FHA lending changes will effect the Market

FHA lending changes will effect your mortgage long term. 
Beginning June 3, 2013, many FHA-insured homeowners will be forced to pay 30 years of MIP. Beat the change.

Data from Inside FHA Lending shows that mortgage bankers funded $233 billion in FHA-insured loans last year, marking a 22 percent increase from the year prior. Recently announced changes, however, may derail that success.
For all FHA borrowers, the Federal Housing Administration has set deadlines for a new mortgage insurance premium schedule; an increase in downpayment minimums; and, new underwriting standards for loans with low credit scores.
All FHA mortgages will be affected.
For more information or how this will effect you purchasing a home or when you get an accpeted offer before June 1st please give me a call or email.
Happy house hunting, Bob

April Update

Bob Arnold says “Don’t Blink!!! Or it might be gone”

 That’s what it feels like in some of the markets. Activity in some areas is as high as, 50-60% active market, with accepted offers more than active listings.  March 12, 2013 GMAR report stated  – While the market is strengthening, it is still too early in the year to say with any confidence that the Milwaukee market will see universal price increases this year. It is still a buyers’ market, but just slightly.
The law of supply and demand would seem to dictate prices should increase soon. With a low supply of homes, stable or increasing demand, historically low interest rates, and positive external factors such as consumer confidence and employment, prices should be pushed upward as buyers outbid one another for a listing. The still very low interest rates make it a market buyer should not pass up. It is not unusual be involved with multiple offers on properties. As busy as the market is we haven’t even hit the peak yet. Buyers are still coming out thinking the spring market is just starting…. Ha Ha!. Warmer weather and pent up demand will create a very busy year.  Remember we have 5-6 years of buyers built up.
Choosing a full service, full time Realtor is especial important in this market. Either selling a home or looking to purchase, an active experienced agent is almost a must and will save you money purchasing and make you more money selling. The offer/negotiating process is just the tip of the iceberg. Home inspections, financing, all play an important part of the buying prices.  Good negotiating skills and experience are still some of the most important assets in a good agent in today’s market.

Thanks,
Bob Arnold

See what others have said………

“Bob was recommended to us from a family friend who could see we were burnt out from our previous realtor and experience. We had looked at about 42 houses in 6 months and found nothing. That is when we decided to change realtors and go with Bob Arnold. We immediately saw a difference! He was willing to listen to exactly what we wanted in a house and did his best to find a match. He always made time to show us houses and was honest if he thought we could find something better. He didn't just want to make a sale but instead wanted to make sure we were happy with our purchase and that spoke volumes! We worked with Bob for about two and a half months and found our dream house. The buying process was easy because we had Bob advocating for us. He negotiated and demonstrated expertise with the process. He still checks in on us to make sure things are going well in the house!”

All I can say is “THANK YOU” for this review, to the buyers I just recently worked with. They were kind enough to publish this review on Zillow for me. I think this sums up my commitment to buyers I work with.

Please feel free to pass this information on to anyone you know thinking of purchasing a home or condo as well as looking to sell property in the near future.

Attention, Buyers

Attention! Buyers, please be very cautious with what lenders you choose. We are having a lot of problems closing loans with the big banks such as US bank Chase and Wells Fargo. These lenders are causing not only delays but buyers to lose out on the home they want to purchase.
For more information please contact me at northshorehomes@msn.com

MARKET UPDATE

Dear Buyers and friends of Buyers,

I continue to keep buyers that I am working with up to date with the ever so changing market. As most of you know, I am a very statistical person. Statistics don’t lie and I rely on then to give my clients and customers the best and most informative recommendation on the market.

So what was the worst year? End of 2011 early 2012

Has the market changed? Yes middle to end of 2012, currently there is still shortage of listing, increase number of buyers, as a result prices are starting to go up and homes selling faster. 
This doesn’t mean that the market is going crazy and you will not be able to purchase a home, but it does mean that the bargains are going away faster and the market is starting to increase its prices. What does this mean for you in your home search? Unfortunately it isn’t going to get easier. The new year always bring out new and more buyers. The secret is definitely out . IT IS A GOOD TIME TO PURCHASE A HOME OR CONDO!

*National Association of Realtors February 28th 2013

Pending home sales rose in January, and have been above year-ago levels for the past 21 months. NAR Chief Economist Lawrence Yun explains: "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years."

If you are a serious buyer in today’s market, I would encourage you to not only to actively look at homes, but when you find the right home, be prepared to act quickly. Multiple offers are not unusual in todays market. In a multiple offer situation you are now competing with other buyers and lose negotiating power.

A much improved market?

As most of you know, I am a very statistical person. Statistics don’t lie and I rely on then to give my clients and customers the best and most informative recommendation on the market. I have used Wauwatosa in the past as a bench market in the past for evaluating the Metro Milwaukee Real Estate market. Below is an evaluation of single family home sales over the last three years in the metro Milwaukee area. This will give us a yearly snapshoot of the changing market and market trends.

Currently there are only 2 homes in Wauwatosa under $100,000. Last year 33 homes sold in Wauwatosa under $100,000, 2011  40 homes sold under $100,000 and in 2010 22 homes sold under $100,000.

Lets take a look at a few other communities.

Grafton/Cedarburg only 1 home currently on the market under $100,000. 6 homes sold last year under $100,0000 and 12 in 2011

City/town of Waukesha has 14 homes currently on the market under $100,000 98 homes were sold ion 2012 under $100,000 and 57 homes sold in 2011

City of Milwaukee ( I had to keep the cap at $50,000 because the number were so great) There are currently 445 single family homes available in the city of Milwaukee. 2012 sales for single family homes were 1,528, in 2011 there were 1,209 and in 2012 there was 870 home sales under $50,000

So what was the worst year? Has the market changed?

This doesn’t mean that the market is going crazy and you will not be able to purchase a home, but, it does mean that the bargains are going away fast and the market is starting to increase its prices.

What does this mean for you in your home search? Unfortunately it isn’t going to get easier. The new year always bring out new and more buyers. The secret is definitely out . IT IS A GOOD TIME TO PURCHASE A HOME OR CONDO!

If you are a serious buyer in today’s market, I would encourage you to not only to actively look at homes, but when you find the right home, act quickly. Multiple offers are not unusual in todays market. In a multiple offer situation you are now competing with other buyers and loose negotiating power.

Happy New Year!

A New Year brings new opportunities for both Buyers and Sellers. 2012 has turned out to be a very good year. GMAR reported that  “November sales of existing homes in the 4-county Metropolitan Milwaukee housing market were up 24.2% compared 2011. For the year, sales are up 25.7% compared to 2011 and up 29.4% in contrast to 2010 as buyers take advantage of historically low interest rates and low prices, although availability is limited.”

What does this mean for you in your home search? Unfortunately it isn’t going to get easier. The new year always bring out new and more buyers. The secret is definitely out . IT IS A GOOD TIME TO PURCHASE A HOME OR CONDO!