Homeowners Rush to Refinance

NEW YORK - This week's surprise rate cut by the Federal Reserve not only held Wall Street and investors in thrall, it's also kicked into high gear a rush by homeowners across the country to refinance their mortgages at today's lower rates.

Thirty-year fixed-rate mortgages now carry an average interest rate of 5.57 percent, down from 5.75 percent last week and from 6.32 percent a year ago, according to a Bankrate.com national survey. That's bringing them within shouting distance of the historic low of 5.21 percent set in June 2003, when the housing sector was expanding quickly and there was a stampede of mortgage refinancings.
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Baja Tries to Lure Tourists Back

TIJUANA – With cross-border visits showing marked declines, business and tourism officials in Baja California are going into full-scale damage control in hopes of regaining ground lost over the past year. There were 1.5 million fewer visitors in 2007 than there were in 2006. Ouch!

Baja has launched a program called called “Get Your Passport,” offers discounts at hotels, restaurants, bars and shops to those holding a U.S. passport. I don't know about you, but that's not enough to make me go back there after dozens of San Diego tourists have been robbed at gunpoint. Scary!

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World's Largest Swimming Pool Makes a Splash in Chile

Cannonball! Check this out--the Guiness Book of World Records named this pool in Chile the biggest in the world. This vast pool is more than 1,000 yards long, covers 20 acres, it's deep end is 115 feet (clear turquoise all the way to the bottom) and it holds more than 66 gallons of water.

The man-made saltwater lagoon has been attracting huge crowds to the San Alfonso del Mar resort at Algarrobo, on Chile's southern coast, since it opened last month. It's not hard to see why!

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Top Ten Reasons it's a Great Time to Buy Real Estate

I just love this article by Paul Pastore from Broker Agent News. It's true, true, true! And if predictions from all the analysts are correct, 2008 is going to be a fantastic year for buyers.

1. Selection, selection, selection. A few years ago, a buyer was forced to make compromises if they were going to locate the home of their dreams. But these days, there is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.

2. No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.

4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.

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Manhattan Defies Housing Slump

Don't let a slumping stock market shaken by a steep downturn in the national housing market fool you - Manhattan real estate is still red-hot.

According to the New York Post, the average sales price of apartments in the heart of New York shot up as high as 34% to $1.43 million - in the last quarter of 2007 compared to the year before, according to reports put out by the city's top real-estate brokerage firms.

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