Mike Hastings Blog

It may seem counter intuitive, but while the Federal Reserve lowered rates on the federal funds rate (the rate lenders are charged for borrowing money from the government) last week by a half of a percent, the rates on mortgages actually increased slightly.

Due to the weakening dollar, the bond markets have taken a hit and gone down. As a result, interests rates charged to consumers have actually increased. Hopefully we will see a return to normalcy this week.

It had been fours years since the Federal Reserve last reduced this rate.

Tuesday was a great success in Windward Meadows. Thank you to MatchMaker Realty and Rosa Travis for teaming up on a group Realtor Open House. We provided David's Real Pit BBQ for a lot of hungry agents. It was very well attended. Rosa made her famous banana pudding. Despite the rain we had around 35-40 people. Thanks again!

I finalized the last of a total of three of the Haile Condos today. It is not too late of you are interested in making an offer on any of the remaining 6 units. I am also working with two sets of new buyers. It really is a great time to buy in Gainesville and Alachua County either as an investment or your primary residence. I also got word on a foreclosure that is a few blocks from the University of Florida campus. It is a 4 bedroom, 3 bathroom home on a large lot. Call me for more details. Last, I will be doing a few open houses this weekend. Join me in Windward Meadows on Sunday from 1 to 4PM.

Gators Play Saturday against Tennessee. Go Gators!

This being my first blog entry and the launch of www.mhastings.com I just wanted to say welcome. I hope to keep this update and current with my thoughts on what is happening in our market. My experiences seem to be very different from the general doom and gloom of what I read in the media.

That's not to say things haven't slowed down, but it is hard to say how much of the slow down is normal for this time of year. For instance, I sold 7 homes this July. But last year, I only sold 7 homes from Sept. 1 through the end of 2006. So normally I would expect it to slow down significantly this time of year. I don't feel any less busy.

I am off to the auction at Southbrook Condos at Haile Plantation today. The developer has 11 units and three will be sold absolute. I will let you know how it goes. Thanks for reading- Mike