The 30-year mortgage rates averaged 5.01 percent this week, which is a drop from last week’s 5.1 percent. Last year at this time, rates averaged 5.87 percent. “Interest rates for 30-year fixed-rate mortgages fell for the 10th week … due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae,” says Freddie Mac Chief Economist Frank Nothaft.

Other rates also dropped for the week:

• 15-year fixed rates: dropped to 4.62 percent from 4.83 percent last week. Last year at this time 15-year mortgage rates averaged 5.43 percent.
• 5-year hybrid adjustable-rate mortgages averaged 5.49 percent, a drop from 5.57 percent last week.

The only slight increase in rates this week was in 1-year ARMs, which were 4.95 percent, up from 4.85 percent last week. Overall, 1-year ARMs were still down for the year from last year’s 5.37 percent. Freddie Mac began tracking rates in 1971.

Source: The Wall Street Journal, Amy Hoak (1/09/09)

The new year provides an ideal time to create goals both personal and business-related.   Do you have any New Year’s resolutions or goals for 2009?   Time to put down  on paper some plans for next year. We all aspire to create a plan of action and to deliver the results. Important stuff. I’m sure you have often heard if you don’t write it down, it won’t happen.    Here are some tips to help  you be successful in 2009!

Goal Setting Tip 1 – Once a year is enough, thanks!

It™s healthy to ask big questions about where your life is going, but ask them too often and you™ll end up in a bog of directionless despair. Take the pressure off, and only ask the big questions once, or at most, twice a year.

George Miller, a 1950′s psychologist, proposed that we can only deal with 7 bits of information at any one time. Any more information and we need to group things into more memorable, manageable chunks. So when you create your New Year master plan, keep goals down to a manageable number and group similar areas.

A common mistake when setting goals, is in-sufficient detail. This can cause problems when we need to articulate these goals to work mates, life partners or even to ourselves. As an example of why this is important when goal setting, think of a house. I have a particular house in mind, which is probably entirely different to the house you’re picturing. Is your house made of brick or wood? How many rooms does your house have? Is your house full of people or are you the sole resident? Imagine the arguments if we had the joint goal of buying a house together!Keep New Years resolutions by writing your goals in enough detail for everyone to understand and agree what’s meant. So if your goal is to buy a house, put some flesh on the bones by saying your goal is to buy a 3 bedroom house, with garden, near work, for no more than 3 times your salary.

You are more likely to achieve realistic goals. That’s not to say you can’t shoot for the stars and pursue your dreams; break up your mega goal into smaller, more manageable mini goals, and you’re more likely to achieve your dream.

Here’s an unusual game to play. Start a conversation with a friend, family member or hijack someone from the street. Tell them they are going to help get your life on track, and all they have to do is ask a few choice questions. Start to tell them the story of, for example, your New Years resolution to find and start your dream job. Tell them what it’s like in the studio or office, the people you work with and meet as part of your job, what your daily schedule looks like. Get them to ask you questions about how you got there e.g. how did you get the interview, who spotted your business card, etc. This is where you will be put on the spot and have to come up with plausible answers. Aim to “keep it real” with your answers, e.g. don’t rely on winning the lottery to fund your plans! Keep this conversation going as long as possible, with as much detail as you can muster.

The roads are more crowded in our town, parking spots are more coveted. More people are moving to Texas than any other state in the U.S., so says  a report by ABF U-Pack Moving, a nationwide moving service specializing in out-of-state moves. From whence do they flee? The northeast ” especially New Jersey. Also ” here™s a shocker ” Orlando, Oakland, Vegas, Miami. Texas is one of the top ten states on the inbound migration flow.   So, with the continued migration of new families to the North Texas area, is it a good time to sell your home and move up?  

No, doubt sales have been impacted in North Texas, however the North Texas area remains much stronger than what national news media reports indicate.    If you are considering selling your home, you need to discuss your local market with a realtor and  dig deep into  the local statistics to truly understand the  impact.   The overall market inventory is truly down in some areas  creating a  shortage of available  homes for buyers to select from.   This can often cause a home to remain on the market much longer than when there is an abundance of properties to choose from.   Competition will be severe when the amount of inventory is diminished.   Buyers  can truly  be selective when the amount of available properties is limited.    Lack of available properties may also cause a relocation buyer to rent a property rather than purchase.   Right now in many North Texas areas  the  inventory of ready to move-in, updated & priced appropriately properties is significantly low.   If you are considering selling, and you are qualified financially to move up to  the next home of your choice, then now may be  the time to test the waters in your area.

The sales price of a median  single family home in North Texas is down 3% overall year-to-date through November 2008.   A far cry from the double digit diminshed value  that many states are reporting.   Our market value is still holding strong.   While the numbers of homes sold year-to-date is down, one could  claim that the  cause is related to  a much stronger  ”wait and see attitude”  that many  sellers’s have adopted.   While mortgage rates continue to be at all time lows,  qualified  buyers are looking for homes to purchase.   Many buyers report that home search process is taking much longer due to  diminished available inventory.

So, is it a good time to sell your home?   You will not know the answer  until you speak with a realtor who can give you data on your local area, tips on selling and making your home the attractive choice, & listing the home in the Multiple Listing System making your intent to sell known to as broad of a base of buyers as you can attract.

Welcome to Jylene Sheatsley’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Arlingotn.