Eliason Realty of the North, LLC's Blog
by The KCM Crew on November 26, 2013
The big question for homebuyers is when interest rates will begin to rise to the 5% mark. The effect of a rise in mortgage rates could be a dramatic increase in the monthly mortgage payment when purchasing a home. In an article last week, HousingWire quoted two different sources regarding this issue.
Most experts are projecting that rates will rise when the Fed decides to taper the purchase of bonds which has acted as a stimulus to the housing market by keeping long term mortgage rates at historic lows.
In the article, Sterne Agee’s managing director and chief economist Lindsey Piegza pointed out:
"Federal Reserve officials said they might reduce their monthly bond buying program from $85 billion 'in coming months' as the economy continues to improve."
The article also quotes Frank Nothaft, chief economist with Freddie Mac:
“By the end of 2014, rates will probably approach and perhaps touch 5%. A reason we see the uptick in rates is that I do think some point the Federal Reserve will start to taper and scale back its very active purchase on long-term Treasuries and mortgage-backed securities.”
Rates will hit 5% sometime in 2014. It might be better to buy sooner rather than later.
Now is the time to talk with your real estate professional!
We can help ... meet our agents here.
A recent real estate buyer said this about his experience with Ray Weber who is a Broker Associate at our St Germain Realty Office:
"Ray and your firm are simply the best. Ray is an awesome sales person and a great person in every way. My experience was totally positive in every aspect.
Eliason is the top notch firm in the area and has been my best experience in purchasing a home or property. Ray goes beyond the role of just selling property. He is an expert on the area and everything that goes along with it. He is able to answer any question that you may have. Thank you!"
Ray is a knowledgeable Realtor with years of experience and a true dedication to the Northwoods. We were thrilled when he agreed to rejoin our firm in the summer of 2012. He is a terrific asset to our company and a real team player who has customer service as his top priority.
by Mark Scheets of KCM on November 21, 2013
Throughout the home buying process there can be various hurdles to jump over to make sure everything goes smoothly. In today’s culture, we are finding more often unmarried couples are purchasing their first homes together. Although this sounds like a great plan, there are precautions that need to be taken in order to make sure the process is done right. Doing your research beforehand can alleviate any headaches. From a financial sense it is more difficult to break the co-ownership of a house, than it is to get a divorce, if things turn sour.
When making the decision to purchase a home with your significant other, you and partner must know that just like with marriage, a property agreement is a legal contract. One of the more important aspects of purchasing a home together is knowing how the investment will be split. In many cases, one partner may initially invest more money into the home than the other. This may cause issues in the future if things don’t work out due to the fact that legally one person may end up owning more of the house than the other.Plan Now
If the relationship were to end, a dividing of the assets needs to take place. Although everyone in a relationship hopes for the best, preparing for the worst-case scenario will alleviate any hassle in the future. The best way to protect yourself is to come to an agreement as soon as possible while you both are still happy. If there were to be any future issues, it could get real ugly resolving things if steps were not taken care of from the start.
We agree with Veterans United that even in our snow-covered Northwoods, winter is a good time to buy real estate.
In addition to the reasons above, we also expect interest rates to rise over the next 12 months. Recently we have watched rates dip some after decisions to taper the QE were put off. When the easing begins to slow, we are going to see rates jump again and projections are calling for rates to be a full percent higher by this time next year. As the rates climb, it makes a huge impact on a buyer's cost.
Contact your Realtor at Eliason Realty soon to discuss your options, work on getting pre-approved with a local lender because now is the time to take action!
Eliason Realty of the North LLC
We just received this glowing review from a customer who just bought a Northwoods lake property through our company and we want to share it with the world!
"From the moment we walked in your door, we met Bernie Kazda and then just basked in his smile and drank from the font of northwoods wisdom that he imparted...honestly, our experience was THAT good. Bernie always made us feel like our stupid questions were not stupid and that the deal would always get done. He never panicked us, always had the answers...it was a dream experience. I only wish we bought a million-dollar home so he could have reaped more rewards for his efforts!!" - Sally
He is indeed a wealth of knowledge that we all appreciate! It may well be the most fabulously crafted testimonial ever, and we couldn't be more proud to have Bernie Kazda on our sales team here at Eliason Realty!
Eliason Realty of the North LLC | PO Box 39 | St Germain, WI 54558 | www.EliasonRealty.com
Published on Nov 4, 2013
Recording of Dr. Mike Richie's actual testimony in front of the Rural School's Task Force. He discusses many of the problems that not only Northland Pines faces but also other schools in the area.
Northland Pines School District is in Eagle River, WI.
Editor's note: This page will continue to be updated as more information becomes available.Oct. 1, 2013 - What Does the Government Shutdown Mean for REALTORS®?
Congress has failed to approve a Continuing Resolution (CR) providing funding for most government operations. Therefore, spending authority for most of the government expired at midnight on Sept. 30, 2013. Until legislation providing for funding is signed into law, many offices and programs of the federal government are now shut down. This means many, but not all, government programs, including some that impact federal housing and mortgage programs, have been suspended or slowed due to the lapse in government funding. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place. The information below is based on NAR staff review of agency agency contingency plans for the current shutdown and past experience with previous shutdowns and near-shutdowns. Download PDF summary.Latest Status Information
(as of Oct. 1, 2013 3PM ET)
Internal Revenue Service (IRS) The IRS is closed and has suspended the processing of all forms, including tax return transcripts (Form 4506T). These transcripts are required for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted.
Social Security Administration (SSA) The Social Security Administration is closed and has suspended most customer service functions. According to the SSA Contingency Plan, verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing.Additional Status Information
(as of Oct. 1, 2013 7AM ET)
Federal Housing Administration HUD’s Contingency Plan states that FHA will endorse new loans in the Single Family Mortgage Loan Program, but it will not make new commitments in the Multi-family Program during the shutdown. FHA will maintain operational activities including paying claims and collecting premiums.
The Wisconsin Realtor Association has published their monthly housing sales statistics report and figures look strong for our neck of the woods. The number of home sales in Vilas County jumped 57% in August, while the median sales price grew 12%. Oneida County during August experienced an increase of 5% in the number of sales transactions, while prices grew by 2%.
When looking at summer 2013 as a whole throughout Vilas County, we see figures normalizing with median price at a 2% decrease this summer over 2012, and the number of transactions growing by 22% during the summer of 2013. The steady growth in number of transactions continues to signal consumer confidence. Median prices have bounced around some, but the trends indicate a stabilization and are paving the way toward modest growth.
Contact one of our Eliason Realty sales associates
for real estate sales trends within your local community.
Digital Edition: Real Estate Magazine
Boundary Lines: Wisconsin Supreme Court Re-establishes Bright Line Between Private and Public Rights
By: Tom Larson
In Rock-Koshkonong Lake District v. Department of Natural Resources, 2013 WI 74, the Wisconsin Supreme Court issued an important ruling for waterfront property owners in Wisconsin. The ruling provides property owners with greater certainty regarding the regulatory limits of the Public Trust Doctrine, which is often used to define the boundary between where the rights of property owners begin and the rights of the public end. Moreover, the ruling limits the authority of the Wisconsin Department of Natural Resources (DNR) to lower lake water levels without considering the economic impact on waterfront property owners and businesses.
The case involved a dispute about water levels on Lake Koshkonong, which is a shallow lake formed by a dam on the Rock River near Janesville. The dam, which was originally constructed in the 1850s, fell into disrepair and had difficulty maintaining consistent water levels. In 2002, the dam was repaired and the DNR lowered the water levels by approximately one foot to better protect wetlands located beneath the dam. The DNR maintained that it had the authority to reduce water levels in the lake under the Wisconsin Constitution’s Public Trust Doctrine, which provides that the waters of the state are held in trust by the state for the benefit of all. (The Public Trust Doctrine has been interpreted to mean that the state owns the navigable waters of the state and the land under navigable lakes as determined by the ordinary high water mark (OHWM)). As a result of the lowered water levels, the shorelines began to increase significantly, making it more difficult to access piers and use the lake for boating purposes due to the shallow water.
In 2003, a group of waterfront property owners and businesses petitioned the DNR to raise the water levels of Lake Koshkonong.
Eagle River, WI -- September 3, 2013 marks the first day of school for most in the Northland Pines School District. Students attending the grade schools in Land o Lakes (including the new SOAR Chater School), St Germain Elementary, Eagle River Grade School, NP Middle School plus all Freshmen and new students at the NPHS started this morning! Remainder of high school students return to class tomorrow.
Best wishes for a productive school year from all of us at Eliason Realty!
Dr Richie's Videocast Published on Aug 29, 2013
Northland Pines School District's Administrator Dr. Mike Richie's August 2013 videocast above discusses the upcoming school year, school safety, new staff and a teacher who is a finalist for a National award!