Inventories Hover at Historic Lows

Inventories Hover at Historic Lows As described in this article....we are experiencing low inventory too so if you know of anyone that is thinking of selling their home (or maybe even you) give us a call at 810-844-2316

Short Sale Rush Is On

The Tim Sova Team has successfully helped 73 Michigan families through the distressed property process by handling their short sales through to the closing table in the past 2 1/2 years...with 12 more pending in the hopper! We are here for you - give us a call for a confidential consultation to discuss your options.

Short Sale Rush Is On

Mortgage Rates Continue Record-Breaking Streak

Now is a FANTASTIC time to buy a new home with record low rates….The Tim Sova Team has helped 48 homeowners this year already buy and sell homes….we are working!  Let’s discuss your real estate needs and options – give us a call and we will be happy to help! Mortgage Rates Continue Record-Breaking Streak

Is the Housing Crisis Over?

As described in this article....we are experiencing low inventory too so if you know of anyone that is thinking of selling their home (or maybe even you) give us a call - now is a great time...we can discuss your options. Having sold 47 homes this year already with an average days on market of 19 and a 99% list to sale ratio...The Tim Sova Team is working!

Is the Housing Crisis Over?

May Sales Statistics Show Big Percentage Increases over Last Year

Highlights and Analysis:

• All MLS sales increased 11.4% with 6,325 sales compared to 5,679 in May 2011.
• Oakland County sales increased 20.2% with 1,717 sales compared to 1,429 in May 2011.
• Livingston County sales increased 14.8% with 240 sales compared to 209 in May 2011.
• Average Days On-Market (DOM) for the entire MLS decreased by 13 days from last year: 97 DOM to 84 DOM.
• Of the 6,325 sales closed in May of this year, 11.6% (735) were identified as short sales.
• 46% of all sales this month were identified as cash sales.

Median Sale Price Increases:

• The median sale price for All MLS rose by 21% as compared to last year from $66,850 to $81,000.
• Genesee County median sale price rose 26.4% from $50,000 to $63,200.
• Macomb County median sale price rose 11.9% from $67,000 to $75,000.
• Oakland County median sale price rose 19.9% from $115,000 to $137,900.
• Wayne County median sale price rose 34.5% from $33,450 to $45,000© Realcomp II Ltd

Source:  Realcomp MLS

CALL US TODAY!  WE HAVE SOLD 42 HOMES THIS YEAR ALREADY WITH AN AVERAGE DAYS ON MARKET OF 19 AND AN AVERAGE LIST TO SALES PRICE RATIO OF 100%!!!  WE WILL WORK HARD FOR YOU TOO!

Home Building Picks Up in May

Home Building Picks Up in May we have lots of vacant land for sale right now! contact us today so we csan help you with your dream home! call us at 810-844-2316 or visit our website www.timsova.com

Fannie and Freddie Set Timeline Requirements for Short Sales

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.

The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.
Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, but it keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).
Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions.
The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.

If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.
According to the GSEs, this 30-day add-on will provide some leeway for servicers who may need more time to obtain a broker price opinion (BPO) or a private mortgage insurer’s approval for a short sale. All decisions must be made within 60 days.
In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.
GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.
Reprinted from DSnews.com