Our Blog and Listings!

noreply@blogger.com (Paradise Properties USA) — Mon, 07 Apr 2025 23:08:00 +0000

DOWNTOWN BELLAIRE!

Two Large Storage Buildings/Shops

Almost two acres of land, located in the Village of Bellaire. Flat and buildable. Municipal water and sewer at Beech Street. Currently, there are two large storage buildings. One is a steel pole building, 32' x 64', with a concrete floor, 15' x 32' loft, and an attached 12' x 64' lean-to on the south side of the building. Pole building offers high ceilings, electric installed, four 12' wide overhead doors with commercial automatic overhead door lifts and one man door. The other building is a garage type 30' x 60' building with T-111 siding, concrete floors, double man doors, two 8' wide automatic overhead doors, electric, alarm system, finished walls and ceiling, lighting. Municipal water and sewer available on Beech St. Both buildings have gravel parking areas. Click Here For More Info

$299,000

noreply@blogger.com (Paradise Properties USA) — Thu, 19 Sep 2024 19:54:00 +0000

SOLD!

10-15 Minutes to Flint Fields Horse Park & Traverse City

$789,000

4bd3.5ba3,830sqft

Feel the stress melt away as you drive towards your country getaway in Williamsburg. An easy drive of just 10 minutes from TC, Elk Rapids, and Torch Lake areas. Just 5 minutes to Flintfields Horse Park! Within a couple miles of 1,000s of acres of state land. Built by the current owner, every detail was overseen, resulting in the perfect combination of comfort, convenience and care. Pulling up, you'll see a welcoming home with covered front porch, attached 2 car garage and offset by a 36 x 48 additional garage. The spacious foyer draws you into a large, light and bright living room. Around the corner is a chef's kitchen with granite counters, oak cabinets, corner window sink, handy work desk for checking those emails, and a large deck overlooking a beautiful yard, fire-pit and wooded area, perfect for entertaining. Main floor primary with large walk-in closet and luxuriously renovated bathroom. Each of the 3 levels features a large living, family or rec room space, a full bath and at least 1 bedroom. Lower level offers a large rec room complete with viewing area for catching your favorite event, pool table for flexing your skill with a pool stick (may be included with an acceptable offer!), kitchen/wet bar area (no stove), as well as a slider out to a patio complete with hot tub and nearby firepit area, and a Generac propane generator that will run about 3/4 of the house. The massive additional stand alone garage can handle even the largest collection of vehicles, boats and toys. Don't miss the opportunity to see this large beautiful home offering the best of locations in a recreation haven!

noreply@blogger.com (Paradise Properties USA) — Thu, 19 Sep 2024 19:47:00 +0000

NEW LISTING!

Downtown Alden Commercial Opportunity!

Location, Location, Location! This historic building is located right in the heart of thriving downtown Alden, just 2 blocks from the 3rd most beautiful lake in the world, Torch Lake! This building is currently being used as a retail store but could possibly be used for a variety of other retail uses. Building has been recently painted, newer HVAC system, electrical, security cameras, well point, Gorgeous original hardwood floors with beadboard and shiplap walls and ceiling. Authentic charm abounds! Some display cabinets will stay along with u-shaped counter. Square footage is 1692 sq ft for the main level which is heated and cooled and also 1,012 sq ft for the upper level which currently is not heated but could very easily be converted to add heat as the system is large enough to do so. Excellent opportunity to own a historic part of quaint Alden! $549,000

noreply@blogger.com (Paradise Properties USA) — Thu, 19 Sep 2024 19:39:00 +0000

SOLD

LAKE BELLAIRE WATERFRONT GEM!

Discover this stunning log home, perfect for your northern Michigan residence or vacation retreat. Featuring recent updates, including a whole-house Generac generator installed in 2023, this property offers both comfort and reliability. The home also boasts a spacious 28x32 garage with a versatile living space above. Set on over 2.5 acres, encompassing three lots within the scenic Lakes of the North association, this property provides ample privacy and natural beauty. The association offers an array of exceptional amenities, including an indoor pool with a waterslide, lazy river, and hot tub. The well-equipped workout room in the clubhouse and the beautifully maintained 18-hole golf course with a pro shop and restaurant further enhance the lifestyle offered here. Ideal for outdoor enthusiasts, this location is a snowmobiling and SxS paradise, with trails running throughout the subdivision. Make this picturesque log home your northern escape and enjoy all the recreational and relaxation opportunities it has to offer! $1,950,000

TERMS AVAILABLE for these BREATHTAKING Torch Lake Views from these 2.5 acre parcels in Alden!

noreply@blogger.com (Paradise Properties USA) — Fri, 04 Mar 2022 14:53:00 +0000

$179,000

Torch Lake View Parcels: 2.5acres
LAND CONTRACT TERMS AVAILABLE!

BREATHTAKING Torch Lake Views from these 2.5 acre parcels less than 1 minute to downtown Alden and Torch Lake. Experience everlasting sunsets over Torch Lake after a day of boating, swimming, kayaking, shopping, etc. Keep your toys in the old wooden barn on the property! Property would be ideal for a walkout lower level and minimal Deed Restrictions will apply and no association. Enjoy country living and you're only 1 mile to Torch Lake and downtown Alden, fine dining, skiing, golfing, boating and shopping also nearby.

ALDEN MEADOWS Sub- 2.5 Acre parcel Walk to Torch Lake Public Access!! $59,900

noreply@blogger.com (Paradise Properties USA) — Fri, 04 Mar 2022 14:45:00 +0000

Residential Lots & Land: 2.5acres

Welcome to Alden Meadows! This beautiful 2.5 Acre+/- home site ready for your new "Up North" escape. Upscale homes on both sides of this great parcel. The Alden Meadows Subdivision is located within walking distance to downtown Alden and two of the largest public access points on the most beautiful lake in the country, Torch Lake or just a short walk & spend a couple hours at the association owned park on absolutely beautiful Spencer Creek!

$59,900

Walk to Shanty Creek Main Lodge, Shops, Legend & Summit Golf Courses! $65,000

noreply@blogger.com (Paradise Properties USA) — Fri, 04 Mar 2022 14:39:00 +0000

This spectacular homesite overlooking the former Summit Village Shanty Creek ski hills. Walk to the Legend & Summit Golf Courses, main lodge, restaurants and shops. Club memberships available. Also has Summit Village Beach Club privileges on Lake Bellaire. $65,000

Former Restaurant Downtown Alden

noreply@blogger.com (Paradise Properties USA) — Fri, 15 Jan 2021 15:18:00 +0000

SOLD! This building is located right downtown Alden with great road frontage on one of the busiest roads in Antrim County and walking distance to the Alden Harbor boat launch and boat slips. This building is setup for and previously used as the Country Kitchen/Wild Onion restaurant back in the day and a perfect opportunity to restart the tradition or a small town bakery, catering business, retail, etc. The property also offers a large gravel parking lot, 25' x 25' outdoor dining concrete patio, 2 rest rooms, furniture, fixtures, equipment and an all stone cottage with 1 bedroom, kitchen and full bath to either live in or rent for extra income. Natural gas is hooked up to the building, equipment needs to be converted from propane. $279,900

View All Our Listings Here Click Here

For More Information Contact-

Gary R. Scheitler, CRS, RRC, RSPS, IARP, Realtor®

Owner/ Principal Associate Broker

Paradise Properties USA

9047 Helena/PO Box 398
Alden, MI 49612

Cell 231-633-2323

Off 800-977-3386

Fax 800-531-6503

SOLD! SOLD! SOLD!! 300+/- ACRE RETREAT-2 HOMES, POND, WOODS, PLANTED FIELDS GREAT HUNTING or EQUESTRIAN property!

noreply@blogger.com (Paradise Properties USA) — Fri, 15 Jan 2021 15:05:00 +0000

JUST SOLD!

HUNTERS or EQUINE PARADISE! A very rare, one of a kind opportunity to own a large parcel of land with so many options. Would make a perfect hunting or corporate retreat, horse ranch, development or just a great place to get away to relax and be surrounded with all nature has to offer, (deer, turkeys, eagles, hawks, fox, grouse, pheasant, bear and more). With over 295 acres of open (some areas planted with corn and 10 apple orchards for the deer), wooded, hilly and level terrain, morel mushrooms, berry bushes, groomed and maintained trails throughout, a large pond with a water well flotation and irrigation system. Close to the Lower Chain of Lakes (Torch Lake, Elk, Skegemog, etc). Property also offers a 4br, 2.5ba, 3,000 sq ft main lodge/home with two wood/gas fireplaces and a separate 3br guest house/rental, fronts on three county roads! Sale includes the following parcels- (80 acres with guest home #004-002-003-00), (80 Acres #004-002-001-00), (10 Acres #004-002-004-30), (30 Acres #004-002-005-10), 80 Acres #004-002-002-00), (5 Acres #004-002-004-40) & (10 Acres with Lodge/home #004-002-005-00). See associate docs for legal descriptions. 4th bedroom is non-conforming in lower level. All measurements including acreage to be verified by buyer or buyers agent. MLS #1862759 See All Listing Info- "https://www.paradisepropertiesusa.com..." $1,100,000 Drone Video-https://youtu.be/XutyMFkmt40

For More Information Please Contact-

Gary R. Scheitler, CRS, RRC, RSPS, IARP, Realtor®

Owner/ Principal Associate Broker

Paradise Properties USA

9047 Helena/PO Box 398
Alden, MI 49612

Cell 231-633-2323

Off 800-977-3386

Fax 800-531-6503

SOLD!!! 170'+ ELK LAKE SUNSETS-PRIVATE WATERFRONT LOT!

noreply@blogger.com (Paradise Properties USA) — Fri, 03 Aug 2018 15:00:00 +0000

Experience everlasting sunsets over Elk Lake from this wonderful Eastern shore lot. Lot offers great privacy and seclusion with over 170' of private frontage. Boat to the famous Torch Lake Sandbar or any one of the other "Lower Chain of Lakes" right from your own beach!

Please Click Here to View Listing $350,000

SOLD!! CLAM LAKE 2Br/2Ba WATERFRONT CONDO W/BOAT SLIP! SOLD!!! SOLD!!! SOLD!!!

noreply@blogger.com (Paradise Properties USA) — Fri, 03 Aug 2018 14:53:00 +0000

Rare opportunity to own a beautiful, Clam Lake waterfront, double lower condo unit and a boat slip! This fine condo offers spectacular lake views, 2 bedrooms, 2 full baths, living area and a kitchen. Enjoy maintenance free living and boat the entire lower chain of lakes! Close to Dockside, Shorts Brewery, Alden, Shanty Creek Resort and Bellaire. Would also make a great vacation rental! Association dues cover utilities (including electric heat), Wi-Fi, common area maintenance including lawn care and snow removal.

SOLD!!! SOLD!!! SOLD!!!

SOLD!! TORCH LAKE HOME W/SANDY BEACH-SUNSETS!!! SOLD! SOLD! SOLD!

noreply@blogger.com (Paradise Properties USA) — Fri, 03 Aug 2018 14:41:00 +0000

Beautiful Torch Lake Waterfront, Endless Sunset views from this Home offers sandy beach frontage on the most beautiful lake in the country! This ranch home has 2400+/- sq ft, 3BR, 3BA, fireplace, master bedroom suite with private bath & jetted whirlpool tub and walk-in closet, 4 season sun porch, large multi level lakeside deck for entertaining, 2 car attached garage, back up automatic propane generator, whole house fan, central air, forced air heat and electric ceiling radiant heat. Plus a large 40 x 30 pole barn to keep all your toys. Private electric boat hoist and shared dock. Keep your boat right out in front of your home.

SOLD-SOLD-SOLD!!

Click Here to View Listing $539,900

SOLD!! GREEN LAKE CUSTOM LOG HOME! SOLD!!! SOLD!!! SOLD!!!

noreply@blogger.com (Paradise Properties USA) — Fri, 03 Aug 2018 14:30:00 +0000

The moment you step out of your vehicle, you'll experience the true "up north" feeling of relaxation, eagles, deer, wildlifegalore! This magnificent custom log home is located in a gated, wooded and very private waterfront community amongother high quality homes. This wonderful home offers many detailed master pieces like the hand carved wood entrancedoor; outdoor waterfalls, ponds, and gardens; a custom kitchen with granite counters, island and stainless appliances;tiger hardwood flooring; a soaring river rock floor to ceiling wood burning fireplace; main floor master suite with it's ownprivate bath; 2 awesome lake view bedrooms on the upper level; lower level family room with a wood burning fireplace,bathroom and a 15' x 12' dog kennel! Enjoy your days on the beautiful DNR stocked, no wake, Green Lake or from yourvery own private dock. Top off your evening sitting next to the outdoor wood burning fireplace or the waterfront deck!Property legal description offers 220' of private frontage on Green Lake and 75' of private frontage on Lost Lake.

SOLD!!! SOLD!!! SOLD!!!

Downtown Alden on Torch Lake!!

noreply@blogger.com (Paradise Properties USA) — Fri, 15 Jul 2016 20:53:00 +0000

Beautiful Downtown Alden on Torch Lake!!

noreply@blogger.com (Paradise Properties USA) — Fri, 15 Jul 2016 19:42:00 +0000

4 Housing Predictions for the Rest of 2016

noreply@blogger.com (Paradise Properties USA) — Mon, 25 Apr 2016 19:42:00 +0000

^-A A ⁺A

MONDAY, APRIL 25, 2016

Freddie Mac economists are still upbeat about the housing market’s outlook for the rest of the year, despite recent data that showed a gloomier first quarter in economic growth than originally projected. According to Freddie Mac's April outlook, housing will “maintain its momentum in 2016 and be an economic engine of growth."

"We've revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy,” says Sean Becketti, Freddie Mac’s chief economist. “However, we maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity, particularly refinance."

Economists made the following predictions for the remainder of 2016:

Employment: The labor market is expected to stay strong. The unemployment rate is projected to drop back below 5 percent for 2016 and 2017. “Stronger economic growth for the remainder of 2016 and reduced slack in the labor market will drive wage gains above inflation, though the gains are likely to be modest,” Freddie’s report notes.
Mortgage originations: Loan originations are estimated to rise by $50 billion in 2016 and reach $1.7 billion. The forecasted boost is a result of low mortgage rates that are fueling a refinancing boom.
Mortgage rates: Low mortgage rates are expected to stick around longer. The 30-year fixed-rate mortgage averaged 3.7 percent in the first quarter. “After lowering the forecast for subsequent quarters by a tenth of a percent, expect rates to average 4 percent in 2016,” Freddie Mac researchers note.
Housing prices: Home prices will rise by 4.8 in 2016 and by another 3.5 percent in 2017, Freddie Mac researchers predict. These rising home prices will lead home owners’ to see more equity gains.

Source: Freddie Mac

Home Prices Surge to Fastest Pace in Year

noreply@blogger.com (Paradise Properties USA) — Tue, 24 Mar 2015 19:45:00 +0000

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 24, 2015

Existing-home sales showed some improvement in February, but remain constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year, according to the National Association of REALTORS®.

"Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsustainable levels," says Lawrence Yun, NAR’s chief economist. "Stronger price growth is a boon for home owners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before [mortgage] rates rise."The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago.

Mortgage rates, for now, continue to hover near historical lows. The 30-year fixed-rate mortgage averaged 3.71 percent in February, according to mortgage giant Freddie Mac.

"With all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages," says Yun. Indeed, an NAR study earlier this month found a widening gap between rent and income growth across the country, which is making it more difficult for renters to become home owners.

Here are some more findings from NAR's latest housing report:4 Stats to Gauge the Market

1. Existing-home sales: Existing-home sales rose 1.2 percent month-over-month, reaching a seasonally adjusted annual rate of 4.88 million in February. Sales are 4.7 percent higher than a year ago.

2. Housing inventory: Housing inventories rose 1.6 percent to 1.89 million existing-homes for-sale in February, but remain 0.5 percent below a year ago. Unsold inventory is at a 4.6-month supply at the current sales pace. Most economists consider a 6-month supply healthy for the market.

3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in February, down from 16 percent a year ago. In February, 8 percent of sales were foreclosures, and 3 percent were short sales. On average, foreclosures sold for a discount of 17 percent below market value (in January, it was 15 percent) and short sales were discounted by 15 percent on average (from 12 percent in January).

4. Days on the market: Properties were on the market for 62 days, on average, in February, down from 69 days in January. Short sales were on the market for the longest – 120 days. Foreclosures tended to sell in 58 days and non-distressed homes took 61 days. Thirty-four percent of homes sold in February were on the market for less than a month, according to NAR’s report.

By Region

The following is an overview of how sales fared in February across the country:

Northeast: existing-home sales plunged 6.5 percent to an annual rate of 580,000, but are 3.6 percent above year ago levels. Median price: $241,800, up 3.3 percent year-over-year.
Midwest: existing-home sales were mostly unchanged from January at an annual level of 1.08 million, but are 4.9 percent higher than February 2014 levels. Median price: $152,900, up 8.8 percent from a year ago.
South: existing-home sales rose 1.9 percent to an annual rate of 2.11 million last month, and are 6 percent higher than year ago levels. Median price: $177,900, up 8.5 percent from a year ago.
West: existing-home sales increased 5.7 percent to an annual rate of 1.11 million in February, and are 2.8 percent above a year ago. Median price: $290,100 -- 4.2 percent above February 2014.

Source: National Association of REALTORS®

Both Home Prices and Affordability on the Rise

noreply@blogger.com (Paradise Properties USA) — Tue, 03 Mar 2015 14:49:00 +0000

Both Home Prices and Affordability on the Rise

DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 18, 2015

The spring market will likely be a hotter one this year, as low interest rates and a healthier economy lure more home buyers to the marketplace.

NAR's latest housing report:Tight Supplies Put Home Prices on the Move

“Interest rates below 4 percent, rising rents, and healthier local job markets are convincing more consumers to consider home ownership,” Chris Polychron, National Association of REALTORS® president, said in a recent news release showing fourth-quarter 2014 home prices moving up.

An increase in the national family median income (to $65,782) mixed with low interest rates slightly improved affordability in the fourth quarter compared to the previous quarter, NAR reports. Affordability improved despite the national median single-family home price moving up to $208,700 in the fourth quarter, an increase of 6 percent year-over-year.

“Low interest rates helped preserve affordability last quarter, but it’ll take stronger income gains and more housing supply to help meet the pent-up demand for buying,” says Lawrence Yun, NAR’s chief economist.

To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $45,863. A 10 percent down payment would require an income of $43,449, and $38,621 would be needed for a 20 percent down payment.

The following were the five lowest-cost housing markets in the fourth quarter:

Youngstown-Warren-Boardman, Ohio: $78,000
Rockford, Ill.: $86,800
Toledo, Ohio: $87,100
Decatur, Ill.: $90,400
Cumberland, Md.: $90,500

Source: National Association of REALTORS®

List Hub Cuts Off Zillow and Trulia!

noreply@blogger.com (Paradise Properties USA) — Tue, 24 Feb 2015 14:48:00 +0000

noreply@blogger.com (Paradise Properties USA) — Tue, 03 Feb 2015 17:11:00 +0000

Good morning,

Here are today’s rates and commentary:

CONF 30YR FRM* CONF 15YR FRM* FHA 30YR FRM* JUMBO 30YR FRM*

3.500% Rate 2.875% Rate 3.250% Rate 3.500% Rate

3.542% APR 2.914% APR 3.299% APR 3.512% APR

0.000 Points -0.250 Points 0.125 Points 0.000 Points

What's Driving Rates?

Germany expects negotiations with Greece to drag on until the current round

of bailout funding runs out and is prepared to play a waiting game until April or

May, when the country approaches a cash crunch, a person familiar with the

matter said. Greece would not immediately go bankrupt at the end of February

because it has resources to last beyond that point and Germany is ready to wait

until there is a more urgent financing need to strengthen its bargaining position,

said the person, who asked not to be identified discussing internal talks.

Have a great day.

Tammy Ranger-Mortgage Loan Officer

NMLS# 685286

Lake Michigan Credit Union

310 W. Front Street

Traverse City, MI 49684

P: (231) 932-6284

F: (231) 932-6298

C: (231) 218-1161
Send Secure Email

E: Tammy.Ranger@lmcu.org

SOLD!! Grass River Natural Area Surrounds You!!

noreply@blogger.com (Paradise Properties USA) — Sat, 05 Jul 2014 16:48:00 +0000

SOLD!!!

Boat the entire "Lower Chain of Lakes" (Torch Lake, Lake Bellaire, Elk Lake, etc), right from your own permanent, private dock & waterfront deck!! Grass River Natural Area surrounds this property. It just does NOT get any better than this! No one will build on either side or across the river and Charter high speed internet and cable tv! This is a first time offering of this absolute nature getaway with an EXCELLENT rental history! This custom built home offers 5 bedrooms including a main floor master bedroom and 3.5 baths, central air, gas fireplace, Game room, Family Room, Wet Bar, Granite Kitchen Counter Tops, Kraft Maid Cabinetry, Anderson doors and Windows, wrap around decking with covered porch, wonderful lighted boardwalk to the pristine Grass River where your private permanent dock and waterfront deck awaits! BY APPOINTMENT ONLY! Virtual Tour $479,000

Alert Notice issued by Antrim County - November 18, 2013:

noreply@blogger.com (Paradise Properties USA) — Sun, 13 Apr 2014 18:06:00 +0000

Alert Notice issued by Antrim County - November 18, 2013:

Water levels in Antrim County are currently at extremely high levels. It is highly probable that additional precipitation will result in further
increases of water levels. Waterfront residents are strongly urged to take measures necessary to reduce potential damage to their property.

Vacation Home Sales Surge in 2013

noreply@blogger.com (Paradise Properties USA) — Wed, 02 Apr 2014 17:36:00 +0000

Vacation Home Sales Surge in 2013; Investment Property Declines

DAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 02, 2014

Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of REALTORS®.
NAR’s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.1 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.7 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.
NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high-net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”
Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.
Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said.
“In 2011 and 2012, investment property was a no-brainer because home prices had sharply overcorrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added.
The median investment-home price was $130,000 in 2013, up 13 percent from $115,000 in 2012, while the median vacation-home price was $168,700, up 12.5 percent from $150,000 in 2012.
All-cash purchases remained fairly common in the investment- and vacation-home market: 46 percent of investment buyers paid cash in 2013, as did 38 percent of vacation-home buyers.
Of buyers who financed their purchase with a mortgage, large downpayments continued to be the norm in 2013. The median down payment for investment buyers was 26 percent, while vacation-home buyers typically put 30 percent down.
Forty-seven percent of investment homes purchased in 2013 were distressed homes, as were 42 percent of vacation homes.
Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases.
The typical vacation-home buyer was 43 years old, had a median household income of $85,600, and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012.
Five percent of vacation-home buyers had already resold their property, while another 9 percent plan to sell within a year. “This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity,” Yun said.
Buyers listed many reasons for purchasing a vacation home: 87 percent want to use the property for vacations or as a family retreat, 31 percent plan to use it as a primary residence in the future, 28 percent wanted to diversify their investments or saw a good investment opportunity, 23 percent plan to rent to others, and 22 percent intend it for use by a family member, friend, or relative.
Forty-one percent of vacation homes purchased last year were in the South, 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest.
Investment-home buyers in 2013 had a median age of 42, earned $111,400, and bought a home that was relatively close to their primary residence – a median distance of 20 miles.
Fifty percent of investment buyers said they purchased for rental income, 34 percent wanted to diversify their investments or saw a good investment opportunity, and 22 percent bought for a family member, friend, or relative to use – often to house a son or daughter while attending college.
Seven percent of homes purchased by investment buyers last year have already been resold, and another 10 percent are planned to be sold within a year. Overall, investment buyers plan to hold the property for a median of 5 years, down from 8 years in 2012.
Thirty-eight percent of investment properties purchased last year were in the South, 25 percent in the West, 18 percent in the Northeast, and 19 percent in the Midwest.
More than eight out of 10 second-home buyers, both for vacation and investment homes, said it was a good time to buy.
Approximately 43.4 million people in the U.S. are ages 50-59 – a group that dominated second-home sales in the middle part of the past decade and established records. An additional 42.7 million people are 40-49 years old, which is the historic prime age range for purchasing second homes, while another 40.4 million are 30-39 years of age.
NAR’s analysis of U.S. Census Bureau data shows there are 8.0 million vacation homes and 43.7 million investment units in the United States, compared with 74.7 million owner-occupied homes.
The 2014 Investment and Vacation Home Buyers Survey, conducted in March 2014, includes answers about 2,203 homes purchased during 2013 from a representative panel of 2,008 U.S. households. The survey controlled for age and income, based on information from the larger 2013 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.
The 2014 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500 or online by visiting www.realtor.org/prodser.nsf/Research. The report is free to NAR members and costs $149.95 for nonmembers.

Source: National Association of REALTORS®

Freddie: No More Record-Low Mortgage Rates

noreply@blogger.com (Paradise Properties USA) — Tue, 25 Mar 2014 19:27:00 +0000

Freddie: No More Record-Low Mortgage Rates

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 25, 2014

While mortgage rates have been rising the last few months, they are still historically low compared to the trend over the last four decades, Freddie Mac says in a blog post.

But rates as low as they were in November 2012 — when the 30-year fixed-rate mortgage reached an all-time low of 3.31 percent — aren’t likely to return any time soon, the mortgage giant says. Still, Freddie assures borrowers that the all-time record high of 18.63 percent reached in October 1981 isn’t on the horizon either. (At 18.63 percent, monthly mortgage payments on a $200,000 loan would be $3,117, compared to $992 a month at today’s 4.32 percent average.)

With mortgage rates at 4.32 percent, 123 of the 157 metros that Freddie Mac tracks remain very affordable to households earning the median income. In order for affordability to be hampered in the majority of markets, interest rates would have to reach 7 percent, according to Freddie Mac.

“Stubbornly high unemployment over the last several years coupled with stagnant income growth exacerbates declining affordability in a rising interest rate environment,” according to Freddie's blog post. “More jobs and income growth would help blunt the effects of higher interest rates and make buying a home more accessible. While jobs and income have shown some improvement in recent months, they continue to be challenged.”

Mortgage Rates Through the Years

Here’s an overview of mortgage rates in the past four decades, as well as the approximate payment on a $200,000 mortgage and how it changes with the rise and fall of rates, according to Freddie Mac.

1970s
Average 30-year fixed-rate mortgage: 8.86%
Approximate payment on a $200,000 mortgage: $1,589
1980s
Average 30-year fixed-rate mortgage: 12.70%
Approximate payment on a $200,000 mortgage: $2,166
1990s
Average 30-year fixed-rate mortgage: 8.12%
Approximate payment on a $200,000 mortgage: $1,484
2000s
Average 30-year fixed-rate mortgage: 6.29%
Approximate payment on a $200,000 mortgage: $1,237
2014
Average 30-year fixed-rate mortgage: 4.36%
Approximate payment on a $200,000 mortgage: $997

Source: “Mortgage Rates: From Dirt Cheap, to Cheap,” Freddie Mac (March 24, 2014)

More Banks Lower FICO Score Requirements

noreply@blogger.com (Paradise Properties USA) — Tue, 25 Mar 2014 19:25:00 +0000

More Banks Lower FICO Score Requirements

DAILY REAL ESTATE NEWS | TUESDAY, MARCH 25, 2014

More banks are lowering minimum FICO score requirements in an attempt to shore up lending for underserved borrowers.

Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score to 550. It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with FICO scores below 640.

Wells Fargo, the nation’s largest mortgage lender, said in February that it was lowering its minimum FICO score requirements on FHA-backed mortgages from 640 to 600. The move, bank officials said, was aimed at “opening up our credit box more.”

One in three consumers have a FICO score below 650, according to Carrington. The lender is refocusing its business on targeting the underserved segment and eliminating conventional and jumbo loans. It is limiting its acceptance of wholesale submissions with FICO scores above 680 starting April 1, except for VA loans, HousingWire reports.

“Effectively meeting the needs of clients in the underserved market requires the ability to both originate quality loans and appropriately service them after the fact,” says Ray Brousseau, executive vice president of Carrington's mortgage lending division. “Both Carrington’s lending platform and specialty servicing business were created to serve this particular market segment. That uniquely positions us as the lender of choice for this population of borrowers and the mortgage brokers and real estate agents who work with them. Our message is clear: You can count on Carrington to serve the underserved and get the tough loans done right.”

Source: “Carrington Ups Ante on Wells Fargo by Lowering FICO Standard,” HousingWire (March 24, 2014)

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