Bernard Baumohi, the chief global economist for the Economic Outlook Group states that there is a risk that interest rates could climb to 6 or 6.5 percent. he feels that this increase will undermine the recovering economy by stunting home buying. According to the Mortgage Bankers Association, refinancing of homes has dropped as well as new applications to buy.
If you are looking to buy a home, take the advice of my previous blog "Shopping for a Mortgage Loan" and get yourself locked into a lower rate. I am available to help you search out our local market and fit you with a home that is right for you!
Are our Seniors taking the Hit for the Mortgage Crisis?
AARP, a leading company and advocate dealing with senior citizens recently reported that more than 600,000 seniors are in foreclosure or are delinquent on their mortgage payments. These seniors who were expecting to use the equity in their home as their retirement fund are now finding that the value of their home has dropped so low that it is no longer feasible to sell. On top of that, these seniors are on a fixed income and are having problems keeping up with the fluctuations happening with their mortgage payments. Some simple advice for the younger crowd, don't place all your eggs in one basket and expect the retirement sale of your home will carry you through your golden years.
Women and Real Estate
On a higher note, the National Association of Realtors is reporting that single women buyers are buying more homes. They are out buying their male counterparts as first-time home buyers by 23 percent and being repeat buyers by 17 percent (single males are 15 and 9 percent, respectively). Stats show that single mothers are spending most of their income on housing. During the time period of 1994-2002, single women owning homes went from 13.9 million to 17.5 million. Keep it up ladies!
Is There a "Pop-up" Store in your Area?
Greenville has ventured on a unique shopping experience. They are having established stores take on temporary store fronts in downtown where the foot traffic is higher. These short term habitants are being called "pop-up" stores. The benefit to the store is they get more exposure for their main location and it fills up vacant storefronts downtown for a three-month term. A couple of "pop-ups" that have appeared are Ten Thousand Villages and possibly LP Vintage & Friends. Check them out and let me know what you thought of the stores and how successful their ideas are becoming.
And in continuing with our photo blog, here is a picture of the Historic Westin Hotel.
|Historic Westin Hotel in downtown Greenville, SC.|
Located at 120 South Main Street in downtown Greenville, this hotel has been here since 1924. Though it went through some tough times during the depression, Mr. J. Mason Alexander, hired in 1930 worked to turn the hotel into "Carolina's Finest." Today it is the only 4-diamond hotel in Greenville. Situated near the renovated downtown area, it has become a convenient location for travelers with more than 100 shops, restaurants and other attractions nearby. Features include: a piano bar with live entertainment, a fitness studio, 200 smoke-free guest rooms, complimentary high-speed internet and Heavenly Bed® beds. Have you stayed at the Westin? Leave me a comment below and let me know about your experience!
If you need assistance with selling or buying a home in 2013 I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.