Venice Bits

The weekend was beautiful and the temperature is still around the low 90s'. 

Mortgage rates for the last two weeks have remained under the 5% mark.  30 year fixed is at 4.87%, 15 year fixed 4.33% and 1 year adjustable 4.53%.  Last time we saw these low rates was back in May of this year.  

What new remodeling project should you start, bathrooms of course.  80% of new homes have at least two bathrooms which occupy 300 sq. feet or 12 percent of the total area.  The National Association of Home Builders study reports a major return on value for extra bathrooms. When the number of bathrooms is approximately equal to the number of bedrooms, an additional half-bath adds about 10%  to the home’s value, 19% for an additional bath.  A mid-range bathroom remodel, which costs $10,500 on average nationwide, pays a homebuyer at least 100 percent of the outlay when the property is sold. 

Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. When their situations were really tough, most banks preferred short sales because they were their best opportunity to get the most money back. But with an improving economy, and because the losses on many of these properties have already been written off the books, banks are increasingly reluctant to negotiate a short sale. Average response time can take 70 days.

Have a wonderful week.  Alice