My mission at Peacock Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, I can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.
Showing posts with label Central Michigan Real Estate. Show all posts
Showing posts with label Central Michigan Real Estate. Show all posts
There are three things all buyers should take into account before purchasing a remodeled home: 1. Make sure all mechanical systems in the home are in order. 2. Make sure the flooring is level and straight. 3. Make sure the kitchens and bathrooms have been fully updated. If you’d like to hear any more tips on buying a remodeled home or if you have any other questions related to real estate, give me a call at 231-856-4456, visit our website at www.peacockrealestate.com, or email me at Mary@PeacockRealEstate.com.
Today I have a few tips for you to help you choose the right agent:
1. The agent should know the market area you’re looking to buy in. 2. They need to be good negotiators to get you the best pricing and terms.
Teams are more adept at making sure the i’s are dotted and the t’s are crossed.
3. They should be working as a team instead of as an individual agent. Teams are more adept at making sure all the i’s are dotted and the t’s are crossed when you go under contract. If you have any questions or would like to learn more about our team here at Peacock Real Estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
It's almost time to move into your new home. Congratulations! In all the excitement, it can be easy to forget some of the important details to make the move easier, which is why today we want to give you a few tips to do just that.
Disconnect your current utilities about a week before the move and make sure that they're switched over to your new home.
To start with, when it's time to move, make sure that you make your reservations early with a moving company. Three to four weeks is a good amount of time. Also, get a copy of their policies and make sure that they're insured. Next, disconnect your current utilities about a week before the move and make sure that they're switched over to your new home. Also, cancel your current home's other services such as pest control, lawn services, and newspapers, and forward your mail to your new home.
If you would like more moving tips, please feel free to reach out to us. We look forward to speaking with you soon.
I’ve got an exciting announcement: On August 19, our team will be hosting our very first Backpack For Kids event! The event will take place right here at our office (18030 3 Mile Road, Morley) from 2 p.m. to 5 p.m. We hope that you will join us in making a difference in our community. If you or your company are interested in donating any backpacks or supplies, please get in touch with us at (231) 856-4456. And if you have kids still in school, we would love for you to attend this event. To see our full message, watch this short video.
It can be a scary world out there. While the majority of people are good and honest, a few bad apples always try to take advantage of others.
Unfortunately, the real estate market is no different. Today I wanted to let you know about some real estate scams I've become aware of recently:
1. The mortgage closing scam. This scam is spreading across the country. It has become so prevalent that the FBI estimates it has led to over $1 billion in stolen or diverted funds in 2017 alone. It starts when hackers gain access to a real estate agent's email account. Then, when it's time to close a deal, the hackers, posing as the real estate agent, send instructions to the homebuyer on where to wire the money.
Of course, it is only after the buyer has sent thousands of dollars to an unknown bank account that the truth comes out—the real estate agent wasn't actually the one reaching out, and the buyer has been scammed.
2. Fake real estate lawyers. This scam is similar to the first one, in that the scammers will impersonate somebody legitimately involved with a deal. In this case, the hackers will impersonate a real estate lawyer who is associated with a particular home sale.
Then, at the time of closing, they will contact the buyer, either by email or over the phone, and tell them the wire destination has been changed. If this scam works, the homebuyer could again be out thousands of dollars.
Find a real estate agent you trust to represent your best interests.
3. The bait-and-switch. Unlike the first two scams, this scam targets sellers. It also doesn't require any hacking or impersonation—just a dishonest buyer. Here's how it works: A buyer makes an offer that's well above the listed price, the seller happily agrees, and the contract is signed.
But then, the buyer starts procrastinating, making excuses, and dragging out the process for months or even a year. In the meantime, the seller continues to pay costs for the home, and is getting more and more emotionally worn out. In the end, the unscrupulous buyer flatly says they can only buy the home at a lower price, usually under the listed price. And the seller, desperate by now, frequently agrees.
So, how can you protect yourself against these and other scams?
For one thing, avoid sending account information over email. Confirm everything over a phone call (to a number that you already know to be valid)—or even better, in person. And ultimately, find a real estate agent you trust to represent your best interests.
If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any other questions or you are interested in buying or selling a home, don’t hesitate to give me a call or send me an email. I would be happy to help you.
The real estate market remains red-hot. In fact, Zillow estimates that homes sold more quickly in 2017 than ever before. And 2018 seems on-pace to beat 2017. However, one segment of the real estate market seems to be lagging. I’m talking about luxury homes. Prices in the top 5% of the real estate market increased just 5.1% in 2017, almost 2% lower than the rest of the market. What's going on? Affordability does not seem to be an issue: more Americans can afford a top-level home than ever before. Instead, it might come down to two other factors. First, uncertainty surrounding the new tax bill could be affecting luxury homes more strongly, and this might be the reason why some potential buyers are choosing to sit and wait until the details of the tax plan become more clear. Second, there is simply a greater supply of luxury homes compared to other types of homes.
Demand and supply are more evenly matched at the top of the market.
In other words, demand and supply are more evenly matched at the top of the market, while in other segments, demand far outstrips supply. If you've been thinking about trading up to a luxury home, now might be the perfect time to do so. The red-hot demand for starter and trade-up homes means you could sell your home for top dollar and at record speed. The limited price growth and greater inventory at the luxury end means you could have your pick, and find a special, unique, and customized home that perfectly suits your preferences. If you have any questions about the current Morley real estate market, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
Home affordability is shrinking rapidly, according to research by Arch Mortgage Insurance. In the first quarter, affordability (defined as the size of the monthly mortgage payment needed to buy a home) dropped by 5%. This was mainly due to the increase in mortgage rates. As a consequence, more people are now stretched and taking on greater debt relative to their income. Other buyers are being pushed out of the market altogether. And that's not all. Affordability is expected to drop an additional 15% to 20% by the end of the year. That's because home prices continue to rise, and the Federal Reserve is expected to ratchet up its reference interest rate, which often leads mortgage rates, three more times this year. What does this mean for you?
If you're looking to sell, you won't have a hard time finding a buyer. Even with decreasing affordability, demand for homes still far outstrips supply. That means that this spring and summer might see an additional rush on the real estate market. It also means that right now might be a very good time to list your home if you've been thinking about selling for a while.
There’s no need to panic if you’re a homebuyer.
On the other hand, if you are thinking of buying a home, you might think that this news spells doom for you. However, there's no need to panic. While affordability is dropping, it is still well above historical averages (just like current mortgage rates). In fact, Arch Mortgage Insurance estimates that homes are now 15% to 20% more affordable than they have been in the period from 1987 to 2004. When rates go up, it will affect what your monthly payments will be on a new home. From this perspective, it makes sense to move now in case you've been looking to buy before rates rise further.
So, what's the next step? If you’re thinking about buying or selling a home, give us a call. We’d be happy to answer any questions you may have. We look forward to hearing from you soon.
Each year, spring is the hottest season for
real estate. However, spring 2018 looks to be an especially important time for
anyone looking to sell a home. Here are
a few facts to get you thinking:
1.
Demand continues to outstrip supply. The number of
homes on the market is near an all-time low, and listings of existing homes have plunged 8.1% over the past year.
While this means that the total number of sold homes has actually decreased,
demand continues to be strong.
2. Home
prices are still surging. Home prices are up 6.3% year over year in the last quarter for which we
have data. It's not just Morley that's doing well — areas around the country
keep posting record highs for home values.
3.
Mortgage rates are finally rising. The Fed increased
its benchmark rate several times over the past year, but this did not translate
to an immediate increase in mortgage rates. However, mortgage rates do seem to
be finally responding, and the 30-year
fixed rate is now hovering around 4.5.%. While this is a four-year high, it
is still near historical lows, and makes mortgages affordable to would-be
buyers.
Put together, what do these facts mean if you
are considering selling your home?
First
off, they mean that right now is a very good time to sell. That's because of the strong demand and the high level of current
prices. In other words, if you were to put your home on the market right now,
you could get top dollar, and you would be able to sell quickly and without
hassle.
It’s not clear how long this favorable situation will last.
Second, it's not clear how long this favorable
situation will last. As I mentioned, mortgage rates are on the rise. Currently,
that is not enough to dampen demand. But if rates continue to rise, it might drive more buyers out of the
market, eventually driving down prices and making it more difficult to sell
your home.
Another thing to consider is the effect of the
new tax plan. It's not entirely clear how it will affect the real estate
market, but odds are good it will make home buying more expensive. That's
because of a new cap on state and local tax deductions, which could combine
with higher mortgage rates to push more buyers out of the market.
To sum up, if you have been considering selling your
home, consider selling now. The current
moment is very favorable, but it won’t last forever. If you have any
questions for me about how to get started buying or selling a home, don’t
hesitate to reach out and give us a call or send us an email. We look forward
to hearing from you soon.
