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
Wednesday, February 4, 2009
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.
Friday, December 12, 2008
Just Listed!Diamond Lake Cottage and Homesite
360 ft of frontage & 1.4 acres
Southwest exposure, perfect beach and fantastic view are the hallmarks of this property on Diamond Lake. A charming cottage is situated literally at the water's edge and makes a unique retreat with simple accomodations directing your focus on the amazing surroundings. The one room cabin is suitable for 3-season use, is heated by a wood stove and serviced by a privy. The property provides 360 ft of wooded lakefront, 1.4 acres and offers an exceptional site for a new home while retaining the cottage for occasional use.
Multiple List #808519 - Offered at $350,000
Scott McKinney - (715) 798-3445 - scott@mckinneyrealty.net
Cold Days, Hot Deals
Sounds like an ad for used cars, I know, but it is true. Daytime highs haven’t been out of teens lately, -17F this morning and gas prices have been falling like the temps. On the real estate front, some savvy buyers are taking advantage of the historically low interest rates and finding good deals in this soft market. Currently 30 year fixed rates are in the mid 5’s making homes more affordable than they have been for several years. Inventories are still high (but shrinking) and sellers have been negotiating a bit more as one might expect. Recently the average selling price has been 90% of asking.
The chambers of commerce in Hayward and Cable are both offering holiday cash with incentives to purchase locally. With the diverse retail opportunities and local artisans in the area, there is little reason to leave town to do your shopping. In this slower economy it is all that much more important to support your local merchant.
Finally a little Holiday parade recap: if you were brave enough to hit the streets of Cable last Saturday evening you were rewarded with a fun little parade and may have witnessed my first and last singing performance outside of the shower. We did win best music but I attribute that to my mother’s voice and a general lack of competition. Fortunately, the real musicians were on hand at the Rivers Eatery where the Namekagon String Band entertained a full house including many young families in a wonderful smoke-free atmosphere.
Get out and enjoy the outdoors. Ice fishing has been good and there is plenty of ice for skating. Skiers and snowmobilers still need a bit more snow. Bring it on!
The chambers of commerce in Hayward and Cable are both offering holiday cash with incentives to purchase locally. With the diverse retail opportunities and local artisans in the area, there is little reason to leave town to do your shopping. In this slower economy it is all that much more important to support your local merchant.
Finally a little Holiday parade recap: if you were brave enough to hit the streets of Cable last Saturday evening you were rewarded with a fun little parade and may have witnessed my first and last singing performance outside of the shower. We did win best music but I attribute that to my mother’s voice and a general lack of competition. Fortunately, the real musicians were on hand at the Rivers Eatery where the Namekagon String Band entertained a full house including many young families in a wonderful smoke-free atmosphere.
Get out and enjoy the outdoors. Ice fishing has been good and there is plenty of ice for skating. Skiers and snowmobilers still need a bit more snow. Bring it on!
Monday, December 1, 2008
Good Times in Cable
If you’re wondering what to do now that the 9-day Wisconsin holiday known as deer season is over, be sure to check out the Holiday Lighted Parade in downtown Cable this Saturday night, December 6th. For those of you that have yet to experience the parade, it is worth the trip. The route is mercifully brief, barely 2 blocks long and usually features between 15 and 20 original entries complete with lights, music, costume and good humor. Following the parade is a gathering at the Community Center for chili, cookies and pictures with Santa; donations benefiting the Forest Lodge Public Library.
This is Norman Rockwell stuff folks and one of the many great reasons to live and play in our part of the world. Whether you are here full-time, part-time or still hoping, it is the community spirit that makes our area so vibrant.
Although economic news that grips our country has had an impact on the local housing market, the quality of life we enjoy and a desire to reside in our neck of the woods has softened the blow. Declines in price have been minimal when compared to the rest of the nation. Community banks are making responsible loans and are largely unaffected by the sub-prime mortgage crisis making all the headlines. Mortgage rates are excellent and the federal government is offering a $7,500 Homebuyer Tax Credit so don’t be afraid to pursue your real estate dreams.
This is Norman Rockwell stuff folks and one of the many great reasons to live and play in our part of the world. Whether you are here full-time, part-time or still hoping, it is the community spirit that makes our area so vibrant.
Although economic news that grips our country has had an impact on the local housing market, the quality of life we enjoy and a desire to reside in our neck of the woods has softened the blow. Declines in price have been minimal when compared to the rest of the nation. Community banks are making responsible loans and are largely unaffected by the sub-prime mortgage crisis making all the headlines. Mortgage rates are excellent and the federal government is offering a $7,500 Homebuyer Tax Credit so don’t be afraid to pursue your real estate dreams.
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