What is a HUD home?
July 28, 2022
What exactly is a HUD owned home and how can I purchase one? A HUD home is a house that has been foreclosed on that had buyers that originally used FHA insured financing to purchase the property. The homeowner could not make the payments for whatever reasons and the lender was forced to foreclose on the house. HUD ...
Sellers - Here are 10 Most Important Features Buyers are looking for
July 26, 2022
Sellers - Do you know what homebuyers want?What can sellers do to their own homes to make them more desirable to most buyers?If you are looking to take advantage of the 2022 real estate market, but aren’t quite sure which angle to take, here is a list of what Millennials and first-time homebuyers want:Updated Kitchens And ...
Negotiating
July 25, 2022
Negotiating your home sale does not have to be intimidating. By learning how real estate negotiations work and how to apply proven techniques, you can get the price you want from the buyers.KNOW MORE THAN YOUR BUYERS
The two major elements of negotiation are motivation and skill.A motivated buyer wants the best deal, and you, the seller, want ...
Create an Evacuation Plan for your Pets
July 25, 2022
An evacuation plan is a necessity for every home, especially if you live in an area where fires, earthquakes, hurricanes, flooding, and other disasters are a possibility. Many homeowners create evacuation plans for their homes and practice them with their kids, but far fewer have considered one for their pets. Take these steps to add your pets to your ...
What Is a SEER Rating?
July 21, 2022
With the cost of heating and cooling a home throughout the year, homeowners want to have the most efficient HVAC units in their home that they can afford. Asking for recommendations for a specific unit can bring about a wide range of different answers, though. Those who are in the market for a new HVAC unit need a way ...
2022 Housing Market Forecast and Predictions: A Whirlwind Year
July 19, 2022
Per Realtor.com, Americans will have a better chance to find a home in 2022, but will face a competitive seller's market as first-time buyer demand outmatches the inventory recovery. Additionally, with listing prices, rents, and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and ...
Escalation Clause? Bridge Loan? 9 Real Estate Terms Buyers Need To Know To Survive in This Market
July 19, 2022
By Ana DurraniJul 15, 2022The current real estate market is a little like a theme park ride: It’s unpredictable with twists and surprises at every turn. If you’re a buyer who’s been in it for a minute (read: the better half of the past two years), you’re used to the heart-wrenching process of making an ...
HOME BUILDER NEWS
July 16, 2022
Sentiment among the nation’s homebuilders fell for the sixth straight month to the lowest level since June 2020, when the economy was grappling with shutdowns stemming from the Covid pandemic.The National Association of Home Builders/Wells Fargo Housing Market Index fell 2 points to 67 in June. Anything above 50 is considered positive. The index hit 90 at ...
Housing supply increasing in our area
July 15, 2022
Inventory is up and the growing inventory is going to help balance the market but we are still in need of affordable housing in our rapidly growing area of the Upper Peninsula. We currently have 23 active listings in our city. A price high of $2,250,000 and a low of $205,000. Affordable housing ...
Investor Series – House Hacking
July 15, 2022
This is one of many articles we will be writing regarding investing in Real Estate. Today we’ll be looking at house hacking. What is it? How do you do it? What are the pros and cons?House Hacking is essentially getting other people to help you pay your mortgage payment. You basically ...
Housing Bubble losing air at an Accelerating Pace
July 14, 2022
According to the article published by Shiffgold.com pending home sales have dropped significantly as well the inventory of homes on the market rose as the interest rates on mortgage rose as well. As compared to the same period one year ago the sales dropped by 16% for the month of June. May also dropped by 12% ...
Homeowner Assistance Fund
July 14, 2022
Homeowner Assistance Fund Income Limits (HAF)The Department of the Treasury's Homeowner Assistance Fund provides funds to prevent homeowner mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and homeowner displacement. For more information about the Homeowner Assistance Fund Program, please visit https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund...
Can You Still Get A Mortgage With A Low Credit Score
July 13, 2022
With rental rates reaching an all time high, you might be thinking it’s time to buy. You have been saving money for a down payment but your credit score isn’t quite where you need it to be. Can you still buy?Lenders consider four primary factors when reviewing a mortgage application:1. Your credit score.2. ...
Strategies to beat rising interest rates!
July 13, 2022
A few of the best strategies to beat rising interest rates include:Buying down your rate with points.Considering an ARM with a low intro rate.Using a shorter loan term.Making a bigger down payment.Choosing a different property.Choosing a different loan product.Making lenders compete.Working with a mortgage broker....
How to avoid Heat Stroke and Exhaustion
July 13, 2022
Its that time of year and may areas are facing unusual high temperatures this summer. To help and avoid heat related stroke or exhaustion follow the tips belowdrink plenty of cold drinks, especially when exercising.take cool baths or showers.wear light-coloured, loose clothing.sprinkle water over skin or clothes.avoid the sun between 11am and 3pm.avoid excess ...
Case Study: Marketing and Promotions
July 13, 2022
The ChallengeParkvue Realty was charged with the task of properly marketing The Historic Wrigley Mansion in Chicago, IL. The challenge was determining value and creating a strategic marketing plan to attract the right buyer. Take a look inside. www.TheWrigleyMansion.comThe SolutionIt’s not every day you have the opportunity to list a big-ticket property, let alone a historic ...
Exeter’s U.S. Multifamily team acquires Reserve Randall Road Rental Community in Chicago suburbs.
July 13, 2022
EQT Exeter’s U.S. Multifamily team recently acquired the 380-unit Reserve Randall Road in West Dundee in an off-market deal. EQT Exeter’s fully integrated property management company, Redwood Residential, will manage the property. Formerly called Seasons at Randall Road, the garden-style property is located in Chicago’s Northwest suburbs......
Mortgage rates just saw their biggest drop since 2008: Two reasons why that's not good news. Christy Bieber The Motley Fool July 9, 2022
July 12, 2022
Christy BieberThe Motley FoolJuly 9, 2022 Earlier this week, Freddie Mac reported that mortgage rates had fallen rapidly over the course of the week.The government-sponsored entity that buys mortgages on the secondary market tracks trends in mortgage rates. Its data showed that the average interest rate on a 30-year fixed-rate loan fell from 5.7% last week to ...
Renovation of a home without draining Savings Account
July 12, 2022
Renovating a Home During Inflation: How To Add Value Without Draining Your Savings Account By Meera PalJul 12, 2022EnvelopeFacebookTwitterLinkedinPinterestWith inflation at a 40-year high and mortgage rates more than 2% points higher than they were six months ago (and continuing to climb), you might find that now is not the right time to buy a new home. Instead, it ...
10 Landscaping Projects That Add Value to Your Home
July 12, 2022
Though the real estate market is booming and home prices are already at record highs, it can't hurt to maximize the value of your property, particularly if you're considering listing it for sale. One way to add value to your home is by investing in a well-chosen landscaping project. Choose an update that will impress potential buyers ...
Is My Window to Buy a Home Finally Opening?
July 11, 2022
The housing market was red hot for months. Mortgage rates were low, and the competition for homes was fierce, with many people paying far above the asking price. Buyers were snapping up homes within hours of being listed, leaving many frustrated in their search.Usually, low-interest rates signal that it’s prime time to buy, but in 2021, the ...
FEDERAL HOUSING ADMINISTRATION EXPANDS MORTGAGE ELIGIBILITY FOR BORROWERS PREVIOUSLY AFFECTED BY COVID-19
July 11, 2022
HUD No. 22-129HUD Public Affairs(202) 708-0685FOR RELEASEThursdayJuly 7, 2022FEDERAL HOUSING ADMINISTRATION EXPANDS MORTGAGE ELIGIBILITY FOR BORROWERS PREVIOUSLY AFFECTED BY COVID-19Updated guidance issued today provides new flexibility for lenders when calculating “effective income” for borrowers with previous employment gaps or loss of income due to a COVID-19 economic event.WASHINGTON, D.C. - The Federal Housing Administration (FHA) announced ...
The Future of Headship and Homeownership
July 10, 2022
Homeownership is a critical wealth-building tool, but not everyone has the same opportunities to become a homeowner. To create a more equitable and sustainable housing landscape, policymakers, thought leaders, and changemakers need to understand the trajectory of the homeownership rate—where it has been, where it is going, who it has benefitted, and who it has left behind.To ...
Impact of Institutional Buyers in Residential Sales
July 07, 2022
A new analysis of institutional home buyers and their impact on single-family properties conducted by the National Association of Realtors Research Group found that this segment of buyers comprised 13% of the residential sales market in 2021, with the median purchase price of institutional buyers on average 26% lower than the states’ median purchase prices.With the inventory of ...
Slowing market
July 06, 2022
Slowing market?In these very unusual times every indicator is being poured over and studied. New home starts and existing home sales are examined closely. We can point to global troubles, and inflation and the price of gas, but before all of these worries, July and August were always slower months for home sales. Buyers with ...