The demographic of our country is changing. It is projected that by 2030 over 20% of Americans will be over age 65. The needs of an aging lifestyle are different, and home builders are taking that into consideration. A growing trend in our industry is the increasing presence of communities developed specifically for folks aged 55 and over. The “active adult” communities aren’t just in Florida and Arizona any longer.

For the past 10-15 years more single-level homes have been built. They have lower cabinets in the kitchen and more space allowing for ease in movement within the home. The maintenance-free community offers active adults the freedom to be more involved in their community and local government. These folks are just sitting in their rocking chairs on the front porch.

This article on  activism in the senior community reminds us of the value these residents hold and the challenges they face now and in the future. Read more

Communication is key to any successful business. It’s also a great way to keep your neighborhood happy and safe. NEIGHBORHOOD LINK offers a great web site with steps for you and your neighbors that will keep you in control of your living environment. You can start a neighborhood association (they’ve got great tips) and address issues, concerns, and needs. There are ideas for initiating the communication and even a free web site your neighborhood could create. We are all so busy making friends on social media sites. Perhaps we should also be building “community” where we live and raise our families. Find out more at www.NeighborhoodLink.com and create a community in your neighborhood.

With the number of pending home sales in March hitting their highest level since 2010, home buyers are finding that bidding wars are back. Some markets have plenty of homes for sale – but most areas are seeing a decline in inventory. If inventories rise, that will put more pressure on the prices. Real estate agents say there is a demand for foreclosed properties. Some economists say the biggest banks have been slow to list the foreclosed homes they own. The declining inventory of old homes has increased the sale of new homes. Read more details in this Wall Street Journal article.

According to global real estate consultancy Knight Frank (ranking countries according to highest average growth in housing prices from the fourth quarter of 2006 to the same period in 2011). Global real estate markets had a forgettable last year, with prices rising 0.5 percent. Over the past five years prices have registered huge gains.

The Top Ten growth markets are: 10. Switzerland (up 27.5%), 9. Malaysia (up 28.5%), 8. Norway (up 28.7%), 7. Canada (up 28.7%), 6. Taiwan (up 30.1%), 5.  Colombia (up 39.4%), 4. Singapore (up 50.5%), 3. Israel (up 54.5%), 2. Hong Kong (up 93.7%), 1. China (up 110.9%) -it is the world’s hottest property market.

The national five-year averages reflect mainstream housing prices in most major cities in all the listed countries expect China, which only includes home prices in Beijing and Shanghai.
As written in this report on CNBC.com.

Realtors’ confidence in the single-family home market is the highest in four years. The National Association of Realtors states that existing home sales for February were up 9%.  And with the unseasonably warm weather, the home-buying season has started early. If web traffic is any indicator, Caldwell Banker says their activity was up 47% from last February. Economists predict that this could be the best selling season in four or five years.

Not all housing markets move together, so some markets may decline while others improve. Homeowners may have been holding off for higher prices, but now seem to sell. USAToday.com has more.

Just in case you missed it on Thursday, interest rates on the 30-year fixed-rate mortgage inched above four percent for the first time since October 2011, according to Freddie Mac’s weekly survey of mortgage rates. Rates averaged 4.08 percent for the week ending March 22, up from 3.92 percent last week and down from 4.81 percent a year ago. It averaged 4.1 percent for the week ending Oct. 27, 2011.

Mortgage rates, which have been at or near record lows for several months, are rising with higher yields on 10-year Treasury notes and the slowly improving economy. They may go higher. Freddie Mac expects 30-year fixed-rate loans to be nearer to 4.25% to 4.5% by the end of the year, says Freddie Mac chief economist Frank Nothaft. Even with increases, mortgage rates are still “extraordinarily low,” said Nothaft in a news release. From 1990 through 2010, mortgage rates averaged 7.1%.

When shopping around for the best rates available, it’s always important to make sure you compare quotes that are given on the same day.  Mortgage rates can change two or three times a day for the better or worse. There have been pretty big swings in the bond markets lately, so to be fair to the company or loan officer you’re getting them from, always compare on the same day if you can. Another thing is to be careful when comparing quotes with online ads that you see.  A lot of times those quotes aren’t real time and there is no chance that you can lock into them.

Many factors go into what a person should do with their savings. In many cases, they can refinance to a lower rate and apply all of their savings to their new mortgage and pay it off faster than they would have had they not refinanced. For example, someone with a $200,000 30-year mortgage at 4 percent would pay nearly $43,000 less in interest rates over the life of the loan than someone with the same mortgage at 5 percent. A person’s age also becomes a factor and people should really think about what else they could do with their savings besides refinancing their home. Some examples might be an education savings plan such as a 529 plan for a child’s college education, their own retirement savings, or just every day living expenses which is the case for a lot of people in a down economy.

According to Freddie Mac, rates on 30-year fixed loans stretched to an average of 3.95% from the record 3.87% it had been halted at for the past two weeks. It’s the 12th straight week that rates have been below 4 percent. The rate on 15-year fixed loans inched a bit higher to 3.19% after sticking at 3.16% for two weeks in a row.

More here.

One of the biggest things you should do is be aware of the refinancing options you have so you can make an the right decision. If you’re putting less than 20% down, you’ll have options for privately insured conventional loans or FHA loans. If you put five percent down and go with a conventional loan the biggest thing to be aware of is how you finance your private mortgage insurance because you could save thousands of dollars and most mortgage companies don’t go over those options with their customers.