Farmington Hills Housing Market Report

Farmington Hills Housing Market Report

Knowing whats happening in the Farmington Hills Housing Market can be the difference in your bottom line when buying or selling a home. These daily and weekly reports are full of the Farmington Hills Housing market statistics that matter and can make a difference whether your buying selling, or just interested in your your local Farmington Hills Housing  market is shaping up. As your home is the most important investment you can make in a lifetime it is important to know if it time to sell or buy a new home in Farmington Hills.

Also in this Farmington Hills Housing Market reports you can search any zip code or city to view the market activity in another area of your chooseing.

I work hard to keep my clients informed about the Farmington Hills housing market while they’re buying or selling their home. These weekly reports use real-time data so my clients can make decisions based on what’s happening in the market right now and how the market is changing week by week.

A few questions these reports can help you answer:

Is now a good time to buy or sell? Check the “Market Action Index” to see if the market is heating up or cooling down.
How’s the market in my price range? Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.
What can I get in my price range, and where should I look? Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.

Feel free to share this report with your friends and family, and please let me know if you have any questions about the market or if I can help you in any way

 

CLICK HERE TO STAY INFORMED OF YOUR LOCAL HOUSING MARKET

 

 

Click Here For the PDF Downloadable Version Of This Report 

 

 

Oakland County Quick Home Buying Decision Time

Oakland County Quick Home Buying Decision Time

Most homebuyers in Oakland County Michigan and across the country are not usually open to make a quick home buying decision and view it as a recipe for disaster or a bad decision. In fact Oakland County homebuyers love to look at the many options, different layouts and areas in which to purchase a new home. To make a quick home buying decision many buyers feel pushed into a corner or feel their Realtor is pressuring them to make rash decisions, but in Oakland County Michigan this is not the case at all. Home buyers know that homes are moving faster than ever off the market, to make quick home buying decision is the smart thing to do in Oakland County Michigan.

Quick Home Buying Decision Facts

The fact is, according to a recent analysis the average home took 81 days to sell last year, and is predicted to be even shorter in 2018. Looking at the number of 81 days may not seem quick, but this includes closing which can usually take four to six additional weeks. As we see in our Oakland County Michigan market there are more buyers than available homes on the market causing home buyers to make a quick home buying decision. A recent report from Zillow finds that the average home buyers spends four months searching for a home and makes two offers before being a successful home buyer. What can a home buyer do? First of all expect a process and be prepared to be going against other offers and sometimes multiple offers. Get pre-qualified, know what you want and avoid deal-breakers and know what they are.

The more prepared you are the more likely you will make the best decision, even if it’s a quick home buying decision that you face. The face of the real estate market is always in fluctuation and swings back and forth, but with the still historic mortgage rates and prices’ of home gaining ground at record speed, it is still the best time to become a homeowner. Patience, knowledge, preparedness and a great realtor to guide you through the process can make your home buying experience a pleasant and enlightening one. READ MORE

Please feel free to give me a call as it would be a pleasure to help you through the process of becoming a home owner. Tom Gilliam 248-790-5594

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Mortgage Rate Increases Affect Oakland County Homebuyers

Mortgage Rate Increases Affect Oakland County Homebuyers

Mortgage rate increases have been seen an increase around the Oakland County, Michigan area and there is talk that they may even increase more before the end of the year. Many homebuyers have noticed the increase in home prices but mortgage rate increases are a little bit harder for homebuyers to calculate in the terms of what it will cost them in the long run.

Understand Mortgage Rate Increases

In order for homebuyers to understand how mortgage rate increases will affect them here is a little help. In this model a less than one percent mortgage rate increase would result in a $100 increase in a homebuyer’s mortgage payment. Since the costs of homeownership are influenced by many factors such as what rate at which home prices will increase in Oakland County and what current mortgage rate increases are on the way or forthcoming. Making a specific calculation would be difficult as home prices continue to rise along with mortgage rate increases.

The question becomes, what should home buyers do and what should they expect in the future? Since the economy has become stronger and an improved job market will make it more likely that the Feds will continue to increase mortgage rates throughout this year. On the bright side, mortgage rates continue to be at a historical low still today by any standard, the mortgage rate increases will continue to edge upward taking mortgage payments along with them.

Take Away

If you are a potential homebuyer in today’s market all of this can be concerning, but there really is no need to panic in regards to mortgage rate increases, and this should not sway you in an emotional hasty home purchase, but rather make you aware of what is expected in the future. My advice would be to start your home search armed with the facts and find the perfect home that you love and are happy with, don’t settle for less than what will make you happy. In the long run owning a home is not only a great investment but is also the place where you will make many memories, raise a family and be a part of the American dream.

READ MORE HERE

Farmington Hills Home Shoppers & Home Sellers Love Photos

Farmington Hills Home Shoppers & Home Sellers Love Photos

In today’s increasing technology through smart phones, tablets and other devices that make life easier for Farmington Hills residents, everything from shopping, local secretary of state appointments and driving directions can be done with assistance through a smartphone app. It is really no surprise that even Farmington Hills home shoppers & home sellers can go on their smartphones to determine where, when and what home to look for that meets their needs when buying or selling a home.

We all know that the first thing that Farmington Hills home shoppers & home sellers will see is a photograph of either a their home or one that catches their eye as they scroll through their smartphone or device, this is why it is vital that the first impression for Farmington Hills home shoppers and home sellers be the best photography as possible, and yes, be optimal for smartphone use.

In a recent National Association of Realtors study showed that 89 percent of buyers who searched the internet for homes stated that the photographs of the homes were the most important feature to them. This makes sense as the new Farmington Hills home shoppers & home sellers are constantly discovering new apps that make their lives easier especially during a new home search. Read More Here

Give Farmington Hills Home Shoppers & Home Sellers Your Best Shot

Although technology is always changing and challenging to realtors, it is vital that we stay in step with the technology in order to give our Farmington Hills home shoppers & home sellers the ability to see the best that a property can look like photography wise and truly represent our clients with the best listings as possible, but yet we still see some pretty bad photos of homes that would make any potential homebuyer or home sellers scroll right past it not to ever be looked at it again.

For the best results for your Farmington Hills home marketing, I take pride in the photography that I provide to my clients so that they have the best chance of getting a buyer to fall in love with their home. Give me a call 248-790-5594

Free Home Evaluation

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Homes And Being A Savvy Home Buyer

Homes And Being A Savvy Home Buyer

Homes Ever Changing Market

Homes in our local real estate market is always changing. Compared with not so long ago, that’s a good thing. If you are ready to buy a home in today’s market, you need to take note of recent changes that may affect your buying power.Buying a Homes And Being A Savvy Home Buyerhome in our local market today is not just about finding one in the best condition in a great location for an affordable price. Smart home buyers today require a deeper knowledge of the economy, the local market and regulations. We can help you pinpoint all you need to know to make an educated move when buying a home.

Home prices, interest rates and fees are all top-of-mind when you’re figuring back-of-the-envelope costs. But do you know what guidelines are in place that can affect how much mortgage you can qualify for, what the local inventory of available homes is currently or if you can find funds to remodel a home down the road? When you’re ready to buy a home—or if you’re thinking of selling and want to understand what buyers are thinking in today’s market—keep reading to get a true picture of how to make a smart move today.

Individuals with families, either existing or planned for the future, should shop for homes with enough square footage to handle an entire family. Also, look at safety issues, such as a swimming pool or stairs. Purchasing a home from someone who raised their own children in it can give you some peace of mind about its safety for your own kids.

1. HOME PRICES & INVENTORY

Because a smaller number of homes are available for sale, home prices are rising and many homes are being sold at—or even above—list price. According to Lawrence Yun, chief economist at the National Association of REALTORS (NAR), existing-home sales are on target to exceed 2015’s pace. With more homebuyers seeking fewer homes, competition is heating up. If you find a home you love, act fast to put in a bid and we can help you craft the offer to look most attractive to the home seller.

The Internet can be your best friend when house hunting, so remember to use the net to check out homes and neighborhoods. There is a lot of info available on the Internet. Prior to buying a property, take a look at the surrounding area’s population, employment levels and median income in order to determine whether you find the region appealing and promising.

2. INTEREST RATES & BUYING POWER

Although interest rates have been running near historic lows for many months, if they rise it will affect how much home you can afford. Granted, rates won’t shoot up immediately, but even incremental changes will increase your costs…and reduce your buying power. Combine rising interest rates with increases in home prices, and your dream-home picture may have to be modified the longer you wait.

If you’re trying to buy commercial real estate that costs a lot, make sure you get a partner you can trust. It can make it way easier to get the loan you need. Having a partner is a great way to ensure that you have the necessary down payment amount as well as the creditworthiness required by commercial lenders.

3. BARGAINS & INVESTMENTS

If you’re looking for a steal that needs just a bit of sweat equity to fix up, you might be disappointed. The number of foreclosures, short sales and other distressed properties has been decreasing, and when foreclosures do appear, they are often bought up quickly and quietly by all-cash investors. If you’re looking for bargain or investment property, we can help you locate suitable properties, but the inventory may be tight.

When you are looking to make a great investment on your real estate, you should consider doing some repair and remodel work. This increases the value of your investment by boosting its resale value. Sometimes it will rise more than you have invested.

4. NEW CONSTRUCTION

With the improving economy, home builders are back in business offering brand-new homes. Don’t go it alone with the builder; get a real estate professional—like us—to represent your interests in the purchase.

The current economic climate makes now an ideal time to consider investing in real estate. Property values and interest rates are low in light of the recent housing market crash. This is a perfect time for first-time home buyers to get into a home, or for current home owners to invest in a larger property. The markets will go up again someday, so any investment you make will have returns.

5. UNDERSTANDING “MORTGAGESE”

Today, lenders require more documentation of your finances, but offer “qualified mortgages” with terms and rates that fit your budget and will not surprise you. Additionally, the Loan Estimate and Closing Disclosure forms outline each cost related to obtaining your home loan along with your monthly mortgage amount.

Write down all the important questions that you need to ask potential real estate agents. Ask about things that really matter to you. For example, you might ask if they have sold a lot of homes in your area of interest, and find out the number of homes they have sold during the past year. A reputable agent will definitely be able to answer all questions you have.

6. COMFORTABLE AFFORDABILITY

Lenders who provide “qualified mortgages” ensure that your total debt does not exceed 43% of your total income. Therefore, if you earn $75,000 per year, your total combined debt (mortgage, insurance, car loans, student loans, etc.) could not exceed a yearly total of $32,250. When divided by 12, this means your total monthly debt payments cannot exceed $2,687.50. This formula gives you a good indicator of whether your debt level is manageable, and you can afford to repay all your obligations.

Always have a home inspection prior to signing a mortgage. You don’t want to discover after you buy that your house needs a lot of renovating. An inspector will give you a good idea of how much renovations will cost you and how long they will take.

7. IMPROVING YOUR HOME

When the value of your home is greater than your mortgage, the difference is “home equity.” Lenders today will allow you to tap into this equity, once again allowing homeowners to remodel and refurbish their homes with a low-interest loan backed by the equity of their residence.

Try to buy houses that have fireplaces only in the family room. It can be aggravating to clean a bunch of fireplaces, especially if they’re rarely used.

8. THE PROS KNOW

Despite the challenges, today’s homebuyers are out and about, as in many markets it is more affordable to own than it is to rent. That makes now a great time to buy a home and perhaps a better time than you’re likely to see for many years to come. To take advantage of today’s market, and overcome any hurdles along the way, you’ll need someone like us on your side to work with you. Contact us when you—or someone you know—are ready to buy a home!