West Bloomfield

Don’t even try to scrimp on this cost if you are purchasing a new/used home. This is probably some of the best money that you will spend in purchasing your home. It can save you heartache and future hardship. Getting a good qualified inspector is imperative in beginning your inspection process. After you have found the home of your dreams, the last thing you want it to become is a nightmare or money pit. There are so many possibilities of hidden issues that a good inspector can uncover so you know exactly what you are getting into.

Sellers are supposed to fill out a “seller’s disclosure” letting the prospective purchaser know what the problems are that currently exist in the property. However, there are some things that the sellers may not even know about. How many times do sellers go up in their attic to check and see if there is mold?
How many times do sellers put moisture meters on the areas that they think might have water issues? Many sellers truly do not know all of the problems that might be lurking about in the home that they are living in.

Most inspectors will also let you know how to maintain certain areas of the home so that you can keep from having problems in the future. This knowledge alone can be priceless if it keeps the present roof from having to be replaced in 3 years instead of 6 or having windows last longer than they could otherwise.
A good inspector will go through the home thoroughly explaining along the way and answering your questions as he goes. You should also get some type of written report so you have that to review once the inspection is completed.

After moving in, it is a good idea to keep notes of all the maintenance that you do; so, you have a timely record of what things are coming up to be done and what things you have already taken care of and no longer have to be concerned about.

Yes, home ownership is wonderful; but, it is also a responsibility. One, that if you take seriously, will be to your advantage in the years to come.

FHA TO THE RESCUE FOR HOME SELLERS

Many buyers today are using FHA mortgages to get into properties as this financing source has changed incredibly over the past many years. Just in the past couple of years, the percentage of FHA mortgages has grown dramatically. The loan limit is about $297,000; and, that is the loan limit not the purchase price.

The down payment required is only 3.5% which is up from the previous 3% but still under most conventional loans of today. Sellers are also able to contribute up to 6% for closing costs and/or pre-paids and still may be able to waive tax pro-rations.

All this may sound confusing to a normal buyer; but, your real estate agent can help you construct your offer to purchase and should be informed about all of these possible concessions. That brings us to the possible tax credit that a buyer today might receive and how that can also be used to aid in his FHA financing. If you qualify as a buyer, you might be eligible for up to an $8000 tax credit toward your 2009 tax return. This is money that can soon be used toward your FHA financing to pay for your closing costs, to buy down your interest rate or to add more to your down payment after the 3.5%. As this is going to cause lenders more work and calculations on their loans, not all lenders may be willing to offer this benefit in their financing packages even though this has now been approved. More lenders may hop on board as the kinks are worked out.

Again, this is something that your real estate agent can help you find out about. FHA is not credit score driven; however,now FHA does offer the best rates for the better credit score purchasers. Also, the qualifying ratios are more lenient than the conventional loan qualifying ratios, allowing a buyer more leniency in the amount financed. If you have not considered purchasing a home with FHA financing, you just might want to investigate this alternative to your home ownership.

WEST BLOOMFIELD HOME SALES SEEM TO BE PICKING UP!

How could they not be with these prices! I never thought that home prices would be this good again, First time buyers are able to get into homes that they only dreamed of before; and, to top it off, they receive up to an $8000 tax credit on their 2009 tax returns. Even if you are not a first time buyer; but, have just not owned a home for the past 3 years, you could be eligible for this tax credit.

The properties that are priced right for this market are selling; and, some of them even are getting multiple offers. Maybe it is just because summer is near; but, there are definitely more people out looking for their new home then there have been in many months. Even if this only lasts a couple of months, it has to help in getting some of the pent up home inventory off of the market.

Banks seem to be more willing to work with short sales, especially in the higher market price point so we’re seeing more of these homes get snatched up at amazing prices. For example, there is one on Middle Straights Lake that is over a million that just got an offer….let me tell you that buyer is going to get a great deal!

Faith in home ownership is still alive and well, it just takes a bit more effort. It takes a bit more effort with the financing, a bit more effort in searching out the good properties and a bit more effort in getting to the closing table. It might also take a bit more effort in searching out a good agent that can help you handle all of the obstacles of today’s market. Don’t hesitate to call us if you are in need of such an agent.

When purchasing a home, many buyers find it important to know what school district the home will have the benefits of. The public record field sheet that can be provided by your agent will state what district the house belongs to. The listing ticket itself should also have this information.

Some people think that a Buyer’s agent should be responsible to offer all information. That isn’t necessarily the case. In the case where a buyer will buy solely based on particular information, it is the Buyer’s agent responsibility to get the buyer the appropriate contact information on how to find the particular information themselves. For example, if you only want to buy a house with a particular elementary school you should not rely on your Buyer’s agent to tell you exactly which houses will comply with that need. While many Buyer’s agents will do this, it is more important for them to give you the contact number to the school district (often the transportation department) and/or a district map from the city.

It is always important to obtain the information for yourself as sometimes mis-information is given to the Buyer’s agent and if you rely solely on that you might be in trouble…all the while your Buyer’s agent has done their job to help you.

West Bloomfield has a wonderful website where you can go to learn about their schools and the district. You can also call for specific West Bloomfield school information: 248 865-6420.

When purchasing a home, please remember to utilize all the information that is available to you from your city. And, this information is often available for free!

The West Bloomfield Library is a plethora of information and resources for those souls searching for answers. If you haven’t visited the Library in a while, you might find it very interesting to see the changes that the libraries of today have made over the libraries of yesteryear. Libraries are not just houses for books anymore. There is so much more for the average person to take advantage.

Computer use with internet access is available for free. There are buddy rooms, quiet rooms and designated children areas for kids to gather. Cafe areas and/or snack areas are usually available.

This is a free resource that people forget about. The West Bloomfield Library on Walnut Lake Rd, just west of Orchard Lake Road (right by the police and city offices) is a fantastic facility with several areas designed to please all ages.

If you are searching for a home and you do not have computer/internet availability, you can go to the library and search realtor.com to look for houses. You can search the internet to help find an agent. You can read many books on real estate, buying, selling, legalities, etc. You can become very savvy in your real estate quest by visiting the library.

The West Bloomfield library is offering a “Homeowner Preservation” class for those who are in danger of losing their home. The course will be in the main library meeting room Tuesday, July 21st at 6:30pm. Also, go to West Bloomfield Library and click on “Foreclosure” under subject guides to find resources from the library to help fight foreclosure. Contact West Bloomfield library with any questions. (248) 682-2120.

It is very easy to get your library card. You just need to show some ID. Your West Bloomfield library card is interchangeable with other local libraries. A free resource just waiting for you to come and check it out.

From 5/17/2009- 5/23/2009. 37 listed homes went under contract and/or sold in West Bloomfield last week from $43,300 to $489,000, 24 of which were bank owned or otherwise distressed sales.

42 new listings came on the market last week from $34,900 to $2,500,000, 7 of which are bank owned homes or otherwise distressed properties.

And, for the rental market, 3 homes recorded as being rented over the last week by an agent. Overall, 8 more homes were added to the rental market by an agent.

We all think that we know what Memorial Day is all about; however, many of us don’t truly give this day the respect and reverence that it deserves. I wanted to know more about how this day actually came about so I looked it up on Wikipedia and found out some facts that I never knew about.

Originally called Decoration Day, Memorial Day is a remembrance for all those who have died in our nation’s service. Memorial Day was officially proclaimed on May 5th 1868 by General John Logan, a national Commander of the Grand Army of the Republic in his General Order number 11. It was first observed on May 30th, 1868 when flowers were placed on the graves of Union and Confederate soldiers at Arlington National Cemetery.

Memorial Day is now observed by most states on the last Monday of May. Moina Michael conceived the idea to wear red poppies on Memorial Day to honor those who have died serving the nation during war. The VFW became the first veteran organization to sell red poppies shortly before Memorial Day in 1922. Memorial Day is about reconciliation. It’s about honoring those who gave their lives.

In December 2000, there was a resolution passed to help re-educate and remind Americans about what Memorial Day is supposed to be about. This resolution is called the “National Moment of Remembrance”. It asks that all Americans pause at 3:00 in the afternoon (local time) and give a moment to remember and respect the lives that this day stands for.

The freedoms that we still have, which would include owning real estate, we have because of the many who have given their all.

Plum Market is finally open. I know as I drove by Olde Orchard square, at the south east corner of Orchard Rd and Maple, I doubted they would meet the deadline posted on the sign. I moved to the area mid 2006, at which time, there was talk of Papa Joes moving to the abandoned Farmer Jack. Of course, that never happened. Then word of Plum Market opening there surfaced. Opening a Plum Market at Olde Orchard seemed kind of odd to me, given they have a location down the street on Maple around Cranbrook Rd.

I received the direct mail marketing coupons the week prior to the opening. So, my family and I decided to check it out on opening day, which was May 7th. We arrived around 10 am and could barely find a parking spot. There was a line out the door! They even temporarily ran out of grocery carts! A truck with a shipment of nice 2 tiered carts arrived within five minutes of the delay and all shopping carried on.

The store generated so much excitement from all the patrons. If you haven’t been in a Plum Market, I equate it to something like Whole Foods, plus regular merchandise you might find in a store like Hiller’s or even Meijer’s (but not as large). They had samples galore! The soups were amazing, flat bread stone pizza hot out of the oven, even desserts from the brownie and truffle counters were available.

Pricing seems decent on most items. They have some amazing deals to get patrons though. I do not work for Plum Market, obviously, I am busy selling houses, but I was impressed. We all got a specialized hand bag with our purchase as well. It was actually so much fun, we all went back the next day to see if there was still a buzz. And, while parking was easier the second day, the store was still packed.

I think it will be interesting to see what happens with all the major specialty stores so close: Whole Foods, Trader Joes, Hiller’s and now Plum Market. I hope that our economy will be able to support them all, as I feel each place offers something a little different. Living in the quadrant that carries all these stores is fantastic. I certainly do not envy my friends who have to drive thirty minutes to find one of these stores.

From 5/10/2009- 5/16/2009. 21 listed homes went under contract and/or sold in West Bloomfield last week from $49,000 to $375,000, 12 of which were bank owned or otherwise distressed sales.

43 new listings came on the market last week from $79,900 to $2,399,000, 5 of which are bank owned homes or otherwise distressed properties.

And, for the rental market, 6 homes recorded as being rented over the last week by an agent. Overall, 10 more homes were added to the rental market by an agent.

From 5/3/2009- 5/9/2009. 28 listed homes went under contract and/or sold in West Bloomfield last week from $64,900 to $429,900, 18 of which were bank owned or otherwise distressed sales.

32 new listings came on the market last week from $43,300 to $2,395,000, 4 of which are bank owned homes or otherwise distressed properties.

And, for the rental market, 6 homes recorded as being rented over the last week by an agent. Overall, 7 more homes were added to the rental market by an agent.