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.

Thinking About Buying a Home Near a School?- Weigh These Pros and Cons

Thinking About Buying a Home Near a School?- Weigh These Pros and Cons

You’ve found your dream home—but it’s right across the street from a school. So, the question is, will your home’s location near a school be a major plus, or a serious drawback?

recent video from realtor.com outlined the pros and cons of purchasing a home near a school, including:

  • Pro: No commute to school. If you have school-aged children (and their ages line up with the grades the nearby school serves), living within walking distance of their school means you don’t have to drive them to school or put them on the bus.
  • Con: More street traffic. Even if your kids can walk to school, the majority of students will still need to be bussed or driven each day—which means significant street traffic at drop-off and pick up times.
  • Pro: Schools = safety. Schools are invested in keeping their students, property, and neighborhood safe, which typically translates to extra security measures, like security guards and cameras. And if you live nearby, you get the secondary benefit of those security measures.
  • Con: Extra noise. Between students playing outside, extracurricular activities, and other after-school events, schools can be noisy places—and if you live near a school, you’ll have to deal with the noise.

The Takeaway:

So, what does this mean for you? Living near a school has its benefits and challenges—and if you’re considering buying a home near a school, it’s important to understand both before you make a decision.

be a major plus, or a serious drawback?

recent video from realtor.com outlined the pros and cons of purchasing a home near a school, including:

  • Pro: No commute to school. If you have school-aged children (and their ages line up with the grades the nearby school serves), living within walking distance of their school means you don’t have to drive them to school or put them on the bus.
  • Con: More street traffic. Even if your kids can walk to school, the majority of students will still need to be bussed or driven each day—which means significant street traffic at drop-off and pick up times.
  • Pro: Schools = safety. Schools are invested in keeping their students, property, and neighborhood safe, which typically translates to extra security measures, like security guards and cameras. And if you live nearby, you get the secondary benefit of those security measures.
  • Con: Extra noise. Between students playing outside, extracurricular activities, and other after-school events, schools can be noisy places—and if you live near a school, you’ll have to deal with the noise.

The Takeaway:

So, what does this mean for you? Living near a school has its benefits and challenges—and if you’re considering buying a home near a school, it’s important to understand both before you make a decision.

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.

Famous Quotes Home Buyers and Sellers Can Totally Relate To Today

Famous Quotes Home Buyers and Sellers Can Totally Relate To Today

In this blog post I will attempt to lighten up a bit on the real estate market with these mems for home buyers and home sellers. Although the housing market is a bit nuts these days I thought these were appropriate and speak to many issues in the home buying and home selling process, I hope you enjoy

Hear ye! Hear ye! Some of the most famous quotes in history might just apply to your home buying or selling experience. They say a picture is worth 1000 words, so let these pictures do the talking…

1. When you’re nervous about buying or selling a house

2. When you want to give up because you lost out on another house

3. When you think your home is special and worth more than the recently sold data indicates

4. When you’re selling and the buyer backs out of the deal

5. When you find your dream home, but the commute to work is longer than you want

6. When your dad is telling you not to buy a certain home

7. When you want to “sleep on it” before making a decision

8. When you feel like you’ll never be able to own a home

9. When you keep low-balling offers and losing

10. When you’re selling and get negative feedback from a buyer

11. When you’re finally at the closing table

How To Check Out A Potential Neighborhood When You’re Following Stay-at-Home Orders | Realtor Tom Gilliam

How To Check Out A Potential Neighborhood When You’re Following Stay-at-Home Orders | Realtor Tom Gilliam

The coronavirus is completely changing the real estate industry, and stay-at-home orders have presented unique challenges for buyers. Not only are they unable to tour properties in person, but, in some areas, they also can’t walk around the neighborhood and get a feel for whether it’s the kind of neighborhood they want to call home.

But just because you can’t explore an area in person right now doesn’t mean you can’t get a feel for a potential neighborhood—and whether it’s the right fit for you, your family, and your new home.

recent article from realtor.com outlined strategies buyers can use to “test drive” a new neighborhood while they’re sheltering in place, including:

  • Check out local publications and social media. Many neighborhoods have their own newspapers, magazines, or other publications, which can give you insights into the neighborhood vibe. You can also search Facebook groups or use neighborhood-specific social media apps like NextDoor to get a feel for the area.
  • Take a (virtual) walk. You may not be able to visit a neighborhood in person right now, but thanks to Google Street View, you can take a virtual walk and explore the area.
  • Call a real estate agent. A real estate agent that specializes in the area can give you key insights and details about the neighborhood, and help you determine whether an area is the right fit for what you’re looking for.

The Takeaway:

So, what does this mean for you? If you’re in the market for a new home and want to get a feel for the neighborhood, stay-at-home orders don’t have to stop you. With a little bit of creativity, you can explore neighborhoods near and far—without ever leaving the comfort and safety of your home.

If you or someone you know is interested in buying or selling Oakland County MI real estate, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #301741

Why You Should Consider Farmington Hills MI Homes for Sale

Why You Should Consider Farmington Hills MI Homes for Sale

Why You Should Consider Farmington Hills MI Homes for Sale 

Buyers who are looking to purchase a home in the metro Detroit area should consider Farmington Hills MI homes for sale. A small, wealthy city in Oakland County, Farmington Hills is part of the northwestern suburbs of Metro Detroit, located about 30 miles northeast of downtown Ann Arbor.

Farmington Hills has a charming, historic downtown area, which has recently seen extensive development along with an award-winning public school system. With a population of 81,235 and a median household income of $76,637, Farmington Hills was recently ranked as the fifth-best city in the state in which to live by Chamber of Commerce (a digital-based company). 

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The wide range of affordability from entry-level market-rate homes to multimillion-dollar estates within the greater Farmington area provides abundant opportunity for families to move here and enjoy a strong sense of community with access to top-rated, public schools.

TIME magazine also picked Farmington Hills as the best place to live in Michigan based on factors such as strong economic and educational performance, convenience, safety and pleasant way of life. In order to navigate the local market and find the perfect home in Farmington Hills, buyers will need to partner with a qualified, local agent. 

Top Farmington Hills REALTOR® – Tom Gilliam has over two decades of experience assisting home buyers and sellers in Farmington Hills and the surrounding Oakland County area.  Tom offers in-depth local market knowledge and has all the resources and information you need for making the best home purchase decision.

For more information about Farmington Hills MI real estate, call Tom directly at (248) 790-5594 or get in touch with him here!  

More About Farmington Hills MI Real Estate & Homes for Sale

The Farmington market remains strong with home values and home prices on the rise. Home values have gone up 2.6% over the past year and real estate industry experts predict they will rise another 1.4% within the next 12 months. The median price of currently listed Farmington Hills MI homes for sale is $295,950. 

As a licensed, professional real estate agent in Farmington Hills, Tom Gillian stays on top of the local market at all times and is aware of new inventory as soon as it becomes available, ensuring that you will have access to the best properties and securing an offer.

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Tom’s extensive knowledge goes well beyond the value of the homes in the area. He keeps his finger on the pulse of community trends, business developments, the local economy, and other factors that can affect the market value of property in the area to ensure that you get the best value for your money.

Tom can also help educate you about the different neighborhoods and communities in Farmington Hills, the types of homes and features offered, the builders, schools, property values, current market trends, the surrounding area, and so much more. Streamline your home search by having Tom put together a list of properties that best match your specific criteria in a home. 

Get started now by requesting customized search results delivered directly to your email along with email alerts of new listings. Call Tom directly at (248) 790-5594 or get in touch with him here

Why Homebuyers Should Consider Living in Farmington Hills, MI

Thriving in business and leisure activities, Farmington Hills is fueled by a strong economy. Boasting steady job growth, Farmington Hills is home to a number of large corporations including the Nissan Technical Center and Nissan Trading Corp. as well as Hitachi Automotive Services, Hino Motors Manufacturing, and branches of Panasonic, Mercedes Benz, and Greenpath. 

Other top Farmington Hills employers include Robert Bosch Corporation, Botsford Hospital, Quicken Loans, Cengage Learning Gale, and Chrysler Financial Services.  

Farmington Hills MI Homes for Sale

Downtown Farmington is a vibrant, walkable destination with over 160 businesses from banks, to bead stores to photography and yoga studios along with a variety of eateries and one-of-a-kind shops to explore.

Also located downtown is the Walter E. Sundquist Pavilion, home to the popular Farmington Farmers & Artisans Market held every Saturday. The pavilion is located adjacent to Riley Park. The best-known park event is Rhythmz in Riley Park, attended by about 500 people every Friday, June-August.  

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Twelve Oaks Mall, located about 5.7 miles away in Novi is considered the dominant shopping destination of choice of metro Detroit. The mall features nearly 200 distinctive stores and restaurants including Apple, Coach, Michael Kors, The CheeseCake Factory, and more.  

For parents with school-age children, most of Farmington Hills is served by the highly-acclaimed district of Farmington Public Schools, which is shared with nearby Farmington and filled with top-rated schools. Other public school districts including Clarenceville Public Schools, and Walled Lake Consolidated Schools

Farmington Hills has several private schools including The International School, The Maria Montessori Center, Mercy High School, St. Fabian Elementary and Middle School, Schoolhouse Montessori Academy – Farmington Hills, and Steppingstone School.

Institutions for higher learning include branches of Michigan School of Psychology, Oakland Community College, and Wayne State University.

Farmington Hills has plenty of neighborhood and community parks for spending quality time outdoors. The 211-acre Heritage Park features 4.5 miles of trails for hiking and nature study which are also used for cross-country skiing during the winter months.

Park amenities include a large picnic area, splash pad, group picnic shelter, playground, in-ground grills, two sand volleyball courts, an in-line hockey rink, and six horseshoe pits.

Farmington Hills MI Real Estate

For golf enthusiasts, the beautiful 175-acre Farmington Hills Golf Club course offers one of the best-golfing venues in the area, with 18 challenging holes measuring 6,413 yards, manicured bent grass tees, fairways and greens, ponds, and gently rolling hills.

Major thoroughfares in the city include (M-5), Orchard Lake Road, 12 Mile Road, 8 Mile Road, Northwestern Highway, I-696, and I-275. Suburban Mobility Authority for Regional Transportation (SMART) operates local and regional bus service for Farmington Hills.

The closest major airport is Detroit Metropolitan Wayne County Airport with international and domestic flights from Detroit, located 30 miles from the center of Farmington Hills.  

Partner with Top Farmington Hills REALTOR® – Tom Gilliam

Whether you’re in the market for Farmington Hills MI homes for sale or its time to list your current property, Tom Gilliam provides the kind of knowledge, skills, dedication, and personalized service you need and deserve. Tom will take the time to listen to your needs and concerns and will always have your best interests in mind.

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By partnering with Tom, you’ll have an expert by your side who will protect your interests, advocate for you, and skillfully handle the real estate transaction for the best possible outcome. To learn more about Farmington Hills MI real estate, feel free to call Tom directly at (248) 790-5594 or send him an email today!   

Tom Gilliam, REALTOR®         
RE/MAX Classic
29630 Orchard Lake Rd,
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: [email protected]
License #301741

Map of Farmington Hills, MI

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