Ozaukee & Washington County Real Estate

After a brief absence, the Wisconsin Housing and Economic Development  Authority (WHEDA) program is back! So along with great tax credits and great interest rates, there is yet another great reason to buy a house NOW!

The WHEDA program is returning March 1, and there are a few different options available to buyers.

The WHEDA Fannie Mae Advantage requires less of a down payment and eliminates some typical mortgage fees. This results in you getting a more affordable 30-year fixed rate loan product.

The Wisconsin Neighborhood Advantage Program loan is only available in Brown, Kenosha, Milwaukee, Racine, and Rock counties for a limited time and is intended for foreclosed and vacant single-family properties. The loan can also be used to finance limited home repairs.

The WHEDA Home Improvement Advantage loan is offered to WHEDA homeowners only to complete a maximum of $10,000 in home repairs.

Purchases in Ozaukee and Washington counties are not confined to first-time buyers. The income & purchase price limits are:

1-2 member household income $73,000
3+ member household income $89,000
Purchase price limit $285,000

You can find more detailed information at wheda.com.

It's here -- well, almost. Closing day. The home inspection is completed. You have loan commitment. The boxes are packed. You are about to become a new homeowner. But there's one more thing to do.

The "Final Walkthrough."

So...what's a final walkthrough?

Quite simply, it's an opportunity for you, the buyer, to take a final look at the house before closing day to make sure that, except for normal wear and tear, there are no significant changes in the condition of the property. It is also a time to ensure repairs have been made in a manner as they were agreed upon in the contract.

What isn't a final walkthrough?

A final walkthrough is not a home inspection. It's not the time to check if every window is working properly, or to check when the last time was that the furnace and air conditioning were serviced, or to check for any signs of water damage. Those items are looked at during the home inspection, if you choose to include that as part of the terms in your offer.

And if you chose not to have a home inspection...well, you're outta luck at this point.

So be sure to talk to your sales agent when writing an offer about the benefits of having a home inspection included as part of the terms of your offer. Making that investment of a few hundred dollars can help alleviate any concerns or anxieties about potential issues at the final walkthrough and beyond closing.

Over the past month, it seemed like the activity at my office was picking up a bit -- open house attendance was up, more showings were being scheduled, more offers were being written on the board, and more listings were being taken.

But it wasn't until I ran the number of sales over the last three months from my local Multiple Listing Service (MLS), that I saw on paper how much things really had improved. Are we starting to make a comeback??

While it will take some time for market conditions to "get back to normal," I can't help but feel even more optimistic about the spring and summer markets. And it is worth repeating that with so many choices for buyers, interest rates hovering around 5%, and the $8000 credit for 1st-time buyers, right now is an opportune time to purchase a home.

So if you've been thinking about buying a home, go ahead...

TAKE THE PLUNGE!