In its weekly mortgage survey, Freddie Mac just reported that mortgage rates took another dip this week, matching at or near the all-time record lows. For the fifth consecutive week, 30-year fixed-rate mortgages have averaged below 4 percent, which was unheard of until a few months ago. 

“Fixed mortgage rates started the year a little lower this week just as recent data reports indicate the housing market and manufacturing industry are showing signs of improvement,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Pending home sales for existing-homes soared 7.3 percent in November — its strongest pace since April 2010, the National Association of REALTORS® recently reported.  Construction spending also increased in November by 1.2 percent — all serving as positive signs that housing is on the rebound.

Here’s a closer look at rates for the week ending Jan. 5: 

• 30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.8 point, matching its previous record low that it set a few weeks ago. Last week, 30-year rates averaged 3.95 percent and a year ago at this time, 30-year rates averaged 4.77 percent. 
• 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.8 point, dropping from last week’s 3.24 percent average. Last year at this time, 15-year mortgages averaged 4.13 percent.
   
• 5-year adjustable-rate mortgages: averaged 2.86 percent, with an average 0.7 point, dropping from last week’s 2.88 percent average. Last year at this time, 5-year ARMs averaged 3.75 percent. 
• 1-year ARMs: averaged 2.80 percent this week, with an average 0.6 point, inching up slightly from last week’s 2.78 percent average. A year ago, 1-year ARMs averaged 3.24 percent. 

To find a mortgage lender, talk to your John R. Wood Agent today – just click HERE!

To search homes for sale in Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol for Local Knowledge

Source: Freddie Mac

If you’re one of the many who has an eye on 2012 as the year in which you’ll buy a home (first or not), here are five things you can do now to put yourself on the right path:

1.    Check your credit. Recent studies have revealed that a record high number of real estate transactions are falling out of escrow, and that credit “issues” are a leading cause of these dead deals. Your best chance at catching and correcting score-lowering errors and other derogatory items is to start checking and correcting while you still have time on your side.

2.    Do your research.  The more rapidly the real estate market changes, the more it behooves smart buyers to study up before they jump in.  And now’s the time – you can start doing online and in-person research into topics ranging from:

•  Target states, cities and neighborhoods. Whether you’re relocating or simply trying to narrow down the local districts to focus on during your 2012 house hunt, December is a great time to start your online research into decision-driving factors like tax rates, school districts, neighborhood character and even prices in various areas.
• Real estate and mortgage pros. If you don’t already have your pros picked out, now is the time to get on the horn or drop an email or Facebook message to your circle of contacts, asking them for a referral to a broker or agent they love.  Make sure our agent has the local knowledge and the resources to price and market your property right!
• Short sales and REOs. Distressed property sales are not for the unwary. If you want to target upside down or foreclosed homes, or are planning to house hunt in an area where many of the listings are described as short sales or foreclosures, get educated about what you can expect from a distressed property purchase transaction before you get your heart set on a short sale.
• What you get for the money. Online house hunting is a powerful tool. But there comes a point in your house hunt where you’ve got to just get out into the actual physical homes you’re seeing online in order to get a strong, accurate sense of what home features, aesthetics and location characteristics correlate with what price points.
• Mortgage musts. You can read a bunch of articles about mortgages and get yourself pretty far down the path toward qualifying for a home loan, but you can only get a personalized action plan for a smooth road ‘home’ by talking with a local mortgage broker and having them assess your basic financials.  They might say you need to move funds around, pay a bill down or off or produce some sort of documentation from your employer.  And the time to start all that is now.

3.  Fluff up your cash cushion. No matter how much you’ve saved, you’ll find that you could use more once you activate your home buying action plan. After closing, you’ll crave extra cash to do some repairs, upgrade a couple of things, buy appliances or even just to hold onto in order to minimize your anxiety about depleting your savings! 

4.    Shed some stuff.  Sell it. Donate it. Give it to relatives who’ve always coveted it.  Just get rid of it. If you do it before year’s end, you can kill three birds with one stone: (a) getting some cold hard cash to go toward your savings, (b) getting some tax receipts so you can deduct the value of your donations in January, (c) minimizing money spent on holiday gifts for loved ones and these two bonus birds – clearing the mental clutter that physical clutter creates and prepping for your move in advance.

5.    Don’t make any financial moves.  Commit right now to refrain from making any major financial moves until you buy your home.  Don’t quit your job to start that personal chef business (yet), don’t pull a bunch of cash out of your savings account (without getting clearance form your mortgage pro first), and don’t start buying cars and boats on credit.

If your ready to buy, click HERE to contact a John R. Wood Agent now!

John R. Wood Realtors – The Symbol of Local Knowledge.

Another John R. Wood listing sold in Crown Colony!

A fantastic lake view.  No detail is overlooked in this opulent Crown Colony home.  With more than 3,000 square feel of living space that includes a great room floor plan, 4 spacious bedrooms and three full baths.  This residence embodies gracious living on the grandest scale.  Filled with every conceivable luxury from the large outdoor living area featuring a beautiful pool with spa, to the gourmet kitchen and more. 

The closing price was $570,000.

Click here to view more homes for sale in Southwest Florida

Another luxury home listing sold by John R. Wood Realtors!

Fantastic villa in The Cottages, Pelican’s Nest, full of charm! Very private courtyard setting with great room and separate guest cottage provides lots of space. Upgrades include whole house surge protector and intercom system, ceramic tile and plantation shutters throughout, separate guest quarters with kitchenette, a large courtyard lanai with brick pavers on top of concrete as well as lit landscaping, tray and volume ceilings, architechtural details in the great room, a custom wall sculpture in the dining room, Italian lighting fixtures in the dining and breakfast areas, recessed lighting and jetted tub in the master bath and much more. Not a single detail has been missed.

The closing price was $475,000.

Click here to view more homes for sale in Southwest Florida

Another John R. Wood Listing sold in Collier’s Reserve, Naples!

Exquisite interiors, expansive outdoors, extra special all around! Southern fairway vistas from almost all living areas enhance this custom built home with heated lap pool and spa. In addition the kitchen and family room overlook a screened courtyard terrace to the west, ideal for afternoon retreats.  Built for entertaining family and friends this residence boasts a gourmet kitchen with large island, separate prep area, SubZero and Thermador appliances and granite counters and backsplash. A 500 bottle climate-controlled wine cellar and a spacious dining room with tiered tray ceilings, rich crown molding and warm cove lighting make for memorable dinner parties. A library-den with full wall shelving, wood floors, lots of storage space, an electronic lighting system, even a pet shower in the double garage with separate golf cart bay.

The closing price was $1,250,000.

Click here to view more homes for sale in Southwest Florida

John R. Wood’s Gulf Shore Boulevard Q2 market report is now available!

Sales of beachfront and bayfront properties have been brisk throughout the first half of 2011.  Inventories in both segments are substantially reduced and shortages of product are already occurring in some price ranges.  While prices remain stable, Gulf Shore Boulevard is likely to be among the first neighborhoods to experience price increases as supplies diminish.

Click HERE for the full report!

Click here to view more homes for sale in Southwest Florida

John R. Wood Realtors releases Q2 2011 Market Report! 

The bottom line? This remains a great time to buy properties in Southwest Florida!  Utilize this market data to make informed decisions that benefit your situation. 

See the full report here: Market Report Q2 2011

Click HERE to contact a John R. Wood Agent today for more information!

Another John R. Wood listing sold in Old Naples!

Presenting Falconer Jones designed Old Palm Beach style cottage located just a few blocks from the beaches of Old Naples. Nestled on the much sought-after 3rd Avenue North and lined with a canopy of mahogany trees. This street is unique in that it is not a through street to US 41. A great amount of money, detail, and time was put into the design and construction of this home. Concrete block construction throughout, Andersen impact windows, icynene insulation, oversized water meter for great water pressure, underground utilities, the home is built on a stem wall, and these are just some of the features. The interior of the home has amazing finishes with statuary marble, handmade louvered wood doors, pecky cypress tongue and groove ceilings, yellow pinewood floors, mahogany front door, pantry, coat closet, and a wood burning fireplace to name a few.

The closing price was $1,375,000.

Click here to view more homes for sale in Southwest Florida

John R. Wood’s Monthly Market Report covering Naples, Bonita Springs and Estero, Florida is now available!  Here is an overview.

Market activity continued at an active pace during the month of June, as buyers began returning for the summer “buying season”.  Inventory continued to drop and the median sales price is up substantially since the beginning of the year.   Now is the time to begin focusing on building a  listing inventory for the winter season.  With some segments already experiencing a shortage of product, it is increasingly important  to remain the company with the widest selection of well-priced properties in order to meet buyer needs.

See the full reports here:

 Market Report June 2011

 Snapshot Report June 2011

Click here to view more homes for sale in Southwest Florida

Buyers are showing more interest in multimillion-dollar mansions in Naples.

From April to June of this year, sales for homes and condos priced at $2 million and up increased 20 percent, when compared to the same months a year ago. There were 91 sales, up from 76 a year ago in this market, according to report by the Naples Area Board of Realtors (NABOR).

The report is based on sales made through the association’s multiple listing service, or MLS, in Collier County, excluding Marco Island.

Further showing the trend, pending sales – or sales contracts – in the $2 million-and-up price range increased 17 percent in the year ending June 30, 2011, compared to the same 12 months a year ago. There were 280 contracts written, up from 239.

In the second quarter, median sales prices for multimillion-dollar homes in the Naples market rose 8 percent, reflecting higher demand. The median is the price at which half the homes sell for more and half for less.

Read the full article here: http://www.naplesnews.com/news/2011/jul/15/more-buyers-purchasing-multimillion-dollar-homes/

Click here to view more homes for sale in Southwest Florida