Buying A New Vehicle While Trying To Purchase A Home-Rethink That Idea

Buying A New Vehicle While Trying To Purchase A Home-Rethink That Idea

You need another vehicle. You need another home. Be that as it may, will purchasing the previous effect your capacity to purchase the last mentioned?

The Affects Of Changing FICO Rating

A new article from realtor.com laid out the manners in which taking out a vehicle advance could affect your capacity to get a home loan (and to get the best rate on that home loan), including: Changing your FICO rating. At the point when you apply for a vehicle advance, it’ll appear as a hard request on your credit report. While hard requests don’t affect your credit, temporarily, they can bring down your FICO assessment by a couple of focuses—which, contingent upon your score, could endanger your capacity to get the most aggressive rate (or to meet all requirements for a home loan by any means).

Changing your relationship of outstanding debt to take home pay. Relationship of debt to salary after taxes is perhaps the main variables lender use to decide how much house you can bear—and, all things considered, what home loan sum you’re supported for. Taking out a vehicle advance prior to purchasing a house impacts your relationship of outstanding debt to take home pay and can bring about you getting supported for a more modest advance.

Going about as a “warning” to your bank. Making a major buy (like a vehicle) and assuming more obligation before purchasing a home can be a warning to loan specialists that you’re not mindful with your funds—which could affect your capacity to get supported.

The Takeaway:

All in all, what’s the significance here for you? In case you’re contemplating purchasing another home and another vehicle, you might need to consider holding on to purchase the vehicle until after your home buy is completely wrapped up.

About me

Oakland County Michigan Professional Realtor-Tom Gilliam has earned a reputation of being a renowned local expert in Homes for Sale in Farmington HillsNoviNorthvilleWest Bloomfield, Ferndale, Royal Oak, Birmingham to name just a few in the Oakland County Michigan area.  As an Oakland County Michigan Professional Realtor I take pride in my knowledge of the current market conditions in all of the region’s micro-markets, and I offer my clients an intimate glimpse into the neighborhoods that might become their next home or one they sell a home in. With more than 19 years of experience in the local real estate markets, Oakland County Michigan Professional Realtor-Tom Gilliam is qualified to help first time home buyers and home sellers in Farmington Hills,NoviNorthville,West Bloomfield, Ferndale, Royal Oak, Birmingham, South Lyon just to name a few. Search all homes for sale in Farmington Hills and the surrounding areas for all the freshest home listings in one spot.

Cooler Weather Will Be More Homebuyer Friendly

Cooler Weather Will Be More Homebuyer Friendly

The summer season is nearly over, which means that the temperatures are about to chill off here in Oakland County, Michigan. And whilst there’s no assure, it looks like the housing market may also cool together with it—as a minimum barely. in step with a recent article from realtor.com, many experts assume that, while the fall shopping for season may be competitive, it won’t be quite as frenzied as the spring or fall.

Indicators

One indicator supporting that projection is the tempo of rate increase. consistent with the item, the country wide median home charge hit $385,000 the week finishing August 14 (the very best on document). That price represented a 8.2 percent boom year over 12 months—a particular boom in fee, however notably less than the 17.2 percentage increase from April 2020 to April 2021. stock is also beginning to increase (in step with information from the country wide affiliation of REALTORS®,1.32 million houses have been to be had for sale in July 2021—a 7.3 increase from June)—and the greater stock is to be had inside the fall, the less difficult the house search technique will be for shoppers.

The Takeaway:

So, what does this imply for you? There’s no denying that fall is shaping up to be a competitive season for real property—however with slowing fee boom and growing inventory, it may prove to be much less competitive than it’s been for quite a while.

Why Cash Buyers and Low Inventory Is Making Home Purchasing Difficult for Farmington Hills Non-Cash Buyers

Why Cash Buyers and Low Inventory Is Making Home Purchasing Difficult for Farmington Hills Non-Cash Buyers

A recent real estate market analysis found that nearly one-third of all home purchases nationwide were cash transactions between January 1, 2021, and April 30, 2021. Remember, what is happening nationwide reflects what’s occurring in the housing market on the local level. Adding that housing inventory is low in Farmington Hills, Michigan, it’s becoming increasingly tricky for non-cash buyers to get a foothold in the home purchasing race, never mind winning it, taking the prize of homeownership.

Tips To Beating Out Cash Buyers

So you’ve found yourself going up against cash buyers in purchasing that dream home. Don’t give up! There are several ways to get yourself on an even playing field when dealing with cash home buyers in Farmington Hills.

Increase Earnest Money Deposit

Earnest money is essentially a deposit put up in good faith that reserves your right to purchase the home. If you back out of the contract without reason, the seller retains the earnest money. Increasing your earnest money deposit shows the seller that you’re serious about buying their house.

Get Mortgage Pre-approval

Mortgage lenders typically offer fully underwritten preapprovals. Meaning they’ve run a credit check and verified your finances for your mortgage loan before bidding on a property. Pre-approvals give the seller an added layer of credence that you’ll follow through as a qualified buyer. Generally, the document required by a lender for pre-approval is proof of assets and income, optimal credit, and verification of employment, typically called a VOE.

Better Adherence To Seller’s Timeline

A seller’s goal is likely a smooth transition. However, keep in mind they too are making a move, possibly to a new home. Extenuating circumstances possibly command a quicker process, or they may require some extra time before vacating the property. Be agreeable when it comes to meeting the seller’s needs if you’re in the running with an all-cash home offer.

Appraisal Gap Guarantee

An appraisal gap guarantee guarantees that the home buyer covers the monetary gap between the contract price and the appraisal if it comes in too low. To overcome a low appraisal, a buyer pays the difference or renegotiates with the seller.

Go Above Asking Price

Cash buyers are notorious for going below the asking price, knowing a quick sale is enticing to some home sellers. A buyer has the option to include an escalation clause that automatically increases your offer to a maximum stated amount if a cash buyer outbids you.

Limit Contingencies

Limiting or waiving contingencies isn’t entirely without risk, but it shows the seller you’re willing to work with them to secure the deal. The financing contingency, inspection contingency, sale contingency, and appraisal contingency are items to consider waiving to simplify the home buying process. Keep in mind that waiving these items waives certain rights like an inspection, backing out of a contract, or renegotiating.

These Tips to Keep Your Garden Alive While You’re Gone On Your Late Summer Vacation

These Tips to Keep Your Garden Alive While You’re Gone On Your Late Summer Vacation

Summer is reaching a conclusion—and that implies numerous property holders are taking off for one final get-away before the temperatures drop and fall has arrived. Yet, on the off chance that you value having the most delightful yard around, the last thing you need to return to after a pleasant, loosening up excursion? A dead nursery—which is the reason there are steps you need to take before your excursion to ensure your nursery stays fit as a fiddle while you’re gone. In Farmington Hills and Oakland County Michigan we have seen record heat and rain that can damage gardens and make them look dead.

So what, precisely, are those means?

A new article from realtor.com illustrated tips to keep your nursery alive and flourishing while you’re voyaging and partaking in your finish of-summer get-away, including:

Add additional mulch. You need to do all that you can to keep your nursery from drying out while you’re away—and mulch is an incredible method to do it. Add some additional mulch to your nursery, then, at that point do a substantial watering before you leave; the mulch will assist with keeping dampness in the dirt.

Scale back blossoms. Scaling back your blossoms additionally eliminates the measure of water your nursery needs to flourish—so snatch your shears and make a couple of flower bundles for loved ones preceding you leave for your outing.

Request that somebody take care of your nursery. In case you will be gone over seven days, you’ll need to request that somebody come and watch out for your nursery while you’re away; else, you hazard things gaining out of influence (and hopeless). While it could be enticing to ask whoever is generally helpful (like a neighbor), assuming you need your nursery to remain fit as a fiddle, try to ask somebody with cultivating experience, or recruit an expert landscaper.

Partner With Oakland County MI REALTOR® – Tom Gilliam

REALTOR® – Tom Gilliam is your expert to buy or sell your home in Oakland County, Michigan – the Oakland County community’s number one REALTOR®.  In Oakland County, MI, you need to find an experienced agent who knows the community.

Tom currently lives in the Oakland County area and is very familiar with the local market, neighborhoods, schools, and community issues. His office is located in the heart of Farmington Hills, with five additional offices throughout the southeast metropolitan area.

View Homes For Sale in Oakland County MI

Tom is always ready to help families find the perfect home in the Oakland County area they want to live, whether it’s Farmington Hills, Novi, Birmingham, Troy, Rochester Hills, West Bloomfield, Bloomfield Hills, Ferndale, Royal Oak, Northville, Novi, Troy, Rochester, or Rochester Hills.

Give Tom Gilliam – “Your number one Oakland County Michigan REALTOR®” – a call today!

Millennials Are Changing The Home Buying Market

Millennials Are Changing The Home Buying Market

Millennials Are Changing The Home Buying Market:

-They’re opting for digital searches, deluxe homes, and the suburbs-  

 

As Millennials enter the housing market in greater numbers, they’re approaching it in a much different way than previous generations of home buyers. They’re bringing with them a new set of values and expectations.  

With a population of 83.1 million, Millennials now outnumbers Baby Boomers and represent more than one-quarter of our nation. The Pew Research Center defines a millennial as anyone born between 1981 and 1996.

Millennials also make up the fastest-growing segment of today’s homebuyers, according to a recent National Association of Realtors® report. The movement in the market by this generation is likely due to growth in their careers, higher income, and paying off student loans and other personal debts.

Although the most common reasons for recently purchasing a home differed between generations, the desire to own a home of their own was the main reason for  Millennials choosing to buy at this time.

“There’s been an influx of millennial home buyers as older Millennials have had some time to grow in their careers and pay off student debt,” says Stuart Eisenberg, national director of real estate and construction practice for accounting firm BDO USA.

Younger Millennials, meanwhile, more often rent as they begin their careers, but according to Eisenberg, the generational shift in home buying is just getting underway.  

Technology has transformed the way real estate is done 

Digital advancements have transformed the way real estate is done. Among millennials, utilizing the internet and mobile devices to find, view, and buy homes has become the norm.

Having grown up in a digital environment, millennials don’t want to spend days touring homes in person. Instead, they expect to shop for homes the same way they shop for everything else—online.

In fact, according to a Real Estate in a Digital Age report, 99% of millennials start their home search online and 58% found their current home on a mobile device. This figure is nearly double that of Baby Boomers using the internet to browse homes.

Digital advancements have also transformed the role of real estate agents. In the past, a REALTOR’s value came from providing important information about properties.

Now, the true value of a real estate agent is through their negotiation skills, professional relationships with other agents, ability to facilitate the transaction, and keeping up with marketing strategies in a fast-paced digital world.

Another digital impact is in how agents list homes. Tech-savvy Millennials are leading agents and brokers to introduce features like live streaming and video rather than traditional photographs, which have become the norm. 

Millennials, technology, and communicating with REALTORS®

Millennials also differ from previous generations in terms of how they use technology to communicate with REALTORS®. Texting represents the most immediate back-and-forth line of communication.

This generation uses text messages to express interest in a property, schedule appointments, and ask questions, while phone calls are typically reserved only for more urgent or pressing concerns.

NAR research suggests that agents are adapting to this demand for electronic communication, with 90% of agents communicating via text and 94% using email. Another 34% chat with clients through instant messaging. 

Millennials are choosing the suburbs and deluxe homes 

Although it’s taking them longer than previous generations, millennials are now buying homes and moving out of the city in larger numbers.

A recent Zillow study shows that almost half of Millenials (47%) prefer to live in the suburbs as opposed to the big city or rural areas. This generation of buyers want homes, but they don’t want just any old homes.

They are finding better options farther out from the city and are increasingly skipping starter homes in favor of something more deluxe. Roughly 45% of homebuyers aged 30 to 39 paid $300,000 or more for a home, according to the latest figures from NAR.  

In conclusion 

Millennials are now buying homes in droves and their habits are proving to shape the housing market in new and exciting ways. This generation’s preference for technology has changed both the way people shop for homes and the job of real estate agents – and could lead to a more streamlined home buying process. 

Partner With Oakland County MI REALTOR® – Tom Gilliam

REALTOR® – Tom Gilliam is your expert to buy or sell your home in Oakland County, Michigan. In Oakland County, MI, you need to find an experienced agent who knows the community.

Tom currently lives in the Oakland County area and is very familiar with the local market, neighborhoods, schools, and community issues. His office is located in the heart of Farmington Hills, with five additional offices throughout the southeast metropolitan area.

Tom is always ready to help families find the perfect home in the Oakland County area they want to live, whether it’s Farmington Hills, Novi, Birmingham, Troy, Rochester Hills, West Bloomfield, Bloomfield Hills, Ferndale, Royal Oak, Northville, Novi, Troy, Rochester, or Rochester Hills.

Give Tom Gilliam – “Your number one Oakland County Michigan REALTOR®” – a call today!

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Homes2MoveYou.com
License #314578 

Article sources: 

https://www.nar.realtor/research-and-statistics/research-reports/real-estate-in-a-digital-age
https://www.corelogic.com/intelligence/find-stories/the-top-four-ways-millennials-are-changing-the-housing-market
https://www.nar.realtor/sites/default/files/reports/2017/2017-real-estate-in-a-digital-age-03-10-2017.pdf
 https://www.nar.realtor/sites/default/files/documents/2021-home-buyers-and-sellers-generational-trends-03-16-2021.pdf
https://www.forbes.com/sites/theyec/2021/06/01/how-millennials-are-changing-the-mortgage-and-home-buying-market/?sh=34cca84e690b

Is It Worth Adding a Powder Room to Your Home? Consider These Things First

Is It Worth Adding a Powder Room to Your Home? Consider These Things First

The number of bathrooms in a home can be a major selling point for potential buyers. And, as such, an extra bathroom can make your home more attractive and easier to sell—which is why a lot of homeowners consider adding a half-bath (or “powder room”) to their property.

But adding a powder room isn’t necessarily the right renovation project for every homeowner—and before you decide to add bathroom space to your home, there are a few things you’ll want to consider.

recent article from realtor.com outlined elements to consider when determining whether to add a powder room to your home, including:

Things to Consider

  • Available space… You don’t need a lot of space for a powder room (some are as small as five feet deep by 32 inches wide). But you do need some space—so before you commit to adding a half-bath, make sure to evaluate potential areas in your home and make sure you have a place that will work for a powder room (for example, a coat closet or the area underneath the staircase).
  • …and whether you can live without that space. Depending on where you’re considering adding a powder room, you’ll also need to consider how to replace the space you’re renovating. For example, if you decide to turn your coat closet into a powder room, do you have an additional storage space where you can keep your coats and shoes?
  • Pipe location. Ideally, you want to add a half-bathroom in a place where it makes sense for your current pipe layout. Otherwise, you’ll have to run new plumbing and waste lines to the space—which can add $4000 – $5000 to your powder room budget.

The Takeaway:

Bottom line? An additional half-bath can add significant value to your home and appeal to buyers—but it’s important to make sure it’s the right move for your property before you move forward with renovations. If you’re planning on selling your house in the near future, have your real estate agent analyze the market and advise whether it will make sense to spend the money your project will cost, or if it makes sense to list it as-is.

If you are interested in knowing more about my real estate services whether your looking to purchase a new home or sell your home in the Farmington Hills Michigan area or Oakland County Michigan, don’t hesitate to contact me today. I look forward to working with you and helping you make Oakland County Michigan your home town.

My Goals For You

“Helping a family find the perfect home brings a sense of accomplishment, goal is to help you find the home you want at an affordable price! Real estate is a competitive and sometimes stressful market when you’ll find a Realtor that pressures you into purchasing a home you don’t’ want or are not sure about, I’m not that Realtor..Having you delighted with my services whether your selling or buying a home is not only my job, but my duty to you and always will be, and I thank you for your trust”

 

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