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Forty-five percent of recent homebuyers purchased their property without ever seeing it in person — an increase from the 28% who made a sight-unseen purchase last year, real estate site Redfin reported July 30. Buyers are placing offers quickly and remotely because of competitive markets and safety restrictions due to the coronavirus pandemic. Read Full Story Here

?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

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Posted by James M. Hanson on August 7th, 2020 9:42 AMLeave a Comment

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August 7th, 2020 9:35 AM
Mortgage rates declined slightly during the past week, remaining near historic lows and boosting purchase demand more than 20% compared with one year ago, Freddie Mac reported July 30 in its Primary Mortgage Market Survey. Freddie noted that home prices are expected to remain strong heading into the fall.
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  • 30-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point for the week ending July 30, 2020, down slightly from 3.01 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.  
  • 15-year fixed-rate mortgage averaged 2.51 percent with an average 0.7 point, down from last week when it averaged 2.54 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.

Read Full Story Here


?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:35 AMLeave a Comment

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August 7th, 2020 9:30 AM
The inventory of homes for sale was 32.6% lower in July compared with the same point a year earlier, while inventory of newly listed homes was 13.4% lower during that same time period, Realtor.com reported July 30. Median home prices grew 8.5% year-over-year in July, reaching a new high of $349,000. Read Full Story Here.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:30 AMLeave a Comment

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May 29th, 2020 8:14 AM

April saw a record collapse in Americans signing contracts to buy homes, the National Association of Realtors said Thursday, reflecting the economic damage from the virus that shut down wide swaths of business and social life. Pending home sales plunged 21.8% from March, the largest decline registered in data going back to 2001. The normally busy spring homebuying season has been upended. At the same time, home prices have been rising.



?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

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Posted by James M. Hanson on May 29th, 2020 8:14 AMLeave a Comment

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May 29th, 2020 8:11 AM

Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.

The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.

Freddie Mac indicated that due to the recent fall in mortgage rates, demand for home purchases by prospective buyers has rebounded from a decline of 35% in mid-April to an 8% increase as of last week.

?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce


Posted in:General
Posted by James M. Hanson on May 29th, 2020 8:11 AMLeave a Comment

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