For many, fall in Northern Michigan is the ideal season. Days are still warm, but evening temperatures have cooled making for a good night’s rest, leaves are changing to the most spectacular shades of red and yellow, and crisp apples, pumpkin donuts and cider have returned to the road side stands and supermarkets, and soon to the waistlines!
For sports fans everywhere, it is a smorgasbord! College and Pro football, Major League Baseball playoffs and hockey have made their way into households everywhere; while hunting and fishing enthusiasts are taking it to the woods and water.
The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today’s home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered around 6.5 percent during the month of August, up slightly from the month before.
Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability.”
Many experts are predicting an upturn in market confidence once congress agrees on a plan to deal recent challenges in the financial markets.
Good News for Veterans
On September 11, the House of Representatives passed the Veterans Construction and Extension Act of 2008, which helps Veterans achieve their dreams of home ownership. The legislation provides assistance for veterans who need to refinance their Sub prime or adjustable rate loans into a safer, more affordable loan backed by the US Department of Veterans Affairs. The bill has been passed on to the Senate for finalization. If you’re in the market for a home, contact us for information on FHA, VA, and other mortgage programs that might be right for you.
FEATURED PROPERTY!
A great opportunity to own an up-north retreat, investment property or year round home below SEV! An incredible value – now priced at $309,900! Don’t miss out on this opportunity to own a desirable Old Mission Peninsula address!
Fine Home & Estates Accredited
The Traverse Team is now Fine Home & Estates accredited through Century 21. Through this training we gained additional strategies for prospecting clientele, and for recognizing relevant market trends influencing the purchase and sale of luxury property as well as to how to effectively market high-end homes using the CENTURY 21 Fine Homes & Estates program.
Susan Hintz