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Market Updates

What Growing Home Values Could Mean for You

More good news in the housing market! Below, please find a chart depicting the most recently released housing price gains. I’ve also listed annualized gains and some commentary on what these changes may mean for you.

2nd quarter update

The appreciation figures shown are derived from the Federal Housing Finance Agency (FHFA) All Transactions Data and compiled by Estate of Mind, Inc. Appreciation will vary from year to year, can decline and, for any individual property, can be more or less than the averages illustrated here. Information is deemed accurate but not warranted.

You’ve probably heard me say this before, but the long-term trend of rising home values is continuing. This is good news no matter where you are in terms of home buying and home owning. Why?

  • Rising home values generally are a sign that the economy is on the right track. I hope this means other aspects of your financial life are appreciating as well.
  • According to research done by the Federal Reserve Board, homeownership is one of our country’s greatest contributors to personal wealth. When home values grow, your home can often be a key component to securing your financial future.

For right now, the growing value of your home equity may also allow you to access cash, get rid of mortgage insurance or refinance. If you or someone you care about would like to explore the opportunities, please let me know by contacting my team.

I hope you have found this report helpful and encouraging. Thank you for allowing me to share important news with you.

FHA’s MIP Changes Today

HUD MIP Changes

Good news in the mortgage industry may help Wisconsin real estate agents assist more buyers! As you may know, HUD recently announced a half-percent reduction in mortgage insurance premiums (MIPs) on certain FHA loans. According to HUD, the average FHA homeowner can save $900 per year on mortgage insurance. The agency expects more than 250,000 first-time buyers to benefit from the cost reductions over the next three years.

As an added bonus, rates started the year near historically low levels. If your prospective buyers can save on both MIP and rates, it may be easier for them to qualify for the home they really want.

If you have prospective home buyers who did not qualify for a loan in the past, it may be worth having them try again. I’ll be happy to talk with any of your prospects and to provide you with shareable information on FHA loans. Please let me know how I can help.