The “rule of thumb” regarding loans is that your monthly housing payment such as the taxes, bills, insurance, mortgage, etc., should not be more than 28% of your income that you receive every month. When it comes to FHA loans, the balance of ration might be higher. The question that remains is, “How much do I need to borrow when buying your Farmington Hills Home?”
Here’s what you should focus on: it all comes down to “down payment”. The higher the amount you have saved, the easier it will be to get a mortgage loan for your Farmington Hills home.
Let’s clear this up for you. Following is some pertinent information that all homebuyers should know about before buying your Farmington Hills home:
Counting Your Savings
As said earlier, down payment plays the biggest role in the home buying process. If you have 20% down payment saved up, then you don’t have to worry about private mortgage insurance. Let’s say that you saved around $20,000 for the down payment. If the home in Farmington Hills, costs $100,000, then you are building equity from the start. However, if the asking price is higher than this, then you will be charged a PMI anywhere between 0.25% and 2%.
All in all, you will be borrowing less if you have the 20% down payment or more. Moreover, the lender will be more open to giving you a loan and at a low interest rate when buying your Farmington Hills home.
When calculating the monthly payments, factor in your debts too. Aim for a house that will cost you less than 28% of the monthly income. This is because you will be paying down your debts, and any missed payment might result in a penalty
Kinds of Houses Are You Looking For In Farmington Hills?
What are your future plans?
Do you see yourself having a family?
How many kids do you plan to have?
What are your aspirations regarding your job in Farmington Hills?
How is your lifestyle?
Questions like these give you a clear perspective of what kind of house you should buy in Farmington Hills. The price of the house increases depending on the neighborhood and the facilities offered within the community. The number of rooms, backyard, driveway and garage also play a role in the price range. Set a margin and tell your real estate agent to stick to it. Be realistic about your needs.
Be Mindful When Borrowing
Don’t bite more than you can chew! Financial stress is the worst and can quickly lead to depression. So, look for a house in Farmington Hills that falls under your budget and amounts to monthly payments you can easily pay.
Now you understand why it is so important to assess your financial situation before making this move. Look for a house that you think you can spend the next 10 to 20 years in. Changing houses within the span of 5 years will financially bankrupt you. If you want to buy a home for sale in Oakland County, Michigan, that falls under your budget and has all the features you need, then visit Homes2MoveYou.
Winter in Farmington Hills is the perfect time of year for plenty of things: making snow angels, going ice skating, and drinking hot cocoa by the fire are all things that come to mind.
Do you know what else winter is the perfect time of year for winter home buying.
There’s no better time to find your dream home than the winter months. Here are five reasons why winter is the perfect time to find a home:
1. There’s less competition for winter buying
One of the best reasons to purchase a home during the winter is that there’s typically less competition.
Winter isn’t the most popular time of the year to move; kids are still in school and potential buyers with children tend to wait until spring or summer to start looking to avoid having to pull their children out of school. And because there’s less buyers on the market, you’ll face less competition on the homes you’re interested in.
You’re also less likely to face multiple offer situations when the market is less competitive — which means that when you find a home you love and put in an offer, you’re not going to be up against anyone else, which greatly increases the chance of your offer being accepted.
2. Prices are more competitive in winter
Another major benefit of buying a home in the winter is that the pricing is more competitive.
This means that in the winter, you’re far more likely to get a deal on your home than spring or summer. In fact, recent research shows that while buyers paid $1500 more than the sale price of the average US home during the peak spring season. But in the winter? They paid $3100 less.
3. You’ll deal with more motivated sellers
Another plus of buying in the winter?
Because there aren’t as many buyers on the market, sellers are much more motivated to sell — which means they’ll be much more willing to negotiate with you.
That can mean anything from coming down on the price, covering some (or all) of your closing costs, working with you on the closing date, or even throwing in extra appliances to sweeten the deal.
If you buy during the peak season, sellers don’t have as much incentive to negotiate since there’s a lot of competition, so do yourself a favor and buy in the winter when sellers are much more motivated to get their home sold.
4. You get to see how your new home holds up in the cold
If you live in an area with harsh winters, another benefit of buying a home in the winter is that you get to see how your potential new home will hold up in the cold — while it’s actually cold outside.
If you buy during the warmer months, your new home may look great. But when winter rolls around you might find that the chill in the air travels from outside to inside, or that your home is properly insulated to keep ice from building up on the exterior.
Bottom line: When you buy in the winter, you get to see your potential new home’s winter performance before you buy. You can make sure that your house has proper heating and insulation instead of buying in summer and hoping for the best — which can be an expensive mistake.
5. You get to take advantage of your real estate agent’s slow season
Because the winter months are typically slower in the real estate industry, your agent likely doesn’t have as many clients as they would in the peak season — which logically means you’ll probably get more of their attention.
A great real estate agent will always take care of you — no matter how busy they are. But there are only so many hours in the day, and during the peak season, he/she will likely have multiple clients they need to split their attention between.
But less real estate activity in the winter means less clients for your real estate agent, which means they have more time and energy to devote to you and your home search. They’ll be more available to research potential homes, show you new properties, and answer your questions — which will make your home search easier, faster, and more enjoyable.
As you can see, winter just might be the perfect time to buy a home. So bundle up, call your agent, and get out there and find your new home!
Are you planning to take the FSBO route for your Farmington Hills Michigan real estate? Before you put up that sale sign, there’s one thing that we would like to ask:
Can you handle this deal “ALL ON YOUR OWN”?
Your Farmington Hills Michigan Real Estate Agent Benefits You
Let’s not be too hasty by saying “yes”. If you are thinking about saving that commission, which you have to pay to the real estate agent, then we would like to tell you a small fact:
You might not have those savvy negotiations skills that are required to cut a profitable deal… which means that you will be losing money on the sale price.
The one thing that real estate agents excel at is bringing you multiple buyers and selling your house at a price that is higher than you expected. They take care of everything involved in the process such as staging, online marketing, open houses, mortgage advice, closing, deed transfer, etc.
Are you confident you can handle this by yourself?
This is why we believe that hiring a real estate agent is in your and your house’s best interest. Following are five reasons why you should hire a real estate agent when putting up your home for sale:
1. The Right Listing Price
When it comes to real estate, agents have in-depth knowledge about the current market. The price is not simply set but the agent makes evaluations by comparing your home to the comps and then lists your house at the right asking price. This gives you a guarantee that you will get offers from serious buyers.
2. More Buyer Exposure
The moment your Farmington Hills Michigan real estate will go on the market, rest assured, you will receive an offer or three in just a week. Real estate agents have amazing listening and marketing skills. During an open house, they keep their eyes and ears open to gauge the expressions of the visitors, so that they can make the necessary changes to the house.
3. Higher Offers
When yours and the buyer’s real estate agent come together, they think of the house objectively. This allows them to come to a negotiation that benefits both parties.
4. Better Negotiation Skills
Let’s say that during the inspection, your home for sale revealed a nasty repair. There’s a possibility that the buyer might back out of the deal. However, with a real estate agent by your side, you will be able to better tackle this problem. In cases such as these, the real estate agent assesses the situation and then includes incentives in the deal to keep the buyer satisfied.
5. Speedy Closing Process
The closing process involves a lot of paperwork that needs to be stamped, signed and checked at the county’s record office. You need to have connections with the right people, who can move this process along fast. This is where the real estate agent comes in. They make sure that all documents are signed and the deal is closed within the 60 days window.
If you think about it, a real estate agent sort of has magical powers that can help you sell your house for top dollar. If you are looking for such a competent real estate agent who will help you sell your Farmington Hills Michigan real estate then visit Homes2MoveYou and get your house listed now on the website.
As a Farmington Hills homeowner, the selling process can be an overwhelming experience – especially for first timers. Since they’ve never been through the experience of selling a home, many homeowners feel a bit lost as to what they need to do before they can pass their keys over to the next owners. But not to worry! Here’s a checklist for selling your Farmington hills home that covers all the essentials for homeowners getting ready to sell their first property:
Sprucing Things Up
Before homeowners list their home, they will want to handle any minor fixes that might keep them from getting top dollar for their property and spruce things up to make the home more attractive to potential buyers. Some of the important things on the checklist for selling your farmington hills home are:
While every home is different, some areas that homeowners will want to revamp before listing their home include:
Painting is a relatively easy and inexpensive fix, but it can really make a difference in how a home presents. Before listing, homeowners should plan to refresh both the exterior and interior paint.It also helps to use neutral colors when repainting a house that’s about to go on the market. Bold colors can be off-putting or distracting to potential buyers. Using neutral colors like white, beige, or gray, will help potential buyers see the property, not the paint.
Checklist For Selling Your Farmington Hills Home (Landscaping)
The first thing potential buyers will notice when viewing a home is the landscaping. If the yard is in shambles or there are human-sized weeds sprouting from every corner, it can be a deal breaker so follow this short checklist for selling your Farmington Hills Home based on landscaping.
Investing in landscaping upgrades will add to a property’s curb appeal and can help land a higher selling price. If the outdoor area hasn’t been landscaped, adding flowers, small trees and greenery can go a long way. If the property already has a garden, cleaning the area up (including raking, pruning and adding additional plants to fill in any visible gaps) will suffice.
If there are minor and/or inexpensive repairs that need to be done to the property, it can be helpful for the homeowners to take care of them prior to listing. Small repairs, like steam cleaning the carpets or fixing a leaky shower, are quick, easy and inexpensive fixes, but can make a big difference when showing the home.
While homeowners will want to leave more major repairs and remodels for the potential buyers, cleaning up small problems will yield big results when they put their home on the market.
It’s important for homeowners to stage their home in a way that’s appealing to potential buyers and is part of the checklist for selling your Farmington Hills home. Staging can either be done with the help of a professional organizer and decorator or independently, but proper staging should include:
- Decluttering the home
- Removing any personal items
- Reorganizing, rearranging and/or removing furniture to make the home feel more open and spacious
- Thoroughly cleaning the home
Arranging the home to highlight the property’s best features (for example, pulling back curtains to showcase a gorgeous view or moving any furniture that blocks interesting architectural details)
Adding decorative items to enhance the space
Staging a home in a way that appeals to buyers can have a huge impact on the selling process. Professional stagers typically cost a few thousand dollars, but if homeowners want to save the extra cash, HGTV has some great tips on how to best stage a home for maximum impact
Choosing An Farmington Hills Agent
Once the property is ready to be shown to potential buyers, it’s time to find an agent.Choosing the right real estate agent in Farmington Hills is HUGELY important, particularly for first time sellers. Having the right real estate agent representing the property can mean the difference between a quick, painless and positive selling process and a long, drawn out nightmare.When choosing a real estate homeowners should consider:
Does this agent specialize in this type of property and in this area?
Whenever possible, homeowners should work with an agent who possesses a wealth of knowledge and experience selling the type of property they’re looking to sell within their market.
Different types of properties and different markets have different nuances, and working with an agent who understands those nuances can help homeowners sell their home quicker and for a higher price than working with an agent who isn’t as knowledgeable.
What’s the agent’s track record?
One of the best predictors of future success is past success. When choosing a real estate agent, homeowners should ask what their track record of success is. How many homes have they sold in the past year? What’s the average time their properties stay on their market? What percentage of their deals come in at the asking price or above?
Understanding a real estate agent’s past performance can help homeowners understand what they might expect during the selling process and helps to set up proper expectations for both the homeowners and the agent.
What’s the agent’s plan for selling the property?
Homeowners should also ask what their Farmington Hills agent’s plan is for selling the property. What marketing channels will they leverage to make sure the property gets in front of the right people? How aggressively do they plan to market the property? What’s their backup plan should they not be successful with their typical marketing strategies?
It’s an agent’s job to sell a property, but there are many ways to do that. Homeowners will want to find out upfront what their agent’s plan is to make sure it’s in line with what they’re looking for.
Selling a property can be overwhelming for first time sellers. But by following the steps in this checklist for selling your Farmington Hills home, homeowners can benefit from these steps to help in selling their home quickly, easily and with as little stress as possible.
Selling your home is and can be a nightmare while still living in the home, and needless to say It’s one of the largest and most expensive assets most of us will ever own. It’s where we lay our head down at night, the place we make memories and call home. Selling it can be one of the most overwhelming and stressful experiences you may ever go through. So here are some tips for living in your home while it’s for sale to help you through the process:
Yes, make the beds every day!
If you smoke, don’t do it in the house! And if you’ve smoked in the house it would pay to have a restoration company come try to treat it or consider having it completely painted to rid the smell.
If you are selling your house, hire a consultant to do an inspection of the property. A consultant can let you know what changes you can make to make your home more attractive to possible buyers. Sometimes just simple changes like the color of a paint or a change in the landscape can get your house off the market faster.
Dishes up. 🙂
Keep closets and storage areas organized, the larger they appear the better!
If you are selling your residence in the fall, use the colors of the season to decorate your house and help you make a sale. Items like pumpkins or mums are nice accents to place in front of your home; they draw potential buyers into your residence and help make a good first impression.
Keep it smelling nice. If you cook something strange, air it out!
Keep the temperature comfortable and season appropriate.
Staging your house can be one of the most effective tools for selling in a difficult market. Keep your house as neutral as possible, removing personal pictures and painting walls an ivory, light brown, or off white. This allows a potential buyer to picture themselves as the homeowner, rather than you.
Fresh flowers inside and out are always a nice touch.
Keep your refrigerator clean and organized in case they look.
Hiring a Realtor is worth considering when selling your home. Using a Realtor, versus selling on your own, gives you professional advice and opinions, and accurate information for pricing your home. In addition, you’ll receive maximum exposure through MLS listings and advertising. This can help you achieve a faster sale and higher selling price.
Keep your trash cans emptied.
Keep the floors vacuumed.
Another trick to increase your chances of selling your home is to paint all your walls. Choose a neutral color when you do this. It doesn’t have to be a basic white or beige, you can mix it up a little. Try a butter color in the living room or a light blue or green in a kids bedroom.
Keep the yard tidy.
Leave whenever possible and take pets with you; it makes the buyers feel more at ease. You want them to take the time to appreciate your home, right?
Windows are an important part of selling your house. Make sure they’re nice and clean both inside and out. If they’re old, try to fix them up with paint or replace them. You’ll also want to make sure the drapes are wide open to allow natural light into the room.
Don’t talk to the other agent or buyer directly more than you have to. You hired your agent for a reason, so let them do their job.
Be prepared for lights to be left on, doors left unlocked, and heaven knows what else I’ve had happen over the years. It’s not often but it’s also not the exception to the rule unfortunately these things happen sometimes.
Selling a home in the fall may become rather difficult as the market is slowing for the season. Parents do not want to pull their kids out of one school and make them start in another. Be flexible when accepting offers during this time of year or you could find your home still on the market, come spring.
Wait patiently for feedback from your agent. Sometimes it takes a few days to hear back from the other agent and the buyer.
Be as patient as you can throughout the process and try not to blame your Realtor if it doesn’t sell right away. If you chose the right agent, they have no reason in the world not to do everything they can to get your home sold as soon as possible and for that matter, for as much money as possible. They don’t get paid unless and until you get paid.
Leave a bit of wiggle room for negotiations when you are setting up your selling price for your home. Buyers do not like to work with a seller who is not willing to budge, even if the house is priced correctly within the market pricing. You want to appear like you are willing to give a little bit.
Remove any really valuable items. Consider taking them to a safety deposit box or storage unit just to be safe.
Breathe. When it’s meant to sell, that right buyer will come along. 🙂