Where will the Rockford housing market head in 2022?
February 16, 2022
Inventory woes continue. Inventory may rise in coming months as current homeowners are encouraged to sell based on historic high price valuations, but is expected to be down for the year.Interest rate increases. Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher ...
5 Tips for dealing with water in your basement
February 16, 2022
Here are five tips for dealing with water in your basement.Remove water. Get water out as soon as possible. A few inches of standing water can usually be removed with a wet vac. If you don’t have a wet vac, buy, borrow or rent one. Major water damage may need a professional such as ServPro or ServiceMaster. ...
How the buyers FICO Score is Calculated
February 16, 2022
How the buyers FICO Score is CalculatedThe five main factors that influence a FICO score are:Credit history - Payment History counts for 35% of the score. The later the payment, a month versus a week, the more your score gets reduced.Credit utilization – counts for 30% of the FICO score. Only use 30% or less of available credit ...
Tips for 2022's Homebuyer
February 16, 2022
The current real estate market has been tough on buyers and their agents. This is an understatement, to say the least. Sellers appear to be running the show when it comes to negotiating. Their counterparts are often left wondering how many other offers are waiting on the sidelines should there be any resistance. Here are ten tips for those ...
Characteristics of Home Buyers
February 15, 2022
Characteristics of Home Buyers— First-time buyers made up 31 percent of all home buyers, the same as last year. Eighty-two percent of buyers 22 to 30 years and 48 percent of buyers 31 to 40 years were first-time home buyers. Behind these groups, 22 percent of buyers 40 to ...
The 3 D's- Depersonalize, De-clutter, Discard
February 15, 2022
The Three D's DEPERSONALIZEStaging is readying the home to show to potential buyers; you must encourage them to visualize living in the home itself, but not in your home.Depersonalizing the home involves removing your personal items, such as photos, trophies, and collectibles. Knickknacks and wall decor are also personal taste items that may distract buyers from seeing ...
WINTER HOME MAINTENANCE CHECKLIST
February 15, 2022
Winter Home Maintenance Checklist:1) Check your Heating System2) Schedule a Chimney Cleaning3) Clean out your Gutters4) Check your Smoke and Carbon Monoxide Dectectors 5) Find out if any Heat is escaping your house6) Stock up on Emergency Supplies7) Maintain the Trees on your property8) Clear Snow and Ice from your Roof and Trees9) Prevent Pipes from Freezing10) Reverse the ...
Michigan First-Time Home Buyers Savings Program is a big win, according to real estate professionals
February 15, 2022
LANSING, Mich. (WJRT) - A new bill just signed into law could help first-time home buyers tackle rising home prices and insurance rates.Gov. Gretchen Whitmer signed bills on Wednesday creating the Michigan First-Time Home Buyers Savings Program. It creates special tax-exempt savings accounts for people to accrue funds to use on buying their first ...
HUD Applauds Actions to Ensure that the Maintenance and Marketing of Real Estate Owned Portfolio Aligns with Fair Housing and Civil Rights Requirements
February 15, 2022
HUD No. 22-024HUD Public Affairs(202) 708-0685FOR RELEASEWednesdayFebruary 9, 2022HUD Applauds Actions to Ensure that the Maintenance and Marketing of Real Estate Owned Portfolio Aligns with Fair Housing and Civil Rights RequirementsWASHINGTON - The U.S. Department of Housing and Urban Development (HUD) on Wednesday applauded the recent settlements between Fannie Mae, the National Fair Housing Alliance, and local fair ...
An ''agreement" by text message or direct messenger binding?
February 15, 2022
I am an old fashion rule follower, I will still have a purchase offer contract for my clients offer. I ran across an article in the Illinois Realtor February 2022 issue, I want you to aware of.In this time of pandemic informal means of communication have become a common way of business.Working remotely, maintaining social distancing, ...
West Michigan Housing Crunch – How did we get here?
February 15, 2022
In January of 2011, Kent Co. had over 6,000 single family homes for sale. We were in a typical market for this area with a fine selection of homes for any buyer. In 2012, Forbes came out with their annual “best places to invest” list and the number 1 market listed was Grand Rapids, ...
Home Renovations - Tips for Sellers in this Hot Market
February 15, 2022
If you are planning on selling a home this year, you are probably wondering what you can do to help make your home more salable. There are a few things to consider before you make your list of projects. Firstly, listing inventory is very low - in fact it is heading toward an all-time low, according to ...
RED FLAG FOR FOUNDATION INSPECTIONS
February 15, 2022
FOUNDATTION RED FLAGS WHEN INSPECTING PROPERTIES for Inspectors to watch for.1: Rotten to recently replaced wood on the base of exterior wooded door frames and windows.2: Horizontal or diagonal cracks in the foundation or walls.3: Sloping floors.4: Wet or moist basement and soil erosion.5: Absence of Gutters or downspouts or clogged gutters and downspouts....
MORTGAGE NEWS
February 15, 2022
Rising interest rates are causing big headaches for mortgage lenders, especially those who depend most on refinance business. Demand is simply drying up.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 3.72% from 3.64%, with points decreasing to 0.43 from 0.45 (including the origination ...
Protect Your Investment, Know Your Contractor
February 15, 2022
In this current marketplace, many homeowners are looking to maximize value during a time where home prices and the demand for homes are at an all-time high. Add to that, inflation has ensured that the cost of materials will be very high as well. So if you decide to update your home to maximize your potential return ...
January Foreclosures Up Dramatically
February 15, 2022
Jan. Foreclosures: Up Dramatically, Low HistoricallyBy Kerry SmithATTOM’s Jan. report finds foreclosures up 29% month-to-month and 139% year-to-year. But the eviction ban skewed numbers, and “normal” is expected in late 2022.IRVINE, Calif. – ATTOM released its January 2022 U.S. Foreclosure Market Report, which finds 23,204 U.S. properties with foreclosure filings – default notices, ...
Home Is Where The Heart Is
February 14, 2022
Wishing you a joyful Valentine's Day filled with all the love and candy you can handle. If you're looking to fall in love with a new home anytime soon, I'm always here to play matchmaker. Happy Valentines Day! Chrisha MitchellC.R.M. Enterprises, Inc. 708-966-9282 ...
Mold In Your Home
February 14, 2022
Today on the blog, we discuss what mold is, health risks, & how to keep your family safe.About Mold and MoistureMolds are living organisms that grow in damp places in your home. They stain or discolor surfaces and smell musty. There are hundreds of thousands of different types of mold.Mold can grow almost anywhere: on walls, ceilings, ...
Case Study: Municipality Compliance Coordination
February 14, 2022
Client: Nationwide Hedge FundThe ChallengeOur client, a hedge fund, purchased a property in south suburban Cook County as part of a larger pool of properties. The property was in poor condition and needed extensive repairs prior to occupancy. Our client had already secured a buyer prior to our involvement and did not need for us to market and sell ...
The 12 Huge Design Trends You’ll See Everywhere in 2022
February 14, 2022
https://www.realtor.com/advice/home-improvement/design-trends-2022-youll-see-everywhere/So far, the start of 2022 has given us a heavy dose of deja vu. The COVID-19 pandemic continues to rage on. Mask mandates have returned. “Joe Millionaire” is back on TV. (We did a double take, too.)With everything seeming bleakly the same, it makes sense that you might want to make something in your ...
Mortgage rates rise above 4% for first time since December 2019
February 14, 2022
FHA borrowers can expect to pay even higher rates, but lenders are offering discounts on jumbo mortgages too big for Fannie and Freddie, according to new Optimal Blue Mortgage Market data.The prospect of more severe Fed tightening has spooked bond market investors, pushing rates for conforming 30-year fixed-rate mortgages above 4 percent for the first time since December ...
Last Year's Housing Market Was a Wild Ride... Here's What to Expect in 2022
February 14, 2022
Last Year's Housing Market Was a Wild Ride...Here's What to Expect in 2022The US housing market has had a white hot year. Home sales are on track to reach the highest level in 15 years, with an estimated 6 million homes sold in 2021. But whether you benefited from this surge depended a lot on ...
Buyer Outlook Positive for Upcoming Quarter
February 14, 2022
While many industry analysts have expected increasing hesitation in the housing market, buyers largely remain optimistic, a new report says.About 28% of 5,000 prospective home buyers are “mostly confident” that the next three months will be a good time to buy a home, according to a new survey from OJO Labs, a real estate search website ...
Foreclosure Activity Highest Since Pandemic Began
February 11, 2022
February 10, 2022Completed foreclosures have reached their highest level since March 2020. Foreclosure filings, which include default notices, scheduled auctions, or bank repossessions, jumped by 29% in January over December and are up by 139% compared to a year ago, according to the January 2022 U.S. Foreclosure Market Report, released by ATTOM Data Solutions.Should the housing market ...
Michigan First Time Home Buyers Savings Program
February 11, 2022
Michigan Whitmer Signs Bills into Law The new laws create savings for first-time homebuyers and adds judges to areas with high caseloads LANSING, Mich. - Governor Gretchen Whitmer today signed House Bill 4290 and Senate Bill 145 to lower costs for first-time home buyers by creating tax-exempt saving accounts and allow Michiganders to deduct contributions from their taxes. The ...
