As a buyer, you couldn't ask for a better set of circumstances. In most markets the inventory of homes is up which means that you have a larger group of homes to choose from, many sellers are motivated so there are some good deals out there, and the interest rates are low. It's looking like a very good time to find a home and lock in a fixed rate.
Freddie Mac reports that interest on 30-year, fixed loans fell for the fourth straight week, landing at their lowest level in nearly four years.
Economists say mortgage rates averaged 5.48 percent for the week ended Jan. 24 -- down from 5.69 percent a week ago -- because of the latest reports about the economy and because the
Federal Reserve made its biggest cut in 20 years to a key interest rate. Freddie Mac also reports that rates on 15-year mortgages declined to 4.95 percent from 5.21 percent, rates on five-year adjustable-rate mortgages dropped to 5.13 percent from 5.4 percent, and rates on one-year ARMs slipped to 4.99 percent from 5.26 percent.
Monday, January 28, 2008
Thursday, January 24, 2008
Ok - you are ready to buy a home - now what...
I know this takes all the fun out of beginning the home buying process, but all the better to get this part out of the way...
What's the first thing you should do when you are ready to buy a home?
Get preapproved by your lender.
I know what you are thinking - boring - paper work - no fun -but this is really a great idea and it can go a long way towards achieving your ultimate goal of finding the right home in a reasonable time frame.
Your lender will help you to know exactly what your price range is which will help narrow the field of homes for you and your agent to review. Not to mention - there is nothing worse than finding the exact home you want and then finding out that the bank will not finance it's dollar amount.
The process is fairly simple and can typically be done over the phone. First if you don't already have a lender that you've worked with I would recommend that you ask friends and family who they have used in the past for their home loans. Word of mouth is usually a great way to find a good local lender. Bank or Mortgage Broker is no matter - just make sure it's someone with a good reputation for good service. Once you've decided who you would like to work with make sure you have all your ducks in a row. You will need your social security number, current address and any former addresses over a 5 year period, name, address, phone of current employer, 2 months bank statements, & 2 most recent income check stubs. This will usually do the trick. If you are self employed you may need copy of two years tax returns. Be informed about current rates, ask how much closing costs are and ask if you are being charged any points (a point 1% of the total loan amount) to reduce the rate. All of this should be offered to you on a Good Faith Estimate (GFE).
Once this part is done you can move on to the fun part - finding your new home!
Let's get started!
Click on the link below to print your own Wants Vs. Needs Worksheet offered by Freddie Mac. It's a great form to forward to your Realtor so that they know exactly what you are looking for right away. I think it also gives spouses the opportunity to talk and agree on what's important to each of them. It takes a lot of the guess work out and is a useful tool.
Wants Vs. Needs
What's the first thing you should do when you are ready to buy a home?
Get preapproved by your lender.
I know what you are thinking - boring - paper work - no fun -but this is really a great idea and it can go a long way towards achieving your ultimate goal of finding the right home in a reasonable time frame.
Your lender will help you to know exactly what your price range is which will help narrow the field of homes for you and your agent to review. Not to mention - there is nothing worse than finding the exact home you want and then finding out that the bank will not finance it's dollar amount.
The process is fairly simple and can typically be done over the phone. First if you don't already have a lender that you've worked with I would recommend that you ask friends and family who they have used in the past for their home loans. Word of mouth is usually a great way to find a good local lender. Bank or Mortgage Broker is no matter - just make sure it's someone with a good reputation for good service. Once you've decided who you would like to work with make sure you have all your ducks in a row. You will need your social security number, current address and any former addresses over a 5 year period, name, address, phone of current employer, 2 months bank statements, & 2 most recent income check stubs. This will usually do the trick. If you are self employed you may need copy of two years tax returns. Be informed about current rates, ask how much closing costs are and ask if you are being charged any points (a point 1% of the total loan amount) to reduce the rate. All of this should be offered to you on a Good Faith Estimate (GFE).
Once this part is done you can move on to the fun part - finding your new home!
Let's get started!
Click on the link below to print your own Wants Vs. Needs Worksheet offered by Freddie Mac. It's a great form to forward to your Realtor so that they know exactly what you are looking for right away. I think it also gives spouses the opportunity to talk and agree on what's important to each of them. It takes a lot of the guess work out and is a useful tool.
Wants Vs. Needs
Wednesday, January 23, 2008
How many services are FREE these days...
Recently I met a young couple who had contacted me to arrange a time to see one of my properties. We met at the home, walked through it, talked for a while about what they liked and disliked, and then made our way to our vehicles to say goodbye. At that point, I offered to send them a list via email of current listings meeting their criteria. They explained that they preferred not to work with any one real estate agent and that they would look on their own and contact the specific listing agents to see properties that caught their eye.
I wanted to address this strategy via the blog, because I think many people (especially first time home buyers) may not realize the pros and cons of using one specific Buyer's Agent.
First and foremost, a buyer's agent works with their buyer, for their buyer, and in their buyer's best interest to find a home. They get to know their client, get a feel for what their client wants, and then is on the hunt for a home that meets their needs. The agent knows immediately when a home hits the market and can inform their buyer right away. When buyer's choose to look for themselves they typically use a homes guide, or Internet service. These are great resources but the information within can be a week to even a month old by the time it is published and/or circulated putting the buyer at a disadvantage to other buyers who are using their own agent.
Secondly, it is one of very few professional services that I can think of that is typically 100% free. The Real Estate Agents's commission is customarily paid by the seller as a percentage of the sales price. A buyer benefits from the real estate agent's time, attention, and expertise and the seller foots the bill. You can't get much better than that.
Third, many buyers are under the impression that a real estate agent can only show them what is currently listed by them or with their real estate company. Almost all offices everywhere are entered into a reciprocal agreement via their local MLS (Multiple Listing Service) where by each agent has access to info and can show any listing on the MLS.
So the long and the short of it is ... Finding one buyer's agent that you like and feel comfortable with is a win - win situation. No negatives - only positives.
Here's a post note - let's say you choose a buyer's agent, you look at several homes, and in the end you fall in love with a home that happens to be your agent's listing. In this case your agent can act under a "Dual Agency Contract" and represent both you and the seller and thereby act in the best interest of both parties.
I wanted to address this strategy via the blog, because I think many people (especially first time home buyers) may not realize the pros and cons of using one specific Buyer's Agent.
First and foremost, a buyer's agent works with their buyer, for their buyer, and in their buyer's best interest to find a home. They get to know their client, get a feel for what their client wants, and then is on the hunt for a home that meets their needs. The agent knows immediately when a home hits the market and can inform their buyer right away. When buyer's choose to look for themselves they typically use a homes guide, or Internet service. These are great resources but the information within can be a week to even a month old by the time it is published and/or circulated putting the buyer at a disadvantage to other buyers who are using their own agent.
Secondly, it is one of very few professional services that I can think of that is typically 100% free. The Real Estate Agents's commission is customarily paid by the seller as a percentage of the sales price. A buyer benefits from the real estate agent's time, attention, and expertise and the seller foots the bill. You can't get much better than that.
Third, many buyers are under the impression that a real estate agent can only show them what is currently listed by them or with their real estate company. Almost all offices everywhere are entered into a reciprocal agreement via their local MLS (Multiple Listing Service) where by each agent has access to info and can show any listing on the MLS.
So the long and the short of it is ... Finding one buyer's agent that you like and feel comfortable with is a win - win situation. No negatives - only positives.
Here's a post note - let's say you choose a buyer's agent, you look at several homes, and in the end you fall in love with a home that happens to be your agent's listing. In this case your agent can act under a "Dual Agency Contract" and represent both you and the seller and thereby act in the best interest of both parties.
Monday, January 21, 2008
It's Cold Outside! Brrrrrrrrr!
Ok - It is with heavy heart that I sit down to type this posting. The Packers lost to the Giants last night in what was the third coldest NFL game ever played (wind chill around 25 below 0). I could go on and on about what happened and what should have happened, but since I feel a bit like a kid who just got pulled out of a candy store, I've decided it's best to just buck up and move on! So what does a disheartened Packer fan do with his free time for the next few weeks?
Well if you are a Golf fan, as I am, take comfort in knowing that the Golf season has begun and the Buick Invitational will be televised from Torrey Pines next weekend with Woods and Mickelson battling it out for the first time this season.
Also there is a huge amount of outdoor fun to be had in the next few weeks. It is supposed to warm up by the end of the week so get out there and have some fun. Here are some ideas...
While decidedly a spectator sport, it's definitely spine-tingling watching skiers fly for hundreds of feet. The Upper Peninsula's ski jumping history is synonymous with Suicide Hill, established in 1925 at Copper Peak, in Ishpeming, Mich., also home to the U.S. National Ski and Snowboard Hall of Fame. The world's tallest constructed ski jump, the fabled hill is home to the Ishpeming Ski Club, the oldest active ski jumping club in the United States. The club hosts a SuperTour ski jumping event Feb. 13, and the hill hosts the 2008 USSA Chevrolet Junior Olympics Ski Jumping and Nordic Combined, Feb. 26-March 1.
The Noquemanon ski marathon is this Friday and Saturday January 25th and 26th. Over 1,000 skiers from all over the United States and Canada participate in the annual freestyle (skate) and classic point-to-point race. The ever-growing Noquemanon Ski Marathon offers cross-country skiers a spectacular trek through the wilderness of Marquette County. It starts in Ishpeming at and finishes at the world's largest wooden domed stadium, the Superior Dome.
The Michigan Ice Fest at Pictured Rocks National Lakeshore near Munising showcases the chilly thrills of ice climbing along Lake Superior's sandstone bluffs. "A majority of our visitors have never climbed before," says Bill Thompson, organizer of the 25-year-old festival (Feb. 1-3 this year) and owner of Downwind Sports. "There's a good energy because not only are people trying the sport for the first time but we have the world's best climbers here to learn from."
Also coming up are the UP 200 Sled Dog Championship and the Big Bay Fishing Derby, both of which are an experience unmatched.
So if you are a disappointed Packer or Lion fan and you need something to get your mind off your woes - get out there and have some winter fun. There's always next year. :-/
Well if you are a Golf fan, as I am, take comfort in knowing that the Golf season has begun and the Buick Invitational will be televised from Torrey Pines next weekend with Woods and Mickelson battling it out for the first time this season.
Also there is a huge amount of outdoor fun to be had in the next few weeks. It is supposed to warm up by the end of the week so get out there and have some fun. Here are some ideas...
While decidedly a spectator sport, it's definitely spine-tingling watching skiers fly for hundreds of feet. The Upper Peninsula's ski jumping history is synonymous with Suicide Hill, established in 1925 at Copper Peak, in Ishpeming, Mich., also home to the U.S. National Ski and Snowboard Hall of Fame. The world's tallest constructed ski jump, the fabled hill is home to the Ishpeming Ski Club, the oldest active ski jumping club in the United States. The club hosts a SuperTour ski jumping event Feb. 13, and the hill hosts the 2008 USSA Chevrolet Junior Olympics Ski Jumping and Nordic Combined, Feb. 26-March 1.
The Noquemanon ski marathon is this Friday and Saturday January 25th and 26th. Over 1,000 skiers from all over the United States and Canada participate in the annual freestyle (skate) and classic point-to-point race. The ever-growing Noquemanon Ski Marathon offers cross-country skiers a spectacular trek through the wilderness of Marquette County. It starts in Ishpeming at and finishes at the world's largest wooden domed stadium, the Superior Dome.
The Michigan Ice Fest at Pictured Rocks National Lakeshore near Munising showcases the chilly thrills of ice climbing along Lake Superior's sandstone bluffs. "A majority of our visitors have never climbed before," says Bill Thompson, organizer of the 25-year-old festival (Feb. 1-3 this year) and owner of Downwind Sports. "There's a good energy because not only are people trying the sport for the first time but we have the world's best climbers here to learn from."
Also coming up are the UP 200 Sled Dog Championship and the Big Bay Fishing Derby, both of which are an experience unmatched.
So if you are a disappointed Packer or Lion fan and you need something to get your mind off your woes - get out there and have some winter fun. There's always next year. :-/
Friday, January 18, 2008
Mortgage Rates Officially Hit a 2.5 Year Low
30-Year Mortgages Hit Lowest Rates Since 2005
Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.
According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005. Other rate declines include:
15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
1-year ARMs fell to 5.26 percent from 5.37 percent..
This may be a good time to refinance your home. Call your lender and see if you can do a cost free refinance (make sure they are not rolling the costs into your loan). Many lenders will do refinances at little or no cost in order to retain their current clients. Or if you have a home equity line that is adjustable - now may be a good time to roll it in with your 1st mortgage in order to fix the rate on both. Just a thought.
Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.
According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005. Other rate declines include:
15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
1-year ARMs fell to 5.26 percent from 5.37 percent..
This may be a good time to refinance your home. Call your lender and see if you can do a cost free refinance (make sure they are not rolling the costs into your loan). Many lenders will do refinances at little or no cost in order to retain their current clients. Or if you have a home equity line that is adjustable - now may be a good time to roll it in with your 1st mortgage in order to fix the rate on both. Just a thought.
The 1st of Many!
Hello and Welcome!
I am hoping this posting will be the first of many designed to inform and entertain folks that are interested in the Upper Peninsula & Real Estate. For my first posting I have some exciting news. This week the Weather Channel named the U.P. as one of the top ten Winter Family Getaways. They had this to say...
"On center stage at the UP is Ottawa National Forest, rimmed by countless, well-maintained state lands like Porcupine Mountains State Park and Copper Country State Forest. Skiing and snowshoeing here takes you up gentle slopes and down through peaceful valleys. You'll see meadows, lakes, streams and waterfalls, which form spectacular ice sculptures in wintertime. Trails and backcountry are equally littered with deer, fox and snowshoe hare tracks, among others. Hours of fun can be had with the kids learning to distinguish one set of animal tracks from another, finding patterns, and imagining how the animals live their days foraging and frolicking, munching bark and other snowy-weather fare."
This is only the most recent in a long list of accolades that we've received in the last few years.
Sherman’s Travel named Michigan’s Upper Peninsula one of the top ten global summer vacation destinations in 2006.
Men’s Journal, 2006, named the Upper Peninsula one of the best places to buy vacation property.
Author John Villani named Marquette one of America’s 100 Best Art Towns in 2005.
Bike Magazine rated Marquette in the top five best places to mountain bike in the country in 2003 and 2005.
On June 14th, 2003, the National Civic League announced Marquette County, Michigan, as one of ten All-America Cities at the 54th Annual All-America City Awards ceremony in Washington, D.C. The All-America City Award is a 54-year-old program of the National Civic League recognizing civic excellence, and it annually honors 10 communities that best exemplify the spirit of grassroots citizen involvement.
On April 12th, 2004 MarquetteCounty was named one of the 30 Most Livable Communities in USA Today by the Partners for Livable Communities, a non-profit group that identifies what it calls the nation's most livable places every decade.
How lucky we are to live in an area that offers so much!!!
I am hoping this posting will be the first of many designed to inform and entertain folks that are interested in the Upper Peninsula & Real Estate. For my first posting I have some exciting news. This week the Weather Channel named the U.P. as one of the top ten Winter Family Getaways. They had this to say...
"On center stage at the UP is Ottawa National Forest, rimmed by countless, well-maintained state lands like Porcupine Mountains State Park and Copper Country State Forest. Skiing and snowshoeing here takes you up gentle slopes and down through peaceful valleys. You'll see meadows, lakes, streams and waterfalls, which form spectacular ice sculptures in wintertime. Trails and backcountry are equally littered with deer, fox and snowshoe hare tracks, among others. Hours of fun can be had with the kids learning to distinguish one set of animal tracks from another, finding patterns, and imagining how the animals live their days foraging and frolicking, munching bark and other snowy-weather fare."
This is only the most recent in a long list of accolades that we've received in the last few years.
Sherman’s Travel named Michigan’s Upper Peninsula one of the top ten global summer vacation destinations in 2006.
Men’s Journal, 2006, named the Upper Peninsula one of the best places to buy vacation property.
Author John Villani named Marquette one of America’s 100 Best Art Towns in 2005.
Bike Magazine rated Marquette in the top five best places to mountain bike in the country in 2003 and 2005.
On June 14th, 2003, the National Civic League announced Marquette County, Michigan, as one of ten All-America Cities at the 54th Annual All-America City Awards ceremony in Washington, D.C. The All-America City Award is a 54-year-old program of the National Civic League recognizing civic excellence, and it annually honors 10 communities that best exemplify the spirit of grassroots citizen involvement.
On April 12th, 2004 MarquetteCounty was named one of the 30 Most Livable Communities in USA Today by the Partners for Livable Communities, a non-profit group that identifies what it calls the nation's most livable places every decade.
How lucky we are to live in an area that offers so much!!!
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