Is 2023 the Year to Finally Buy a Home?
January 10, 2023
That depends. There are some signs indicating that it might be getting easier for many folks to buy a home. Inventory levels are still low, but there are more homes coming on the market; the bidding wars and mind-boggling offers over the asking price have died down; and buyers can once again insist on inspections, contingencies, and repairs before ...
2022 Lenawee County, Michigan, Year End Review
January 09, 2023
We are excited to begin 2023 with a year end review of 2022 of home sales in Lenawee County, Michigan. Through a hot market, covid precautions, and many new challenges presented last year, we managed to thrive! We are looking forward to 2023 and what it may bring, but let's take time to reflect on last year'...
Don't Be Trapped in Rising Rental Rates in 2023
January 05, 2023
As a renter, you are forced to decide each year: should you renew your lease, find another lease or buy a home? According to Realtor.com, 74% of renters who have moved the past year saw a rent increase. In fact, 63% of renters who lived at their current place for 1-2 years also reported a rent ...
Mortgage Delinquencies Top 3%, Foreclosure Starts Up 19% Month-Over-Month
January 04, 2023
Black Knight’s “first look” at November 2022 mortgage performance statistics revealed that prepayment activity dropped 15.6% to a rate of 0.4%, the lowest rate recorded in the history of the report. Overall, the national delinquency rate rose 3.5% from October 2022 to a rate of 3.01%, mainly driven by a 31,...
Lower Inflation Portends Further Slide in Mortgage Rates
January 04, 2023
Inflation has been dropping over the past six months, and consumers can expect mortgage rates to soon follow, says Lawrence Yun, chief economist for the National Association of REALTORS®. The 30-year fixed-rate mortgage could even drop below 6%, Yun adds. That would be welcome news to home buyers who were shell-shocked by the surge in rates above 7% this ...
The Exchange: The Way Forward
December 29, 2022
Prior to joining the Fed in 2007, Larry Cordell worked in the mortgage industry at Radian Group and Freddie Mac. Upon joining the Fed, Cordell was a special advisor during the financial crisis and focused on several key Federal Reserve System initiatives, including the conservatorship of Fannie Mae and Freddie Mac, the Supervisory Capital Assessment Program (SCAP), and the ...
Who Pays for Pest Inspections for FHA Loans?
December 22, 2022
Who Pays for Pest Inspections for FHA Loans?Evidence of termites and other wood-destroying pests can bring a home sale transaction to an abrupt halt. These pests typically go undetected for long periods of time and can undermine the structure of a house so homebuyers are justifiably anxious to have the home inspected before closing on the purchase.Common ...
AVOIDING FINANCIAL STRESS
December 18, 2022
By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages ...
Winter Home Selling Tips
December 18, 2022
Winter is upon us in Michigan! Here are some things to remember when selling your home this time of year...1. Keeps driveways and walks clear of snow and salted for safety2. Have exterior lights working for evening showings3. Provide a rug and shoe covers to keep buyers from tracking in your house4. If your home is vacant keep ...
Strategies that can help you lower your mortgage rate
December 17, 2022
Two days ago the federal reserve raised interest rates for the 7th time this year. The Federal Funds Rate was 0.25% in March 2022 and now it is 4.50%. If you are in the market to purchase a home, below is a list of homebuying strategies that can help you lower your mortgage rate.Buying down ...
Be Prepared For Michigan Winters
December 15, 2022
It’s December in Michigan. This mean lots of Holiday celebrations, family get togethers and office parties. It also means Michigan weather, while we have been lucky so far this year, we all know it is coming. Here are a few tips to prepare your home for the upcoming winter.Prepare for bad weather. If ...
OCTOBER ILLINOIS HOME SALES
December 15, 2022
Existing home salesMedian prices and interest rates rose as inventory tightened and homes sold quickly in October.The median price of Illinois homes sold in October 2022 rose in comparison to October 2021 – as year-over-year inventory decreased, according to data from Illinois REALTORS®. The average Illinois home sold in 28 days in October 2022, the same as in ...
Winter Ready your home
December 15, 2022
Prepping your home for winter is a MUST in the Midwest. A few things to help you and your home thru the winter. -Have your furnace serviced. New filters and clean components will help your furnace run smoothly thru the winter months. -Check and or replace your batteries in your smoke detectors, carbon monoxide detectors and ...
HUD Contract Terms Explained
December 15, 2022
If it is ever necessary to cancel a HUD transaction (contract) it is important to know how to do it and what is the likelihood of having the earns money returned. The answer depends on whether you are an owner occupant or an investor. Owner occupants will receive their earnest money returned where they must cancel a contract due ...
2023 Housing Market Predictions
December 15, 2022
As the year comes to a close it's a good time to predict real estate for the next year! While is some parts of the county home prices are beginning to be idle, increased worry is being felt throughout the market by both potential Sellers and Buyers. Currently a 30-yr fixed Conventional mortgage is at 6....
Investor Series – Hard Money Lending
December 15, 2022
This is another submission in our ongoing series of investor articles. Today we’re going to talk about Hard Money Lending.Hard Money lending is typically dealing with the private sector for funding. These lenders are wealthy individuals or groups who have large sums of cash available for loans on investor projects. They ...
Downtown Jackson’s social district may actually happen next year after council’s OK • Published: Dec. 14, 2022 MLive Chloe Miller
December 15, 2022
JACKSON, MI – After more than a year of conversations and waiting, downtown Jackson’s social district is finally preparing to launch next spring.In its Tuesday, Dec. 13 meeting, the Jackson City Council unanimously approved allowing the district to continue. And it approved eight bars and restaurants to participate when the social district launches some time in spring ...
Chicago Real Estate Market: Prices, Trends, Forecast 2022-2023
December 14, 2022
December 12, 2022 By Marco SantarelliWe'll discuss the latest trends and projections for the Chicago housing market. Is the Chicago-area housing market vulnerable to a recession? Home prices are expected to decline slightly over the next twelve months but the forecast for the fourth quarter of 2022 is still positive (+4.5%). The forecasts also indicate positive annual ...
Housing Markets Best to Hold up in 2023 Top 10
December 14, 2022
Redfin predicts home sales will fall drastically throughout most of the country in 2023, with existing home sales likely declining 31% year over year in the first quarter followed by smaller declines in the second and third quarters. By the fourth quarter, existing home sales will be flat from the year prior, and then start recovering as rates fall ...
Why you might not want to get too excited or nervous about a housing crash
December 13, 2022
Rising interest rates and slightly lower demand in the market has caused many people to believe that a housing crash is imminent. Despite some signs that the market is slowing down, you shouldn't get too worried or excited about the possibility of a housing crash....
6 Reasons to Buy a Home in the Winter!
December 13, 2022
6 Reasons to Buy a Home in the Winter! 1) There is Less Competition.2) Sellers are movtivated.3) See home in colder conditions to learn things you don't see in other seasons like drafty windows and how well insulated.4) Moving company availabilty is usually better.5) Possible Last Minute Tax Savings.6) Close faster since ...
Save the Veterans on Homebuying
December 12, 2022
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Hope for Turnaround After Contract Signings Fall Again
December 12, 2022
November 30, 2022By: Melissa Dittmann TraceyPending home sales continued to fall in October as higher mortgage rates shook buyer confidence. Read more from NAR’s latest home sales report.Pending home sales fell for the fifth consecutive month in October as rising mortgage rates brought many housing markets to a halt. But now that rates show signs of stabilizing, ...
How to Prepare Your Home for the Season
December 09, 2022
If you're preparing your home for fall and winter, you're probably looking forward to family gatherings and other holiday fun. However, you may run into seasonal challenges if you also plan on selling your home during this busy time. Distracted buyers, home staging issues, and the end of daylight savings time offer prime examples.Are you preparing ...
Sprucing House Up 2023
December 09, 2022
https://www.thespruce.com/2023-design-trends-6743803The 2023 Design Trends We Already Have Our Eyes On!!It might seem early to start looking at 2023 trends, but if there’s anything we’ve learned from talking to designers and trend forecasters, the best way you can keep your space feeling fresh is by planning ahead.We recently connected with some of our favorite ...
