MI Real Estate Answers: How Can I Get What My Home Is Worth?

Q. I want to move to a bigger house but every agent I talk to tells me I won't get what I want. It's not that I "want" it, I need it be able to make a move.

A. If you're serious about selling, better to price where the market is selling rather than 'chase the market down', by continuing to reduce your price. This usually results in a longer time on the market plus a perception by buyers that there is something 'wrong' with your house because it has been on the market so long.

That said, you can ask whatever you want for your home. The rub comes after you've found a willing and able buyer ready to pay your price because your home needs to appraise for the selling price. Appraisers will use the very same comparable homes that the agents have shown you.

Remember, the beauty of this market is that although you'll take a hit on your home, you'll also be paying a lower price for your new home!

Listen Up 1st Time Buyers...Free $$ and Details on the $8,000 Tax Credit

If you've been renting an apartment or leasing a home for awhile in Northville, Plymouth or the surrounding area, this might be the perfect year to buy your first home.



In addition to the low interest rates and great deals out there right now, the big advantage to buying before the end of 2009 is the $8,000 tax credit enacted by Congress this year to stimulate the housing market. Unlike the 2008 credit, the 2009 tax credit does not have to be paid back.

Here's a great video about the First-Time Home Buyer Tax Credit with answers to a lot of questions you might have:



Plus here's a matrix outlining the tax credit. And if you'd like to explore your housing options further, give me a call!

2614 Brookfield St, Canton MI 48188 | Just Listed For Sale

AWESOME LOCATION IN BACK OF SUB WITH WOODED VIEW! Updated Colonial With Oak Cabinets, Family Room With Gas Fireplace, Ceiling Fans, Newer Tear-off Roof, Vinyl Windows & Pergo Flooring * 13' x 11' 3-Season Room To Enjoy Overlooking Fenced Backyard With Shed Backing to Beautiful Protected Woodlands * Community Park in Sub For Recreational Activities.

Property information ~~ $174,000
1,421sf, 3 Bedroom, 1.1 Bath Colonial

January 2009 Market Report

I know, its the first day of March, but better late than never.

The January statistics issued by our local MLS Realcomp indicated home sales continued their upward trend. In fact, sales increased 25.7% over January 2008.

Most home sellers who don't have to sell are staying put or leasing until things start to recover. Most homes on the market are well priced and inventory is down 21.1% over January 2008.

The first-time home buyer market remains strong and should continue with the recent passage of the $8,000 credit for first time buyers, which unlike the 2008 credit, doesn't have to be paid back. That's a nice incentive, which should hopefully spur more sales enabling move-up buyers to make their moves.

With changes every day, it's hard to keep up, but here are a few interesting stories I've come across:

• Freddie Mac to let residents rent homes after foreclosure
• MSNBC FirstRead's explanation of the Homeowner Afforability and Stability Plan
• A blog post with several resources for laid off workers
• Detroit Free Press article with advice for tax appeals

By the way, if you know anyone Michigan homeowners struggling to make their mortgage payments who might be facing foreclosure, please have them visit Save The Dream operated by the Michigan State Housing Development Authority (MSHDA). Their toll-free number is 866-946-7432 and directs homeowners to a foreclosure prevention counselor in their county.

MI Real Estate Answers: HUD home or Fannie Mae?

Q. If you had a choice between buying a home owned by Fannie Mae or HUD, which one would you choose, all things being equal?

A. What is most important is finding a home you're crazy about in an area you like that is mechanical sound. That said, however, the advantage of HUD is that they are offering a $2,500 owner occupant incentive which is applied toward your either your closing costs, tax prorations & repairs to the home. If all other things are equal, that's pretty nice incentive.

When you couple that with the $8,000 tax credit given to first time buyers through the end of December, 2009 is a great time to jump into the housing market!

From Colonials to Cape Cods...Classifying Real Estate in SE Michigan

Not sure of the difference between a colonial style house and one that's called a cape cod? Can't describe what classifies a home as a Victorian versus a Craftman? Don't feel bad, you're not alone.

Thankfully, you can visit RemodelingCenter.com to view a slideshow showing examples and explaining the differences.

For more renovating ideas, click on their related links to tour a remodeled Craftsman-Style Foursquare or a beautifully renovated Cottage-Style home.

MI Real Estate Answers: Westland City Inspections

Q. I'm interested in a Westland MI home that's a short sale. Who pays for real estate city inspections and how do I know if one has been done?

A. Unless specifically negotiated in the purchase agreement, it's the seller's responsibility to schedule and pay for the inspection, which is $180 for a single family residence. A City inspector reviews the major mechanical systems, health & safety items, and any issues that violate the Property Maintenance Codes.

Call the City of Westland Building Department at (734) 467-3210 (Google any "City State Building Department") to see if the inspection has been completed. If it has, you can go into their office and review the report. If it hasn't, I'd have your agent call the listing agent to find out when they plan to do it.

Since it's a short sale, if there are any issues that need to be addressed from the inspection, the seller may not have the funds to address the issues. Because the inspection period can take 3-4 weeks, it's important that it be done ASAP so that the bank is aware of any issues that need to be addressed to sell the property.

32564 Benson Ct | Westland MI 48185 Just Listed For Sale

Great Location on Low Traffic Cul-De-Sac with Livonia Schools

Bay Window & Spacious Cathedral Ceiling in Living Room & Bedroom * Newer Furnace, Central Air, Roof & Some Newer Windows * Great Breezeway Adjoining 2.5 Car Garage & Patio Overlooking Backyard Surounded by Privacy Fence * Closing & Commission Subject To 3rd Party Approval

Property information ~ $125,000
1,710sf, 4 bedroom, 1.1 bath tri-level

Foreclosure Sales Hit the Skids in Wayne County

Wayne County Sheriff Warren Evans has stopped all foreclosure sales because there is no way to know which homes are covered under TARP, the Troubled Asset Relief Program passed by Congress which supercedes Michigan foreclosure law.

Last week Evans sent a letter to Michigan's Gov. Jennifer Granholm requesting she declare a state of emergency in Wayne County to address the growing home foreclosure crisis.

Today Evans announced that to proceed with sales not knowing whether the homeowner has had an opportunity to modify their loan would put him in a position of violating federal law.

Evans says his office will work with both homeowners facing foreclosure and their lenders to ensure they are able to exercise their rights according to the law. Additionally, he's urging sheriffs throughout Michigan to join the foreclosure moratorium.

If you or someone you know is having difficulty making their mortgage payment, visit the Wayne County Mortgage Prevention Program's website for guidance and assistance.

photo credit: respres

Southeast Michigan December 2009 Market Report

Residential sales ended 2008 up 19% higher than 2007 with December's strong finish. In fact, according to Realcomp, every county in the entire MLS showed increased sales and pending sales, which bodes well for 2009.

Sales for the entire MLS during December 2008 were up 31.6% over December 2007, reflecting the 12th straight month of growth.

Strong 2008 starter home sales (those priced under $125K) were up 61% over 2007 due in large part to affordable home prices and low interest rates.

Even though December's inventory was down over 18% over December 2007, the supply of homes remains greater than the demand. Therefore homes selling in this buyer's market are priced to sell.

Market activity has started strong this year. It's still a wonderful time for first time homeowners to take advantage of low interest rates and values.

Plymouth MI Ice Festival Wrap Up

The 2009 Plymouth International Ice Sculpture Spectacular is a wrap!

Warmer weather on Friday probably worried organizers, but cold weather was back on Saturday....and so were the crowds!

The local economy had an impact as there were fewer ice sculptures, particularly in front of local merchants. Also missing this year were the live reindeer.

Here's some photos showing the highlights:



This Saturday, January 31st is Northville MI 4th Annual Fire & Ice Festival running from Noon to 4 PM.

Get Set for the Plymouth MI Ice Sculpture Spectacular

If it's going to stay as cold as it is this year, we might as well enjoy an event that celebrates it. The Plymouth MI Ice Sculpture Spectacular comes to Kellogg Park in Downtown Plymouth this weekend.

Starting at Noon on Friday, January 27th and running through Sunday, January 29th, the event features ice carvers from local high schools, colleges, and professionals from around the United States and some from as far away as Japan.

Over 100 sculptures are expected to be carved, mostly from single blocks of ice weighing over 300 pounds. Several sculptures will be constructed using between 5-100 blocks of ice, and you can watch the carving process from the beginning of stacking the blocks of ice to the finished works of art.

Besides the ones filling Kellogg Park, the customized sculptures standing outside the local merchants were some of my favorites last year. From whimsical, like one on the left outside Compari's (my favorite restaurant) to corporate, there's surely a sculpture to please everyone.

One of the most popular places to visit will be "Fantasyland" with entertainment and education for the younger crowd. Each day's events include competitions and an evening light show at dusk.

For recommendations on where to eat during the festival, check out the Plymouth Living blog. Then check out the schedule of events, print out a downtown walking map, and plan to be impressed.

It's an experience you won't soon forget!

From Motor City to Motown...Detroit is in the News

This is a big news month for Detroit, and no, I'm not talking about the 'auto bailout'.

With Motown's 50th Anniversary celebration and the North American International Auto Show coming to town, the City of Detroit will be front and center.

Beginning Monday, January 12th and continuing for the next year, Motown Records will celebrate their 50th anniversary. The Motown Historical Museum is a blast from the past and a must see for any music lover. When we visited back in 2000, it was hard to imagine that all the musical talent and hits could come from such a small space!

But before Motown, there was the Motor City. Ever since Henry Ford invented the Model A in the early 1900s, Detroit and the automobile has been synonymous.

This week the North American International Auto Show at Cobo Center will debut nearly 60 new vehicles and host more than 700,000 attendees, including nearly 7,000 from the international media.

The Show opens to the public from January 17-25th so check it out if you want to get a glimpse of what is the latest and greatest in auto transportation.

To Sell or To Lease...That is the Question

The good thing about making a move in this real estate market is that there are lots of good deals out there. The question is, what do you do with your home?

When faced with that situation, many Northville MI owners are opting to lease. Before you consider leasing, you should first check with your lender to get preapproved to make sure you can afford your next home. Also, check your existing mortgage because leasing may invalidate the terms.

I've heard homeowners with good and bad leasing experiences. Many would simply prefer not to become landlords. If you do opt to lease your home, be sure you request a credit report as well as personal and landlord references.

Then, read through the State of Michigan Tenant/Landlord Handbook to research and become familar with your responsibilities as a landlord should you go that route.

Whatever you decide to do, Good luck!

A Grain of Salt

This morning I answered a question on a popular real estate site about how a Livonia MI home could sell so cheaply ($90K) in an area of expensive homes without being listed for sale.

Turns out the home in question was in a new subdivision of about 70 homes so it was purchased through the builder. Upon further investigation, I discovered that after the transaction closed, only the sale of the parcel of land was recorded as the real estate 'sale' on public records. Also recorded was mortgage for over $300K. That doesn't account for how much the Buyer might have paid as a down payment.

It's become so easy to do home value research online through sites like Zillow and Trulia. However, until each municipality standardizes how new construction transactions are to be recorded, data will continue to be skewed and deceptive.

Your best resource for local home values is still a local professional real estate agent who can fill in the full picture for you.

Hurry...$7,500 Home Credit Ends July 1st

In my July Market Report, I mentioned that The American Housing Rescue and Foreclosure Prevention Act includes provisions to help homeowners keep their homes.

Another provision provides a tax credit of up to a $7,500 (10% of the purchase price) for first time home buyers. Effectively, it's a 15-year no interest loan with payments approximately $500 per year, depending on the amount of credit you claimed.

This important credit applies to homes purchased by July 1, 2009 so if you or someone you know is thinking of making the move, now is the perfect time to start looking.

Remember, a mortgage payment may well be cheaper than paying rent...and you pocket the tax benefits instead of your landlord!

At Long Last...Sheldon Road Underpass Opens

After two long years of construction and road closure, the Sheldon Road Underpass opened with fanfare this afternoon.

Sheldon Road connects Plymouth to Northville and provides convenient access to the M-14 expressway. Because of train traffic through Plymouth, it was decided an underpass under the tracks near M-14 would be the best way to alleviate traffic backups waiting for trains.

The two year road closure was a major pain in the neck for many people, including me since my office is in Plymouth. Thank goodness that's behind us!

17438 Farmcrest Ln | Northville MI 48168 Just Listed For Sale

A NORTHVILLE BEAUTY…Updated And Shows Like A Model! Hardwood Floors, Berber Carpeting, New Colors, Absolutely Perfect New Kitchen With All The Amenities * Door Wall Leads To Brand New Decking * Updated Baths & Large Library For Home Office * Professionally Finished Lower Level Adds 1000sf With Wet Bar * Newer Dimensional Roof, Recreational Area, And Sprinkler System

Property information ~ $359,900
2,626sf, 4 bedroom, 2.1 bath Colonial

3979 Berkley Ave | Canton MI Condo Just Listed For Sale or Lease

Popular Chatterton Village!

Light, Bright & Neutral Two Bedroom Newer Built Condo With High Ceilings and Great Room With Dining Area * Breakfast Bar Plus All Upgraded Appliances Stay * Tons Of Storage With Balcony Overlooking Lush Landscaping * Pool, Club House, Gorgeously Maintained Grounds And Landscaping * Also Available For Lease at $1,100/mo

Property information ~ $124,900
1,300sqft, 2 bedroom, 1 bath condo

6781 Emily Ct | Westland MI 48185 Just Listed For Sale

Absolutely Perfect And Everything Is New!

New Roof, Windows, All New Kitchen With Cherry Cabinets, Recessed Lighting, Stone Ceramic Floor And Back Splash Plus All New Appliances * Kitchen Opens Into Family Room But Can Be A Great Gathering Kitchen * All New Baths & More * Located On A Small Cul-De-Sac Dead End Street * Stop Looking and See This Home Today!

Property information ~ $123,900
1,073 sqft, 3 Bedroom, 1.1 bath Ranch