If you’ve purchased a home recently or intend to purchase soon, you may not have thought about the fact that you’re part of a vast industry that has made, and continues to make, a significant contribution to the American economy.
Consider the following information from an April 2012 report by the National Association of Realtors® (NAR):
“Research has consistently shown the importance of the housing sector on the economy and the long-term social and financial benefits to individual homeowners. The economic benefits of the housing market and home ownership are immense and well documented. The housing sector (in the U.S.) directly accounted for approximately 15% of total economic activity in 2011.”
Those statistics include such contributing factors as: mortgage lending; home construction; real estate agents’ commissions; lawyers’ fees, home appraisal costs, and moving costs. These sectors generate taxes and other forms of income for government at all levels.
Beyond that the housing industry also produces long reaching economic ripples that extend well beyond the home purchases and related expenses and expenditures.
Real estate transactions create jobs and, thereby, facilitate economic growth in ways that you might not even have considered.
For instance, a NAR study on the economic impact of real estate in the state of Oregon tells the tale:
For every home sold in Oregon in 2011, there were additional expenditures on consumer items, such as furniture, appliances and paint, totaling, on average, $5,234.
When you consider the number of homes sold across North America, you start to realize the numbers of manufacturers, suppliers of goods and services, trades people and sales forces that are dependent on the health and prosperity of the housing industry. The real estate industry remains, even under less than favorable circumstances, one to be reckoned with. Naysayers notwithstanding, it will continue to be so.
Even now with national housing markets in flux, home ownership remains ingrained in our very psyche. The American dream is alive and well and still very much a reality for many people.
If you’re considering or planning to buy or sell a home in the Bradenton, Sarasota, Manatee County, or Sarasota County areas of Florida…
Please consider working with our team of hard working and experienced real estate professionals, The Serena Group.
Learn more about us here → MEET THE TEAM!
You may contact us directly, anytime, at → 941.757.5377.
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates declining or remaining the same from the previous week amid mixed economic data, and continuing to hover around their all-time record lows.
The 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending September 6, 2012, down from last week when it averaged 3.59 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.
Additionally, the 15-year FRM this week averaged 2.86 percent with an average 0.6 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.33 percent.
Results showed that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.7 point, down from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.96 percent.
The 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, down from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.84 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
“Mortgage rates were little changed over the holiday week amid mixed economic data releases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
“Although consumer spending rose 0.4 percent in July, representing the largest gain in five months, the core price index was unchanged suggesting little threat of inflation. Consumer confidence picked up slightly in August according to the University of Michigan, but remained below this year’s peak in May. And the manufacturing industry contracted for the third consecutive month in August.”
For more information, visit www.FreddieMac.com.
Real Estate, Market Report, News, Information, Article
Contact The Serena Group for more information
about buying or selling a home in the Bradenton, Sarasota,
Manatee County, and Sarasota County areas of Florida!
With a relatively small amount of snow accumulation, and milder temperatures around the country, the winter of 2012 stood in sharp contrast to the record-breaking winter of 2011.
Although we don’t have the snow to contend with in Florida, we do, and have had, temperatures dipping into the ‘frost’ category this winter season, which causes our lawns to go ‘dormant,’ stunting and slowing the growth cycle, and in some cases, turning our beautiful green grass to a drabber shade of greenish brown!
Coupled with Spring’s arrival and unusually mild temperatures arriving ahead of schedule and it means that we, as homeowners, could face a unique set of challenges this spring when it comes to taking care of our lawns.
The following tips, compiled by SavATree, can help homeowners counteract some of the common issues that come with a milder than normal winter season and recover a lush, green landscape this spring:
Turn On the Water – Returning moisture to the crowns of your grass is essential. As soon as possible, begin watering your lawn to restore nutrients and combat the damage done by high winds. Irrigate long and infrequently rather than daily for short intervals. It is best to water each zone for 30+ minutes every other day than watering 15 minutes each day. By longer, infrequent watering the moisture will actually penetrate deeper into the ground resulting in the roots going down deeper for the water; a benefit now and during the stresses of summer heat.
Mow Early and Often – When it comes to mowing, it’s better to be too early than too late. As grass grows and pushes last year’s desiccated tissue to the top, sharp blades will take it off cleanly and make room for new, healthy grass. Mow often as grass grows quickly in the spring, but try to set your blades at 3″ or higher so as not to remove more than 1/3 of leaf blade. Leaving clippings on your lawn, rather than bagging, will help speed the return of nutrients to the soil.
Aerate – Aerating your lawn will help improve water, air and nutrient movement in the soil and also reduce compaction and break down thatch. Compaction and thatch make growing grass more difficult, because they impede air and water movement to the soil and work to weaken your lawn’s root system. Desiccation is also less of an issue for well-aerated soil since water is able to move more freely through it, making the grass above much more resistant to drought.
Control Pests – Milder temperatures typically allow greater numbers of insects to survive the winter and an early spring can mean a longer growing season and more generations of certain insects. Specifically, residents of Florida might encounter: chinch bugs, mole crickets, aphids, grub worms, slugs, and snails—this season. The best way to keep these pests in check is to contact a certified lawn care professional to evaluate your property and recommend a safe and effective solution.
Prevent Disease – When buds begin to swell and break open earlier in the season, diseases such as Anthracnose, Brown Patch, Cercospora Leaf Spot, and Take-all Root Rot are able to gain an early foothold. The best approach to protecting against these diseases is preventive. By addressing and treating for these diseases ahead of time, you can lessen the chance of damage to your trees and shrubs during an early spring.
It’s time to ‘ring in’ a New Year in Sarasota, FL for 2011! If you’re still unsure about what things to do to celebrate New Year’s Eve, 2011, check out some of the ideas below:
Live music, fun, food, and dancing for the adults and kids until 1:30 am More info here…
2001 Siesta Drive
Admission: Ladies $15 Men $20 Free drinks all New Year’s Eve… evening!
SurfSide Sally’s Downtown Sarasota
McCurdy’s Comedy Theatre
3333 N. Tamiami Trail
Sarasota, FL 34234