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NAR’s 5-Point Plan To Help Increase African-American Homeownership

NAR’s 5-Point Plan To Help Increase African-American Homeownership

by | Jun 21, 2020 | 2020 Market Trends, buying a home, first time home buyers, Homeownership Statistics

NAR’s 5-Point Plan To Help Increase African-American Homeownership – Even with the COVID-19 pandemic, interest in home buying is strong as reflected in the surge in mortgage applications to buy a home. According to the Mortgage Bankers Association, mortgage applications to buy a home spiked 4% last week to an 11-year high. 

The jump in demand was likely fueled by falling mortgage rates. The fixed 30-year rate fell to 3.3%, the lowest in the MBA survey’s history. That being said, however, there isn’t enough supply to meet demand and significant growth in new home construction is needed.

Before the pandemic hit, the U.S. faced a housing shortage due to multiple years of underproduction of new homes. The housing shortage has intensified as we enter into the second half of 2020.

As a result, home prices are likely to rise, making ownership opportunities for first-time buyers, including minorities, that much more challenging. More homes need to built to offset demand and keep home prices from escalating.   

The homeownership rate for African-American households is now at 44% – compared with an overall U.S. rate of 65.3%. A year ago, it fell to 40.6%, which was the smallest share recorded for Black households since the 1950 decennial Census when it was at 34.5%.

With much of the nation’s attention currently focused on fighting for racial equality, particularly as it relates to African-Americans, the following five-point plan outlined by the National Association of REALTORs® would increase the number of Black homeowners. 

NAR Chief Economist Lawrence Yun stated that “given the events of the recent weeks, it highlighted the progress, or lack of progress, among the African-American community,” adding that the access to homeownership is a critical source for building financial wealth. 

NAR’s five-point plan to help increase minority homeownership, especially for African Americans, includes: 

1). Build more homes to increase supply: The lack of housing supply makes converting from renting to owning very difficult. The lack of viable purchase options and resulting competition rapidly push up home prices, precluding some potential first-time buyers from entering the market. 

Yun stated that since the pool of potential first-time buyers is higher in the minority population if the industry can increase supply, it could help minority households lock in a home. 

2). Build more homes in Opportunity Zones:  NAR strongly supports Opportunity Zones as a means by which to invest in the revitalization of economically-distressed areas. Yun posed the question: “Since the industry needs to build so many homes, why not build or sell homes in the Opportunity Zones to help revive some of those areas?”

He added that there is even a tax break in certain geographically defined opportunity zones for developers to go in and build homes, helping the revitalization of economically-distressed areas. 

3). Increase access to down payment assistance: Saving for a down payment can be the biggest hurdle for renters wanting to become homeowners. In recent years, a growing number of first-time buyers received help from family members with their down payments. 

However, due to historical gaps in accessing and accumulating wealth, it’s much more difficult for African-Americans to obtain substantial financial assistance from family members. Therefore, increased access to federal down payment assistance based on a certain income threshold is vital, particularly for African-Americans. 

4). Strengthen FHA’s loan program: FHA loans have been an important source of financing for first-time buyers and minority households. Shifting federal dollars to strengthen the FHA program could lower mortgage insurance premiums and monthly mortgage payments. 

Yun explained that many minority households are able to become first-time buyers primarily due to FHA mortgages, making the product an important source of financing. 

5). Expand alternative credit scoring models: NAR outlined that expanding credit scoring models to include rent and utility payments would help Black Americans boost their credit score. Yun also shared an estimate from the National Association of Real Estate Brokers that alternative credit scoring would open up buying to around 115,000 Black Americans per year.

Yun added that the industry needs to make sure that it doesn’t make the same mistakes it did in the past, especially 10 years ago with the subprime lending debacle.

The homeownership rate for African-American households fell more than seven percentage points from 47.8% at the start of the financial crisis to last summer’s record low after some predatory lenders focused on minority communities.

“We need to ensure successful homeownership, not just temporary homeownership,” said Yun.

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

A top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro. From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers. Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to best showcase its features and amenities.

With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling Farmington Hills 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 #314578

ABOUT THE AUTHOR
Tom Gilliam
If you are looking to buy or sell a home in Farmington Hills, Michigan and surrounding Oakland County, you need to find a Realtor who knows the community.
7 Good Reasons To Consider Buying a Home in Farmington Hills MI

7 Good Reasons To Consider Buying a Home in Farmington Hills MI

by | Jun 16, 2020 | buying a home, buying in farmington hills, first time home buyers

7 Good Reasons To Consider Buying a Home in Farmington Hills MI – If you are like most first-time home buyers, you may have mixed feelings about purchasing a house. Having reservations is normal. You may be worrying about getting tied down and taking on a lot of debt. However, the more you know about the benefits of buying a home, the less intimidating the entire process will seem.  

Here are 7 good reasons why you should consider buying a home in Farmington Hills MI if you can afford it:  

1). Pride of Ownership

The number one reason why most people want to own their own home is the pride of ownership. Buying your first house is a major accomplishment and an important life milestone. In a recent survey conducted by the National Association of Realtors, buyers ranked “desire to own my own home” as their primary reason for buying a house. 

You’ll have the stability and emotional security of owning your own home. No more worrying about rent increases, negligent or bossy landlords, or the possibility your building will be sold and turned into a condo.

You’ll be able to live in your house as long as you like, fix your monthly payments for as long as 30 years and you’ll be in charge.

Homeownership also gives you the freedom to paint the walls any color that tickles your fancy, decorate any way you desire, and choose the types of upgrades and new amenities that appeal to your individual lifestyle. 

2). Roots Within A Community

When you buy a house, you’re not just another tenant swinging through a rental property’s revolving door. Buying a home gives you roots. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community.

It also offers children the benefit of educational and social continuity. An ongoing 80-year study by Harvard proves a sense of community is essential to living a long and healthy life, all the more reason to stay awhile.  

3). Appreciation

Historically, real estate has had a long-term, stable growth in value. Real estate moves in cycles – sometimes up, sometimes down. Yet over the years, real estate has consistently appreciated. 

In fact, median single-family existing-home sale prices have increased on average 5.2 % annually from 1972 through 2014, according to the National Association of REALTORS®. Even in the most recent 10 years, which included a few very bad years for housing, values are still up 7.0% on a cumulative basis. 

4). Property Tax Deductions

You can deduct the interest you pay on your mortgage from your taxable income. The value of this tax break depends on factors like your personal tax bracket, the size of your mortgage, the rate of interest you pay on it, and how long you’ve held the mortgage.

As a rule, the newer the mortgage, the greater the amount of interest you pay each month, and the bigger the tax break. Recent buyers with young mortgages tend to get the greatest benefit. IRS Publication 530 contains tax information for first-time homebuyers.  

5). Capital Gain Exclusion

Building equity in your home is a ready-made savings plan. When you sell your home, the capital gains on the sale are exempt from capital gains tax.

Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. Married couples enjoy a $500,000 exemption as long as you have lived in your home for two of the past five years.

You don’t have to buy a replacement home or move up.   

6). Mortgage Reduction Builds Equity

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home. With each mortgage payment, you pay down your debt and accumulate equity in your house. 

Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The principal portion of your principal and interest payment increases slightly every month. It is the lowest on your first payment and highest on your last payment.   

7). Home Equity Loans

You’ll be able to use the equity in your home for low-cost loans for other purposes. You can access the paid-up equity you accumulate in your home in the form of a home equity loan or a home equity line of credit.

Because they are secured, home equity loans and lines of credit generally carry a lower interest rate than other types of consumer loans, such as auto loans. Consumers can borrow against a home’s equity for a variety of reasons such as home improvement, college, medical, or starting a new business. Some state laws, however, restrict home equity loans.

The Takeaway

Yes, buying a home in Farmington Hills MI is a major commitment, but the financial and lifestyle benefits are well worth the cost. If you can afford to buy now, you’ll thank yourself in the long run, and whenever your friends get their annual rent increases.

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

A top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to best showcase its features and amenities. With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills 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 #314578

Has The COVID-19 Pandemic Made Homebuyers More Eager to Buy? 

Has The COVID-19 Pandemic Made Homebuyers More Eager to Buy? 

by | Jun 11, 2020 | Blog, buying a home, Coronavirus, Covid-19

Has COVID-19 Made Homebuyers More Eager to Buy? The coronavirus pandemic doesn’t seem to be scaring off U.S. home buyers.  According to a recent survey done by LendingTree, more than half (53%) of 1006 prospective homebuyers surveyed said they were more likely to buy a home within the next 12 months. 

The survey showed that first-time homebuyers (73%) and millennials (66%) may be the most eager to buy within the next year. Motivating factors were the ability to save a larger down payment because of reduced spending (32%) and taking advantage of record-low mortgage rates (67%). 

In a recent study from OJO Labs, 200 homebuyers were surveyed who had planned to purchase a house within six months before the COVID-19 outbreak. 45.6% of shoppers said they are motivated to expedite their moving timeline because they think they’ll get a good deal on a home, while low-interest rates are a major factor for 56.5%.   

The study also revealed that as more homebuyers are stuck at home, more are realizing they need space to fit their needs. First-time homebuyers said that extra bedrooms (43.5%) and an open floor plan (45.7%) are more important than before COVID-19.

According to those surveyed by Lending Tree, nearly two-thirds (65%) of homebuyers said the pandemic had impacted how much money they plan to spend on a new home. Among the group, 44% plan to buy a less expensive home and the remaining 21% want a more expensive home.  

Both reports indicated that the perception of reduced home prices (30%), low mortgage rates, and being confined in a smaller space during stay-at-home orders made homeownership more appealing. 

Virtual Tours Have Come Out of The Woodwork

Not only is the pandemic prompting more people to consider homeownership, but it’s also influencing how they shop for a home. Virtual tours, 3D tours, Livestream tours, and even FaceTime tours have come out of the woodwork.  

In the Lending Tree survey, 61% of homebuyers said they have virtually toured a home over the last 60 days and another 33% said that although they haven’t yet participated in a virtual tour, they are actually planning to.

The OJO Labs study indicated that virtual tours have become more valuable than prior to COVID-19 for both those delaying (42%) and those expediting (41%) the home buying process. 28% of those delaying the home buying process still report looking at listing photos and 25% are taking virtual tours of homes more now than before COVID-19.  

The Impact of Stricter Credit Requirements for Mortgages

The only apparent roadblock for homebuyers was qualifying for a mortgage as 44% surveyed by Lending Tree said they were worried about qualifying due to the pandemic. First-time buyers (58%) and millennials (52%) expressed the most concern as lenders have reportedly tightened credit availability during the coronavirus outbreak.  

The Mortgage Credit Availability Index (MCAI) fell by 12.2 percent to 133.5 in April. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. Although less credit access means lenders are likely to raise their minimum credit score and down payment requirements, it doesn’t mean you can’t qualify for a mortgage amid the coronavirus outbreak. You may have to shop a little harder. 

It’s recommended to shop at least three lenders to find the best rates and get preapproved for a mortgage before you start looking for homes. Keep in mind that lenders are also grappling with the effects of COVID-19 and the process may move slower than normal.

Homebuying Process During A Pandemic

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

A top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive maximum targeted response from qualified buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to highlight its features and amenities. With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills 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 #314578

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

by | May 10, 2020 | buyer market, buyers, buying a home, Coronavirus, Covid-19, neighborhood

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.

A 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

First-time Homebuyers: Can I Still Buy a House in Oakland County MI During Covid-19?

First-time Homebuyers: Can I Still Buy a House in Oakland County MI During Covid-19?

by | May 7, 2020 | buying a home, buying a home in oakland county michigan, buying a house, Coronavirus, Covid-19, first time home buyers

First-time Homebuyers: Can I Still Buy a House in Oakland County MI During Covid-19? – If you are a first-time homebuyer and were in the market to buy a home in Oakland County prior to the COVID-19 crisis, the situation has more than likely affected your original gameplan.

It’s one thing to have never bought a house before and be in unfamiliar territory. Throw in a pandemic and the situation is now moved into deeper uncharted waters, even for the most seasoned buyer.

The COVID-19 situation has derailed millions of folk’s financial plans including buying property. But it doesn’t have to be that way. 

If you were still hoping to purchase a home soon, you probably have a lot of questions like whether it’s even possible to buy a home now or tour a house, or how the pandemic has impacted home prices, and more.

The good news is that many people are still buying houses during this unprecedented time, even though things are a bit different than they were before the coronavirus changed the home buying/selling landscape.

As a first-time homebuyer during the coronavirus, here are a few things to know:  

Can You Still Buy a House Now? 

The answer is yes. Although buying a house today may be more challenging due to health and economic concerns, it is definitely possible. The U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service.

Search the MLS for Oakland County MI Homes for Sale

If you find a home that seems right for you, have job stability and can get financing at historically low rates, buying property might be a wise choice and the right thing to do – even now.   

You Can Still Shop for a House

You can still shop for a house, but the rules for viewing a property are going to different than before COVID-19. Buyers, sellers, REALTORS, and brokers are coming up with different ways to see and show homes.

Some areas, however, have put a pause order on in-person showings all together. There are also some sellers that might be fine with you touring their house, while others might not be comfortable letting strangers in their home, even if property tours are allowed in your area.

Aside from federal and local restrictions, a lot will depend on the home sellers’ comfort levels. You can also work with an agent and have a virtual showing, where the agent walks through the property with you on Zoom, FaceTime, or some other video conferencing format.

A local real estate agent will know what buyers can and can’t do in your area, so its best to consult an agent for the most accurate, up-to-date information.  

You May Need To Get Your Pre-approval Updated

While the process of getting preapproved for a loan hasn’t changed, as most buyers today do an online preapproval application, the preapproval itself has changed post-coronavirus.

Mortgage lenders are battling economic uncertainty by raising minimum credit scores, requiring higher down payments, triple-checking employment status, and even eliminating certain loan types altogether. 

As some lenders increase their standards (overlays), your price range might change because your approved loan amount is lower, or you may no longer qualify for a loan at all.   

You May or May Not be able to Get an Inspection

Once the house goes under contract, closing is different in today’s world. You’ll still be able to get an appraisal under current regulations, but depending on whether real estate is considered essential in your area, you may not be able to get an inspection.  

If you are able to get an inspection, most likely you and your agent will not be able to attend.  A number of home inspectors are now using live video chatting apps like FaceTime or Zoom to let home buyers tag along remotely. This keeps buyers at a safe distance for home inspections. 

More Buyers Are Doing eClosings

Digital real estate closings or eClosings, give buyers and sellers the ability to sign settlement documents electronically—meaning parties don’t have to meet in a room to close the deal.

Most eClosings are orchestrated by title agents, who often lead individuals through the required paperwork by video conferencing. Most states are now offering electronic notarizations. This map from settlement software company PropLogix shows what states allow digital closings. 

Partner with Top-rated Oakland County MI REALTOR® – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamWhether you are looking for homes for sale in Oakland County MI or you are ready to list your current property, experience matters most in a changing market.

With over 25 years of local experience, Tom provides the kind of knowledge, skills, dedication, and personalized service you need and deserve.

As your personal agent, Tom will protect your interests, advocate for you, and go above and beyond to ensure a smooth and successful transaction.

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

by | Jul 25, 2019 | Blog, buyers, buying a home, Farmington Hills, farmington Hills Realtor

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). 

Search Farmington Hills MI Homes for Sale

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.

Search Farmington Hills MI Homes for Sale

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.

Search Farmington Hills MI Homes for Sale

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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ABOUT US

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. 

CONTACT US

Tom Gilliam, Realtor
248-790-5594
[email protected]

RE/MAX Classic
29630 Orchard Lake Rd, Farmington Hills 48334
License # 301741

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