Home prices on the rise

Home prices in Southeast Michigan are up the upswing, just one more indication of our state’s recovering economy.

The median sale price for homes and condos in Wayne, Oakland, Macomb and Livingston Counties was up more than 40% to $120,800 in December 2013, compared to $85,750 in December 2012.  The information is compiled by Farmington Hills – based Realcomp, the multiple listings services for Southeast Michigan.

Realcomp captures many home sales in the four-county area but does not include homes for sale by owner or sales handled by agents outside of its network.

Thinking about a mortgage?

You may hear about new mortgage regulations taking effect in January 2014, but for the most part they won’t affect us or our customers.  That’s because the regulations are designed to prohibit the “exotic” types of mortgages that we never make because they’re generally bad for consumers, such as negative amortization, stated income, and option arm mortgages.

We offer fixed rate and adjustable rate mortgages to help you buy a new or existing home, investment property, second home or parcel of land.  In all cases we look at specific financial information to be sure you can afford the property.  As you’re preparing to apply for a mortgage, be sure to compile:

Government shutdown could slow mortgages, SBA loans

As the government shutdown continues, we want to make you aware of how it’s affecting two of the products we offer, mortgages and SBA loans.  In both instances, we’re not expecting any major effect as long as the shutdown is brief.

Mortgages

The primary impact of the shutdown could be to delay the closing of some home loans, since only a handful of FHA staff will be available to underwrite and approve new loans.  Most loans take 30 days to close, so if the shutdown is brief, the short delay in processing won’t likely affect the process.

“For Sale” signs sprout in spring

Lately we’ve been hearing some good news about home sales and property values in southeast Michigan. For example, Crain’s Detroit Business recently reported that here in Oakland County, home sales were up almost 14 percent in January compared to sales in the same month last year.  And The Oakland Press reported average property values across Oakland County are up slightly after years of annual declines.