Slowdown in Home Prices Ahead Despite Q3 Growth
November 08, 2022
Home prices continued to climb in the third quarter of this year, but the upward trend may finally be coming to an end, according to the National Association of REALTORS®’ latest quarterly report. Higher mortgage rates are starting to weigh on home price growth, though practically every major metro saw home prices rise in the third quarter. ...
Average Down Payments
November 05, 2022
While the housing market begins to cool, home prices are still significantly higher in many parts of the U.S. than before the COVID-19 pandemic, according to a new study from LendingTree. One of the side effects of these higher home prices is higher down payments.On average, Lending Tree found that homebuyers across the nation’s 50 ...
Home Appraisal Myths Busted
November 02, 2022
Most things to do with buying or selling a home can be pretty stressful, from finding the house of your dreams, to securing the financing, all the way through to closing. But for most transactions, everything, absolutely everything, hinges on the home appraisal. This is probably why so many myths and misconceptions have grown up around the process. We’...
Fed Approves Fourth 0.75-Point Rate Rise
November 02, 2022
WASHINGTON—The Federal Reserve lifted interest rates by 0.75 percentage point to combat inflation and signaled plans to keep raising them, though possibly in smaller increments.Fed Approves Fourth 0.75-Point Rate Rise, Hints at Smaller Hikes© Graeme Sloan/Bloomberg NewsFed officials in a Wednesday policy statement acknowledged it could take time for rapid increases this year to ...
Prepayment Activity Falls to 20-Year Lows
November 01, 2022
By the numbers:Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.78% Month-over-month change: -0.18% Year-over-year change: -28.78% Total U.S. foreclosure pre-sale inventory rate: 0.35% Month-over-month change: 0.04% Year-over-year change: 35.52% Total U.S. foreclosure starts: 18,400 Month-over-month change: ...
Existing Home Sales Fall for Eighth Month in a Row, Leading Indicators Fall in September
October 21, 2022
...
Housing Market Correction?
October 19, 2022
Housing Market Correction?The Federal Reserve's interest rate hikes may be intended to give the housing industry a "reset," as chair Jerome Powell wanted, but it also may have further confused homebuyers and sellers on what to do next.Powell said in an effort to cool "a red-hot housing market" to straighten a ...
Buying a home with higher interest rates
October 18, 2022
Since the last couple of months the interest rates are much higher than just a few months ago. Most buyers are seeing sticker shock at what they can afford, and what their new monthly payment will be. Setting them up with realistic expectations will help create a much better purchasing transaction with these buyers. I tell them to start ...
Investor Series – Short Term Rentals
October 15, 2022
Short term rentals are the hot new segment in the Real Estate industry. The concept is similar to a bed and breakfast or hotel where you rent out your property by the day/week for a premium cost vs. what you could get on a monthly or yearly basis. There are a lot of people who ...
Fall Back - Household Check List
October 14, 2022
Sunday, November 6, 2022, marks the end of Daylight Saving Time when we “fall back” and set our clocks back one hour. The result is an extra hour of sleep Saturday night, followed by earlier sunsets and shorter days.Daylight Saving Time serves as a twice-yearly reminder to complete some important household tasks. Whether you already own a ...
Case Study: Property Renovation Management
October 14, 2022
Client: Institutional Real Estate Investment FirmThe ChallengeThis bank owned condominium in Chicago was in poor condition and being marketed as-is. After a few weeks on the market it was determined that most buyers did not want to remodel a unit in a building that had a strict homeowners association and that finding contactors willing to do the work ...
Housing slowdown to continue?
October 14, 2022
Interesting read:Fannie Mae's Economic and Strategic Research Group releases a forecast each month detailing the group's view of where the housing market and broader economy are headed. In September, the group's outlook sees economic growth resuming in the second half of the year but calls for the housing market's slowdown to continue as the Fed ...
• Jackson officials switch gears on plans for transitional housing • Published: Oct. 07, 2022 JACKSON CITIZEN PATRIOT
October 14, 2022
JACKSON, MI – Jackson officials are taking a step back to come up with other ideas to build transitional housing in the city.In its Sept. 27 meeting, the Jackson City Council unanimously voted down $200,486 in renovations to a house after it previously determined it would be too costly. Along with not giving the renovations the OK, ...
Lake County, Illinois Real Estate Market
October 14, 2022
"Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply The median existing-home price for all housing types in August was $389,500, ...
HVAC Troubleshooting for Homeowners
October 13, 2022
Climate control is one of the greatest inventions of humankind since leavened bread, but when it’s suddenly not working properly, or it stops working all together, your HVAC system can become a massive source of stress and worry. Before you decide to panic, though, consider doing a little troubleshooting of your system. There are several very easy things ...
Fall Home Maintenance Check List
October 13, 2022
Fall Home Maintenance Checklist:10 Things you should do every Fall!1) Stow your Mower2) Store Hoses and turn off outdoor water3) Drain and turn off sprinkler system4) Seal cracks around doors and windows5) Clean your gutters6) Inspect your roof7) Direct drainage away from your house8) Get your furnace serviced9) Prune your plants10) Look up chimney for blockages; check damper ...
Top 7 Tips For Selling Your Home In The Winter Time
October 12, 2022
While it can be expected to have fewer buyers during the winter time, it’s important to know the ones that are out during those cold months are seriously motivated! Ensuring your home is ready to show will help get your that offer!Shovel – If you are in an area where the snow falls it’s ...
FHA Moves to Include On-Time Rental Payments for First-Time Buyers
October 11, 2022
September 28, 2022Melissa Dittmann TraceyThe Federal Housing Administration published a letter to lenders on Tuesday urging them to consider including a borrower’s positive rental payment history when applying for FHA-insured financing. The move is believed to be a boost for first-time home buyers to help to improve their credit scores when applying for a mortgage, the memo reads....
The Importance of Fall Clean Up
October 11, 2022
https://www.greenandblackmn.com/about-us/blog/importance-of-fall-cleanup/Before the winter cold hits, getting your yard cleaned up and ready for the following spring is essential. Although it might seem like a small detail in landscaping, fall cleanup is actually a very important part of keeping your yard healthy and thriving. In this article, we’ll take a look at what fall cleanup is, its ...
Will I Be Able to Afford More House Next Year Than I Can Right Now?
October 10, 2022
When should you buy a home in the current market? There's no doubt this market is confusing, with one expert recommending selling now to get peak value for a home and others saying to wait for the market to correct. If you're buying, your perspective is much different. You want to save money but still have your ...
How does a property become a HUD REO
October 07, 2022
HUD foreclosed properties are the result of FHA mortgages that have failed. FHA guaranteed loans is lending program that insures lenders (insurance program) that if they provide funding a loan under FHA guidelines and the buyer’s default, HUD will pay the lender most expenses and debt on the property that failed. The lender is under the ...
Market Crash vs. Normalizing / Seasonal Slowdown
October 07, 2022
As we enter the fourth quarter of 2022, we must be reminded that it's... the fourth quarter. In a "normal" market, this is typically the slowest time of the year. In the last couple of years, most buyers paid no attention to the holidays and weather. High demand, low inventory, and historic low-interest rates took a December ...
Don’t Wait for Mortgage Rates to Fall Before Buying a Home
October 07, 2022
Home prices are starting to fall, but still aren’t far from their peak. Mortgage rates are climbing, from less than 3% last summer to threatening 7% today.Those numbers might make someone shopping for their first home want to hunker down and wait out the market. Maybe home prices will take an impactful dip, and bring along ...
Mortgage Rates
October 07, 2022
Mortgage rates remained below 7% this week despite the jump in the 10-year Treasury yield. According to Freddie Mac, the 30-year fixed mortgage rate rose to 6.94% from 6.92% the previous week. However, rates are near the 7% benchmark that could be considered the new normal for mortgage rates.However, 7% rates were normal in the mid-to-late ...
HOME CLEAN UP TIPS FOR FALL
October 06, 2022
It is that time of year again in Michigan! Here are some helpful tips to get your home ready this fall... -Clean gutters and downspouts-Bring in hoses and cover or insulate outside spigots-Finish up any exterior painting or staining before the temps are too low-Finish any outside concrete projects before the temps are too low-Tuck point any ...
