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A coser look Existing Home Sales April 2013 vs. April 2012 Wisconsin – up 9.2 percent Nationwide – up 10 percent on average Source: Wisconsin Realtors Association is certainly going in the right direction." Lenders in the Fox Valley say they're also seeing attractive loan rates spark a growing interest in home ownership. "The first-time home buyers are a strong market," says Drew Bodway, assistant vice president-mortgage manager at First National Bank, Fox Valley. "They seem to be more anxious to jump into the long-term investment of homeownership instead of writing out that monthly rent check each month." While the momentum is on the upswing, lenders point out the market hasn't made a complete rebound compared to where it was five or six years ago. "Although we're moving in the right direction, the average sales price is really not keeping up to the increase of percentage for the number of home sales," Spencer says. Data from WRA shows Wisconsin's median sales price for a home in 2013 is $134,000. In 2007 that number was $163,000, representing a 27 percent decrease in sales price over a six-year period. Although home buyers aren't spending as much as they were a few years ago, Bodway says the current lending climate is helping them get more home for their money. "People are conservative, but with the low-rate market, they are able to get a little more for their dollar today," he says. Stricter lending guidelines may also account for lower purchase prices. Whereas six years ago a home buyer could finance 100 percent of a new home purchase at some banks, today a minimum down payment of 3 percent is required by law – something lenders say is a positive step in the right direction. "We've always taken a commonsense approach to lending, while still protecting our customers' investment," Spencer says. w w w. i n s i g h t o n b u s i n e s s . c o m CREDIBLE PEOPLE CREDIBLE SOLUTIONS INCREDIBLE RESULTS! Business Intelligence Cloud Solutions Custom Software Intranets & Extranets IT Business Consulting Mobile Apps Websites Email Marketing skylinetechnologies.com 920-437-1360 Your Capital. Your Home. Make it over Build it up Deck it out Create the fun Let a Home Equity loan from Capital make it happen for you Create a new space, "summer-ize" your patio, remodel your kitchen, or drive away with a new car or boat. Whatever you need the money for, there's no place like Capital to maximize your home's equity! ted Limi time 00 10i0g.cost $ n cLos Home equity loan rates as low as: 2.99 % APR* 920.731.3195 866.731.3195 (toll free) www.capitalcu.com *APR=Annual Percentage Rate. Lowest rate available is 2.99% APR for a 5 year term, effective 06/02/13. Rate subject to change without notice. Loan is subject to credit approval. $5,000 new money required. Maximum Loan to Value (LTV) up to 90% for 1st mortgage liens. Maximum LTV up to 80% for 2nd mortgage liens. Offer valid on single family, owner-occupied property only. Not available for purchases or construction. $100 closing cost excludes appraisal fee. Payment example: $10,000 at 2.99% APR for 5 years results in monthly payments of $79.65. The payment shown does not include the amounts for taxes and insurance. Property insurance is a requirement of the loan. Membership eligibility required. Consult tax advisor concerning any tax deductibility. Federally insured by NCUA. J u l y 2 013 • Insight | 35