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This year, on February 25th through the 27th, more than 7,900 fit, colorfully-clad skiers from all walks of life and from all around the world will descend upon the Hayward-Cable area to participate in the 37th annual American Birkebeiner. This is a cross-country ski race that weaves more than 50 kilometers (30 miles) along a hilly, heavily wooded trail from the Telemark Resort near Cable to the finish line on Main Street in downtown Hayward.
For some, it's serious business. The Birkebeiner is part of the Worldloppet, a circuit of 15 Nordic ski races held on four continents. The race attracts a top cadre of professional racers from 19 countries, including past and present Olympians and those competing in the International Ski Federation standings.
For many hundreds of others, though, it's an annual celebration of personal endurance and outdoor enthusiasm. Since its inception in 1973, 'The Birkie' has grown into the largest cross country ski marathon in the nation. While pros may complete the course in about two hours, legions of weekend warriors soldier on in triple that time. Citizen skiers can compete in the full race or sign up for 23 kilometer Kortelopet or one of our many other events.
You don't even have to clip into skis to join in on the party. An estimated 15,000 to 20,000 spectators line many portions of the route, and it seems all of Hayward is there cheering at the finish line. Equipment demos, citizen sprints, family fun races/tours and other events round out the weekend.
Make sure to attend this world class event. And stop in the Birkie Celebration Tent at the end of the race, behind Peoples Bank. I'll be there selling tickets for food and beverages. The Tent City is operated by three non-profit organizations: Fishings Has No Boundaries, Habitat for Humanity of Sawyer County, and Hayward Lions. I hope you will stop by and support us. See you then!
Tuesday, February 9, 2010
Monday, February 8, 2010
LOANS FOR "GREEN" HOMES
LOANS FOR “GREEN” HOMES
According to the New York Times, borrowers looking to make energy upgrades in their homes, that will lower utility bills, along with their environmental impact, may soon find additional options available to them.
Fannie Mae, the government-backed company that sets lending standards for mortgages, said that by this summer, it would unveil incentives for those who use part of their mortgages for energy-related improvements. And EnergyStar, a joint effort of the Department of Energy and the Environmental Protection Agency, is expected to introduce borrower incentives in New York, after running pilot programs in Colorado, Maine and Pennsylvania.
At the same time, the Appraisal Institute, an industry trade group, said it was training members to better quantify the value of energy-efficient homes. It also said that it was developing a certification program for appraisers who want to specialize in energy-efficient homes.
For years, the only option for borrowers was a so-called energy-efficient mortgage from the Federal Housing Administration. Under that program, borrowers who obtained F.H.A.-insured mortgages could qualify for larger loans if they earmarked additional funds for energy-related improvements, and if those upgrades yielded long-term savings. The F.H.A. has varying formulas for determining the maximum amount for energy improvements, but for many homeowners, the limit is 5 percent above what they could have qualified for in a conventional loan.
Energy-efficient mortgages, as with all FHA loans, are marginally more expensive, because borrowers must pay the F.H.A. insurance premium. Borrowers have flocked to F.H.A. loans in the past two years, because the qualifications are less stringent than for non-F.H.A. loans. But just 3,088 borrowers chose energy-efficient mortgages last year, according to the agency.
Some mortgage executives have complained that these loans are more complicated than others, because borrowers have to complete an energy audit of their homes and use an appraiser with expertise in evaluating energy-efficient properties, among other things. But Susan Barber, the senior vice president for Wells Fargo’s new construction and renovation programs, said the approval process was on par with those for other loans.
Either way, borrowers will have more options in the coming months. Amy Bonitanibus, a spokeswoman for Fannie Mae, said the company would introduce a program before the summer begins offering incentives to borrowers who take out conventional loans, and devote some of the funds to energy improvements. Ms. Bonitanibus declined to disclose details about the program. Fannie Mae loans require no mortgage insurance if the borrower makes a down payment of at least 20 percent, so its energy-efficient mortgage program will very likely save borrowers more money.
New York borrowers, meanwhile, will have another option, said Howard Banker, a managing director of the Energy Programs Consortium, a nonprofit group in Washington that determines which lenders may participate in the federal EnergyStar program.
Mr. Banker said EnergyStar would announce before July that one of the nation’s major lenders will offer EnergyStar mortgages. Mr. Banker declined to identify the lender by name, but he said the EnergyStar borrowers would probably receive below-market interest rates or other monetary incentives if they took out bigger loans and spent the extra money on energy upgrades in the home.
EnergyStar borrowers must submit to an energy audit, and demonstrate that the upgrades will cut energy consumption in the home by at least 20 percent.
Homeowners could still face logistical hurdles in obtaining “green” mortgages from lenders, said Curt Jones, the president of Civil1, a civil engineering company in Woodbury, Conn. He said that appraisers sometimes failed to recognize the increased market value of energy-efficient homes.
According to the New York Times, borrowers looking to make energy upgrades in their homes, that will lower utility bills, along with their environmental impact, may soon find additional options available to them.
Fannie Mae, the government-backed company that sets lending standards for mortgages, said that by this summer, it would unveil incentives for those who use part of their mortgages for energy-related improvements. And EnergyStar, a joint effort of the Department of Energy and the Environmental Protection Agency, is expected to introduce borrower incentives in New York, after running pilot programs in Colorado, Maine and Pennsylvania.
At the same time, the Appraisal Institute, an industry trade group, said it was training members to better quantify the value of energy-efficient homes. It also said that it was developing a certification program for appraisers who want to specialize in energy-efficient homes.
For years, the only option for borrowers was a so-called energy-efficient mortgage from the Federal Housing Administration. Under that program, borrowers who obtained F.H.A.-insured mortgages could qualify for larger loans if they earmarked additional funds for energy-related improvements, and if those upgrades yielded long-term savings. The F.H.A. has varying formulas for determining the maximum amount for energy improvements, but for many homeowners, the limit is 5 percent above what they could have qualified for in a conventional loan.
Energy-efficient mortgages, as with all FHA loans, are marginally more expensive, because borrowers must pay the F.H.A. insurance premium. Borrowers have flocked to F.H.A. loans in the past two years, because the qualifications are less stringent than for non-F.H.A. loans. But just 3,088 borrowers chose energy-efficient mortgages last year, according to the agency.
Some mortgage executives have complained that these loans are more complicated than others, because borrowers have to complete an energy audit of their homes and use an appraiser with expertise in evaluating energy-efficient properties, among other things. But Susan Barber, the senior vice president for Wells Fargo’s new construction and renovation programs, said the approval process was on par with those for other loans.
Either way, borrowers will have more options in the coming months. Amy Bonitanibus, a spokeswoman for Fannie Mae, said the company would introduce a program before the summer begins offering incentives to borrowers who take out conventional loans, and devote some of the funds to energy improvements. Ms. Bonitanibus declined to disclose details about the program. Fannie Mae loans require no mortgage insurance if the borrower makes a down payment of at least 20 percent, so its energy-efficient mortgage program will very likely save borrowers more money.
New York borrowers, meanwhile, will have another option, said Howard Banker, a managing director of the Energy Programs Consortium, a nonprofit group in Washington that determines which lenders may participate in the federal EnergyStar program.
Mr. Banker said EnergyStar would announce before July that one of the nation’s major lenders will offer EnergyStar mortgages. Mr. Banker declined to identify the lender by name, but he said the EnergyStar borrowers would probably receive below-market interest rates or other monetary incentives if they took out bigger loans and spent the extra money on energy upgrades in the home.
EnergyStar borrowers must submit to an energy audit, and demonstrate that the upgrades will cut energy consumption in the home by at least 20 percent.
Homeowners could still face logistical hurdles in obtaining “green” mortgages from lenders, said Curt Jones, the president of Civil1, a civil engineering company in Woodbury, Conn. He said that appraisers sometimes failed to recognize the increased market value of energy-efficient homes.
Friday, February 5, 2010
MORTGAGE RATES SLIGHTLY UP
Freddie Mac reported yesterday that rates on 30-year fixed mortgages rose slightly. The average rate on a 30-year fixed was 5.01% this week, up from 4.98% last week. At this time last year the average rate for a 30-year fixed was 5.25%.
Mortgage rates fell to a record low of 4.71% early in December, 2009. A Federal Reserve program held the rates at around 5% in order to pump $1.25 trillion into mortgage-back securities to make home buying more affordable by keeping the rates low. This program is scheduled to sunset on March 31st.
Freddie Mac collects mortgage rates from lenders around the country during Monday through Wednesday of each week. However, even within a given day, rates can often fluctuate greatly.
The average rate for a 15 year fixed mortgage rose slightly to 4.40% from 4.39% last week.
Rates on five-year, adjustable-rate mortgages averaged 4.27%, up from 4.25% a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.22% from 4.29%.
It is important to remember that these rates do not include any add-on fee commonly known as “points.” A point is 1% of the loan amount. The nationwide fee for loans in a survey conducted by Freddie Mac averaged 0.7 points for a 30-year and 15-year mortgages. It averages 0.6 points for five-year loans and 0.5 for one-year loans.
(Source – Associated Press)
I have been practicing real estate in the greater Hayward area for over 10 years. If you have questions about buying or selling property in Northwestern Wisconsin, would like me to recommend some loan officers to you, or just have some general questions about the area please contact me: Tom@AreaNorthRealty.com
Thx!
Mortgage rates fell to a record low of 4.71% early in December, 2009. A Federal Reserve program held the rates at around 5% in order to pump $1.25 trillion into mortgage-back securities to make home buying more affordable by keeping the rates low. This program is scheduled to sunset on March 31st.
Freddie Mac collects mortgage rates from lenders around the country during Monday through Wednesday of each week. However, even within a given day, rates can often fluctuate greatly.
The average rate for a 15 year fixed mortgage rose slightly to 4.40% from 4.39% last week.
Rates on five-year, adjustable-rate mortgages averaged 4.27%, up from 4.25% a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.22% from 4.29%.
It is important to remember that these rates do not include any add-on fee commonly known as “points.” A point is 1% of the loan amount. The nationwide fee for loans in a survey conducted by Freddie Mac averaged 0.7 points for a 30-year and 15-year mortgages. It averages 0.6 points for five-year loans and 0.5 for one-year loans.
(Source – Associated Press)
I have been practicing real estate in the greater Hayward area for over 10 years. If you have questions about buying or selling property in Northwestern Wisconsin, would like me to recommend some loan officers to you, or just have some general questions about the area please contact me: Tom@AreaNorthRealty.com
Thx!
Thursday, February 4, 2010
Telemark Resort, Cable, WI is on the comeback
At their January meeting, the Telemark Interval Owners Association (TIOA) Board of Directors and the Telemark Partners, LLC signed a purchase agreement that prepares the way for Telemark Partners acquisition of Telemark Resort in Cable. Since first meeting in May 2009, the two parties have focused on the purchase agreement details and have conducted intensive due diligence research to reach this mutual sale agreement. Telemark Partners, LLC plan to do extensive remodeling of the lodge and property development including the reopening of the Telemark ski and snowboard area over the coming years.
Tuesday, February 2, 2010
Pending Home Sales Index Up 1% in December
The number of people preparing to buy a home rose slightly in December, a positive sign heading into the spring home buying season. The National Association of Realtors reported Tuesday that its seasonally adjusted index of sales agreements rose 1 percent from November to December to a reading of 96.6. That was a bit lower than the 97.1 level analysts expected.
The index has risen for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time Home Buyer Tax credit. The credit was extended to April 30. Lawmakers also added a $6,500 credit for current homeowners.
The pending Home Sales Index fell 16 percent from October to November, as activity temporarily died down after the first-time buyer credit was extended. The index is now up nearly 11 percent from December 2008. "These swings are masking the underlying trend, which is a broad improvement over year-ago levels," said Lawrence Yun, the Realtors' group chief economist.
The real estate industry hopes the recovery will continue, and Mike Larson, a real estate analyst with Weiss Research, said the index "sets the stage for a more positive spring selling season." But the industry has to overcome significant challenges, such as high unemployment, rising foreclosures and tight lending standards.
Larson believes that the result will be that we will most likely just muddle through instead of witness a V-shaped recovery like those that followed previous housing busts.
Source - Associated Press February 2, 2010
The index has risen for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time Home Buyer Tax credit. The credit was extended to April 30. Lawmakers also added a $6,500 credit for current homeowners.
The pending Home Sales Index fell 16 percent from October to November, as activity temporarily died down after the first-time buyer credit was extended. The index is now up nearly 11 percent from December 2008. "These swings are masking the underlying trend, which is a broad improvement over year-ago levels," said Lawrence Yun, the Realtors' group chief economist.
The real estate industry hopes the recovery will continue, and Mike Larson, a real estate analyst with Weiss Research, said the index "sets the stage for a more positive spring selling season." But the industry has to overcome significant challenges, such as high unemployment, rising foreclosures and tight lending standards.
Larson believes that the result will be that we will most likely just muddle through instead of witness a V-shaped recovery like those that followed previous housing busts.
Source - Associated Press February 2, 2010
Fannie Mae Announces 3.5% Seller Assistance on HomePath Properties
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5% of the final sales price to be used toward closing cost assistance or their choice of appliances. This offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
Contact Tom Berlage, Broker Associate, Area North Realty, Hayward, WI for all of your real estate need.
800-344-2300
tom@areanorthrealty.com
715-558-1705
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
Contact Tom Berlage, Broker Associate, Area North Realty, Hayward, WI for all of your real estate need.
800-344-2300
tom@areanorthrealty.com
715-558-1705
Monday, February 1, 2010
Winter in Hayward - A Great Time to Buy Real Estate
Few people realize that during the winter months it is a great time to buy real estate here in Hayward, WI. We have a large inventory, interest rates continue to be low, real estate tax credits are available, and it is a HOT BUYERS' MARKET!! As a Buyer you are in the driver's seat right now. Many of the properties for sale have been on the market for six months or more and the Sellers are anxious to sell. In 2009 real estate values dropped. Granted, not like in the major urban centers like the Twin Cities, Milwaukee, Chicago, Las Vegas, Phoenix or Florida. But the Hayward lake homes have dropped in value by about 10%.
If you are interested in buying or selling property in the greater Hayward please contact me. I have sold over $40 million in porperties and I Can Change Your Address!!
Tom Berlage ABR, RRS, M.Div.
tom@areanorthrealty.com
If you are interested in buying or selling property in the greater Hayward please contact me. I have sold over $40 million in porperties and I Can Change Your Address!!
Tom Berlage ABR, RRS, M.Div.
tom@areanorthrealty.com
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