To Our Loyal Lovers of “The Butte”,
With the ski area closing for the season of 2008-2009, people are getting their bikes tuned, their fishing poles out, and getting ready to head out into the mountains. Everybody seems to be ready for an exciting spring and summer. Have you made your vacation plans yet? When you do plan your adventure to Crested Butte, make sure to come by our office before that big adventure and visit any of our friendly agents.
In this newsletter we have provided informative articles on the current national housing market, and it is not all bad news like many think. Affordability is not only boosting the national market, but also the market here in Crested Butte. Feel free to contact us about the increasing number of houses that are more affordable.
You can see a review of the March sold listings in our area, and the properties that are currently under contract as of April 1, 2009.
Hope you are able to visit us in “the Butte” soon.
Best regards,
The Benson Sotheby's International Realty Team
Affordability Boosting the Housing Market...
“What will ultimately get the turnaround ball rolling will be the ability of ordinary consumers, in large numbers, to afford to buy a home with their current incomes at current mortgage rates. And right now, the affordability equation is at its most favorable point in decades.
“In local markets across the country, more households with median incomes can now afford to buy the median-priced house than at any time since 1970, when the National Association of Realtors® first began its ‘Housing Affordability Index,’ which jumped by 3 points in January alone and now stands at its all-time record high.”
-- “Real Estate Outlook: Balancing the News,”by Kenneth R. Harney, Realty Times, March 10, 2009.
Mortgage Rates May Drop to Historic Lows...
U.S. mortgage rates may fall to the lowest since World War II on the Federal Reserve’s plan to buy up to $300 billion of Treasuries and increase purchases of mortgage-backed bonds. Rates for 30-year fixed home loans dropped to 4.98 percent this week, according to Freddie Mac. They may reach 4.5 percent as the Fed’s purchases progress, said Mike Larson, real estate analyst at Weiss Research in Jupiter, Florida.
-- “Mortgage Rates May Fall to WWII Low on Fed Purchases,” by Brian Louis, Bloomberg, March 19, 2009.
Home Sales Increase...
“Existing-home sales rose 5.1% in February, climbing above expectations… Home re-sales climbed to a 4.72 million annual rate, from January's unrevised 4.49 million annual pace, the National Association of Realtors said.”
--The Wall Street Journal, March 23, 2009
