Fall Time Change and Real Estate Similarities-Realtor Tom Gilliam

Fall Time Change and Real Estate Similarities-Realtor Tom Gilliam

What Does The Fall Time Change Have To Do With Real Estate?

Millions of people adjust the fall time change on their clock now that daylight savings is ending.

But what’s weird is that it’s not done everywhere; also, the actual date of when the fall time change occurs is different in some areas of the world.

It isn’t universal.

Adjusting to the time change is confusing enough for people on a local level. So, forget about trying to make sense of it nationally, or globally.

Why does it exist? Is it still useful? Why doesn’t it get observed everywhere? All questions people may ask, but none of them really matter. It isn’t worth debating…

Because, on a local level, the only thing that matters is that you have to adjust the your clock in order to be in sync with everything and everyone around you.

It’s similar in real estate in Oakland County Michigan

The overall process of buying or selling a home is pretty similar from one area to another.

But there are regional differences in how the process works, the rules, regulations, and laws. And all of these things change quite often.

This is usually a bigger issue when someone is moving from one area to another. A typical statement real estate agents hear is, “That’s not how it is done where I come from…”

That might be true. And the way it is done in another area may even be better, or make more sense. But it doesn’t matter. Because the only thing that matters is how things are done wherever you happen to be buying or selling.

Which is why hiring a local real estate agent who is on top of the local process, rules, regulations, and laws is so critical.

P.S. Remember to adjust your clocks. It’s “fall back” in the Fall. So we gain an hour of sleep.

But, if you’re thinking of buying or selling, don’t sleep on it! Just give me a ring. I’m on top of all the local processes, rules, regulations, and laws.

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Oakland County Homeowners Have a Better Grip on Home Values

Oakland County Homeowners Have a Better Grip on Home Values

Let’s face it, there are times when it is hard to get homeowners to understand what their home value really is, but today’s Oakland County homeowners are having a better understanding of their home values. The unexpected appraisal for Oakland County homeowners can be the difference between a satisfied home seller and an entire transaction going south, but these days Oakland County homeowners seems to have a better feel for what their property values are. Let’s break it down.

Oakland County Homeowner Expectations

The mortgage process is really all about verification and documentation, whether it is home buyers income, employment, credit scores and debts. Also there are verifications on things like home inspections, zoning, taxes, and of course the appraisals that need to be done before a closing date can be reached. For Oakland County homeowners the appraisals can be the time for anxiety and nervousness as this is the one thing that determines the homes worth. The appraisal is where the rubber meets the road, and can lead to further negotiations with the potential home buyer, especially when the Oakland County homeowner has unrealistic ideas on what the home is really worth.

Oakland County Homeowners In Sync

The lower appraisal can cause many issues for both the homeowner and the potential home buyer, for that reason, a recent report tracking the difference between Oakland County homeowners’ perception of their home’s worth and its appraised value is encouraging. Many homeowners found that their expectations of their home values were almost in sync with appraised values as it showed only a 0.33 percent off Oakland County homeowner’s estimates in April 2018. READ MORE

My services for Oakland County homeowners is second to none, if you would like a free no obligation consultation on selling your home, please do not hesitate to call me 248-790-5594

Listing: Open House Modal

Interest Rate Increases Leaves Worried Homeowners

Interest Rate Increases Leaves Worried Homeowners

With today’s rising interest rates speculated to go higher this year, a big change from the past few years, many homeowners are increasingly nervous  about what the interest rate increases will mean to their property values. The interest rate increases is projected to an entire percentage point later this year of 2018 according to a recent report by Freddie Mac. The interest rate increases is slated to go from end of 2017’s 3.9% to 4.9% by Q4 2018. Also according to another recent article by Freddie Mac, there is nothing for current homeowners to worry about.

Interest Rate Increases VS Home Prices

Another recent article which describes the relationship between the interest rate increases and home values, the article assures readers that home prices have no relationship to interest rate increases.  Most home owners will wonder how that could be. According to Freddie Mac home prices are driven by supply and demand and not interest rate increases. If the demand slips for housing due to interest rate increases the supply will also drop of existing  homes as many homeowners will choose to stay in their homes and at the same time keeping their current interest rate unchanged.

The Take Away

The bottom line is, if you haven’t already refinanced at the lower interest rates or have been approved for a new mortgage for a new home, the time is now. The perfect home and a great all time low interest rate is waiting for you to purchase and If you’re a homeowner and have been concerned about the forthcoming rate increases and how it will affect your home value in the future, take a deep sigh of relief-you have nothing to worry about its all about supply and demand.

I’m here for all of your real estate needs, questions, concerns and guidance, so please feel free to call me anytime. Tom Gilliam-248-790-5594

Listing: Open House Modal

Home Warranty Awareness Cost More Than You Realize

Home Warranty Awareness Cost More Than You Realize

Home Warranty Awareness Cost More Than You Realize                                                                                Home Warranty Awareness Cost More Than You Realize

A home warranty plan, also known as a home protection plan, is a service contract that offers homeowners in Oakland County, Mi. a way to safeguard themselves against possible breakage or a malfunction within the home. It’s impossible to predict the future, which is why so many buyers look for that little extra peace of mind to comfort them when life unexpectedly throws them an unforeseen problem.

As a Realtor it is sometimes left to you to decide the home warranty that you want the home seller to provide for your buyer. In some cases it is important that you do your homework to determine all of the items that may need coverage such as swimming pool, garage door opener, plumbing and especially the water softener if it is owned by the seller.

The best way to make sure that you negotiate what is covered and what is not is to pay close attention to the private inspection is for you and the home buyer to make sure you attend the private inspection and ask the inspector to note the items like things such as garage door openers and water softeners their age and conditions. In cases of water softeners, as the buyer’s agent you need to ask questions of the seller’s agent to determine if they are owned by the seller or if they are not. If the home owner owns the system then you need to include it in the home warranty.

As you attend you home buyers private inspection make notes an suggest items they may want the home seller to include in the home warranty as this could mean thousands of dollars In repair cost and could also cost you as a Realtor a referral from the new home buyer.

Typically, home warranties cover the repair or replacement of a home’s heating, plumbing, and electrical systems and major built-in appliances. The cost often runs $350-$450, typically with a small deductible for each repair or replacement.

Shop For The Best Coverage
When shopping for home warranty coverage, compare the following:
• Required pre-warranty inspections.
• Coverage for appliances and systems.
• Deductibles and service fees.
• Dollar caps on total or individual replacement/repair costs.
• Limits on number of repair calls.
• Costs, including any initial or inspection charges

Who Needs a Home Warranty Plan?

Basically, anyone who purchases a home and is concerned with the cost of repairs should consider a home warranty plan. This is especially true of first-time home buyers who may not be familiar with home maintenance.

Factoring In the Cost

When factoring in the potential cost of repairing a major appliance or other home component, a home warranty plan may not be a bad investment. The actual cost of warranty coverage will depend on the plan chosen and the items protected. As is the case with everything in life, it’s best to shop around and compare prices.

Who Pays For a Home Warranty Plan?

As a buyer, you can order a home warranty plan in conjunction with the purchase of your home. However, some sellers or builders may include this type of offering as an incentive to attract potential buyers. In this case, the plan is yours at no additional cost. Some Realtor’s may also offer a home warranty plan as a house warming gift to customers who buy a home through their agency.

What’s Covered & What’s Not

Just like a car warranty, no two policies are the same. Coverage varies by location and issuer, and your Realtor can help you to choose a warranty plan that best suits your needs. Most basic plans cover a home’s heating and cooling system, electrical system, plumbing, water heater and major appliances, including a dishwasher, range/oven/cooktop, garbage disposal, etc. Coverage does not apply to items that are misused or damaged, either intentionally or through negligence. Instead, most home warranty plans are designed to protect the homeowner from defects that result during the course of normal wear and tear.

When considering the purchase of a home warranty plan, review the complete contract and familiarize yourself with exactly what’s covered under your policy. If you want an upgraded policy, don’t hesitate to ask your Realtor if one is available. Most companies do not require a home inspection and will notify homeowners when their coverage is about to expire. The good news is that most policies are renewable and I always suggest the home buyer to renew after one year.

What to Do If a Problem Arises

If you are unable to satisfactorily resolve an issue with your home warranty plan, either due to denial of a claim or undesirable service, talk to the Realtor who sold you the home. If he/she refers a lot of business to this particular company, it may be possible for him/her to speak with them about reaching an amicable resolution.

The purchase of a home is a big step and it’s likely to be the largest purchase you will ever make, so be sure to consider all of the options available to help protect yourself from costly repairs. Ask your Realtor for more information relating to available home warranty plans.

Types of Home Warranties

1)Homeowner Warranty: Available to homeowners who are not listing their home for sale or who purchased their home more than 90 days before applying for the warranty. Sometimes these warranties are not in effect until 30 days after they’re purchased.

2)Buyer Conversion Warranty: A home warranty that has been transferred to the buyer that is immediately effective on the day of the closing.

3)Renewal Warranty Contract: A home warranty policy that has been renewed. Most home warranties are effective for one year and are renewable.

4)Seller Home Warranty: A home warranty purchased by a home seller during the time the property is listed. The warranty becomes effective as soon as it’s paid for and covers the property during the listing and a home warranty placed on the home by a prospective home seller at any time during a listing. This plan can be transferred to the buyer at the closing.

5)Buyer Direct Warranty: A home warranty purchased by the buyer or by the buyer’s real estate agent that becomes effective on the day of the closing. The buyer can purchase this type of warranty within 90 days after a closing.

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Tom Gilliam
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