Enjoy the colors of the season with a driving tour of Michigan. Ten different routes throughout the state are highlighted and you're sure to enjoy the journey.
For more outdoor fun, visit a local Cider Mill to enjoy some freshly pressed cider made from Michigan-grown apples.
Friday, October 01, 2004
Thursday, September 30, 2004
Hot Fall Decorating Trends
According to the Better Homes & Gardens website, BHG.com, the hot decorating color this Fall is a bold orange. From color to updated classics and style for kids, check out the Top 10 Fall Decorating Trends.
Thursday, September 23, 2004
Shift in Tax Collection Dates
According to the Detroit Free Press, the House just passed a bill allowing counties to collect a portion of the December property taxes in July for the next three years. Earlier passed by the Senate and called a 'tax shift' rather than a tax increase, it likely will have the biggest effect in 2006 when there may not be enough in escrow accounts to pay the July 2006 taxes.
Sunday, September 19, 2004
Lowest Mortgage Rates Since April
Rates for 30-year mortgages dropped to 5.75% last week, the lowest rate since April. This compares to a rate of 6.16% one year ago. It's still a great time to buy that new dream home! For more details, visit the Detroit Free Press.
Friday, September 17, 2004
Northville's Victorian Festival
Celebrate a simpler era with Northville's 16th Annual Victorian Festival held Friday, September 17th through Sunday, September 19th. Downtown Northville is transformed into a Victorian Village with period costumes, horse-carriage rides, storytellers, musicians, and entertainment. To view all the festivities, click here.
Monday, September 13, 2004
All About Windows
According to Better Homes & Gardens, faulty windows can account for up to a one-third loss of heat in the winter and up to 75% interior heat gain in the summer.
If you're thinking about replacing those old windows in your house, do you know what your choices are?
Replacement windows can be wood, vinyl, aluminum, fiberglass, or combination (vinyl-clad = wood on the inside and vinyl on the outside). Click here to brush up on the functions, features, and cost guidelines of new window options.
If you're thinking about replacing those old windows in your house, do you know what your choices are?
Replacement windows can be wood, vinyl, aluminum, fiberglass, or combination (vinyl-clad = wood on the inside and vinyl on the outside). Click here to brush up on the functions, features, and cost guidelines of new window options.
Sunday, August 29, 2004
Tales From The Home Improvement Front, Part 2
We are finally in our kitchen! Summer is winding down and after 5 long months of living out of our makeshift basement kitchen, Dan just has some trim and finishing work to do. A quick look at the before and after pictures below show the dramatic change. It came out beautifully and Dan has done a wonderful job! We engaged the help of a designer to help us along the way which is why it's so bold--and we love it.
Here are a few more lessons I've learned during this process (see Tales From The Home Improvement Front, Part 1):
1) There will always be something you would have done differently,
2) Much like the pain of childbirth, remodeling pain goes away once you're finally able to enjoy the finished results, and
3) It will cost even more than you think.
September brings final outdoor repairs before the cold is upon us. Winter remodeling plans include the two bathrooms and finishing/painting all the doors and trim (no rest for the weary).
I hope you've had a productive season and been able to finish all your Summer projects!
Here are a few more lessons I've learned during this process (see Tales From The Home Improvement Front, Part 1):
1) There will always be something you would have done differently,
2) Much like the pain of childbirth, remodeling pain goes away once you're finally able to enjoy the finished results, and
3) It will cost even more than you think.
September brings final outdoor repairs before the cold is upon us. Winter remodeling plans include the two bathrooms and finishing/painting all the doors and trim (no rest for the weary).
I hope you've had a productive season and been able to finish all your Summer projects!
Tuesday, August 24, 2004
Slight Breather In July Home Sales
WASHINGTON (August 24, 2004) – Existing single-family home sales slipped in July but still managed the third-best pace on record, according to the National Association of Realtors® (NAR).
In July, the inventory of existing homes on the market remained stable at 4.3 months, slightly up from a revised 4.2 months in June according to NAR. Sales of existing homes were down in all regions except the South. Home resales fell 4.8% in the Midwest. However with interest rates still below 6% housing experts expect the market to stay strong.
In July, the inventory of existing homes on the market remained stable at 4.3 months, slightly up from a revised 4.2 months in June according to NAR. Sales of existing homes were down in all regions except the South. Home resales fell 4.8% in the Midwest. However with interest rates still below 6% housing experts expect the market to stay strong.
Saturday, August 21, 2004
What Is A 1031 Exchange?
A 1031 exchange makes it possible for investors to sell and buy investment property while deferring tax consequences. This transaction is authorized by section 1031 of the IRS code and offers investors the ability to reinvest 100% of the equity from the sale of an investment property into the purchase of a replacement property without recognizing any gain. Primary residences do not qualify for a 1031 exchange.
1031 exchanges are not difficult, however there are a series of steps that must be followed or the IRS may disallow and the sale may be subject to capital gains. When selling an investment property, all of the equity from the sale must be transferred to a 'qualified intermediary or facilitator (the taxpaper can't receive any cash from the sale). The bigger challenge is in the timing of the sale and purchase. The IRS allows only 45 days after the sale to identify a replacement property and up to 180 days to close on that purchase.
For more details, visit Section 1031 Legal Information Institute.
1031 exchanges are not difficult, however there are a series of steps that must be followed or the IRS may disallow and the sale may be subject to capital gains. When selling an investment property, all of the equity from the sale must be transferred to a 'qualified intermediary or facilitator (the taxpaper can't receive any cash from the sale). The bigger challenge is in the timing of the sale and purchase. The IRS allows only 45 days after the sale to identify a replacement property and up to 180 days to close on that purchase.
For more details, visit Section 1031 Legal Information Institute.
Thursday, August 19, 2004
New Construction Versus Resale Homes
One of the first decisions you'll have to make once you start a home search is whether you will purchase a newly constructed home or concentrate on finding a suitable existing home. It is a very personal choice, especially since each has both benefits and drawbacks. Here is a closer look at some pros and cons to consider.
New Construction
Pros Building a home from the ground up gives you the opportunity to inject your personality and style into the layout, architecture and décor. Working with a builder, you will have the opportunity to influence everything from the size of the rooms to the lighting. You will also be able to install all new appliances and take advantage of modern conveniences, something not often available in an older home. Other benefits include the energy efficient products used in new homes and the knowledge that you will not have to renovate anytime soon.
Cons Typically, a custom-built home will be more expensive and require much more involvement from the buyer. You should also be prepared to deal with missed deadlines and unexpected costs. Other drawbacks include the possibility of a cookie-cutter look in the neighborhood and a lack of mature trees and vegetation usually found in a more established community.
Resale
Pros As a rule, resale properties often have more character, established schools and community groups, better developed landscaping and a more "neighborhood" feel. The previous owner may have also made upgrades and improvements that combine the charm of an older home with today's advancements.
Cons Purchasing an older home often requires more hands-on work from the buyer, such as taking down wallpaper, repainting and refinishing hard wood floors, to name a few likely projects. In addition, appliances and major home systems like plumbing and heating may be older and can need repairs much sooner.
New Construction
Pros Building a home from the ground up gives you the opportunity to inject your personality and style into the layout, architecture and décor. Working with a builder, you will have the opportunity to influence everything from the size of the rooms to the lighting. You will also be able to install all new appliances and take advantage of modern conveniences, something not often available in an older home. Other benefits include the energy efficient products used in new homes and the knowledge that you will not have to renovate anytime soon.
Cons Typically, a custom-built home will be more expensive and require much more involvement from the buyer. You should also be prepared to deal with missed deadlines and unexpected costs. Other drawbacks include the possibility of a cookie-cutter look in the neighborhood and a lack of mature trees and vegetation usually found in a more established community.
Resale
Pros As a rule, resale properties often have more character, established schools and community groups, better developed landscaping and a more "neighborhood" feel. The previous owner may have also made upgrades and improvements that combine the charm of an older home with today's advancements.
Cons Purchasing an older home often requires more hands-on work from the buyer, such as taking down wallpaper, repainting and refinishing hard wood floors, to name a few likely projects. In addition, appliances and major home systems like plumbing and heating may be older and can need repairs much sooner.
Monday, August 09, 2004
Making An Organized Move
Moving is one of the most stressful times for most people. Whether you are buying or selling, here are some practical tips to help you make a pleasant, organized move:
> Use a checklist. Outline everything that needs to be done and give each step a realistic time frame.
> Get rid of clutter. Give away, sell or throw away anything you no longer use before you move.
> Mark and label. Use felt pens to mark boxes with their contents and label which rooms they go in.
> Make a survival kit for your first night. To save having to hunt through boxes for the basics, your kit should include essentials like towels, sheets, tissue, a flashlight, can opener, coffee, cereal, etc.
> Make the first night special. Order take out food, take a bath, light a candle, turn on some music. Moving is hard and you should reward yourself with a little pampering after it's done.
Using these tips to plan ahead and make an organized move can take some of the chaos out of the experience and help you transition peacefully into your new home.
> Use a checklist. Outline everything that needs to be done and give each step a realistic time frame.
> Get rid of clutter. Give away, sell or throw away anything you no longer use before you move.
> Mark and label. Use felt pens to mark boxes with their contents and label which rooms they go in.
> Make a survival kit for your first night. To save having to hunt through boxes for the basics, your kit should include essentials like towels, sheets, tissue, a flashlight, can opener, coffee, cereal, etc.
> Make the first night special. Order take out food, take a bath, light a candle, turn on some music. Moving is hard and you should reward yourself with a little pampering after it's done.
Using these tips to plan ahead and make an organized move can take some of the chaos out of the experience and help you transition peacefully into your new home.
Tuesday, August 03, 2004
Architecture 101: Roofs
Ever been at a loss for words when describing a home with an unusual roof. Brush up your architectural vocabulary with the Architecture Coach at Realtor Magazine Online. You'll learn the difference between a mansard, saltbox, gambrel and other roof types.
Wednesday, July 28, 2004
Selling Secrets
Thinking about selling your home? Here are some tips on how to make your home more appealing to potential buyers.
> Appeal to the senses. Consider how to give the entire house a warm and inviting smell. You might install a room deodorizer, brew a pot of coffee, light a soft-scented candle, or sprinkle some carpet freshener before vacuuming.
> Jazz up your curb appeal. Help make your property appear even larger by cleaning out any underbrush and leaves and trimming bushes and trees. If possible, you may want to plant colorful flowers along walkways and in flowerbeds. Although subtle, these changes can make a home much more appealing.
> Create a tidy first appearance. Nothing makes a house seem smaller and more cluttered than a room scattered with children's toys and other items. Consider boxing up rarely-used books, games and toys and storing them in the basement, in the attic or at a friend's home until the house is sold. And for those unexpected walk-throughs, make sure you have a storage bin on hand where toys and other items can be quickly gathered.
> Be prepared for inquiries. Provide your real estate professional with as much information as you can about the home. This can be turned into a fact sheet that can be handed out at open houses or during showings. Also, be sure to give potential buyers honest answers. Tell them what you love about the home and be up front if they ask about drawbacks.
> Appeal to the senses. Consider how to give the entire house a warm and inviting smell. You might install a room deodorizer, brew a pot of coffee, light a soft-scented candle, or sprinkle some carpet freshener before vacuuming.
> Jazz up your curb appeal. Help make your property appear even larger by cleaning out any underbrush and leaves and trimming bushes and trees. If possible, you may want to plant colorful flowers along walkways and in flowerbeds. Although subtle, these changes can make a home much more appealing.
> Create a tidy first appearance. Nothing makes a house seem smaller and more cluttered than a room scattered with children's toys and other items. Consider boxing up rarely-used books, games and toys and storing them in the basement, in the attic or at a friend's home until the house is sold. And for those unexpected walk-throughs, make sure you have a storage bin on hand where toys and other items can be quickly gathered.
> Be prepared for inquiries. Provide your real estate professional with as much information as you can about the home. This can be turned into a fact sheet that can be handed out at open houses or during showings. Also, be sure to give potential buyers honest answers. Tell them what you love about the home and be up front if they ask about drawbacks.
Monday, July 26, 2004
Second Home Sales Soar
According to the National Association of Realtors (NAR), sales of vacation homes set a record in 2003. Largely fueled by low interest rates and baby boomers in their peak earning years looking for real estate investment, second homes in some areas are now appreciating at a faster rate than primary residences.
For more on the financial considerations of purchasing a vacation home, check out this CBS MarketWatch article and these strategies from RealEstateJournal.com.
For more on the financial considerations of purchasing a vacation home, check out this CBS MarketWatch article and these strategies from RealEstateJournal.com.
Sunday, July 25, 2004
Home Interest Rates Dip
Interest rates on 30 year mortgages this past week dipped to just below 6% for the first time in three months. Citing a 'soft patch' in the economy in June, Federal Reserve Chairman Alan Greenspan predicted that growth will soon rebound and the Fed would proceed with their gradual plan to raise interest rates to curb inflation.
If you've been thinking about buying, now might be the time to lock in a great rate!
To keep an eye on the latest Federal Reserve news, check out FED Blog.
If you've been thinking about buying, now might be the time to lock in a great rate!
To keep an eye on the latest Federal Reserve news, check out FED Blog.
Friday, July 23, 2004
Recycle Your Old Electronics Today!
Office Depot and Hewlett Packard have joined forces in a nationwide electronics recycling program. Customers can drop off unwanted TVs (27" or less), fax machines, computer screens, printers, scanners, cell phones, digital cameras, or other handheld devices at their local Office Depot store. All electronics will then be shipped to Hewlett Packard facilities in California and Tennessee for processing into materials to make new products.
Limited to one item per customer per day, start clearing out your old electronics now, because this offer ends on Labor Day. Click Here for more information.
Limited to one item per customer per day, start clearing out your old electronics now, because this offer ends on Labor Day. Click Here for more information.
Thursday, July 22, 2004
How Good Is Your Credit?
Whether you're thinking of buying a house, or a new car, the first thing a lender does is pull your credit report from one of three credit reporting agencies and your resulting FICO score. The higher your FICO score, the lower interest rates you qualify for.
Do you know what your score is?
To find out more, or to estimate your score, visit FICO Credit Score Estimator. You can also purchase your credit reports and FICO score at myFICO.com.
Do you know what your score is?
To find out more, or to estimate your score, visit FICO Credit Score Estimator. You can also purchase your credit reports and FICO score at myFICO.com.
Wednesday, July 21, 2004
Is Now The Right Time?
Deciding when is the right time to sell your home can be a difficult decision. You will probably want to sell when you will get the most out of your investment, but also when it is right from both an emotional and a lifestyle perspective. Here are some scenarios that indicate it might be the perfect time to place that "For Sale" sign out front.
> Watch your local housing market. If homes in your community or neighborhood are selling for more than you ever dreamed, it might be time to cash in on that trend. However, this scenario is only effective if you are able to downsize or relocate to an area where home prices are lower. There is no sense in selling your current home at high price if you cannot afford to purchase another one elsewhere.
> In addition to home prices, watch the available mortgage rates. Your home will be more affordable for potential buyers when rates are low. In addition, those favorable interest rates may help you when it is your turn to buy.
> If your children are grown and have moved out long ago, you may want to consider putting the family home on the market. This can allow you to move to a smaller residence, one that has less upkeep and related expenses. Also, if your current home is located in a community that boasts a strong school district, it will likely be highly appealing to families with young children. This can help to strengthen your selling price and may result in your home selling faster.
> If you take a look around your house and see numerous repairs and upgrades that need to be made, consider putting the house up for sale instead of striving to complete these projects on your home. The home can be marketed as a "fixer-upper," which may be appealing to those skilled in repairing homes. And while this will likely bring down your asking price, it will also save you the time and expense of making the repairs yourself.
> Watch your local housing market. If homes in your community or neighborhood are selling for more than you ever dreamed, it might be time to cash in on that trend. However, this scenario is only effective if you are able to downsize or relocate to an area where home prices are lower. There is no sense in selling your current home at high price if you cannot afford to purchase another one elsewhere.
> In addition to home prices, watch the available mortgage rates. Your home will be more affordable for potential buyers when rates are low. In addition, those favorable interest rates may help you when it is your turn to buy.
> If your children are grown and have moved out long ago, you may want to consider putting the family home on the market. This can allow you to move to a smaller residence, one that has less upkeep and related expenses. Also, if your current home is located in a community that boasts a strong school district, it will likely be highly appealing to families with young children. This can help to strengthen your selling price and may result in your home selling faster.
> If you take a look around your house and see numerous repairs and upgrades that need to be made, consider putting the house up for sale instead of striving to complete these projects on your home. The home can be marketed as a "fixer-upper," which may be appealing to those skilled in repairing homes. And while this will likely bring down your asking price, it will also save you the time and expense of making the repairs yourself.
Wednesday, July 14, 2004
Anatomy Of A Home
If it seems like mastering the lingo of real estate feels like learning a foreign language, the helpful folks at Homestore.com, Realtor.com's parent company, have developed Anatomy of a Home: Homestore's House Guide. This helpful website briefly describes a home's structural components and refers to more detailed articles also available. Check it out!
Friday, July 09, 2004
Art In The Park
From today through Sunday, July 11th, Plymouth's famous 2004 Art in the Park features the finest selection of contemporary fine art and crafts available in the United States. Kellogg Park and several streets in the heart of downtown Plymouth will be lined with over 400 artists, entertainers, magnificent art, and wonderful food. It should be a great time!
Hours are:
Friday, July 9th – Noon - 8 PM
Saturday, July 10th – 10 AM -7 PM
Sunday, July 11th – 10 AM - 5 PM
Hours are:
Friday, July 9th – Noon - 8 PM
Saturday, July 10th – 10 AM -7 PM
Sunday, July 11th – 10 AM - 5 PM
Wednesday, July 07, 2004
First Time Buyer Q & A
You've been told buying a home is a good investment, but where do you begin? How do you know if you're ready? What can you afford?
The U.S. Department of Housing & Urban Development (HUD) clears up these and other questions for first time homebuyers in its 100 Questions & Answers About Buying A New Home.
From the thinking phase through the mortage and closing process, this 10 part guide provides a great place to start for those seeking answers and homeownership.
The U.S. Department of Housing & Urban Development (HUD) clears up these and other questions for first time homebuyers in its 100 Questions & Answers About Buying A New Home.
From the thinking phase through the mortage and closing process, this 10 part guide provides a great place to start for those seeking answers and homeownership.
Tuesday, July 06, 2004
Fun, Free Family Entertainment
Check out the free Summer entertainment in the local parks!
Concerts in the Park -- 7:30 PM Tuesdays in Redford in Capitol Park, west of Beech Daly, north of Plymouth Road.
Novi Kids' Concerts -- 7 PM Thursdays at Lakeshore Park on South Lake Drive across from Walled Lake. 248-347-0473.
Music Under the Stars -- 7:30 PM Thursdays in Livonia. Concerts are scheduled at alternating locations, so check their schedule.
DaimlerChrysler Stars in the Park -- 7:30 PM Thursdays in Farmington Hills at Heritage Park on Farmington Road, between 10 Mile and 11 Mile.
Music in the Air -- 7 PM Fridays in Downtown Plymouth at Kellogg Park.
Clock Concert Series -- 7:30 PM Fridays in Northville in the old fashioned bandshell by the clock tower.
Farmington Summer Concert Series -- 7:30 PM Fridays at Pergola Gazebo at Farmington Place on Grand River. 248-473-7276.
Summer Concert Series -- 6 PM Sundays in Westland at the Westland Library Performance Pavilion behind Westland Public Library, 6123 Central City Parkway, north of Ford between Wayne and Newburgh.
Concerts in the Park -- 7:30 PM Tuesdays in Redford in Capitol Park, west of Beech Daly, north of Plymouth Road.
Novi Kids' Concerts -- 7 PM Thursdays at Lakeshore Park on South Lake Drive across from Walled Lake. 248-347-0473.
Music Under the Stars -- 7:30 PM Thursdays in Livonia. Concerts are scheduled at alternating locations, so check their schedule.
DaimlerChrysler Stars in the Park -- 7:30 PM Thursdays in Farmington Hills at Heritage Park on Farmington Road, between 10 Mile and 11 Mile.
Music in the Air -- 7 PM Fridays in Downtown Plymouth at Kellogg Park.
Clock Concert Series -- 7:30 PM Fridays in Northville in the old fashioned bandshell by the clock tower.
Farmington Summer Concert Series -- 7:30 PM Fridays at Pergola Gazebo at Farmington Place on Grand River. 248-473-7276.
Summer Concert Series -- 6 PM Sundays in Westland at the Westland Library Performance Pavilion behind Westland Public Library, 6123 Central City Parkway, north of Ford between Wayne and Newburgh.
Friday, July 02, 2004
Celebrate Your Independence!
Start the weekend with the Northville Parade on Saturday, July 3rd. Beginning at 10 AM with the Standard Federal Singers and a medley of patriotic tunes, the parade will feature a 50-piece military band. This year's theme is "Heros Past and Present". After the parade, visit Historic Mill Race Village for old fashioned kids games, entertainment, and demonstrations.
Plymouth's "Good Morning USA" July 4th parade begins bright and early at 7:30 AM Sunday, July 4th in Downtown Plymouth. A Township picnic follows from 11 AM to 4 PM at Plymouth Township Park, corner of Ann Arbor Trail and McClumpha, between Sheldon and Beck.
Plymouth's "Good Morning USA" July 4th parade begins bright and early at 7:30 AM Sunday, July 4th in Downtown Plymouth. A Township picnic follows from 11 AM to 4 PM at Plymouth Township Park, corner of Ann Arbor Trail and McClumpha, between Sheldon and Beck.
Thursday, July 01, 2004
Federal Funds Rate Raised
For the first time in four years, the Federal Reserve raised the federal funds rate by .25%. Borrowers can expect to pay more for credit, and future hikes are projected to control inflation. For a full translation of what this might mean to you, visit Bankrate.com.
Wednesday, June 30, 2004
Tales From The Home Improvement Front, Part 1
As many of you know, Dan and I bought a home last Fall needing updates throughout, but especially to those all important areas--kitchen, flooring & baths. While the idea sounded appealing to do what we want to make it our own, it's been a challenge living in a demolition zone.
Before moving in Dan tore off and re-roofed the entire home, I pulled up the carpet and had the hardwood floors refinished, and we hired painters to paint the entire interior of the home. After we moved in, Dan installed crown moldings, six-panel doors, new lighting fixtures, and tiled the entry to give it an updated feel.
While we've accomplished a lot, Dan's recent kitchen/powder room renovation seems like it's dragging on forever. The photo below shows what our kitchen looked like two months ago. Thankfully, we're further along now but our early Summer deadline is looking more like August...hopefully.
So, here are my three rules of thumb for home improvement projects:
1) It will take longer than you planned,
2) It will cost more than you think, and
3) Your local home improvement store will become your 2nd home.
I'll keep you posted on our progress, and I wish you good luck on your Summer projects!
Before moving in Dan tore off and re-roofed the entire home, I pulled up the carpet and had the hardwood floors refinished, and we hired painters to paint the entire interior of the home. After we moved in, Dan installed crown moldings, six-panel doors, new lighting fixtures, and tiled the entry to give it an updated feel.
While we've accomplished a lot, Dan's recent kitchen/powder room renovation seems like it's dragging on forever. The photo below shows what our kitchen looked like two months ago. Thankfully, we're further along now but our early Summer deadline is looking more like August...hopefully.
So, here are my three rules of thumb for home improvement projects:
1) It will take longer than you planned,
2) It will cost more than you think, and
3) Your local home improvement store will become your 2nd home.
I'll keep you posted on our progress, and I wish you good luck on your Summer projects!
Monday, June 28, 2004
Top Home Improvement Projects
According to a recent article on Homestore.com, the top five home improvement projects are kitchen remodeling, bathroom remodeling, bathroom addition, family room addition, and master suite addition.
Before you tackle a major project however, consider how much you want to spend and how much value it will add to your home. The return on investment varies by geographical location, but according to Remodeling Magazine, the average cost recouped was 86.4% in 2003.
If you don't want to tackle a major project, check out the 10 tricks for a low-cost, high-impact home upgrade on Bankrate.com. From curb appeal to inexpensive decorating techniques, small changes can make a big difference.
While recouping your remodeling investment is an important consideration, more importantly, it can drastically improve the enjoyment of your home. In fact, many homeowners are choosing to remodel and stay in their homes rather than purchase a new home. As an added bonus, when you are eventually ready to sell, an updated home tends to sell much more quickly for top dollar.
Before you tackle a major project however, consider how much you want to spend and how much value it will add to your home. The return on investment varies by geographical location, but according to Remodeling Magazine, the average cost recouped was 86.4% in 2003.
If you don't want to tackle a major project, check out the 10 tricks for a low-cost, high-impact home upgrade on Bankrate.com. From curb appeal to inexpensive decorating techniques, small changes can make a big difference.
While recouping your remodeling investment is an important consideration, more importantly, it can drastically improve the enjoyment of your home. In fact, many homeowners are choosing to remodel and stay in their homes rather than purchase a new home. As an added bonus, when you are eventually ready to sell, an updated home tends to sell much more quickly for top dollar.
Friday, June 25, 2004
To FSBO or Not
If you're thinking of putting your home on the market, you've probably considered selling it yourself. I did that once before I got into the business. I gladly paid the commission on my next two homes to avoid the stressful experience again. So here is my perspective from both sides of the fence.
By and large, the Detroit Metro market is a buyer's market with six months to a year's worth of inventory for competition. As a For Sale By Owner (FSBO), you must be willing to do some heavy advertising otherwise you're limiting your market to only those few people who happen to drive by. Recently when I asked a FSBO what kind of response they'd gotten, they said lots--from real estate agents who want to list their homes, but few qualified buyers.
You also need to be available to answer the call when a buyer inquires. In fact, when I left a message for a FSBO to return my call regarding buyers I'm working with, the FSBO seller called days later. In this case, buyers will just move on to the next home, or find an agent to help them with homes that are listed and easy to show.
Today's buyers are very savvy and they are looking for sellers in desperate situations. Make sure you know the value of your home by getting a market evaluation comparing your home to others that have sold in the neighborhood. Even with your home competitively priced however, be prepared for the first thing a buyer does when making an offer--deduct the commission you're saving right off the top.
In a traditional real estate transaction, once the offer is accepted, the agent works behind the scenes to coodinate a seamless closing. These duties include investigating the buyer's preapproval with the lender, coordinating the inspection and coming to terms on resulting issues, reviewing title work, completing the appraisal, ensuring underwriting is timely, scheduling a walk-through, and checking closing documents--all to get to the closing table on time. Besides your regular job, packing, and preparing for your move, you'll need to juggle all these responsibilities as well.
Still thinking of selling your own home? Clip your cell phone to your hip, put the sign in the yard, place an ad in the newspaper, stock up on antacids, and cross your fingers!
By and large, the Detroit Metro market is a buyer's market with six months to a year's worth of inventory for competition. As a For Sale By Owner (FSBO), you must be willing to do some heavy advertising otherwise you're limiting your market to only those few people who happen to drive by. Recently when I asked a FSBO what kind of response they'd gotten, they said lots--from real estate agents who want to list their homes, but few qualified buyers.
You also need to be available to answer the call when a buyer inquires. In fact, when I left a message for a FSBO to return my call regarding buyers I'm working with, the FSBO seller called days later. In this case, buyers will just move on to the next home, or find an agent to help them with homes that are listed and easy to show.
Today's buyers are very savvy and they are looking for sellers in desperate situations. Make sure you know the value of your home by getting a market evaluation comparing your home to others that have sold in the neighborhood. Even with your home competitively priced however, be prepared for the first thing a buyer does when making an offer--deduct the commission you're saving right off the top.
In a traditional real estate transaction, once the offer is accepted, the agent works behind the scenes to coodinate a seamless closing. These duties include investigating the buyer's preapproval with the lender, coordinating the inspection and coming to terms on resulting issues, reviewing title work, completing the appraisal, ensuring underwriting is timely, scheduling a walk-through, and checking closing documents--all to get to the closing table on time. Besides your regular job, packing, and preparing for your move, you'll need to juggle all these responsibilities as well.
Still thinking of selling your own home? Clip your cell phone to your hip, put the sign in the yard, place an ad in the newspaper, stock up on antacids, and cross your fingers!
Thursday, June 24, 2004
C.L.U.E. Is Not A Game!
It's no secret that insurance companies have suffered great losses the past few years. Many are taking the offensive and are increasingly using the Comprehensive Loss Underwriting Exchange (C.L.U.E.) database to track claims and losses. While on the surface this might sound innocent enough, information stays in the database for up to 5 years. However, this database is used by other insurers and it could profoundly impact you.
For example, according to a CNBC Money article, a couple in Washington reported a minor water leak to their insurer State Farm. They had not filed a claim in 30 years and ultimately decided not to file one in this case. State Farm, however, cancelled them and reported the information about the home in the C.L.U.E. database. Consequently, other insurers wouldn't write a policy on the home basing their decision on State Farm's damage report.
Although the couple was able to get a bare-bones fire policy for three times the previous full coverage rate, more problems could arise when they try to sell the home if the purchasers are unable to insure the home. In fact, when acting as a buyer's agent, I have begun recommending that purchasers investigate insurance coverage on the home during the inspection period. That way there are no nasty surprises when it comes time to close.
According to the CNBC Money article, the best way to protect yourself is keep your home in good repair, think twice about reporting water-related claims, don't tell your insurer about problems unless you intend to file a claim, and consider getting a copy of your C.L.U.E. report. You can order a copy of your home's C.L.U.E. report for $9 from ChoicePoint, the company that operates the C.L.U.E. database. If you've been denied coverage you can obtain a copy for free.
For example, according to a CNBC Money article, a couple in Washington reported a minor water leak to their insurer State Farm. They had not filed a claim in 30 years and ultimately decided not to file one in this case. State Farm, however, cancelled them and reported the information about the home in the C.L.U.E. database. Consequently, other insurers wouldn't write a policy on the home basing their decision on State Farm's damage report.
Although the couple was able to get a bare-bones fire policy for three times the previous full coverage rate, more problems could arise when they try to sell the home if the purchasers are unable to insure the home. In fact, when acting as a buyer's agent, I have begun recommending that purchasers investigate insurance coverage on the home during the inspection period. That way there are no nasty surprises when it comes time to close.
According to the CNBC Money article, the best way to protect yourself is keep your home in good repair, think twice about reporting water-related claims, don't tell your insurer about problems unless you intend to file a claim, and consider getting a copy of your C.L.U.E. report. You can order a copy of your home's C.L.U.E. report for $9 from ChoicePoint, the company that operates the C.L.U.E. database. If you've been denied coverage you can obtain a copy for free.
Tuesday, June 22, 2004
Is An Interest-Only Mortgage For You?
Interest-only mortgages have had a lot of press lately. At first glance, you might wonder who would want a mortgage that doesn't pay off principal from the beginning of the loan. Yet for many, the advantages of these mortgages are just exactly what the purchasers need.
There are a variety of products available, including fixed rate and adjustable mortgages. At the end of the interest-only term, the mortgages are re-amortized over the remaining term of the loan. These mortgages can be a good choice for purchasers who intend to sell or refinance before the interest-only period expires.
Interest-only mortgages are particularly popular among buyers who feel confident they will be getting pay raises in the future, but want a home they might not otherwise be able to afford. They are also appealing to those buyers who prefer to leverage or invest their principal elsewhere, as well as to those who have sporadic income.
The downside of these mortgages is that without paying down the principal, purchasers must rely on the market to build equity. A downturn in the market could be a big problem if they need to sell sooner than expected.
The bottomline is it all depends on the situation and future plans.
There are a variety of products available, including fixed rate and adjustable mortgages. At the end of the interest-only term, the mortgages are re-amortized over the remaining term of the loan. These mortgages can be a good choice for purchasers who intend to sell or refinance before the interest-only period expires.
Interest-only mortgages are particularly popular among buyers who feel confident they will be getting pay raises in the future, but want a home they might not otherwise be able to afford. They are also appealing to those buyers who prefer to leverage or invest their principal elsewhere, as well as to those who have sporadic income.
The downside of these mortgages is that without paying down the principal, purchasers must rely on the market to build equity. A downturn in the market could be a big problem if they need to sell sooner than expected.
The bottomline is it all depends on the situation and future plans.
Monday, June 21, 2004
Livonia Spree Birthday Bash
Tomorrow kicks off the Livonia Spree, a week-long birthday party for the people of Livonia to celebrate the founding of the city. Enjoy great food, special entertainment, music ranging from country to jazz, a fun family carnival, and the Grand Finale Fireworks Extravaganza on Sunday.
Any proceeds over and above the reserve needed to host next year's celebration are donated back to the community. In the past, Spree has supported All-Night Graduation parties, St. Mary Mercy Hospital’s Angela Hospice, First Step, Livonia Community Foundation, American Cancer Society, Livonia Orchestra and the Spree Scholarship program.
For general information and a daily calendar of events, check out the links below:
Hours, Parking, & General Info
Daily Schedule of Events
Even if you don't attend the Spree, test your knowledge of Livonia Trivia & Fun Facts at the official Spree website.
Any proceeds over and above the reserve needed to host next year's celebration are donated back to the community. In the past, Spree has supported All-Night Graduation parties, St. Mary Mercy Hospital’s Angela Hospice, First Step, Livonia Community Foundation, American Cancer Society, Livonia Orchestra and the Spree Scholarship program.
For general information and a daily calendar of events, check out the links below:
Hours, Parking, & General Info
Daily Schedule of Events
Even if you don't attend the Spree, test your knowledge of Livonia Trivia & Fun Facts at the official Spree website.
Sunday, June 20, 2004
Remembering Fathers Every Day
Our teenage daughter Daisy is nearly 19 and sometimes we feel like we are ships passing in the night. With Father's Day approaching, earlier this week my husband Dan wrote the following poem for our daughter Daisy:
It's getting near that time of year
That my straining ears may hear
My precious daughter Daisy say
"Hey Dad...come over here."
Now I don't mean to sound ungrateful
I know she means the best
It's just I miss the daily 'hi', a hug and maybe a kiss
Of late it's more a grumble, growl and hiss.
She's studying hard for classes
Working hard as well
Someday she'll join the po-lice force
And give the villians hell.
It's just that an "I love you Dad"
Or "can you talk awhile"
Would sure be nice without the holiday
To make her old man smile.
I know she has my e-mail
Has my cell phone number too
Remember: roses aren't my favorite flower
Daisy, that's reserved for you!
Luvya, Dad-Dawg
Honoring Fathers out there today and every day!
It's getting near that time of year
That my straining ears may hear
My precious daughter Daisy say
"Hey Dad...come over here."
Now I don't mean to sound ungrateful
I know she means the best
It's just I miss the daily 'hi', a hug and maybe a kiss
Of late it's more a grumble, growl and hiss.
She's studying hard for classes
Working hard as well
Someday she'll join the po-lice force
And give the villians hell.
It's just that an "I love you Dad"
Or "can you talk awhile"
Would sure be nice without the holiday
To make her old man smile.
I know she has my e-mail
Has my cell phone number too
Remember: roses aren't my favorite flower
Daisy, that's reserved for you!
Luvya, Dad-Dawg
Honoring Fathers out there today and every day!
Saturday, June 19, 2004
Another Round, Another Deadline
According to the Detroit Free Press, on Friday, June 19th the Michigan Department of Management and Budget accepted the $55 million bid from Real Estate Interests Group, Inc. (REI) for the former Northville Psychiatric Hospital site. Bloomfield Hills based REI beat out Konstar LLC of Auburn Hills ($36 million) and Rock Construction Company Inc. of Livonia ($43.5 million) in the fourth round of bidding for the 422-acre property on the south side of 7 Mile Road in Northville Township. This is the fourth round of bidding for the parcel which is expected to bring residential and commercial development.
REI's environmental assessment deadline for the property is scheduled to be completed by September 15th.
REI's environmental assessment deadline for the property is scheduled to be completed by September 15th.
Friday, June 18, 2004
Father's Day Activity Idea
Have you checked out Northville's "Art in the Sun"? Over 130 exhibitors from Michigan and the surrounding states will be participating in the juried art show this weekend. Presented by the Northville Chamber of Commerce, guests can enjoy the unique products, savor the Victorian atmosphere, check out the downtown merchants, and experience outdoor dining while listening to the entertainment in the vintage bandshell. Held on Saturday and Sunday from 10 AM to 5 PM, it's a free, fun afternoon.
Wednesday, June 16, 2004
Internet Savvy Consumers
A National Association of Realtors (NAR) recent study found that more than 70% of home buyers begin their search on the internet. Since you're reading this on-line, it's probably no big surprise to you, but that's a monumental shift in the way real estate has been sold over the years.
Typically, the tech-savvy buyer begins their search on Realtor.com--a wise choice given most MLS companies in the country directly upload their listings to Realtor.com. It's a great place to start to get an idea of communities, types of housing available, and what you can get for your money.
Because on-line buyers like to browse without commitments, many of them prefer to stay anonymous until they find something they are interested in. Only then do they contact an agent, and what they want is information NOW. This fundamental shift is shaking up an industry that used to sift through listings with knitting needles.
To impress the importance of technology upon its members, NAR sponsored the e-PRO certification developed by Internet Crusade. According to Saul Klein of Internet Crusade, the program was designed by Realtors for Realtors to make the most of available technology as they serve today's "connected consumer".
The bottom line is that if you're thinking of making a move, you should consider choosing an e-PRO. You're likely to get the service you want--and deserve.
Speaking of deserving...how about those Pistons!
Typically, the tech-savvy buyer begins their search on Realtor.com--a wise choice given most MLS companies in the country directly upload their listings to Realtor.com. It's a great place to start to get an idea of communities, types of housing available, and what you can get for your money.
Because on-line buyers like to browse without commitments, many of them prefer to stay anonymous until they find something they are interested in. Only then do they contact an agent, and what they want is information NOW. This fundamental shift is shaking up an industry that used to sift through listings with knitting needles.
To impress the importance of technology upon its members, NAR sponsored the e-PRO certification developed by Internet Crusade. According to Saul Klein of Internet Crusade, the program was designed by Realtors for Realtors to make the most of available technology as they serve today's "connected consumer".
The bottom line is that if you're thinking of making a move, you should consider choosing an e-PRO. You're likely to get the service you want--and deserve.
Speaking of deserving...how about those Pistons!
Tuesday, June 15, 2004
Summer Selling in Southeast Michigan
Finally the Summer selling season is upon us! Sellers are scurrying to ready their homes for this traditionally busy time of year, whether they are preparing to sell their homes themselves or enlist the help of an agent.
We've heard of swift selling markets in other parts of the county, but by and large, we're still in a Buyer's market. There are pockets of homes that sell quickly, but there are also a large number of homes on the market competing for Buyers who are hesitant to 'jump in'. Thankfully interest rates have stayed low, but there are signs they are on the way up.
If you're thinking of selling, prepare your home to look as close to model perfect as you can. Outshine the competition and blow away the Buyers!
If you're thinking of buying, it's a great time. Lots of inventory, interest rates are still low, and you can move in and still enjoy some serious barbeque time!
Until next time, enjoy the season, soak in some sun & GO Pistons!
We've heard of swift selling markets in other parts of the county, but by and large, we're still in a Buyer's market. There are pockets of homes that sell quickly, but there are also a large number of homes on the market competing for Buyers who are hesitant to 'jump in'. Thankfully interest rates have stayed low, but there are signs they are on the way up.
If you're thinking of selling, prepare your home to look as close to model perfect as you can. Outshine the competition and blow away the Buyers!
If you're thinking of buying, it's a great time. Lots of inventory, interest rates are still low, and you can move in and still enjoy some serious barbeque time!
Until next time, enjoy the season, soak in some sun & GO Pistons!
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