These days in the complex world of buying or selling a home and with the winter weather here in Oakland County, Michigan it’s a great time to find some great books to read, especially if your thinking of buying or selling a home in the near future. There are many differences in buying a home as appose to selling one and being fully prepared when the time is right can be the difference between thousands of dollars out of your pocket. Let’s face it, buying a home or selling a home is one of the most important financial decisions you can make in your life, so a little homework before hand is a very smart move.
As your Realtor it is my job to guide you through the home buying and home selling process and help the transaction as seamless as possible, but if I can share important information beforehand it is my pleasure to do so. The six books that I would recommend are listed below and they also are in audio form in case your like me and like to listen in my car (my second home). These books are such a value-add that I felt compelled to share them with you. Also, I’m always here for any advice or help that I can provide to you personally. Hope you enjoy!
For Home Buyers
1. Homebuying For Dummies, Eric Tyson and Ray Brown
Homebuying For Dummies, now in its 4th edition, is the quintessential guide for any newbie homeowner getting ready to make the purchase of a lifetime. Just like the rest of the contributions to the massively popular For Dummies series, this book gives step-by-step instructions on how to buy your first property. The volume covers everything from finding the right property, understanding your lending options and the tax implications of purchasing a home.
2. Mortgages For Dummies, Eric Tyson and Ray Brown
Sticking with the For Dummies series, first-time homebuyers who don’t fully understand what it means to purchase a house with a loan should definitely check out Mortgages For Dummies. Not only does this volume break down the basics of mortgages, like what they are, the difference between fixed rate and variable rate mortgages and how to secure your loan, it also breaks down how to determine how much house you can afford, how to get your finances in check before you apply and even tips for raising your credit score to clinch a lower interest rate.
3. 100 Questions Every First-Time Home buyer Should Ask, Ilyce R. Glink
Written in easy to understand question and answer format, this first-time home buyer guide from real estate expert Glick digs deep into virtually any question a first-time home buyer might have in today’s market.
In 100 Questions Every First-Time Home buyer Should Ask, Glick leveraged expertise from top real estate brokers around the world to create what is essentially the encyclopedia for buying your first home. Questions run the gamut from how to have your potential purchase tested for harmful substances like mold or radon to how the purchasing process has evolved in recent years – and how you can make those changes work for you.
For Home Sellers
4. House Selling For Dummies, Eric Tyson and Ray Brown
Tyson and Brown created another essential how-to guide, this time for sellers, with House Selling For Dummies. This edition will give you all the information you need to make the most out of the home selling process and get the maximum profit for your home. Topics include how to best prepare your home to put on the market, the best time of year to list your home, how to find the best real estate agent and negotiating tips to ensure you get the best offer on your property.
5. How To Sell A House Fast in a Slow Real Estate Market: A 30-Day Plan For Motivated Sellers, William Bronchick and Ray Cooper
Whether you’ve already purchased a new home or you’re in the red on your mortgage, there are going to be times you need to sell sooner rather than later. For those sellers who are looking to unload their property fast, How To Sell A House Fast in a Slow Real Estate Market: A 30-Day Plan For Motivated Sellers is a great guide for securing a quick selling process, even if the market in your area runs slow. This guide is full of practical advice on how to leverage marketing techniques, advertising and improvements to the property to get your house sold quickly and (relatively) easily.
6. The Complete Idiot’s Guide To Staging Your Home To Sell, Julie Dana
One of the major components of selling your home for a prime price is showcasing your property in its best light. Staging your home in a way that makes it most appealing to potential buyers can mean the difference between getting an offer you’re excited about or consistently falling short on your asking price. The Complete Idiot’s Guide To Staging Your Home To Sell gives you step-by-step instructions on how to effectively stage each room in your home for maximum impact. This book is especially helpful for the design-challenged and will have even the most novice interior designer staging rooms like a pro.
If you’re gearing up to buy or sell your home , grab a cup of tea, get comfortable and read these books. Your wallet – and sanity – will thank you.
Are you thinking about taking the FSBO homes for sale in farmington hills route for selling your house? Here’s something you should know about before you make a big mistake:
A home for sale in Farmington Hills, Michigan with signs that say “For Sale by Owner” (FSBO) are always the last one to get sold on the block. Why? As soon as people find out that a real estate agent is not involved in the process, they stop themselves from placing an offer. They are concerned about who is the point of contact. In the back of their mind, they assume that something is wrong with the house and this is why the house is being sold by the owner.
The question is: as a homeowner, why are you doing this?
Are you trying to save on the real estate agent’s commission?
You might keep a few hundred dollars in your pocket but the money that you will pay throughout the process for transfer, deeds, and liens will have your mind reeling. Most important of all, you might not be able to draft a professional contract for your FSBO homes for sale in Farmington Hills, Michigan, which will leave you vulnerable to loopholes that the buyer can take advantage of.
FSBO vs. Realtor
According to National Association of Realtors, 30% of houses found are through real estate agents. In 2016, 8% of the houses were sold by homeowners themselves. Around 51% of the houses are found on the internet, which shows how important it is to market your house on the right platform.
With that being said, let’s take a look at why hiring a real estate agent for your home for sale in Farmington Hills, Michigan is better than taking the FSBO route:
1. Selling Price FSBO Homes For Sale In Farmington Hills
FSBO – A house that is put on the market by the owner is typically sold for $190,000. There are a number of reasons behind it such as a professional not being present at the time of negotiations and failing to understand the lingo used in such meetings. There’s also a problem of trust, as buyers think they might be getting scammed.
Realtor – A home for sale in Farmington Hills, Michigan being handled by a real estate agent is typically sold for $240,000. The reason behind this increase in sale price is because they are able to compare your house to comps and convince the buyer that all the features in the house are worth the asking price.
2. Time on Market
FSBO – It takes around 88 days for a homeowner to sell the house on his own. Usually, the house sits 18 days to 3 weeks longer on the market than a house being sold by a realtor.
Realtor – A house can be sold by a real estate agent in 2 months or less. The time frame also depends on the features of your house i.e. whether they are trending in the market or not.
3. Stress on Seller
FSBO – FSBO-ers are always worried about one thing or another regarding the documents of the house. They are 70% more stressed than people who work through a real estate agent. They have to tackle everything themselves; the packing, the staging, the sale and moving.
Realtor – Realtors have resources, which they recommend to homeowners. From legal paper work to repairs and finance, everything is taken care of by someone else.
This is why working with a real estate agent is a much better option than taking the FSBO route. Not only are you stress-free but you make a pretty profit on the sale too! Before putting up your home for sale in Farmington Hills, Michigan on the market, why not get it appraised by experts. Visit Homes2MoveYou now and get yourself a real estate professional like me to guide you through the process. 248-790-5594
How Comparable Sales are Use to Price Your House
Comparable sales are one of the biggest weapons in the real estate agent’s arsenal that he uses to set the sale price of your house. It involves looking at the previously sold neighboring houses and drawing comparisons based on its features. Of course, the current market value tells you a lot about how much the house can be sold for but if you want to find out the sale price to the last dollar, then looking at comparable sales will give you a clear idea on how high you can go on your asking price.
The reason why this step of the home-selling process is best handled by a real estate agent is because they have been inside hundreds of houses. They know what features impress buyers and what they see as frivolous and a waste of money. So, if you are planning to go the FSBO route to save on the commission, know this that you might lose a winning deal.
How Comparable Sales Help In Setting the Asking Price
Your home for sale in Oakland County, Michigan is valued on many factors, which include:
Location: The closer the comparable sale is to your house, the better the chances are that it has the same layout.
Home Type: From the square footage to the construction material, home style including the number of rooms, basement and attic… everything is taken into account.
Upgrades: Any upgrades that you have made in the past year are included in the comparable sale. However, if these renovations do not match the basic requirements of the buyer, you might not see any ROI.
Date of Sale: When using comparable sales, make sure the house was sold within the 90-day window.
Sale Sweeteners: If the comparable sale offered sale sweeteners such as paying for the closing costs or low down payment, then you will have to lower the asking price of your house or offer the same benefits.
Insider Insights Allow Real Estate Agents to Settle on the Price
Subdivisions present a problem when selling your home for sale in Oakland County, Michigan because they are different than the comps. However, since the real estate agent has insider knowledge about the comps in your areas, they will be able to negotiate on the asking price with the buyer based on other factors such as land value and major repairs.
This way, even if the buyer comes back with a counteroffer, you will be able to show him the comps as proof that the house is in fact valued just right. Of course, at this point you can use sale sweeteners to entice the buyer. However, even this should be done keeping in mind that you are not giving away something that will cost you more.
In such cases, what you can do is offer home insurance or kitchen appliances for free. These big gestures will show the buyer that you are willing to offer something in return for the high asking price on the house.
They Pick the Right Home Listing Price
Say, there are about four comps in your neighborhood. Some of them were sold cheap and some of them were sold at a high price. At this step, the real estate agent evaluates each and every feature of the house from the quality of the paint to the durability of the roof and more to set the right asking price to the last dollar.
So now you know why having a real estate agent is so important when it comes to setting the asking price on your house. Looking for a real estate agent to help you put up your home for sale in Oakland County, Michigan? Visit my website Homes2MoveYou or you can reach me at 248-790-5594 for the right listing price.
When you hire a home inspector for your home for sale in West Bloomfield, Michigan, you are often afraid of losing the house because this is the time when the house reveals its secrets. When the home inspection goes on for long, you become disappointed that you have to let go of your dream house.
However, why retract the offer when you can come up with a counteroffer? Yes, there might be a few repairs but those can be easily dealt with if the seller agrees to offer you a few warranties or other incentives.
Let’s have a look at what this inspection holds for you and your dream house:
The first thing you need to do is stop worrying about the home inspection. The inspector will make sure that all problems are noted down. These problems are invisible to an untrained eye, so you can trust the inspector. Once the report is in your hand, consult with your real estate agent and come up with a counteroffer if you don’t like the results.
The Connection between the Inspection Report and the Appraisal Value
As mentioned earlier, major repairs in the report can affect the appraisal value of the home for sale in West Bloomfield, Michigan. If the seller lied on the home inspection report, then according to the State Law, he has to cover all the repairs.
The report covers the following areas:
The report provided by the inspector covers the following things:
- Repairs in the house
- How the repairs can be tackled
- Repair costs
Hiring a Home Inspector
Before hiring a home inspector, ask him the following questions:
- How much experience do you have in this field (5 years is a good number)
- Are you licensed?
- Explain to me your charges?
- Can I see a sample report?
- How much time will it take to make the report?
- Which areas do you check and which ones do you leave out?
- Water pressure
- Attic leaks
- Electrical wiring
- Strength of door and window frames
- Installation of safety features (smoke and carbon monoxide detectors)
- HVAC system
- Lead paint
Negotiating – Preparing the Counteroffer
Once you have the report in your hand, calculate the cost of the repairs and compare it with the house’s value? Is it worth it? By law, the seller is only required to fix anything that:
- Compromises safety
- Violates building code
- Might cause structural defects
Now is the time for you to negotiate. Here, you have two options:
- Tell the seller to make the repairs (ask for the invoice)
- Present the seller with a counteroffer, in which you have lowered the house’s price in exchange of you taking care of the repairs
So, there you go… these are the surprises you need to look for when buying a house. This is why, better get the home appraised before the home inspection, so that you are one step ahead. If you want to buy a home for sale in West Bloomfield, Michigan that falls under your budget and has all the features you need, then visit Homes2MoveYou. Get in touch with a real estate agent and start seeing houses in areas of your liking.
Getting eyeballs on your open house can be a challange especially when there are multiple open houses taking place in the same neighborhood simultaneously, you’re going to want to find a way to make your property the most memorable one in town.
Aside from keeping the home immaculately clean and staged to perfection, there are other, decidedly more interesting strategies that some Realtors® use to leave a lasting impression in the minds of would-be buyers.
Take a look at these innovative ideas that’ll take your showing from “so-so” to “sold.”
1. Strike up the open house band.
Music creates a unique vibe and works as an easy ice-breaker in almost any setting, which explains why some Realtors® choose to turn up the volume on an otherwise-quiet open house by bringing in a band.
Let the style of the home, time of the year, and area of the country dictate which kind of music you select. From a string quartet to a bluegrass band, potential buyers will remember a house with an unforgettable soundtrack.
2. Host a raffle.
Who doesn’t want in on an opportunity to win something? Hosting a raffle, in which visitors enter by leaving their pertinent info, is a fun way to collect leads and generate a positive feeling toward the property. From a flat screen TV to a gift card to a local garden center, a giveaway can go a long way toward getting people excited about a home.
3. Sell more than just the house.
Few things cause drivers pull over to the curb and get out of their cars faster than garage sales. Chances are sellers have plenty of items they don’t wish to drag along to their next dwelling, so hosting a garage sale on the same day as the open house kills two birds with one stone while generating massive foot traffic.
4. Provide snacks & drinks.
Let’s be honest: Shopping makes you hungry. Offering out-of-the-ordinary treats for potential buyers leaves a nice taste in their mouths — literally. Fixins such as fresh fruit and finger foods may just make peckish visitors linger and take a longer look at the home. Embrace the season by featuring items like warm apple cider in the fall or hot cocoa in the winter.
5. Stage an art exhibition.
Artwork adds instant sophistication to any space. Partnering with local artists and galleries and showing off some original masterpieces is a mutually beneficial arrangement that will definitely get visitors talking about the home. Sculptures in the garden are an equally nice and unique touch.
6. Time it just right.
Who says your open house needs to take place between 2 and 4 p.m. on a Sunday? If your favorite part of the home is the view of the spectacular skyline or stunning sunset, your buyers will probably feel the same way.
Instead of hosting an open house during a time that doesn’t show off that eye-catching feature, schedule it for the ideal period that showcases its most appealing aspect and really dazzle your prospects.
7. Celebrate the season.
If you’re selling during a holiday season, have some fun by dressing up the house to really get into the spirit. Halloween decorations, a backyard Easter egg hunt, or Christmas carolers add a bit of intrigue and separate one home from another in the minds of buyers.
8. Turn it into a party.
Really show off the home’s full potential by creating a fun and unforgettable scene. If the backyard is the place to be, fire up the barbecue. If the home theater is the spot that get the deal done, throw on a classic film and rent an old-fashioned popcorn machine. Does the gourmet kitchen garner the most interest? Host a cooking demo and watch buyers salivate!
9. Keep the kids entertained.
Kids running amuck at an open house is every Realtor® and seller’s nightmare. Eliminate this issue by providing activities that will entertain small but curious visitors so their parents can turn their full attention toward the home. Outdoor arts and crafts, a backyard karate class, or even a magician prevent little wanderers from locking themselves in the bathroom while allowing Mom and Dad to focus on their potential new address.
Spring is traditionally an active time for real estate. There is an abundance of inventory and home buyers actively looking. If you are thinking about buying or listing this Spring, this blog offers Farmington Hills Spring real estate market information.
The Spring is usually a less busy season for most families. During the Fall months, back-to-school is busy for families with children. November and December is occupied with the holidays. Early in the year comes tax season. Only after that do schedules clear up for most. The sun is out longer, the climate gets warmer, and people generally take on more during the Spring. As a result, Spring is a more active time of year for real estate.
Volume of Listings
Sellers usually think that their homes look best in the spring and summer months and that this will lead to a better sale price. They naturally begin fixing up the outside of the property as the temperature increases and trees start to grow. The extended days also grant a little extra time for these tasks. The Spring usually brings an influx of new properties to the market as a result. This also means higher competition, so home owners must think carefully about pricing their properties properly to accomplish a prompt sale. They should also simplify the showing process. Buyers may pass up properties with complicated or restrictive showing options. With well thought out pricing and showing procedures, Sellers can take advantage of the Spring real estate market.
Buyers also have more time to spend on their property search during the Spring and like seeing more inventory. Unfortunately, inventory is fairly low in most places,… well below market demand. Potential buyers will need to decide quickly in such a market, particularly for homes in great condition.
Farmington Hills Spring Real Estate Market Information
To take advantage of the Spring real estate market, get advice and guidance from a skilled real estate professional. For sellers, it is essential not to overprice or lose marketing time. Buyers can keep updated on new listings with tools from a real estate agent. It is also important for buyers to maintain perspective. With some guidance, you can accomplish your real estate goals for this Spring.} For more Farmington Hills Spring real estate market information, contact Tom Gilliam at RE/MAX Classic by calling 248-790-5594 or emailing [email protected]