The Miami Beach housing market get more good news for Miami Beach home-owners looking to sell. Low Rates & faster processing of Short Sales may not only help your Miami Beach Home sell, and but also help your property sell quicker. The Primary Mortgage Market Survey® (PMMS), revealed on November 1st by Freddie Mac, shows continued lowered interest rates in the general and Miami Beach Real Estate market, dipping below last week’s rates. For a Miami Beach home owner hoping to sell this is positive news towards securing buyer interest.
Combining those low rates with news of Freddie Mac’s announcement that delegation agreements have been signed with mortgage insurance companies allowing Freddie Mac servicers to approve short sales more easily, may create even more Miami Beach Real Estate sales than expected in the coming winter months/high season and keep homes at risk of foreclosure available to Miami Beach home buyers, too.
Senior Vice President of Servicing and REO at Freddie Mac, Tracy Mooney, is excited about the news as it will allow distressed real estate buyers to avoid foreclosure by making short sales on a reasonable alternative. “We applaud the nation’s mortgage insurers for committing to work with us and our servicers to help more borrowers obtain short sales and other foreclosure alternatives,” she said. “By paving the way for more borrowers to avoid foreclosure, today’s announcement will support the housing recovery and help reduce taxpayer losses.”
Eligible buyers looking for Miami Beach homes for sale can currently lock in rates averaging 3.39% (.7 points) on a 30 year fixed rate mortgage or a 2.70% (.7 points) on a 15 year fixed rate loan as reported in the PMMS. The 5-year Treasury-indexed hybrid adjustable rates averaged 2.74% (.6 points) and the 1-year Treasury-indexed adjustable rates logged in at 2.58% (.4 points), showing consistent downward trends across the board.
If you own a home on Miami Beach and want a way to avoid foreclosure and are interested in a short sale, now is the time to sell your waterfront or dry lot Miami Beach home. Contact me to discuss the new options made available with these announcements. I’d like to help in any way I can as an expert Miami Beach real estate agent. I can help you find out more about the Freddie Mac announcement on short sales, click here.