The Difference Between an Inspection and an Appraisal

Today I’ll explain the differences between a home inspection and an appraisal.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

I’m often asked by clients, “What’s the difference between an appraisal and an inspection?” This is an important distinction to know, so today I’ll quickly describe what appraisals and inspections are for in the real estate process. During a home inspection, the inspector’s job is to find everything that could possibly be wrong with the home, right down to missing plate covers for your electrical outlets. The appraiser’s job is to make sure that the value of the home is there and to ensure that the house is safe, sound, and secure. If you’d like a more in-depth clarification of these two concepts, don’t hesitate to reach out to Peacock Real Estate. We’d love to speak with you.

The Impact of Rising Interest Rates

Interest rates are rising. Find out what that means for you right here.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

How will the ever-increasing interest rates affect you?

Rates have risen over 4% in the last year. With the amount of mortgage applications having risen by 4.1% and the 10% decrease in inventory, this has had a lot of effects on your buying power for your new home.

Rising rates mean you’ll get less house for your budget.

Overall, it means you’ll get less house for your budget. If you’ve ever thought about purchasing a home, now is the time to do it—before the interest rates go up even more. We have a good inventory for you to take a look at.

If you have any questions about the effects of rising rates on your buying power or about real estate in general, please give us a shout. We can set you up on our buyer advantage program, and you can visit www.peacockrealestate.com to see our current inventory.

4 Reasons to Become a Homeowner Instead of Renting

Should you buy a home or rent one? There are four main reasons why you should stop renting right now and go buy a home.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Why should you stop renting and go ahead and buy a home? There are several reasons, but I’ll highlight four of them for you today.

1. You will immediately begin to build equity in that purchase.
2. You can do anything you want to that property. There are no restrictions.
3. Your mortgage will always stay the same.
4. You will get tax benefits at the end of the year.

At Peacock Real Estate, we have many buyer specialists who would love to sit down with you and explain the home buying process.

If you have any questions, give us a call or send us an email. We would be happy to help you find your dream home.

Avoiding these 10 Buyer Pitfalls is Simple with the Peacock Team

There are many great Morley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (231) 856-4456 for a FREE home buying or selling consultation to answer any of your real estate questions.

Avoiding these 10 Buyer Pitfalls is Simple with the Peacock Team

Today I want to talk to you about how the Peacock Team can help you to avoid the 10 Pitfalls that plague buyers when they purchase homes. From our own experience here in Michigan, you should avoid:

1. Buying more than you can afford: We don't want you to buy a home that leverages you to the bone. We want you to be able to afford other luxuries in life, so we will advise you on what might be a good price range for you.
2. No Home Inspection: You need to know what you're purchasing. Don't trust your uncle or your dad when they say the home is fine. Hire a professional inspector and protect your investment.
3. Calling Every Listing Agent: When you use the Peacock team you're utilizing a professional marketing and negotiating firm. You don't need to take matters into your own hands - we will do the work for you. We know how to communicate with other agents.
4. Not Thinking Ahead: If you buy a home that you know you'll be selling in the future, be sure to contact us and we will arrange something to maintain the future marketability of your home. 
5. Not Being Aware of the Home's Surroundings: Be sure your new home isn't situated next to a landfill or airport, or any other eyesore that may be damaging to you and your family, as well as the value of your home. 
6. Not doing your Homework on the Area: You need to know about the neighborhood that you're moving into. Learn about the school districts, call the police department, or find information online in order to form a clearer picture of where you might be living and if that type of environment would be suitable to you.
7. Poor Financing Knowledge: Do you understand the different types of mortgages? Do you know the difference between a fixed mortgage and an ARM mortgage? You're probably not going to understand everything in the paperwork for a home, and our team works with Top Flight Financial to guide you through this process and ensure you an affordable loan.
8. Pulling the Trigger too Quickly: This would be when you make an offer just because you don't want to lose out on a home, but then decide that you do not want the property. Our buyers agents will guide you through this process and consult with you about making the right choices.
9. Waiting to Pull the Trigger: So you found a great home in the right price range, but you get cold feet and wait a day or two. With the low inventory here in Michigan, you can't afford to be indecisive. At the Peacock Team we will make sure that your offer has the best chance of acceptance.
10. Taking Advice from Everyone You Know: Nothing upsets a realtor more than hearing about all the great advice you got from relatives, neighbors, etc. Listening to people who are not experts on your situation will only add anxiety and confuse you more. Please leave these things to the professionals. This is what we do for a living, and we're very good at it!

Hopefully this information will be beneficial to you in your home search. If you need any extra help please contact us and we would be glad to accommodate any and all of your needs.

As always, if you're looking to buy or sell in Michigan, give us a call or email us today!

Whether You're Buying or Selling - Get Ready for a Hot Spring Market

Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (231) 856-4456 for a FREE home buying or selling consultation to answer any of your real estate questions.

With spring approaching here in the Belmont and Morley area, it's definitely time to start putting your real estate plans into action. Whether you're buying or selling, there are some things that you should know before you tackle either endeavor.

If You're a Buyer...

• Budget: Figure out what you can afford and what you're willing to spend. A property is only as valuable as what you make it out to be, so don't forget that there is room for negotiation with home prices.
  
• Form a Most-Wanted List: This is a very important thing you can do to simplify your home search. Create a list with 'must-have' items that you are not willing to compromise in your home search. Perhaps you absolutely need a backyard or a covered garage. If you know what you must have, then sorting through potential properties becomes much easier. Narrow down your search by listing at least 5 things you need, but don't add too many because the more you add the less likely you are to find a perfect property.

The most important thing you can do is to start looking now because the spring market is already here in Morley. With more competition you stand less of a chance to find your perfect home, so get out there and start looking because homes will be going fast.

If You're a Seller...

• If you're looking to sell you probably should have started preparing in January or February, but if you're now just deciding, then there are a few things you can do to catch up with the market.
• Renovations: Don't burn a hole in your wallet with repairs and renovations that buyers will not tangibly see. Spend your time and resources repainting or refurnishing your home. Worry less about your home's infrastructure and more about the exterior, which is what most buyers will be paying close attention to.
  
• Curb Appeal is also very important because it's what a buyer first judges about your home. Manicure your lawn, plant flowers, and even hire a landscaper if you need to.
• Price your Property Correctly: You will likely need the help of a professional like me to help price your property. Overpricing is a dangerous method and can actually cost you in the long run. Start softly to attract buyers and then make them fight for your property. This process will likely garner multiple offers which will get you a higher price for your home. 

These are some things just to keep in mind, although there are many different things you can do to prepare for buying or selling. The one thing to remember is that you're running out of time. Spring is rapidly approaching here in Michigan and the market is about to be saturated with buyers and sellers. Stay focused and have an idea of what you want before you enter the market.

If I can assist you in your buying or selling process, please contact me because I would be more than happy to help you. I can be reached at (231) 856-4456 or email me at mary@peacockteam.com