Mortgage rates are falling. Here’s what you should know before buying a new home
September 06, 2024
Samantha Delouya, CNNAugust 26, 2024 Homebuying in the United States has recently slowed to a crawl, but falling mortgage rates could soon jolt it back to life.For potential homebuyers who may have been itching to come off the sidelines, the recent drop in mortgage rates may be a double-edged sword.Lower rates could give homebuyers more purchasing ...
Hidden Costs of Homeownership... Understanding the costs beyond the Mortgage Payment
September 06, 2024
Purchasing a home is a significant investment, many first time buyers focus only on the monthly mortgage payment and overlooking the other costs associated with homeownership. It's important to plan for expenses beyond the mortgage itself. Some hidden costs to look out for include: Property taxes: Property taxes vary and are included as a percentage of ...
How Reduced Interest Rates Affect Mortgage Costs
September 05, 2024
How Reduced Interest Rates Affect Mortgage CostsQuick Answer:Projected rate cuts could encourage buyers, previously put off by high mortgage rates, to buy homes. Lower mortgage rates could also reduce payments on adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs) and make refinances more attractive.Rates on 30-year fixed-rate mortgages averaged 6.67% to close out 2023, according ...
Knowledge is power
September 04, 2024
When you are selling a home, the more you know the better you do. Realtors can be a great source of knowledge for you, and knowledge is power.At the beginning of buying or selling, you need to understand the process. It is best that you have a full information before you jump in.Sellers need to ...
Foreclosure Activity in First Half of 2024 Down from Previous Year
September 04, 2024
IRVINE, Calif. — July 11, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of ...
Small, Smart Repairs
September 01, 2024
When you're preparing to sell your home, it's easy to get caught up in the big picture: staging, curb appeal, and marketing strategies. However, sometimes it's the small details that can make a significant difference in attracting potential buyers and securing a sale. One often overlooked but crucial aspect is making minor repairs that align with ...
Decluttering Is Critical in Selling Quickly and for More Money
August 29, 2024
Decluttering can help you sell your home more quickly and for a better price. Here are some issues that can arise when selling a cluttered home: Buyers may not be able to visualize the space: Clutter can make it difficult for buyers to imagine themselves living in the home. Buyers may be concerned about hidden ...
How to Make Your Home More Attractive for Sale
August 15, 2024
Curb AppealLandscaping: Keep your lawn mowed, trimmed, and free of weeds. Add colorful flowers for a pop of color.Entrance: Ensure your front door is clean and inviting. Consider a fresh coat of paint or a new welcome mat.Exterior: Repair any visible damage, such as chipped paint or broken windows.InteriorDeclutter: Remove excess furniture and personal items to ...
Updates on Changes in Real Estate Process
August 15, 2024
A recent federal court ruling challenged some of the National Association of Realtors’ (NAR) practices. NAR reached a settlement that included significant changes to real estate transactions.Traditionally, listing agents offer a portion of the total commission charged to a seller as compensation to buyer agents as part of the marketing strategy to sell a property. Offering buyer’...
11 Easy Solutions to Make Your Home Less Dusty
August 15, 2024
11 Easy Solutions to Make Your Home Less DustyStop Dust and Dirt at the Door - It would be hard to prove, but it is commonly held that approximately half of the dirt and dust in your home gets inside on your shoes and boots. Keep mats at each exterior door, one outside and one inside to be extra ...
Successfully Buying HUD Homes
August 15, 2024
There are currently 29 HUD Homes for sale in Michigan as of today. This inventory has something for everyone! From small 2 bedroom ranch style homes to spacious colonial and/or a great condo! All with affordable price ranges and great locations!Buying a HUD Home can be a stressful experience if you do not know what to expect. ...
FED WATCH - RATE CUT
August 15, 2024
Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.Wednesday’s report from the Labor Department showed that consumer prices rose just 0.2% from June to July after ...
Detroit Woman Sentenced for Operating as an Unlicensed Real Estate Agent, Accountant
August 14, 2024
Danny WimmerPress Secretaryagpress@michigan.gov LANSING – Today, Krystal Davis, 37, of Detroit, was sentenced by the Hon. Bradley L. Cobb in the Third Circuit Court in Wayne County to 2 years' probation for operating as an unlicensed real estate agent and accountant, announced Michigan Attorney General Dana Nessel. Davis pled no contest to one count of Accounting Violations-Unlicensed ...
Summertime Home Selling Tips
August 14, 2024
Summertime Home Selling Tips:1) Create a Beautiful Presentation of Landscaping Colors and little touches to the front of your home to give you that "Wow" Curb appeal factor.2) Display any outdoor living space with furniture and decor to highlight the best use of that space.3) During Hot temperatures make sure the inside of the Home is ...
The Importance of Buyer Agency Contracts in Today’s Real Estate Market
August 13, 2024
In the current real estate climate, where mortgage rates hover near 7% and home prices have surged to record highs, navigating the housing market can be both challenging and complex. Despite these obstacles, home buyers are forging ahead with increased options as inventory rises and competition among sellers intensifies. In this environment, a crucial tool for prospective buyers is ...
Contract Signings Rise as More Listings Hit the Market
August 12, 2024
Despite mortgage rates near 7%, home buyers plow ahead with more options on the market. Read more from NAR’s latest housing report. Home buyers have more housing choices this summer, and home sellers may find stiffer competition on the market. Pending home sales rose nearly 5% in June as more house hunters went under contract for a ...
Buyer Tips
August 11, 2024
Get Pre-approved-Contact a lender to see what type of mortgage you can obtain and what Sales PriceContact a Realtor- Sign a Buyer Agency Agreement with a Realtor so you will have RepresentationSearch For HOMES- Give your Realtor the criteria you are looking for so they can set up the perfect showingsDo-Not Open New Accounts- Very Important the you do ...
Market Update!
August 10, 2024
The market is shifting here in Michigan with Sales price up about 5% from last year, number of sales down and number of listings up! We are seeing longer days on market in areas and more price reductions. It will be interesting to see what the winter market brings here in the Mitten! ...
Do I need a real estate attorney?
August 09, 2024
Many times realtors are asked Do I need a real estate lawyer? what do they do? First, not all attorneys are specialists in real estate transactions. Real estate specialists are familiar with all aspects of the home purchase process. They are equally at home with buyers, sellers, or lenders.Some people hire an attorney early in ...
Mortgage Rates Plunge To 6.47%—the Lowest in Over a Year—as ‘Buyer-Friendly Trend’ Revs Up
August 09, 2024
By Julie TaylorAug 8, 2024Mortgage rates sank this week, with the average rate for a 30-year fixed home loan going from 6.73% last week to 6.47% for the week ending Aug. 8, according to Freddie Mac.“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less ...
Glazing Your Bathtub will update your Bathroom and ADD Value
August 08, 2024
GLAZING YOUR BATH TUB WILL UPDATE YOUR BATHROOM AND KEEP VALUE OR EVEN ADD VALUE.........On an average of $500.00 . This will be money well spent . Does your bathtub need a makeover? How to find the best option for you!There’s nothing quite like a relaxing bubble bath at the end of a ...
NAR Legal Settlement: What the New Real Estate Commission Rules Mean for Homebuyers and Sellers
August 07, 2024
Typically, homebuyers and sellers in the U.S. each have their own real estate agent to represent them, although that’s not mandatory. While other models exist such as flat-fee real estate services and for sale by owner arrangements, most real estate agents are paid a commission based on a percentage of the sales price. The negotiable commissions, often ...
What Every Homeowner Should Know About Their Equity
August 06, 2024
Curious about selling your home? Understanding how much equity you have is the first step to unlocking what you can afford when you move. And since home prices rose so much over the past few years, most people have much more equity than they may realize.Here’s a deeper look at what you need to know if you’...
What to Know About Home Hazards
August 02, 2024
Learn about health risks and how to recognize them.RadonA colorless, odorless gas that can seep into your home from the ground, radon is often referred to as the second most common cause of lung cancer behind smoking. It more prevalent in some parts of the country than in. The Environmental Protection Agency publishes a map of high-prevalence areas....
Why doesn’t my financing apply to every house?
August 01, 2024
When embarking on the exciting journey of purchasing a home, it's not uncommon for buyers to encounter the perplexing challenge of finding out that their financing doesn't apply to every house. This can be an unwelcome surprise, especially for first-time homebuyers who assumed their mortgage pre-approval would be a universal key to any property on the market. ...
