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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
"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 ...
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) ...
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 ...
Mortgage Rates Decline for Third Straight Week
February 14, 2023
Mortgage Rates Decline for Third Straight Week According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down for some fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration.Joel Kan, MBA's vice president and deputy chief economist, says ...
Pre-approval vs. Pre-qualified
February 14, 2023
Get Pre-approved and not pre-qualified, why?A pre-approval is when a mortgage company has preliminary information about your ability to afford a particular mortgage and is willing to provide you with an estimate of what your monthly payment would be. This is not an offer to borrow money. A pre-qualified prospect means that the lender has enough information about ...
Housing Market Predictions For 2023
February 14, 2023
Housing Market Predictions For 2023: When Will Home Prices Become Affordable?Robin RothsteinForbes Advisor StaffRachel WitkowskiEditorHousing Market Forecast for February 2023As we begin to move through 2023, housing experts maintain a watchful eye on the economy, which continues to be pulled in all directions by high inflation, steep interest rates, ongoing geopolitical uncertainties and recession fears, to name a ...
Home Sales decreased for last 6 months
February 14, 2023
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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 Renovation on a Budget — You Got his!
February 13, 2023
Are you tired of looking at the drabby paint on your walls, the outdated cabinets, worn furniture, and stained carpets? Your home is overdue to be remodeled, which is on your wish list. However, you are afraid of what the cost might be. Unless you want a major overhaul, you can still spruce up your home and improve its ...
Home Prices Have Surged 42% in the Last 3 Years
February 13, 2023
February 9, 2023By: Melissa Dittmann TraceyA slowdown is now underway, says NAR Chief Economist Lawrence Yun. But don’t expect to see dramatic price drops.After three years of runaway home prices, buyers may soon find relief. In some markets, they may have already found it.The National Association of REALTORS®’ latest quarterly housing report shows that home ...
Avoid These Common Home Buying Regrets
February 10, 2023
Buying a home is a big decision. And for some recent homeowners, that decision has led to some real regrets—aka “buyer’s remorse.”But what, exactly, is driving that remorse?A recent article from realtor.com outlined some of the most common regrets recent buyers have experienced after purchasing their homes, including:Unexpected repairs. Many recent ...
