Madison Area Real Estate News

RIS Media,  by Marcie Geffner, March 3, 2014 An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Because of that insurance, lenders can, and do, offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. 1. Less-than-perfect credit is ok: The FHA doesn't mandate a minimum credit score. Instead, each borrower's creditworthiness is considered in context. Some leeway is allowed. Lenders can, however, overlay their own requirements on top of the FHA's guidelines. Some lenders might require a minimum credit score. 2. Minimum down payment is 3.5 percent: That is a fraction of the percentage typically required on most other loans. 3. Closing costs may be covered: The FHA allows home sell

RIS Media, Top Trends in Real Estate for 2014,  by Jeff Collins, January 11, 2014 Economists predict 2014 will see more buyers putting roofs over their heads, home prices are expected to stabilize, and homebuilding will be more frenetic. "The housing market has staged a spectacular recovery over the past year," Cal State Fullerton economists Anil Puri and Mira Farka wrote in their 2014 economic forecast. "More recent data, however, point to a softening of these trends." 1. More Inventory: You can expect to see more people putting their homes up for sale this year, as rising prices bring new equity to underwater homeowners. Other property owners also may take the opportunity to get their lives off hold and take advantage of higher home prices. "I'm hoping that, since interest rates are still low, it's a better opportunity not only to sell, but to rebuy," said homeowner Donald McCray. Another factor: New home construction is expected to incre

RIS Media, Today's eNews,  October 15, 2013 Increasingly, homeowners around the nation are investing in their outdoor living space. Investing in outdoor living provides a good return on investment for most people, making it an ideal home improvement project. 1. Resale value  HGTV claims that homeowners recoup 65 – 90 percent just by adding a deck. Experts agree that investing in outdoor living space will add to the value of your home and a lot of the cost will come back to you when it is time to sell your home. 2. Personal enjoyment  Having a relaxing outdoor living space will create an environment where the family can relax together and enjoy each other's company. 3. Save money  Create the environment you are seeking in your own backyard, and save the gas and fees of taking your recreation elsewhere. 4. Entertaining opportunities  Having an ideal outdoor living space creates an oasis for entertaining. Whether hosting a holiday gathering, Friday night s'mores around

Statewide, year long sales were up almost 11% over last year and median prices increased 7.2% over last year.  ”Strong sales dominated 2013, which is remarkable given that this is compared to 2012, which was also a very good year for the housing market”, said Steve Lane, chairman of the WRA Board of Directors. Lane noted that housing sales were strong despite rising interest rates and prices. “Mortgage rates have increased a full percentage point since January, and median prices have grown consistently throughout the year,” Lane said.  While they have risen lately, rates remain affordable historically. Wisconsin Home Affordability index is currently at 227. This is a big decrease in affordability since an index of 274 seen last December. HOWEVER, to put things into perspective, the National Home Affordability index is 170. Regionally, here the real estate sales recap comparing 2013 to 2012: (Source WRA) Southeast Wisconsin/Metro Milwaukee real estate statistics 25,274 ho