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

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

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

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

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

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

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?

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

Novi MI Condos for Sale

Novi MI Condos for Sale

Novi MI Condos for Sale

If you’re currently in the market to buy a condo in the Metro Detroit area, be sure to explore Novi MI condos for saleMany families and young professionals live in Novi. Considered a hub for upscale shopping, dining, and entertainment, Novi is known for its top-rated schools, the Twelve Oaks Mall, and exceptional community living.

Novi is situated approximately 25 miles northwest of the center of Detroit, 19 miles east of Ann Arbor, 38 miles southeast of Flint, and 58 miles east of Lansing. Conveniently located at the convergence of four major expressways, Novi offers easy access to major employers and top-quality healthcare.

Tom Gilliam is a top Novi MI REALTOR® with over 20 years of local experience working with buyers and sellers.  Tom’s knowledge, professionalism, and expertise in the local market will give you the assurance you need for making the best condo purchase decision. Get the process started today by calling Tom directly at (248) 790-5594 or you can get in touch with him here!

On our easy-to-use website, you’ll be able to search the MLS for the most up-to-date listings for Novi MI condos for sale. You can save your search, create a free account, and receive alerts of new listings that match your home criteria delivered directly to your email.  

Search Novi MI Condos for Sale

$650,000
Condo For Sale
Active
4
BED
4
TOTAL BATHS
2,788
SQFT
26028 Island Lake Drive
Novi, MI 48374
ISLAND LAKE NORTH BAY OCCPN 1413 Subdivision
Price Change - 2 weeks ago
$635,000
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,658
SQFT
24775 Reeds Pointe Dr
Novi, MI 48374
ISLAND LAKE SOUTH HARBOR Subdivision
$635,000
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,610
SQFT
24823 Reeds Pointe Drive
Novi, MI 48374
ISLAND LAKE SOUTH HARBOR Subdivision
$625,000
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,476
SQFT
26002 Island Lake Drive
Novi, MI 48374
ISLAND LAKE NORTH BAY OCCPN 1413 Subdivision
Price Change - 2 weeks ago
$619,900
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,610
SQFT
25894 Island Lake Drive
Novi, MI 48374
ISLAND LAKE NORTH BAY OCCPN 1413 Subdivision
Price Change - a week ago
$610,000
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,658
SQFT
25974 Island Lake Drive
Novi, MI 48374
ISLAND LAKE NORTH BAY OCCPN 1413 Subdivision
New Listing - a week online
$569,900
Condo For Sale
Active
3
BED
4
TOTAL BATHS
2,500
SQFT
25228 Sutton Court
Novi, MI 48374
KIRKWAY PLACE OCCPN 1572 Subdivision
New Listing - 2 weeks online
$540,465
Condo For Sale
Active
3
BED
2
TOTAL BATHS
1,852
SQFT
48875 Rockview
Novi, MI 48374
 

If you would like to schedule a private showing or would like more information about any of the listings for Novi MI condos for sale above, please contact top Novi MI REALTOR® – Tom Gilliam today.

Why You Should Consider Buying a Condo in Novi, Michigan

Thriving in business and leisure activities, MONEY Magazine recently ranked Novi #23 out of all U.S. cities for the best places to live in America. The magazine highlighted “minuscule” unemployment, numerous shopping options, and a high average income.  Novi continues to be one of the fastest-growing cities in Michigan and ranks among the top Oakland County communities for research, technology and service companies. 

Known for its top-rated schools, Novi includes all or part of four public school districts including Northville Public Schools, Novi Community Schools, South Lyon Community Schools, and Walled Lake Consolidated School DistrictPrivate schools in Novi include Detroit Catholic Central High School and Franklin Road Christian School. Higher Education opportunities in Novi can be found at one of Walsh College’s three campuses, The Art Institute of Michigan, and South University. The Japanese School of Detroit is a supplementary Japanese school also located in Novi.

Novi is home to Twelve Oaks, a super-regional shopping mall with over 180 stores, and considered the dominant shopping destination of choice in metro Detroit. The popular mall is anchored by major retailers including Lord & Taylor, Macy’s, Nordstrom, and JCPenney.  The city provides numerous outdoor recreation opportunities with plenty of neighborhood and community parks to choose from.

The nationally accredited Parks, Recreation and Cultural Services Department in Novi maintains more than 1,200 acres of parkland throughout the community. Novi’s quality parks and recreational programs invite and retain business, improve property values, provide economic impact, and attract new residents to the community. 

Lakeshore Park in Novi MI

Lakeshore Park in Novi, MI

The largest park in Novi is Lakeshore Park, which includes a swimming beach on Walled Lake (the largest lake in the City), biking and walking trails, two play structures, and picnic shelters. Golfers have several top-rated, 18-hole courses to choose from in Novi including Maples Golf Club (semi-private golf course), East/South at Links of Novi (public), South/West at Links of Novi (public), and West/East at Links of Novi (public).  

The Suburban Mobility Authority for Regional Transportation (SMART) operates local and regional bus services for Novi and the surrounding area. The closest major airport is Detroit Metropolitan Wayne County Airport, located about 27 miles from the center of Novi.

PARTNER WITH TOP NOVI MI REALTOR® – TOM GILLIAM

Although the real estate market is always changing, Tom’s commitment to exceptional, personalized service is something you can always count on. As a member of the National Association of REALTORS®, Tom adheres to a strict Code of Ethics and Standards of Practice and possesses a strong work ethic. Tom will always take the time to listen to your needs and concerns, keep you updated throughout the buying or selling process and will do whatever is necessary to facilitate a smooth and successful transaction. You will find that Tom is easily accessible – his phone never goes unanswered.  

If you’re looking to sell your current home in Novi, Tom incorporates the most effective and cutting-edge marketing approaches for getting your home sold quickly and for top dollar. Your property will be listed in hundreds of locations all around the Internet and will get exposure on all the major sites like Zillow, Trulia, Realtor.com, Movato.com, Homes.com, and other many other sites that homebuyers frequently visit. An expert negotiator, Tom will work hard to protect your investment by making sure that no money is left on the table. You can be assured that Tom is 100% committed to getting your home SOLD for the highest market price in the least amount of time possible.  

Most of Tom’s business comes from referrals from satisfied clients and industry peers. Hire Tom and he will protect your interests, advocate for you, and handle all the details of your home purchase or sale for the best possible results. To find out more about Novi MI condos for sale, please call Tom Gilliam directly at (248) 790-5594 or you can get in touch with him here!

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 Novi, MI

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Should You Go Directly To The Listing Agent When Buying A House?

Should You Go Directly To The Listing Agent When Buying A House?

When you’re looking to buy a house, you might think it makes sense to go directly to the listing agent who’s listed the property for sale.

Some of the more common reasons people give for doing so are:

  • Why not? Doesn’t it just make sense… The agent listed the property and is the one selling it. They know all about the house.
  • They know all about the owner, so maybe you can get some inside scoop and a better deal than if you had your own buyer’s agent in the mix.
  • Isn’t it like buying a car? You have to go to the dealer selling the car, so don’t you go to the agent who’s selling the house?
  • Some people say they just didn’t know any better.
  • It’s just easier than finding and working with a buyer’s agent.
  • It’ll be easier to deal with owner.
  • And, last but not least, if the agent is representing both the buyer and the seller, people feel like the agent will get them a lower price. Either because the agent is getting “both ends of the deal”, and therefore making more money, so the agent has more incentive to get you the better deal… Or, since there’s no other agent involved, people feel that the price can be reduced by the amount of commission saved.

Some of the above is true to some degree. But, much of it is wishful thinking…or a complete misunderstanding of how things work.

So, let’s get into a few thoughts to help you decide if it truly makes sense for you to go directly to the listing agent when you’re buying a house.

The listing agent represents the seller.

Should You Go Directly To The Listing Agent When Buying A House Stop

Stop! Listing Agent Represents The Seller

OK, in most areas the listing agent can represent both the seller, and the buyer. As long as it’s disclosed that he or she is representing both parties, and both parties agree.

That doesn’t mean it’s the best thing for you…or the seller.

Think about it for a minute. It’s pretty hard for someone to represent the best interest of both parties entirely. It isn’t impossible. But it’s tough.

And the first person the agent represented in the scenario is the seller. So it’s safe to assume that the agent probably has more allegiance to the seller. And if the listing agent doesn’t…if the listing agent helps you, the buyer, get an upperhand, well, that just doesn’t feel or sound right.

But, if that sounds good and right to you, and you find a listing agent who’s cool being in cahoots with you, then more power to you. The thing is, most real estate agents don’t play that way.

So, at best, you are “hiring” someone to represent your interest and the interests of your opponent. Think of it this way, would you hire the same lawyer to represent you and the person you’re fighting in court?

No, buying a home isn’t always that kind of battle, but the transaction is certainly large enough that it makes sense for you to have your own representation.

You should have someone representing you as the buyer. Hire your own buyer’s agent. Hire someone who’s going to help you get the best house, at the best price and terms.

If a listing agent pushes you to work with them…

Sometimes a listing agent will either hint at, or outright say that if you want to get the home for a better price, or get the home at all, you need to work directly with them.

The minute you hear that, run for the hills. Go find another agent. Work with the other agent to buy the house. And consider reporting the listing agent who said that. That is a huge red flag.

You have every right and option to choose your own agent to work with. No incentive or fear of loss should be implied for you to work directly with the listing agent.

This is especially concerning if you are already working with your own agent, and the listing agent knows that, and suggests or pressures you to not work with the agent you are already working with. If that happens, make sure to tell your agent. Let your agent take it from there…and don’t worry about it losing you the house or a better deal. It probably won’t.

Buying is a process.

At least buying should be a process.

Haphazardly looking at homes you come across online, or by driving by can cause you to miss homes that agents are seeing come on the market. Or ones that you may have overlooked, that they may point out to you as a great option, once they get to know you and your wants and needs.

When you work with one agent for the whole process, (at least a good buyer’s agent), you’re more likely to find, and not miss the best house for your needs. As much as the Internet allows you a lot more access to the inventory nowadays, it can be hard not to miss something, or overlook a great option on your own.

And when you work with an agent from start to finish, you build considerable trust. And that trust translates into getting yourself a better home, at the best price possible.

But when you’re just out there on your own, going to see every house you look at with a different agent, with no intention of working with that agent if you don’t buy that one house they are showing you…that spells disaster. If the agent only has that one shot with you, there’s a higher chance of an agent pushing you or selling you on doing something.

A great buyer’s agent who you have a committed relationship will look out for you and your best interests. So, before you even get serious about looking at homes to buy, do yourself a favor and find a great buyer’s agent and hire him or her.

Going directly to the listing agent has less upshots than it does potential downsides.

Listing: Contact Form

Homeownership Timing Couldn’t Get Better

Homeownership Timing Couldn’t Get Better

In the current economic climate, a lot of renters thinking homeownership is out of their reach. But if you think buying a home is out of reach, you might want to think again.  According to the National Association of Realtors’ Realtors Confidence® Index, first-time buyers accounted for 29% of all home sales from late 2016 to late 2017. That’s nearly one-third of all home sales! And there’s a reason so many people are making the transition from renting to owning…

Rents are rising. According to a recent Zillow study, the median US rent is taking up 29.1% of household income, and costing tenants a whopping $2,000 more per year.

Data Source: Zillow

As renting becomes less economical, more and more tenants are exploring homeownership. And thanks to low down payment mortgage options (61% of first-time buyers made a down payment between 0 and 6%, according to the National Association of Realtors’ Realtors Confidence® Index), homeownership is more accessible for first-time buyers than ever, making it the ideal time to make a move.

The Takeaway For Homeownership

If you’re currently throwing a large chunk of your paycheck towards your rent, now’s the time to make a move and buy your first home. Not only is homeownership one of the best investments you can make in your future, but thanks to rising rents, you may also find yourself saving money in the short-term.

Opportunities like these are not the kind of things that you would miss out on when it come to homeownership. Take your own piece of heaven and consult with the most trusted local real estate agent who will be more than happy to show you what your options are. Remember that with each option presented, a new door opens up for a truly thriving future for your family as new residents of this beautiful place in Michigan called Oakland County.

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