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.
As a Realtor for 17 years there I personally have never experienced a time like this for Farmington Hills housing inventory and the lack of it. The last time I checked the statistics there were less than 2 months’ worth of inventory currently in the Farmington Hills housing inventory which play into itself and effects more homes to become listings and available on the market for home buyers. It would seem that the very low Farmington Hills housing inventory prevents current home owners to get their homes on the market as they may find themselves in a situation as most home buyers are now.
The Farmington Hills Housing Inventory and the Domino Effects
Although this is a “sellers market” in Farmington hills, the prices of the few homes that are available are priced high, some out of reach for an average buyers income and growing. In a blog post “Farmington Hills Existing Home Sales Dip-Inventory to Blame?” explains how this effects the ability for buyers to purchase a new Farmington Hills home. As a professional realtor I have to put myself in a sellers position in order to clearly see the whole picture to try and determine the reasons for the low Farmington Hills housing inventory in order to service and understand both my home buyers and home sellers position in this market. It is clear that one thing is true, how can one sell if they cannot find another home to move to or find something affordable in the nearby market?
Recovering From The Farmington Hills Housing Inventory
I’m a Realtor not a “fortune teller” but being in this business for quite some time I do know as everything in Real Estate, what goes up must come down and we are starting to see this in our Farmington Hills neighborhoods. As of today there are 221 properties for sale in Farmington hills of those, 92 have had price reductions, which could be a good sign for home buyers currently looking to purchase. It is my belief and my many years of experience is that the sellers market will begin to cool off somewhat this fall in Farmington Hills and more inventory will become available for home buyers as home sellers will head in the winter season needing to sell their homes.
I’m here to help you in all of your Farmington Hills and Oakland County home buying and selling needs, I’m realistic, dependable and know the market that I work in. If you need any help, advise or guidance please give me a call 248-790-5594
Read the Original Article Here: Case Shiller: Home prices continue to reach new highs
Many soon-to-be-sellers ask us how much time, effort and money they should put into Home Seller fix ups. In general, there is no hard and fast rule. It can depend on what type of buyer you are trying to appeal to. If your target buyer is a “fixer-upper” buyer, then obviously your cash outlay may be considerably lower than for a “move-in condition” buyer.
The Three Phases Of Fix-ups
Requires a minimum cash outlay, typically requiring more elbow grease than money. Includes: Mow the lawn. Trim the bushes. Edge. Clean closets, storage areas, garage. Wash windows. Scour the kitchen and bath.
Middle of the road.
The basics plus cosmetic repainting of dingy rooms, repairing broken fixtures, replacing worn carpet, etc.
At this level, major refurbishments come into play, like installing a new roof, updating kitchen cabinets, replacing old systems and appliance.
Why should I replace and update now when I’ll be moving out soon?
Because you’ll increase both the value and the marketability of your home.
Because many of these repairs would be required by the buyer or the buyer’s home inspector anyway. Now is a better time to fix up than the last minute when you’ve got the sale of your home hanging in the balance.
You’ve now got the luxury of time and can seek out the best professionals to help with your projects.
Do buyers like a furnished house better?
If you have a choice, it is usually better to sell your home while it is still furnished. That way, prospective buyers can more easily imagine how it will look when they move in, even though their furnishings will be different. Generally homes that are furnished sell more quickly and for a higher price than vacant homes.
If you have to move out before you sell your home, consider leaving some furniture behind to help give the house a lived-in feel.
Is it better to replace the carpet or offer a carpeting allowance to buyers?
Replacing the carpet to help the house sell faster is a favorite with real estate agents. And there’s a good reason. Taking a shortcut by offering a carpeting allowance doesn’t have the visual impression – or sales impact – of new carpet. Here are some guidelines to be sure the new carpet has the maximum effect:
Select neutral colors.
The color should be neutral or a dull color tone to help the room look bigger. When carpeting several adjoining rooms, the same carpet should be used, if possible – again to make the house seem larger and more unified.
Select high quality pad.
The pad under the carpet is important, and not a place to cut corners. A good pad is dense and resilient, and gives an expensive feel to almost any carpet. Pads come in a variety of materials including rubber, foam, felt, and jute.
Select fiber carefully.
Choose a fiber that suits the area where the carpet will be installed. Carpets are made of a variety of man-made and natural fibers, and often are comprised of popular combinations of fibers. Nylon is durable and resilient, and suitable for high-traffic areas. Olefin is economical and stain-resistant, good for active families. Polyester is soft and elegant, and appropriate for a higher-style area. Wool is a warm natural fiber, luxurious and expensive.
Select loop to match use.
The type of loop should depend on the use. A sheared loop like plush works in more formal areas; a continuous loop, such as Berber, is suitable for children’s play areas.
What’s a cheap and easy way to make your home more attractive to buyers?
Turn on all your lights, both inside and out, when showing your home to possible buyers. Open curtains, drapes and blinds. Light not only helps prospects see your rooms better, light helps buyers see your home as warm and inviting