On Friday, President Obama is scheduled to sign a bill that extends and expands the homebuyer tax credit. This has the potential to help not just first time homebuyers but existing homeowners which might help sell more homes locally.
The new bill not only extends the existing program but allows up to a $6,500 tax credit for existing homeowners that have lived in their home for 5 consecutive years out of the last 8. More buyers will now be eligible for the credit.
Click here for a comparison of existing bill to new bill:
NAR Issue Brief: Homebuyer Tax Credit Changes
Scott McKinney - Trusted Advisor for Real Estate Dreams
McKinney Realty
715.798.3445
scott@mckinneyrealty.net
Thursday, November 5, 2009
Friday, September 18, 2009
Sold! Just In Time!
Congratulations Mike & Jamie. May you enjoy many happy years in your new home.
If your a first time homebuyer and haven't seized the opportunity to buy a new home and capture up to $8,000 with the First Time Homebuyer Tax Credit, time is running out. You must close on a your home by November 30th, so don't delay.
Give me a call to learn how you might cash in too.
Scott McKinney
McKinney Realty
715.798.3445
scott@mckinneyrealty.netSaturday, September 12, 2009
WRA Convention
This week, Stacey and I had an opportunity to attend portions of the Wisconsin Realtors Association annual convention. This is always a fun time and especially so this year. We were there to help induct our good friend John Flor (Chetek) as the new Chairman of our state association. This is the first time in 22 years that a representative from the northland has held this position. Congratulations John!
While there we had a chance to speak to brokers from around the state. One thing we heard over and over is that it appears the worst is behind us. Prices seem to be stabilizing and activity is increasing. Certain segments of the market seem to be more active including the lower and moderate priced homes that are benefitting from the $8,000 first time homebuyer stimulus.
Markets similar to ours, with a great deal of recreational and waterfront property, have been seeing a spurt in activity in the last two months just as we have here. Still, the activity has been in the more modestly priced properties but showing activity is increased across the board.
Let's see this trend continue. Get out and enjoy the gorgeous weather. It is a blessing this time of year.
While there we had a chance to speak to brokers from around the state. One thing we heard over and over is that it appears the worst is behind us. Prices seem to be stabilizing and activity is increasing. Certain segments of the market seem to be more active including the lower and moderate priced homes that are benefitting from the $8,000 first time homebuyer stimulus.
Markets similar to ours, with a great deal of recreational and waterfront property, have been seeing a spurt in activity in the last two months just as we have here. Still, the activity has been in the more modestly priced properties but showing activity is increased across the board.
Let's see this trend continue. Get out and enjoy the gorgeous weather. It is a blessing this time of year.
Saturday, September 5, 2009
Sold on Crystal Lake
Congratulations Rob & Megan. Looks like you have great weather to enjoy your cabin this Labor Day weekend.
As summer is winding down the sales are cranking up. With good values in the marketplace and low interest rates, now is a great time to buy a property. The weather is great this time of year in northern Wisconsin so be sure to come visit the area. Just like the leaves, the attitude in the market is changing.
Call me to find the property that is right for you!
Scott McKinney
715.798.3445
Thursday, September 3, 2009
Congratulations!
Congratulations to the Johnsons and the Browns. I am sure you will share many good times on Diamond Lake together. Who could ever get tired of that view? Enjoy!!!
Wednesday, August 26, 2009
Just Sold
Congratulations Fred & Peggy! I know you will enjoy your beautiful home on Middle Eau Claire Lake.
With high inventory and competitive prices, buyers are finding excellent properties at fair prices like this one.
To be the next proud owner give me a call.
With high inventory and competitive prices, buyers are finding excellent properties at fair prices like this one.
To be the next proud owner give me a call.
Scott McKinney
715.798.3445
Tuesday, August 25, 2009
Governor Visits Cable
Governor Jim Doyle visited Cable Monday as part of his northern tour. He was here for a ribbon cutting ceremony for the new clinic in town. While here he also presented Tom & Esther Rondeau with an official commendation celebrating 80 years of Rondeau's Shopping Center. His final stop was at the Cable Natural History Museum (www.cablemuseum.org) for a tour and dedication. As the governor proclaimed, "It seems there is more going on in this one block than there is in any other block in Wisconsin."
Cable is a wonderful place to visit and the addition of the clinic makes it an even better place to live!
Thursday, July 23, 2009
Existing-Home Sales Up Again
Washington, July 23, 2009
Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.
Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”
A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality.
“Clearly the process needs to be revised, but the most logical approach is to use appraisers with local expertise, industry designations and access to local data, who make a physical examination of the property and use apples-to-apples comparisons with nearby home sales,” Yun said. “In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition – this is causing real harm to both buyers and sellers.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.42 percent in June from 4.86 percent in May; the rate was 6.32 percent in June 2008. Mortgage interest rates have trended lower in recent weeks.
Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9 percent below a year ago.
“This is another hopeful sign – if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Yun said.
An NAR practitioner survey in June showed first-time buyers accounted for 29 percent of transactions, unchanged from May, and that the number of buyers looking at homes is up nearly 12 percentage points from June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are very good opportunities. “Despite some of the challenges, the housing market continues to demonstrate signs of recovery,” he said. “The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors® more than ever to navigate both the obstacles and opportunities in today’s market.”
The national median existing-home price3 for all housing types was $181,800 in June, which is 15.4 percent below June 2008. Distressed properties, which accounted for 31 percent of sales in June, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.
Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”
A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality.
“Clearly the process needs to be revised, but the most logical approach is to use appraisers with local expertise, industry designations and access to local data, who make a physical examination of the property and use apples-to-apples comparisons with nearby home sales,” Yun said. “In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition – this is causing real harm to both buyers and sellers.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.42 percent in June from 4.86 percent in May; the rate was 6.32 percent in June 2008. Mortgage interest rates have trended lower in recent weeks.
Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9 percent below a year ago.
“This is another hopeful sign – if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Yun said.
An NAR practitioner survey in June showed first-time buyers accounted for 29 percent of transactions, unchanged from May, and that the number of buyers looking at homes is up nearly 12 percentage points from June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are very good opportunities. “Despite some of the challenges, the housing market continues to demonstrate signs of recovery,” he said. “The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors® more than ever to navigate both the obstacles and opportunities in today’s market.”
The national median existing-home price3 for all housing types was $181,800 in June, which is 15.4 percent below June 2008. Distressed properties, which accounted for 31 percent of sales in June, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Friday, June 12, 2009
CAMBA Festival of Trails
It's not too late to beat feet to Cable this weekend and take part in the CAMBA Festival of Trails. Sounds like a fun weekend of activities and summer like weather is finally arriving to the Northwoods.
http://www.cambatrails.org/festival-of-the-trails.html
http://www.cambatrails.org/festival-of-the-trails.html
Wednesday, May 13, 2009
$8,000 Tax Credit As Downpayment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
This is great news for first time home buyers!
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
This is great news for first time home buyers!
Tuesday, May 12, 2009
New Listing on Lake Owen
Take a look at this brand new listing on Lake Owen. Property is hard to come by on this very special lake. The views are excellent and the swimming is great.
Click here for more info: http://www.mckinneyrealty.net/detail.php?id=563&category=Waterfront%20Property
Click here for more info: http://www.mckinneyrealty.net/detail.php?id=563&category=Waterfront%20Property
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
Spring to Summer
With almost two weeks of fishing under our belts its time for the Cable Off-Road Classic. This 23 mile mountain bike race from Lakewoods to Cable has a history of being a grinding mud bog. Not this year though. Dry conditions have the track firm and unless we get doused this week the course should be fast. Approximately 500 riders will wind their way through the Chequamegon National Forest to finish in downtown.
After an April respite, the local restaurants are expanding their hours again. Have you heard? Redbery Books has moved downtown and can be found in the front of the Ideal Market. Early reviews are good and was a great place to find a Mother's Day present this year.
The trees are blooming and the area is coming alive. I look forward to seeing you all in the area soon.
After an April respite, the local restaurants are expanding their hours again. Have you heard? Redbery Books has moved downtown and can be found in the front of the Ideal Market. Early reviews are good and was a great place to find a Mother's Day present this year.
The trees are blooming and the area is coming alive. I look forward to seeing you all in the area soon.
Thursday, April 23, 2009
Ice Out!
Late last week we saw the last of the ice on even the most stubborn lakes in the area. This is the one sure sign that spring is finally here. For the waterfront buyer this means it is finally possible to see what is under all that frozen stuff. Is it a sand bottom great for swimming or is the bottom more appropriate for fishing? Lake maps and local expertise usually tell the story but seeing it with your own eyes is still comforting.
Spring historically brings new properties to the market and this year is no exception. Buyers will find a selection of excellent homes and a marketplace in their favor. Interest rates remain low and price reductions are common. The $8,000 homebuyer tax credit has had a positive effect for first time homebuyers and remains available but only until December 1, 2009.
My phone has been ringing more frequently and I hear the same from my colleagues. It appears the buyers may be awakening from their winter slumber.
Spring historically brings new properties to the market and this year is no exception. Buyers will find a selection of excellent homes and a marketplace in their favor. Interest rates remain low and price reductions are common. The $8,000 homebuyer tax credit has had a positive effect for first time homebuyers and remains available but only until December 1, 2009.
My phone has been ringing more frequently and I hear the same from my colleagues. It appears the buyers may be awakening from their winter slumber.
Monday, March 23, 2009
Pleasant Surprise - Sales Up
Nationwide sales of existing homes were up 5.1%, the largest jump since July of 2003. First time buyers accounted for half of all home sales last month, evidence that the $8,000 tax credit for purchase of a home by a first time buyer is working. First time buyers were looking for bargains though and operating in the lower price ranges. The median sales price was down 15.5% from a year ago. In the Midwest sales increases were more modest at 1% over the previous month but the median sales price was only down 7.8% from a year ago.
Many of these sales were distressed sales. Removal of these homes is important to stabilize the marketplace and relieve consumer anxiety. Locally, there is less in the way of distressed sales and as a result prices have not dipped as drastically as they have elsewhere in the country.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445scott@mckinneyrealty.net
Many of these sales were distressed sales. Removal of these homes is important to stabilize the marketplace and relieve consumer anxiety. Locally, there is less in the way of distressed sales and as a result prices have not dipped as drastically as they have elsewhere in the country.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445scott@mckinneyrealty.net
Monday, February 16, 2009
Stimulus - Homebuyer Tax Credit
After several versions were debated by the House and the Senate, significant changes were made to the Homebuyer Tax Credit of 2008. The credit is still only for the purchase of a principal residence by a first-time home buyer, but the limit was increased to $8,000. More importantly the credit is yours to keep unless you sell the home within 3 years; there is no repayment requirement. Keep in mind, to take advantage of this opportunity you must purchase a home in 2009.
For a complete chart on the differences from the existing law to the new law, click here: Chart Highlighting the Major Modifications to the First-Time Homebuyer
Further stimulus to the housing market includes an additional $500 million in funding for the USDA Rural Housing program. Most purchases today require 20% down but buyers qualifying for the Rural Housing program can still purchase a home with competitive rates and only 2% of the purchase price. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
To learn more about how you might take advantage of both of these programs and purchase a home, please give me a call. Thank you.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
scott@mckinneyrealty.net
For a complete chart on the differences from the existing law to the new law, click here: Chart Highlighting the Major Modifications to the First-Time Homebuyer
Further stimulus to the housing market includes an additional $500 million in funding for the USDA Rural Housing program. Most purchases today require 20% down but buyers qualifying for the Rural Housing program can still purchase a home with competitive rates and only 2% of the purchase price. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
To learn more about how you might take advantage of both of these programs and purchase a home, please give me a call. Thank you.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
scott@mckinneyrealty.net
Monday, February 9, 2009
Comparison of Housing Stimulus Proposals
If you've been following the different versions of the housing stimulus that is currently in place and those proposed by the House of Representatives and most recently the Senate you might be a bit confused by the details. The following chart is helpful to compare and contrast:
Comparison chart: current law/H.R. 1/senate amendment>
Now it is likely that a different form may ultimately be passed in the final stimulus package. Either way, this is good news for all homebuyers.
Stay Tuned!
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
scott@mckinneyrealty.net
Comparison chart: current law/H.R. 1/senate amendment>
Now it is likely that a different form may ultimately be passed in the final stimulus package. Either way, this is good news for all homebuyers.
Stay Tuned!
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445 Office
715-580-0093 Cell
scott@mckinneyrealty.net
Wednesday, February 4, 2009
Pending Home Sales Show Healthy Gain
WASHINGTON, February 03, 2009
Pending home sales increased as more buyers took advantage of improved affordability conditions, according to the National Association of Realtors®. Big gains in the South and Midwest offset modest declines in other regions.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in December, rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9.
Lawrence Yun, NAR chief economist, said the index shows a modest rebound. “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month,” he said. “The biggest gains were in areas with the biggest improvements in affordability.”
Follow this link for complete article http://www.realtor.org/press_room/news_releases/2009/02/pending_home_sales_show_healthy_gain?LID=RONav0021
Pending home sales increased as more buyers took advantage of improved affordability conditions, according to the National Association of Realtors®. Big gains in the South and Midwest offset modest declines in other regions.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in December, rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9.
Lawrence Yun, NAR chief economist, said the index shows a modest rebound. “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month,” he said. “The biggest gains were in areas with the biggest improvements in affordability.”
Follow this link for complete article http://www.realtor.org/press_room/news_releases/2009/02/pending_home_sales_show_healthy_gain?LID=RONav0021
Monday, February 2, 2009
Realtor® Recommendations Make Headway in House
WASHINGTON, January 29, 2009
The U.S. House of Representatives has taken a significant step toward economic recovery in passing H.R. 1, The American Recovery and Reinvestment Act of 2009.
Late last year, the National Association of Realtors (NAR) presented Congress with its core principles for stabilizing the housing market to launch an economic recovery. In the current legislation, NAR strongly supports the provisions to reinstate the 2008 FHA, Fannie Mae and Freddie Mac loan limit increases through 2009. NAR also strongly supports eliminating the repayment requirement on the first-time home buyer tax credit. “This is critical to stimulating home sales and shrinking the housing inventory, which will in turn help stabilize home values,” McMillan said.
The $7,500 tax credit that was passed last year is encouraging some first-time home buyers to become homeowners before the credit expires on July 1; NAR estimates that it will create 66,000 additional sales.
But more can be done, and NAR is working with Congress and the new administration to help buyers, sellers and investors in today’s market.
Currently, the program requires qualified buyers to repay the credit, without interest, over 15 years, essentially giving these buyers an interest-free loan. Eliminating the repayment feature could encourage an additional 202,000 home sales. And if the tax credit were extended to all home buyers without a repayment feature, it could result in an additional 555,000 home sales.
The U.S. House of Representatives has taken a significant step toward economic recovery in passing H.R. 1, The American Recovery and Reinvestment Act of 2009.
Late last year, the National Association of Realtors (NAR) presented Congress with its core principles for stabilizing the housing market to launch an economic recovery. In the current legislation, NAR strongly supports the provisions to reinstate the 2008 FHA, Fannie Mae and Freddie Mac loan limit increases through 2009. NAR also strongly supports eliminating the repayment requirement on the first-time home buyer tax credit. “This is critical to stimulating home sales and shrinking the housing inventory, which will in turn help stabilize home values,” McMillan said.
The $7,500 tax credit that was passed last year is encouraging some first-time home buyers to become homeowners before the credit expires on July 1; NAR estimates that it will create 66,000 additional sales.
But more can be done, and NAR is working with Congress and the new administration to help buyers, sellers and investors in today’s market.
Currently, the program requires qualified buyers to repay the credit, without interest, over 15 years, essentially giving these buyers an interest-free loan. Eliminating the repayment feature could encourage an additional 202,000 home sales. And if the tax credit were extended to all home buyers without a repayment feature, it could result in an additional 555,000 home sales.
Monday, January 12, 2009
Volunteers Make It Work
A friend of mine stayed with us last weekend as he was in town for the 24 Hours of Telemark which prompted the thought, “How committed someone must be to compete in temps hovering around zero for 24 hours straight.” Now granted, not all of the competitors actually ski the entire time but many do. What is just as remarkable are the dozens of volunteers required to put on an event like this. Their commitment is no less noteworthy in that they are sacrificing their time, and possibly fingers and toes, so someone else can enjoy themselves.
Cable and Hayward play host to events year-round that are dependent upon countless hours of volunteer support. The American Birkebeiner relies upon over 2,000 volunteers to showcase our area to 7,000 skiers and the thousands of spectators. The Chequamegon Fat Tire Festival is grateful for the 750 volunteers that make their event such a success year after year. Each of our snowmobile clubs are reliant upon dozens of people who commit their time and energy to create such a fine network of trails that riders come from all over the country to enjoy our forests.
Volunteer support goes beyond the recreational activities though. Most of the local fire departments are volunteer organizations. These men and women are available 24 hours a day, 365 days a year to protect our homes and lives. The Lions Clubs, Ducks Unlimited, the groups are endless. Why do they all do it? I’m sure everyone has their own reasons but I believe it is a commitment to this community and passion for their respective sport.
What does this all have to do with a real estate blog? Probably nothing but I’m grateful that we have these folks in our community.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445
scott@mckinneyrealty.net
Cable and Hayward play host to events year-round that are dependent upon countless hours of volunteer support. The American Birkebeiner relies upon over 2,000 volunteers to showcase our area to 7,000 skiers and the thousands of spectators. The Chequamegon Fat Tire Festival is grateful for the 750 volunteers that make their event such a success year after year. Each of our snowmobile clubs are reliant upon dozens of people who commit their time and energy to create such a fine network of trails that riders come from all over the country to enjoy our forests.
Volunteer support goes beyond the recreational activities though. Most of the local fire departments are volunteer organizations. These men and women are available 24 hours a day, 365 days a year to protect our homes and lives. The Lions Clubs, Ducks Unlimited, the groups are endless. Why do they all do it? I’m sure everyone has their own reasons but I believe it is a commitment to this community and passion for their respective sport.
What does this all have to do with a real estate blog? Probably nothing but I’m grateful that we have these folks in our community.
Scott McKinney
Trusted Advisor for Real Estate Dreams
715-798-3445
scott@mckinneyrealty.net
Monday, January 5, 2009
Why Wait?
The November sales data came out a couple weeks ago and was disappointing. The December stats will soon be out and they surely won’t be good either. This probably comes as little surprise to anyone watching the news, reading a paper or drawing breath for that matter. We are bombarded with negative economic information and as much as we’d like to tune it out, we can’t. But amid the grim news, there are a few things that potential homebuyers should not tune out:
Mortgage Rates are down. The benchmark 30-year fixed-rate home mortgage in the U.S. fell to a national average of 5.10%, the lowest since Freddie Mac began its weekly rate survey in 1971.
Homes are affordable – According to National Association of Realtors, the Housing Affordability Index is up 6.5% from the previous month and the highest in years.
This really is a good time to buy real estate, sincerely. Not just for the heck of it but if you do have the desire and ability to purchase a property, why wait? As I have mentioned before, interest rates are lower than they ever have been, fewer buyers are in the marketplace so this means less competition and sellers are considering offers that they might not have in the past.
While many buyers might be waiting for the market to hit bottom, we will never know really know when that time is until the market is on the upswing. Unfortunately by then other buyers will recognize this creating more competition and prices will be on the upswing too.
So if you’re looking for a place to buy that piece of property I can’t think of a better place to do it than Northwest Wisconsin. New snow over the weekend freshened up our trails and it truly is a winter wonderland out there.
Mortgage Rates are down. The benchmark 30-year fixed-rate home mortgage in the U.S. fell to a national average of 5.10%, the lowest since Freddie Mac began its weekly rate survey in 1971.
Homes are affordable – According to National Association of Realtors, the Housing Affordability Index is up 6.5% from the previous month and the highest in years.
This really is a good time to buy real estate, sincerely. Not just for the heck of it but if you do have the desire and ability to purchase a property, why wait? As I have mentioned before, interest rates are lower than they ever have been, fewer buyers are in the marketplace so this means less competition and sellers are considering offers that they might not have in the past.
While many buyers might be waiting for the market to hit bottom, we will never know really know when that time is until the market is on the upswing. Unfortunately by then other buyers will recognize this creating more competition and prices will be on the upswing too.
So if you’re looking for a place to buy that piece of property I can’t think of a better place to do it than Northwest Wisconsin. New snow over the weekend freshened up our trails and it truly is a winter wonderland out there.
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