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.