BUYING NEW CONSTRUCTION VS A RESALE HOME IN FARMINGTON HILLS, MI

BUYING NEW CONSTRUCTION VS A RESALE HOME IN FARMINGTON HILLS, MI

Buying New Construction vs A Resale Home in Farmington Hills, MI – If you’re currently in the market to buy a home in Farmington Hills, you’ll undoubtedly be faced with a number of important decisions. A key decision right off the bat is whether to buy a newly-built home or purchase an existing property. Your answer is likely to depend on your lifestyle preferences, the priorities you put on features like high energy efficiency and budget when it comes to repairs and capital improvements.

There’s a lot to consider and it’s important to look at all of the variables before making any final decisions. Let’s look at the advantages and disadvantages of both new construction and resale homes:

ADVANTAGES OF BUYING A NEW CONSTRUCTION HOME IN FARMINGTON HILLS MI

With new construction, not only is everything shiny and new, but you get things just the way you want them. Here are some of the advantages of buying a new home to consider:

  • Brand new construction with active warranties
  • Customizable floor plans
  • Cost of upgraded features and appliances can be folded into the mortgage
  • Green appliances for better energy efficiency
  • Financing available through the builder, making it easier to qualify for a mortgage
  • Fewer maintenance costs associated with repairs or renovations
  • Resale homes may provide more opportunities for home improvements.
  • New construction homes are built with new materials and appliances, so less maintenance is typically required compared to resale homes.
  • New homes often have more safety features and fewer health hazards because they conform to current building codes.
  • The home’s major appliances and systems typically include manufacturers’ warranties.
  • New construction will typically feature modern architecture and layouts such as larger great rooms, bigger closets, and additional bathrooms, and don’t include the formal dining and/or living rooms that you’ll find in older homes.
  • Newly-built homes typically have better insulation due to better windows, more efficient heating and cooling equipment, and greater use of insulation.
  • New construction is often made with materials requiring less maintenance, such as aluminum siding, vinyl windows and pressure-treated wood decks that resist rot and insects.
  • New homes are easier to customize. Buyers can often choose a number of details from the get-go such as floor plans, paint colors, cabinets, flooring, faucets, light fixtures, etc.
  • New construction is more likely to be wired with new technologies in mind, such as security systems, multiple phone lines, high-speed Internet connections, and extra cable outlets.
NEW CONSTRUCTION DISADVANTAGES

There are a few downsides to buying new construction. Knowing the pros and cons can help you decide if a new home is right for you. The downsides include:

  • New construction tends to be more expensive than resale properties
  • Location may not be ideal (lack of schools and shopping opportunities, possible longer commute)
  • Property values are unknown
  • Lacking in uniqueness and character – cookie-cutter and possibly  design
  • Ongoing construction in the neighborhood
  • Greater Tax Burden
ADVANTAGES OF BUYING A RESALE HOME IN FARMINGTON HILLS, MI

You may prefer to buy a resale home, knowing that the home has stood the test of time. Resale homes are not without their benefits, including:

  • Housing styles have changed with time and you might favor more traditional layouts and features.
  • Older houses and neighborhoods may have more character and charm along with mature trees and landscaping.
  • Resale homes typically come with more opportunities to negotiate on price compared to new construction.
  • Resale homes tend to be less expensive than newly-built homes and are more likely to come complete with items that may cost extra with a new home, such as blinds, landscaping, built-ins, etc.
  • Resale homes typically come with more land than newer homes as a result of changes in land-use patterns.
  • Resale homes tend to be less expensive than new properties and are more likely to come complete with items that may cost extra with a new home, such as blinds, landscaping, built-ins, etc.
  • Resale homes often have more traditional layouts with areas like formal living and dining rooms.
  • Property values can be determined before purchase
  • Lower tax profile
 RESALE HOME DISADVANTAGES

Unfortunately, there are also possible downsides to purchasing a resale home, such an as:

  • Smaller inventory of acceptable properties
  • May require extensive repairs and/or renovations
  • Fewer amenities/older appliances
  • Financing can be more difficult
  • Competition from competing buyers
  • The neighborhood may be in decline
COST CONSIDERATIONS

One of the major concerns that all home buyers have is cost and there can be a big between the price of a newly-built home and that of a resale home. Depending on the terms of your mortgage that can add up to significant savings over the life of your home loan.  In addition to the price of the purchase, there are also the costs of ownership to be considered.

New homes are typically more energy-efficient than older houses, having been built with newer building materials, better insulation, and state-of-the-art tech. Older homes tend to be less energy efficient, and that can lead to higher monthly expenses.

REPAIRS & RENOVATIONS

It’s also important to consider the need for any repairs or renovations to the property you are buying. New homes are unlikely to need any significant repairs for at least the first 5 – 7 years, and in most cases, those repairs are covered under warranty. The opportunity to customize your home during the building process – changing the floor plan, adding in closet space, or upgrading to state-of-the-art appliances – also eliminates the need for any major renovations.

Resale homes, on the other hand, may need some repairs or renovations that will ultimately increase the total cost of the purchase. Most experts agree that you should have the property that you’re interested in purchasing inspected beforehand and that you allow for the cost of future repairs and renovations when considering the total cost of the home.

PROPERTY TAXES

Because older homes are typically less expensive, they fall into a different tax base than newer homes. While this shouldn’t be a deciding point when choosing between a new home or a resale property, it is an important consideration. It can be helpful to look at not only the current rate in an area but to compare how the rate has changed over time.

RESALE VALUE

You may plan to live in your next home many years, but at some point, most people sell a given home for any of a myriad of reasons. You may decide to move to a bigger home to accommodate a growing family, downsize when your children are gone, or move for a job, etc. While the new construction home you decide to sell will no longer be new, a five-year-old home will often be more desirable than a 25-year-old home at resale.

THE TAKEAWAY

The decision to buy a new construction home vs a resale home in Farmington Hills is ultimately best made by each home buyer. Know the advantages and disadvantages of the various homes in the area and then weigh your options. Also, make sure to include the different types of financing you can secure depending on the type of home you can buy as well.

PARTNER WITH TOP FARMINGTON HILLS MI REALTOR®  – TOM GILLIAM

Whether you’re interested in Farmington Hills MI homes for sale or it’s 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, keep you informed every step of the way, and will go above and beyond to ensure a smooth and successful transaction.

To find out more about buying or selling Farmington Hills MI real estate, please contact Tom directly 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: [email protected]
License #301741

BUYING A HOME IN NOVI MI WITH LITTLE OR NO MONEY DOWN IN 2020

BUYING A HOME IN NOVI MI WITH LITTLE OR NO MONEY DOWN IN 2020

Buying a Home in Novi MI with Little or No Money Down in 2020 – For many first-time homebuyers, coming up with the down payment can be one of the biggest hurdles to buying a home in Novi MI. Even in a modest market, a traditional 20% down payment can easily amount to tens of thousands of dollars. The good news for homebuyers, with limited cash-on-hand for a down payment, is that there is a bevy of mortgage programs requiring little or no money down that are available to the general public.

Search Homes for Sale in Novi MI

It’s actually a common misconception that “20% down” is required to buy a home. In today’s U.S. market it’s possible to buy a home with little or zero money down. FHA loans (3.5% down), USDA loans (0% down), VA loans (0% down),  HomeReady™ Mortgage (3% down), and Conventional 97 loan (3% down) offer no or low down payment options with a little as 3% down. Mortgage insurance premiums typically accompany low and no down payment mortgages, but not always.

Let’s unpack the no or low-money-down loan programs listed above and see if one is the right fit for you:

FHA LOANS

The FHA doesn’t actually make loans, it’s an insurer of loans. The FHA publishes a series of standards for the loans it will insure, and when a bank underwrites and funds a loan that meets there specific guidelines, the FHA agrees to insure that loan against loss. The FHA will typically insure a home loan for a borrower with low credit scores (500) so long as there’s a reasonable explanation for the low FICO. The FHA allows a down payment of just 3.5 percent in all U.S. markets.

Mortgage insurance premiums are paid upfront at closing, monthly thereafter. FHA’s 2019 minimum national loan limit, or floor, of $314,827 is set at 65% of the national conforming loan limit of $484,350. This floor applies to those areas where 115% of the median home price is less than the floor limit. Any area, where the loan limit exceeds this floor is considered a high-cost area, and FHA sets its ceiling for high-cost areas at 150% of the national conforming limit.

USDA LOANS

The U.S. Department of Agriculture offers a no-money-down or 100% financing mortgage. The program is formally known as a Section 502 mortgage, but, more commonly, it’s called a Rural Housing Loan. The USDA Rural Housing Loan is not just a rural loan and is available to buyers with low-to-moderate income in suburban neighborhoods as well. USDA Loans offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.

Many people automatically assume that since the program is meant for low to medium-income borrowers, there’s a limit on what homes they can buy. However, the USDA doesn’t have set loan limits as with VA or FHA loans but bases the maximum loan amount on the borrower’s ability to qualify. Eligible borrowers will be hard-pressed to find a home loan program that offers more favorable terms.

VA LOANS

The VA loan is a no-money-down program available to members of the U.S. military and surviving spouses. VA loans are guaranteed by the U.S. Department of Veteran Affairs and are provided by private lenders such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. The VA doesn’t approve the loan but establishes specific rules that lenders must follow in order to receive the VA guarantee.

One of those rules limits how much you can borrow based upon a formula called the debt to income ratio, or simply “debt ratio. Your VA debt ratio is a number expressed as a percentage and is calculated by dividing certain debt obligations by your gross monthly income. According to VA lending guidelines, $2010 is the maximum allowable amount you may have for a mortgage payment including principal and interest, taxes and insurance.

HOMEREADY™ MORTGAGES

HomeReady mortgages are a line of conventional home loans offered by Fannie Mae that are meant to help low and moderate-income borrowers buy or refinance. HomeReady loans reduce the typical down payment and mortgage insurance requirements and are also more flexible about allowing contributions from other people. This makes HomeReady an ideal choice if you’re relying on others to help fund your home purchase. Backed by Fannie Mae and available from nearly every U.S. lender, the HomeReady™ mortgage offers below-market mortgage rates, reduced mortgage insurance costs, and the income of everybody living in the home can be used to get mortgage-qualified and approved.

Designed to help multi-generational households get approved for mortgage financing. HomeReady™ home loans can be used by anyone in a qualifying area or who meets household income requirements. HomeReady Mortgage advantages include more affordable mortgage insurance premiums, lower down payment and credit score requirements, family or friends can co-sign on your home loan, and income from others living in your home can help you get approved. HomeReady mortgages provide the greatest benefit to people who plan to share the costs of the loan with other family members.

CONVENTIONAL 97 LOANS

Conventional 97 loans are a type of low down payment mortgage for first time home buyers or buyers that have not owned a home in the last 3 years. Borrowers only need to come up with a 3% down payment, which then creates a mortgage balance of 97% loan to value (LTV), hence “97” in the mortgage product’s name. This program is offered by Fannie Mae.  For many homebuyers, it’s a less-expensive option compared to an FHA loan. The Conventional 97 mortgage allows for its entire three percent downpayment to come from gifted funds, so long as the gifter is related by blood or marriage; or via legal guardianship or domestic partnership; or is a fiance/fiancee.

Search Homes for Sale in Novi MI

With a Conventional 97 Loan, the loan size may not exceed $510,400, even if the home is in a high-cost market. The property must also be a single-unit dwelling, and the loan must be a fixed-rate mortgage (no ARMs). There is no specific minimum credit score beyond that for a typical conventional home loan.  The Conventional 97 program takes into account how much of a borrower’s monthly income goes toward paying debts. To qualify for the Conventional 97 program, your Debt-to-Income ratio (DTI) should not exceed 43%. This means all of your monthly debt payments, plus your expected mortgage payment, cannot exceed 43% of your gross income.

HOW MUCH HOME CAN YOU AFFORD?

If you are currently thinking about buying a home in Novi MI, you’ll want to determine how much home you can realistically afford. Start with your monthly budget and determine what you can comfortably pay for a home each month. Use one of the many free home-affordability calculators that are available online. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.

PARTNER WITH TOP-RATED NOVI MI REALTOR® – TOM GILLIAM

If you or someone you know is considering buying a home in Novi MI, please give top-rated Novi MI REALTOR® – Tom Gilliam a call today at 248-790-5594. Tom will put his knowledge, skills, dedication, and 20 years of experience to work for you!

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

WHY FARMINGTON HILLS MI HOME SELLERS NEED QUALITY REAL ESTATE PHOTOS

WHY FARMINGTON HILLS MI HOME SELLERS NEED QUALITY REAL ESTATE PHOTOS

Why Farmington Hills MI Home Sellers Need quality Real Estate Photos – There are many details to be handled when selling your Farmington Hills MI home from preparing your property for the market, pricing your home correctly, taking quality professional real estate photos, marketing your home, negotiating offers, inspections, and so on.

With a top-rated Farmington Hill MI real estate agent like Tom Gilliam by your side, you can rest assured that every detail of selling your home will be handled on your behalf to your complete satisfaction. Tom will utilize every proven marketing resource available to help you sell your Farmington Hills MI home quickly and for top dollar.

For the purpose of this article, we are going to focus on the importance of quality, professional real estate photos when selling your Farmington Hills MI home. Studies reveal that professional real estate photos can help a listing sell faster and for the highest price compared to homes without quality professional photos.

As the saying goes, “a picture is worth a thousand words,” and in real estate, quality, professional real estate photos can make a huge difference in how quickly your home sells. Professional quality photos can help increase the number of people clicking on your listing and are often what pique a buyer’s interest in your home, prompting them to take the next step with their real estate agent.

According to the National Association of Realtors®, 92% of buyers use the internet to shop for a home. Real estate listing photos are particularly important when it comes to home shopping online. 95.1% of buyers first look at pictures over everything else on a listing. Without photos, many buyers won’t even bother clicking on a listing. And only after the photos caught their attention did they move onto the property description section.

For a home to sell quickly and for the highest price possible, it will need to entice as many prospective buyers as possible. Buyers tend to formulate a first impression of a property based on the online listing. As a result, web appeal has become the new curb appeal and why you need quality listing photos that show your home in the best possible light.

The quality of your photos and their ability to effectively highlight the condition of the home, the level of finish, quality of materials, and the size, are all important factors to consider. Your listing must have a strong visual appeal, and the primary exterior photos of your home are critical.

Below are a few tips to ensure that the primary exterior photos of your home show off its best features:

  • Mow the lawn & trim the bushes.
  • Store away outdoor items like bicycles, children’s toys, lawn furniture, equipment, tools, etc.
  • Replace a worn-out welcome mat with a new one.
  • Place a pot of colorful flowers or an evergreen plant on your front porch.
  • Power-wash your driveway, walkway, and the exterior of your home.
  • Edge the grass around walks and trees and add fresh mulch to your planting beds.
  •  Add or upgrade outdoor lighting (buyers often drive by your home at night).
  •  Place a seasonal wreath on your front door.

A strong, real estate photo will focus more on the buildings/rooms architecture, design, and space rather than on furniture and decor. That being said, well-furnished rooms and spectacularly staged photos attract homebuyers by helping them envision their new life in your home. It’s best to remove everything that distracts from your purpose of making the home look attractive such as extra furniture, clutter or personal items.

Quality real estate photos need the right light, angles, and composition to capture emotion, structure, and beauty. In addition, most real estate websites are designed to work best with horizontal (landscape) images. A mixture of horizontal and vertical images within a property listing can be distracting for your viewers.

PARTNER WITH TOP-RATED FARMINGTON HILLS MI REALTOR – TOM GILLIAM

Farmington Hills MI REALTOR® – Tom Gilliam has the expert knowledge and connections to professional photographers who can produce high-quality photos that appeal to buyers. He only works with the best real estate photographers who have an eye for the right angles and best lighting and the ability to capture the best features of your home.

Tom incorporates the most effective and cutting-edge marketing approaches for getting your home in front of as many potential buyers as possible. Your property will get exposure on all the major sites like Zillow, Trulia, Realtor.com, Movato.com, Homes.com, and many others. 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.

If you or someone you know is considering buying or selling a home in Farmington Hills MI, please give Tom Gilliam a call at 248-790-5594 and he will put his years of experience and expertise to work for you.

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

 

HOW IS THE CORONAVIRUS SHAKING UP THE HOUSING MARKET?

HOW IS THE CORONAVIRUS SHAKING UP THE HOUSING MARKET?

How is The Coronavirus Shaking Up the Housing Market?  – Mortgage rates have plummeted since the beginning of the year as a result of market movements in response to the coronavirus. In the most drastic actions since the 2008 financial crisis, the Federal Reserve, a.k.a. the Fed, cut its benchmark interest rate to near zero. The Fed doesn’t actually set mortgage rates; It determines the federal funds rate, which generally impacts short-term and variable (adjustable) interest rates.

This is the rate at which banks and other financial institutions lend money to one another overnight to meet mandated reserve levels. The Fed raises or lowers the federal funds rate to influence the direction of the U.S. economy toward strong employment and stable inflation. One of the Fed’s goals with a rate cut is to make borrowing less costly.

When the federal funds rate decreases, it becomes less expensive for banks to borrow from other banks and those lower costs can be passed on to consumers in the form of lower interest rates on mortgages, home equity lines fo credit, credit cards, and other loans. Lending standards also tend to relax, and people who were previously unable to obtain a mortgage because of lack of down payment or poor credit have an opportunity to borrow that was previously unavailable.

According to realtor.com, some people may feel the need to buy or refinance now so they don’t miss out, but uncertainty about the spread of the coronavirus has many people on edge about buying or selling. “It doesn’t mean that we won’t still see sales. But I would expect fewer crowds at open houses says Danielle Hale, Chief Economist at Realtor.com.  She said that she would also expect more shopping online.

SOCIAL DISTANCING

NAR reported a decline in listings across the country, and a survey released on Thursday indicates that nearly half of REALTORS® report decreased interest from home buyers. “If buyers are hesitant to go shopping because they want to avoid contact with others, this could dampen home sales directly,” said Hale.

“As social distancing is practiced by more people for longer periods of time, a slowdown in consumer spending could eventually lead to job loss and lower incomes.  It will be some time before we know whether this action was sufficient to sustain economic growth, but it’s a large and coordinated move that will put households, the housing market, businesses, and the financial sector on better footing” says Hale.”

Hale doesn’t believe home prices will plummet, as they did about a decade ago. That’s because, during the previous financial crisis, there were more homes available than there were buyers. Today, there is a major housing shortage across the U.S., and even now there are many more buyers than reasonably priced properties for sale.

WILL LENDERS LET MORTGAGE RATES GO LOWER?

Another question is emerging in the current near-zero rate environment: Will lenders let mortgage rates go lower? “A big question now becomes what kind of capacity lenders have,” said Tendayi Kapfidze, chief economist at LendingTree TREE.  “If you don’t have enough people to process the volume you’re getting in, you’re not going to lower rates to attract more volume.

Low mortgage interest rates have spurred a refinancing boom from homeowners seeking to lower their monthly payments. Lenders are inundated and that could slow down the mortgage approval process for first-time and other home buyers. And Demand among home-buyers remains elevated, in spite of the short supply of homes for sale.”

Federal Reserve Chairman Jerome Powell said that he expects economic activity to be weak in the second quarter and that the Fed is “willing to be patient” and hold interest rates at zero until “we’re confident the economy has weathered recent events.”

“The uncertainty doesn’t change people’s long-term desire to own a home. They may not be brave enough to jump in and submit an offer now, given all the uncertainty. But they’ll still be looking,” says Hale.

PARTNER WITH TOP-RATED OAKLAND COUNTY MI REALTOR® – TOM GILLIAM

If you or someone you know is considering buying or selling a home in Oakland County MI, please give  Tom Gilliam a call today at 248-790-5594. Tom will put his knowledge, skills, dedication, and 20 years of real estate experience to work for you!

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

 

Pricing Your Farmington Hills MI Home To Sell

Pricing Your Farmington Hills MI Home To Sell

Pricing Your Farmington Hills MI Home To Sell – Deciding on the right list price is often considered to be the first big challenge many home sellers are faced with. Luckily, you have a few resources at your disposal to figure out where your house stands among the crowd. You can definitely do your own research on property sites online to get insight into the market and your home’s value. 

Online property sites like realtor.com®, Zillow, and Trulia, and others can give you a sense of local real estate trends, including your area’s median listing price, median closing price, and the average price per square foot. But, don’t be afraid to contact an experienced Farmington Hills REALTOR® like Tom Gilliam for expert advice and guidance.

Tom can provide you with a Comparative Market Analysis (CMA), which is a compilation of recent sales from your area. A CMA will take into consideration comparable home details, days on the market, final sale price, and more.

Searching Comparable Homes On Your Own

 If you decide to start searching comparable Farmington Hills MI homes for sale on your own, they should have the following criteria: 

  • Be within one quarter to one-half mile from your property
  • Have been listed within the last 3 months.
  • Be close to the same age as your property.
  • Have square footage within 10% of your property. For example, if your home is 1,700 square feet, you should look at comparable homes between 1,530 and 1,870 square feet. 
Pricing Psychology 101 

There is actually proven psychology indicating that homes priced just under a century number or a rounded number are more attractive to buyers. For example, a home that is priced at $299,999 might seem more approachable than if it were priced at $300,000. Also, pricing your home at an obscure number such as $298,913 could appear distracting or not make sense to prospective buyers.  

Online Property Search Ranges  

Most real estate websites list homes for sale within a price range so consider the price range your home will fall into. Buyers will often have a specific price range they are considering or can afford. Buyers looking at homes between the $275,000 to $300,000 price range will likely not see your home if it is listed at $305,000. However, if you were to choose a listing price such as $299,999, it would be included in their search results.

Expired Listings in Your Area 

Take a look at expired listings in your area to gain insights on pricing your Farmington Hills MI home to sell. Compare original list prices of recently sold homes with their final sale prices. Were there multiple price reductions to get a sale? Perhaps the original list process was too high.  

Remain Objective 

When selling your home, you’ll need to put aside your emotional attachment to it. Get into the right mindset by thinking of it as an opportunity for you to move on to the next exciting chapter of your life rather than a loss. Also, be objective while taking a look at what else is selling in your area around the same price, and ask yourself if these homes are worth more or less than yours. 

Lowering the Listing Price  

Even with the best research, home sellers will often come to the conclusion that they’ve listed their property too high. According to the Zillow Group Consumer Housing Trends Report 2019, 60% of sellers change their listing price at least once. As soon as you recognize that you’ve overpriced your home, make an accurate adjustment. The right price can attract buyers, quickly. The wrong price may mean the house lingers on the market, which can create the vibe among buyers that there’s something wrong with it.

Pricing Your Home for the Current Housing Market

In order to price your house to sell, you’ll want to keep in mind the following market factors:

Inventory Supply & Demand:

If your home is one of 20 comparable listings in your neighborhood, you may have a hard time getting the price you want, since supply outweighs demand. But, if it’s a hot market and you’re home is one of just a few listings available in your area, you may be able to get your asking price, or even higher.

Seasonal Market:

In the majority of housing markets across the U.S. spring is considered the best time of year to sell a home. The weather is getting better and families want to move during the summer break before school starts back up. Fall is usually considered second-best, as most people are back in town from their summer vacations. Winter is typically the slowest season, not only because of bad weather, but people tend to be focussed on the holidays.

Buyer’s Market 

In a buyer’s market, you need to be priced slightly lower than the competition, because there are more homes for sale than there are buyers in the market.

Seller’s Market:

In a seller’s market, you can add about 10 percent to a comparable sale, since inventory is limited and buyers are competing for fewer homes.  

Neutral Market:

In a neutral real estate market, there’s a balance between the number of buyers and the number of homes for sale. In a neutral market, you’ll want to keep an eye on comparable properties in your area to make sure your pricing is similar.

Turn to a Local Expert Like top-rated Farmington Hills REALTOR® –  Tom Gilliam

A qualified Farmington Hills MI REALTOR® like Tom has real-world experience in your community, knows the nuances of your area’s micro-market, can expertly assess how your home compares to those recently sold in your area and can tour your property to determine where it fits within the current marketplace. Tom will consider online market data as well as rely on first-hand knowledge about your home and the neighborhood to better inform your listing price.  

If you or someone you know is considering buying or selling real estate in Farmington Hills, MI, please give Tom Gilliam a call today at 248-790-5594. Tom will put his knowledge, skills, dedication, and 20 years of local real estate experience to work for you!

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

Top-rated Farmington Hills MI School System

Top-rated Farmington Hills MI School System

Top-rated Farmington Hills MI School System – Farmington Hills is a diverse community of over 80,000 residents located in Oakland County, the most prosperous county in Michigan. One of the northern suburbs of Detroit, Farmington Hills has earned the reputation of being a desirable place to live, work, and raise a family. It’s a welcoming community that boasts a high satisfaction rate among residents. 

The area is known for its historic downtown, and one of Michigan’s top-rated public school systems, For parents with school-age children, the quality of a school district is often one of the primary deciding factors on where to live. Farmington Hills is served by the Farmington Public School District, which has an exceptional academic record. 

The school system serves over 10,000 children and offers award-winning educational programs, as well as highly-rated music and athletic programs. Students in Farmington Public School District consistently score above state and national averages on standardized tests and the district’s International Baccalaureate (IB) program has received the highest endorsement possible – “World School.”  

The district boasts the largest Career and Technical Education (CTE) department in Oakland County, with nine state-approved programs running at all three high schools and one additional state-approved program running at North Farmington High School. More than 60% of students at each of the three high schools participate in these courses.

Students regularly earn honors as AP Scholars, All-State Academic winners, and National Merit Award winners. Most recently, nine students earned the distinction of being named National Merit Scholars, and two were finalists for National Achievement Scholarships.

Students also excel in State and National competitions like Destination Imagination, WordMasters, PTA Reflections, Math Pentathlon, HOSA, and Robotics to name just a few. The combined high school robotics team, Hackbots, has earned the honor to compete in the First Robotics World Competition three times. 

Approximately 751 students took Advanced Placement exams and 69% qualified for college credit on at least one exam in 2017 – 2018, which saves hundreds of dollars of college tuition for families. Last year, Farmington Public Schools graduated 792 students and approximately 95% of students went on to a four-year university, community college, or trade school.  

Farmington Public School District schools include: 

High Schools:

Middle Schools:

Elementary Schools:

K-8 Schools:

Early Childhood Learning Centers:

For higher learning, there are 72 colleges within 100 miles of Farmington Hills. The nearest colleges withn a 16 mile radius include Schoolcraft College, Lawrence Technological University, Madonna University, Michigan Jewish Institute, Oakland Community College, Yeshiva Gedolah of Greater Detroit, Marygrove College, Baker College of Auburn Hills, and Henry Ford Community College.

Boasting a wide range of housing options to suit every lifestyle and price range, an excellent school system, and convenient retail entertainment and dining options, Farmington Hills, Michigan is a great community to put down roots, buy a home, and raise a family!

Partner with Top Farmington Hills REALTOR® – Tom Gilliam

Although the real estate market is always changing, Top Farmington Hills MI REALTOR® Tom Gilliam’s commitment to exceptional, personalized service is something you can always count on.  He will always take the time to listen to your needs and concerns, keep you updated every step-of-the-way, and will do whatever is necessary to facilitate a smooth and successful transaction.

If you’re looking to sell your home in Farmington Hills, Tom incorporates the most effective and cutting-edge marketing approaches for getting your home in front of as many potential buyers as possible. If your home isn’t on the key real estate websites, it will be invisible. Your property will be listed in hundreds of locations all around the Internet and will get exposure on all the major sites such as Zillow, Trulia, Realtor.com, Movato.com, Homes.com, and other many other sites that homebuyers frequently visit.

You can be assured that Tom is fully committed to getting your home SOLD for the highest market price in the least amount of time possible. He is an expert negotiator and will work hard to protect your investment by making sure that no money is left on the table. With Tom as your personal agent, you’ll have the most qualified Farmington Hills MI REALTOR® by your side who will protect your interests, advocate for you, and handle all the details of your home purchase or sale for a smooth and successful transaction.

To find out more about buying or selling Farmington Hills MI real estate, feel free to call Tom 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

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