edeeandme

Time is running out...

To put more money in YOUR pocket. The deadline for the 1st time home buyer tax credit of  $8,000 is April 30, 2010. You need to have a fully executed Purchase Agreement by that date and the closing must take place before July 1, 2010. The same is true for the current homeowner that is looking to purchase a new, primary residence.1 If this is you, it is worth $6,500. If you have questions please visit the following website - it can answer many of your questions: http://www.federalhousingtaxcredit.com/faq2.php

There are so many houses available in HW - don't let this chance pass you by -we all know that it is the best city to live in. Give me a call - I'd love to help.   edee

Did you just purchase a home? Planning on it?

I'm always looking for information to pass on and thought this was good to know. An important consideration when purchasing a new home is future taxes - this comes from Oakland County - plan accordingly:

State Equalized Values (SEV's) and Taxable Values for a New Property

According to the Oakland County Equalization Office, when a property, or interest in a property, is transferred, the following year’s State Equalized Value (SEV) becomes that year’s Taxable Value. In other words, if you purchase property, your Taxable Value for the following year will be the same as the SEV. The Taxable Value will then be “capped” for the second year following the transfer of ownership. Please note this valuable information.

Home buying whether for primary residence or investment purposes has never been better - take advantage of tax credits - First time home buyers (up to $8,500) or "repeat" home buyers (up to $6,500) - check the fine print.   edee

It's Winter!

As the winter months bring colder temperatures, make sure your home is properly insulated. Caulking windows and doors will help you save energy and money. If you have exposed pipes, be sure to insulate those to prevent them from bursting as temperatures drop below freezing.

Winter is also the prime time for illnesses such as colds and flu, so decrease indoor pollutants by cleaning and vacuuming dust from your vents. Maintaining your thermostat is another important step to efficiency. Keep it set at the lowest possible temperature that will keep everyone comfortable (usually in the 68 to 72 degree range). You may want to consider purchasing a programmable thermostat that will adjust your temps automatically.

Stay warm and healthy!  edee

60 Days of Huntington Woods Real Estate

When you think diversity - think Huntington Woods. Not just in ideologies - because we certainly are a community of diverse thinkers (I know this because the more involved I get in Huntington Woods the more I am learning about its complexion). It is amazing to me that we have 65 homes currently on the market ranging for $59,900 - $1,100,000.  In our bustling "metropolis"  the last 60 days brought us 8 closed deals - 13 houses went pending and 6 new listings came on the market. Oh, and we have 6 homes offered for lease - these are pretty good statistics. Huntington Woods is holding its own in a market that is certainly making waves.

When it is time to put your house on the market and when you look at numbers it is important that you know what is behind the numbers. Some houses appear to have sold in say 30 days, however when you look at the history of that home, it has actually been on the market for 230 days. It sold in 30 days only after it came to the right price. Currently homes are listed at $148/sq ft - went pending at $137/sq ft and actually sold for $115/sq ft. These are the numbers that have to be addressed when you want to sell. It is so important to really take a close look at your goals (financial and otherwise) so the the proper marketing plan can be created for your house.

Homes are selling! They are still selling for less - so both the Buyer and the Seller get an advantage - what you lose (or don't make) on one side, you make up on the other side in a purchase price. There is still talk about extending the $8,000 tax credit to first time home buyers and perhaps opening it up to others in the home buying population. This has been an unbelievable boost to the real estate market. Our office alone wrote $30,000,000 worth of business last month - this is a huge number in any market.

If you are thinking of buying or selling your home, have any questions about the process - need info on short sales, leasing, foreclosures, or just about anything real estate  - I'm here.  edee

Obama's Forclosure Prevention Plan

Last Thursday the administration unveiled a Website to assist homeowners to determine whether they are eligible for assistance in foreclosure prevention. The site can be found at makinghomeaffordable.gov. In Obama's plan, monthly mortgage payments can be reduced to no more that 31% of the borrowers' pre-tax income or makes it possible to refinance eligible mortgages even if the homeowner has little or no equity. There are also thousands of dollars offered to borrowers as incentives to participate in the program,

 

This website helps homeowners determine whether they would qualify for either refinancing or loan modification. There are questions that help you see if you qualify for the program - the interactive tool is very helpful in showing the borrower how low their payment could go. For example: if you earn $4000 a month and you pay $1400 a month, you could see your payment drop to $1250 under the modification plan.

 

The refinancing tool provides links to Fannie Mae and Freddie Mac and lets borrowers determine whether they have loans held by either mortgage finance company, a key eligibility criteria for this program. You will also find a checklist of the financial documents you will need when applying for the program, i.e., pay stubs, tax returns and credit card statements.

 

Feel free to give me a call 248.229.6021 and I will be happy to direct you to competent servicers who can assist you in this process.   edee

60 Days of Huntington Woods Real Estate

These can be very trying times in Real Estate - as well as the world. The activity in Huntington Woods has slowed down a bit - and prices are dropping, however sales are still happening and people are moving. We all knew there had to be a correction in the market - prices were way out of line and lenders and appraisers were going crazy with values and loans. There is naturally a bright side to everything, we just have to see it differently. In the last 60 days 8 houses went pending and 12 houses closed. The average days on the market were 221. The average house that is currently listed is listed at $156/sq ft and the average home sold for $134/sq ft. This is very telling. When houses are priced right for this market THEY WILL SELL! As well as selling - homes are leasing, 5 in the last 60 days.

There are options available for Sellers and Buyers. Lenders are allowing Sellers to Short Sale their homes. When you owe more than your house is worth many Lenders are forgiving the loans and give a Deed in Lieu of Foreclosure. The Mortgage Forgiveness Debt Relief Act of 2007, in many cases will allow the difference to be a non-taxable item for your principal residence. Freddie Mac and Fannie Mae have raised limits to $417,000 and 95% of current market value for both refinancing and new loans, with certain stipulations. There are choices and options to do what needs to be done. John Adams Mortgage is loaning money everyday and helping people get into new homes. Give me a call 248.229.6021 and I can arrange a meeting with extremely competent and efficient loan officers.

Huntington Woods is the community of choice to those that live here and continue to move within. It is seen as a wonderful, classic neighborhood, with a sense of community like no other to those living here and moving here. The sidewalks, golf course, recreation center, pool, library, art gallery, clubs, schools, and the list just goes on and on. It is wonderful to remain thrilled to live and play here.   edee

60 Days of Huntington Woods Real Estate

Here we go again trying to make some sense of what is going on in the real estate market in general, and naturally and more specifically it is interesing to see what is going on with our homes and our inversments right here in HW.

We currently have 83 homes to choose from FOR SALE and  4 homes are FOR LEASE - prices are ranging from $114,000 - $765,000. 9 houses went Pending from listed property and 2 leases went Pending We actually had 4 leases close  ($1200 - $1950) and 14 Sales closed. The percentages are really decent considering the size of our community and that we do so much moving around within. The $/sf for listed properties decreased, for pended sales the $/sf increased and the actual $/sf for the solds increased. This is very telling of the market and supports the theory that there is a new bottom being created and everyone is starting to notice. The listed price vs the sales price is getting closer together. The $/sf LIST price was $164.07,  $/sf SOLD price was $144.86  while the PENDED price was $163.33. Significantely up from the last time period! This fact alone creates momentum and homes sell quicker. Price them sharpely in the beginning - and you will in most cases, get more for them in the end.  edee

60 Days of Huntington Woods Real Estate

Lots of property and lots of opportunity in Huntington Woods. Reports that we have been seeing are acknowledging that Buyers and Sellers are getting closer together in their numbers and property is starting to move again. In our office alone we had 156 showings on our listings last Saturday and 151 on Sunday. People are tired of waiting around for the market to change and they are  making the change happen. There are currently 81 houses for sale in HW -ranging from $129,000 to $765,000, 4 houses offered for lease ,  10 houses Pending and 9 houses closed in the last 60 days. When time is of the essence it is critical that Sellers price their home properly. In this Buyer's market - if you want to be the one they pick - being the best priced with the most to offer at a given price is the goal. The average market time currently is 133 days for listings and for the market time for solds is 260 days. They range from 26 days to 529 days. How long do you want it to take to sell your home - what is your time frame -how important is it that you sell your house quickly - do you have to sell now - do you have a deadline for your move date- these are the questions you need to be asking yourself. Currently the average $/sf for a listing is $167 and the average sold $/sf is $125 - they pended at $145/sf. 

Price your house fairly and it will sell in less time and for more money. Statistically, homes that are priced correctly in the beginning bring in more cash than those that are continually reduced. It's your house - it's your decision - make a good one!   edee

The Ever Changing Real Estate Market

What can we do in this crazy market? It continues to baffle most of us in the practical world, whether you are a Realtor (like me) or a  Buyer or Seller (perhaps, like you). How do we price a home when values keep going down? When will we hit the bottom? I can tell you how to spruce up the place, keep it clean, stage the furniture and all the rest, however when it gets to the pricing aspect it can get very confusing. In this market Sellers really have to realize that the big (if any) profits to be made on a house just aren't there (depending, of course, on when you purchased the house and what you owe). Some Sellers are upside down - they owe more than the house is worth. This creates a few possibilities: sell for less than you owe and  bring money to the table; ask the bank if they would consider a "short sale" - forgive the loan for less than is owed because of the decline in values; let the bank foreclose on your loan. If you can't make the mortgage payment and you don't have the money to bring to the table (assuming that you MUST move) this is an option, albeit not a great one. In today's world, banks are making other arrangements so that mortgage payments can be met. With so many people in difficulty,  banks are starting to get creative to keep people in their homes, after all, they are in the "banking business" not the "real estate business".

My peers and I discuss this pricing issue all the time. Houses are selling (although fewer), real Buyers are scarce (although still out there) and housing prices are going down. Does a Seller still start out at a higher than market price and wait for "any offer"; start out closer to market price and wait for "any offer" or price it to sell and wait for a "good offer". The media is still telling Buyers that they can make "any offer" because Sellers are desperate. Houses that are priced at a fair market price are still getting "any offer", so don't get insulted if this happens to you - it is a place to start. It is my belief however, that a home presented well and at the correct price will sell faster and ultimately for more money than one where the seller is "fishing" for a Buyer to make "any offer". When a home is priced too high, the Buyer that can really afford your house will never even see it!

Don't get discouraged if your home has been on the market with very few showings. It only takes one and with good Internet exposure and an aggressive marketing plan, 1000's could be viewing. Inventories in every area are huge. Just make certain that you are priced right - and the "sharpest knife in the drawer".   edee

The 60 Day Marketing Report

The summer is just moving  along and houses continue to come and go on the market - HW has had 19 homes show up on the SOLD side of the ledger with 5 of those being leases in the past 60 days. 55 homes are currently on the market (ranging from $185,000 - $739,000) with 6 of those also being for lease. Our neighborhood continues to support all price ranges. We have fewer homes on the market currently as compared to the 91 that were on at last report and in spite of the press it is taking less time to sell the homes - just over 4 months - now that is a statistic that I like and so should you - however, extreme cockiness won't work in this market. Remember this is an average, some take longer and some go really quickly. If  you want to be the one that sells 1st - make sure that you are ready for the show. The average dollar per square foot is $161.65 on the SOLD side and $181.89 on the FOR SALE side. It is another number and piece of information to consider when pricing your home. And just for the record - as of 2nd Quarter, HW sales and volume have increased from 2006. Indicative of the market the median sales price has dropped 16.13%. Take all factors into consideration when pricing your home.

It would be great to hear from you if you are deciding to sell your house - I would love the opportunity to assist you in the process. And if you want to buy, I am ready for that too.  edee