‘Affordability Is Hindered’: Mortgage Rates Rise for Fourth Week in a Row, Surpass 7%
March 10, 2023
By Aarthi SwaminathanMar 2, 2023The numbers: Mortgage rates are up for the fourth week in a row.The 30-year fixed mortgage rate hit 7.1%, up from 6.94% on Wednesday, according to the latest data of mortgage brokers released Thursday by Mortgage News Daily.Mortgage News Daily says its index is driven by real-time changes in actual lender ...
Common Seller's Mistakes
March 10, 2023
This list of frequent sellers’ mistakes regarding house listing pricing can help you avoid the pitfalls involved in selling your home. If setting a price was simple and straightforward, you would not need assistance in pricing your home correctly. Save yourself time and money by avoiding these costly mistakes.PRICING MISTAKESThe first several seller mistakes involve the issue of ...
HOUSING MARKET PREDICTIONS FOR 2023: ARE HOMES PRICES FINALLY BECOMING AFFORDABLE?
March 10, 2023
The declining mortgage rates trend that brought back some prospective buyers to the market in the first month of 2023 has ended—at least for now. Home sales prices responded by continuing their downward slide. However, many economists remain mixed about how much more home prices will drop this year.For one, the nation’s housing supply remains limited. ...
the importance of having a home inspection
March 08, 2023
The importance of having a home inspection. When making an offer on a home, buyers are usually starry eyed. They have found the perfect place to put down roots, written a contract and have had their offer accepted. Evrything is great....so far! Now comes the part where they pay someone to find things wrong ...
Lightning Proofing Your Home
March 07, 2023
Big storms can be scary. With the wind, heavy rain, and the threat of even more extreme weather, they can also bring with them a lot of damage. While a lot of people make plans on how to react to some of the big dangers associated with storms, there’s one more common threat that often goes overlooked: lightning ...
Is Multigenerational Housing for You?
March 07, 2023
The pandemic caused many homeowners to reexamine what "home" means to them, which has now given rise to more multigenerational households. Multigenerational buying is where families live in the same home with elderly parents, kids that have moved back home or other extended family. According to the National Association of Realtors, it was gained much popularity ...
Mortgage Rates
March 06, 2023
Mortgage rates started the month rising to nearly 6.7%. Strong economic data and elevated inflation are the two main reasons mortgage rates have risen for the last 4 straight weeks. According to Freddie Mac, the average rate on a 30-year fixed mortgage increased to 6.65% from 6.50% the previous week.Will these higher rates affect the ...
Buying A HUD Property Number 2
February 28, 2023
Buying a HUD Property Number 2by Tom Nelson HUD Licensed Listing Broker (LLB)Buying a HUD Home may be a wonderful opportunity to buy a great home. Here is how you go about buying a HUD home.Find A HUD Registered Selling (buyer’s) AgentContact a realtor and make sure that they are registered with HUD to sell you ...
Illinois homes sales and median prices dropped in January
February 22, 2023
Statewide home sales and the median price of Illinois homes were lower in January 2023 than the previous year, according to data from Illinois REALTORS®.In January 2023, statewide home sales (including single-family homes and condominiums) of 6,723 homes sold was 35.3 percent lower than 10,385 sold in January 2022. The monthly median price of ...
Illinois homes sales and median prices dropped in January
February 22, 2023
Statewide home sales and the median price of Illinois homes were lower in January 2023 than the previous year, according to data from Illinois REALTORS®.In January 2023, statewide home sales (including single-family homes and condominiums) of 6,723 homes sold was 35.3 percent lower than 10,385 sold in January 2022. The monthly median price of ...
Illinois homes sales and median prices dropped in January
February 22, 2023
Statewide home sales and the median price of Illinois homes were lower in January 2023 than the previous year, according to data from Illinois REALTORS®.In January 2023, statewide home sales (including single-family homes and condominiums) of 6,723 homes sold was 35.3 percent lower than 10,385 sold in January 2022. The monthly median price of ...
Existing home sales continue to decline in 2023
February 21, 2023
xisting home sales started 2023 right where they left off at the end of 2022, dropping for the 12th consecutive month. In January, the seasonally adjusted sales pace for existing homes dropped 0.7% from December to a pace of 4.00 million, according to a report from the National Association of Realtors (NAR) released Tuesday.On a yearly ...
Get to know your Lender
February 21, 2023
Get to Know Your Lender!When buying a home, it is important to know about the different types of mortgages, and which one might be good for you.There is also an issue of which type of mortgage is best for certain homes. Just because you may be qualified for an FHA loan, does not mean that the ...
Buying an Older Home? Check for These 5 Things First
February 18, 2023
Buying an Older Home? Check for These 5 Things First The character, charm, and unique personality of older homes are undeniable—and just a few of the reasons why many home buyers can’t imagine moving into a new build. Older homes are also often constructed in prime locations with lower price tags than modern high rises. Purchasing an ...
Ready to put a home on the market?
February 16, 2023
Are you getting ready to put a property on the market? If so, a little bit of planning time now, will pay dividends this spring. Start by looking at the exterior with fresh eyes. Has winter made your home look dreary? Get prepared to be out there sweeping up blown leaves, tidying up the ...
Why Median Homes Sales Price Is Confusing Right Now
February 15, 2023
The National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if ...
Investor Series – Househacking II – Taking advantage of the In-Law or ADU
February 15, 2023
This is one of many articles we will be writing regarding investing in Real Estate. Today we’ll be looking at another form of househacking. Looking for homes specifically with a dedicated in-law suite or Accessory Dwelling Unit (ADU).In-Law suites have been around forever. The idea behind them is having a family member (usually elderly) ...
"Is a HUD home Section 8?"
February 15, 2023
It may be surprising to some people, but as a listing broker, I have heard this question many times over the last twenty years. If you are reading this, I am here to tell you that these are two completely different types of transactions.Section 8 refers to the Housing Act of 1937. This is housing assistance for tenants ...
Affordable housing a problem as demand continues to outstrip supply City Pulse, Sam Easter January 19, 2023
February 15, 2023
Kathy Birchen, an associate broker with Berkshire Hathaway Tomie Raines Realtors in East Lansing, has been selling houses for three decades. And the pandemic — which was marked by a widespread surge in demand and cheap credit — was a high-water mark for her career. “Two years ago, we were crescendoing into a real high, with lack ...
Market Update & 2023 Predictions
February 15, 2023
Each quarter the Federal Housing Finance Agency (FHFA) releases home appreciation data that reflect changes to our regional markets or Metropolitan Statistical Areas (MSAs). The third quarter data shows percent changes in the last year and over a 5-year range.In the past year, home prices in our area have increased: +0.45% in Dubuque; -0.66% in ...
Spring has Sprung Tips
February 15, 2023
Spring has Sprung TipsSpring will be here before we know it and in some areas are starting to see the beginning of plants poking through the ground already! In the metro area of Michigan, we’ve had an unusually mild winter and warmer temps for February, currently 52° as of this writing! Here are some tips to ...
Successfully Buying HUD Homes Seminar
February 15, 2023
There are currently 26 HUD Homes for sale in Michigan as of today. Many in Oakland and Macomb County. This inventory has something for everyone! From small 2 bedroom ranch style homes to spacious colonial and a great condo! All with affordable price ranges and great locations!Buying a HUD Home can be a stressful experience if you ...
Working With Out of State Investors? Here’s What Agents Need To Know
February 15, 2023
Let’s face it. Despite higher interest rates and increasing inventory, the price of real estate is still relatively high as compared to the pre-pandemic era. Add to that, many institutional sellers are still heavily focused on ‘owner occupant’ purchase of their special assets in an effort to promote home ownership. All of this makes it tough for ...
Home Buying Checklist
February 14, 2023
Home Buying Checklist:1) Figure out what you can afford.2) Determine and Gather the Down Payment you will need.3) Decide on a lender and get pre-approved.4) Find a good Real Estate Agent.5) Begin viewing homes until you find the perfect home for you. ...
Home Sales decreased for last 6 months
February 14, 2023
...
