Farmington Hills Real Estate and Events talk Michigan

What is happening in Novi real estate?  There are so few Novi homes on the market.  We have limited supply of homes in the Southeastern Michigan area.  The issue is that so many homeowners can not sell because they owe so much on the house.  They are upside down and they can't sell.  That has limited the supply of homes.  There are fewer homes on the market.

So what that has done to the Novi real estate market is there are less homes for sale.  There is still a strong buyer demand.  There are many times that Novi homes sellers can sell their home in less than 2 or 3 weeks.  The issues for sellers is that many home buyers are willing to pay a high price for the home.  Many times there are multiple bids on new homes.  The buyers sometimes have been looking for 6 months or more.

So when a new home comes on the market buyers flock to the home. They put in a bid and bid agressively if they have been looking for a while.  Many of them have lost homes because they bid too low or took too long to make a decision.  So they are ready to buy, but there are not enough homes to buy right now.

So the Novi real estate market is leveling off.  The issue is that some homes sell at a price that the bank will not loan on.  When the buyers drive the home price up the home sometimes will not appraise.  What happens after the buyer and seller agree on a price, the mortgage is started.  The lender does an appraisal.  Sometimes the appraisal comes in low.  So there is only three solutions to the problem.  One the sellers decides not to sell the home or the seller lowers the price to the appraised value or the buyer comes up with the extra money between the appraised value and the agreed upon sales contract price.  

So the bottom line for potential Novi home buyers is to get your home listings daily and look at them daily.  If you see a home go and see it quickly.  Have your Realtor get you the comps and put your bid in right away.  Bid to get the home.  That's the key to getting the Novi home you want.

Now for a Novi home seller you want to price your Novi home according to the recent market sold prices.  Clean up your home and stage it to sell.  Listen to your Realtor on what to do to get your home sold quickly.  Your home will sell quickly if it is priced right and is in good condition.

So this is what is happening in the Novi real estate market.  If you have more questions about Novi real estate give me a call. 

 

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Do you know how to buy Commerce Township rental properties or which rental home will be a good rental property?  Do you know which Commerce Township rental property will bring the best return on investment or will appreciate the best?  In the last installment I said location is very important in picking rental properties. 

I talked about buying in good cities and good neighborhoods.  In this installment of buying Commerce Township rental properties I will get more in-depth about location.  Let's first talk about school systems. Buy in the best school system possible.

Last I heard the City of Detroit school system had a graduation rate of 25%.  Where do you think a renter with children would want to live.  In Detroit with a 25% graduation rate or in Livonia with a graduation rate over 80%.  So buy in a area with a good graduation rate.

Next stay away from these locations when buying a Commerce Twp rental property if you can.

• homes near railroad tracks
• homes near busy roads and freeways
• homes near commercial properties
• homes in areas with high crime rates
• homes near cell towers

Of course you can buy a rental home in these areas, but you will get a better appreciation rate on homes away from these areas.  You may discourage certain renters from renting on these homes.  But it may be a catch 22.  It is in these areas of commercial properties, higher crime rates, poorer performing school systems that you will find homes that will be affordable to be rentals.

The key is to pick the lesser of all the "evils" to get the best possible rental you can.  Remember you not only want to get good ROI, but try to get a good possible appreciation.

I hope this installment of how to buy Commerce Township rental properties will help you buy a great rental home in any city you want.  

 

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Here we are on part 3 how to buy Commerce Township rental properties.  The first two articles we talked about what to look for when searching for a rental home.  We talked about the physical aspects of a good rental home.

Now we have to talk about the most important factor in real estate.  It pertains to buying a Commerce Township rental property. It is location, location, location!!!!

Location is so important in rental homes.   What type of neighborhood is it?  What type of city?  Let's start with cities.  Detroit....What type of city is that compared to Grosse Pointe?  If we take the cost of the property out of the equation where would you like to live?  Where would you like to own a home in?  It is the same way in buying rental homes.  You are always going to consider the best return on investment (ROI) but at the same time consider the city.

Then the next step is to break it down into neighborhoods.  What is the better part of the city?  If you can find a home in the better part of the city at the same price buy that home.  That's not always possible.  Another factor in the neighborhood is the school systems.  Let me give you an example. In Livonia there are two different school systems.  One is Livonia schools and the other is Clarenceville schools.  Many people believe Livonia schools are better than Clarenceville schools.  So you would want to buy a rental home in Livonia system area.

Though most rentals in Livonia are in the Clarenceville area because they bring the best return on investment.  Homes in the others areas of Livonia are more expensive.  You would ge the same rent.  So you would want to buy the home that is least expensive and brings you the most rent.

For example if a $35,000 house and a $60,000 house both bring $900 a month in rent then you should buy the $35,000 if everything else is the same.  If a $40,000 house brings you $900 a month and a $60,000 brings you $1200 a month which house would you buy? 

So to recap how to buy the best Commerce Township rental properties is buy in the best city and neighborhood you can while maximizing your return on your money.   This will help you not only to cash flow better, but also to maximize your potential appreciation on your rental property.

If you have any questions about buying Wayne or Oakland County rental properties give me a call on my cell (313) 310-9855 or email me.

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This is the second installment of How to Buy Commerce Township rental properties.  These articles apply to any cities rental homes.  I the first one we talked about the physical features.  What were the best options to choose.  You want basically a three plus bedroom home with a garage and basement if possible.  In this one I will expand on the features you do not want.  I will tell you how to pick a Commerce Township rental property that will cost you less in the long run.

You do not want a home with wood that you have to paint.  That will eat into your profits each time you have to paint the rental home.  You want a Commerce Twp rental home that has an exterior of vinyl, brick, or aluminum.

Basement walls - Now what about your choices of a poured basement wall or block basement.  I prefer a rental home with a poured basement wall over a block basement.  Some time in the future you will have problems with a block basement.  They just do not hold up like a poured basement wall.

Driveways - You would like a cement driveway over an asphalt driveway.  Again it is about the maintenance of the driveway.  You have to seal an asphalt drive way.  Is the driveway cracked up or in need of repair when you are going to buy it?  At some point in the future you are going to have to repair it.

Roof -  Look for a newer roof.  It is that simple.  Roofs are a high ticket item.

Front porch and steps - How is the brick work on the porch.  How are the steps?  Steps are cheap.  But replacing a porch can cost up to $2000.

Decks and Patios  - Wood decks require yearly or bi-yearly maintenance or painting or sealing.  This costs you money.  Not to mention the cost of replacing boards.  So you would rather buy a Commerce Township rental home with a brick patio or cement patio. 

Yard - You do not want a huge yard.  Yes an acre lot is great.  But you have to take care of that when it is empty.  Commerce Twp Renters do not want a huge yard to maintain.  The grass is going to be tall and the city is going to calling you.  So buy a smaller yard.

Well, Septic versus City water & sewer - You want to go with city water & sewer at all times if possible.  A new septic system can cost up to $10,000.  A well can cost thousands of dollars too.  Pumping a septic tank out every several years can cost $250 or more.  So go with city water & sewer when buying a Commerce Township MI rental home.

I hope this explains how to buy an Commerce Township rental home.  Like I said at the top you can apply these guidelines to any cities rental properties whether it is Commerce Twp, West Bloomfield, Redford, Livonia, or Waterford.  It does not matter.  I want you to buy a rental home that you will make money on. 

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When buying Commerce Township rental properties the key is to buy a property that will bring you a good return on your money.  So there are many factors you need to think about.  On this blog I am going to talk about the physical features that you need to consider.

Exterior - You want maintenance free.  Brick, aluminum, or vinyl are your best choices.  You really do not want a lot of wood that you will have to paint every few years.

Roof - How old is the roof?  Re-doing a roof is costly.  So you want to buy a Commerce Township rental home that has a roof that is less than ten years old.

Bedrooms - Do not buy a 2 bedroom house.  Renters like a home with more than 2 bedrooms.  If you buy a 2 bedroom house you limit the size of the family that can move in.  A 3 or 4 bedroom home will rent for more money than a 2 bedroom home.

Garages and basements are a plus and will usually bring you more rent money.

So when buying Commerce Township rental properties think about these physical characteristics.  It will bring you more income in the years to come.  If you have more questions about buying rental properties give me a call.

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Do we just give you a name of an Home inspector that will automatically pass any home?  Certainly not!   In today's lawsuit happy society most Realtor's give you names of three or more reputable and trained inspectors.  We prefer home inspectors that have some sort of training and certifications.

Here in Michigan you do not have to be licensed to be a home inspector.  I myself want my clients to buy a "good" home or at least know what some of the potential money issues might be.  I want my clients to know that the furnace is at the end of it's life, or that there is only about 3 years left on the roof.  Major money pit issues are always a must know.

Today I lost a deal because of a real bad foundation. 

• Was it fixable?                                                  Yes 
• Would it have been costly?                                 Yes
• Was it beyond my clients ability to fix himself?     Yes       

Am I upset we have to go out and start over?    Not at all.  I want you to buy a good house.  I do not want to be sued.  When I run into you at the supermarket or on the street I want to be able to hear you say that you love the house.  I do not want to hear that you wished you never bought the house.

Here are my list of Wayne and Oakland County home inspectors:      

James M. Boote Inspection Services of Michigan       800-700-5571  

Pillar to Post                                                             734-427-5577  

Quality Home Inspection John McAuliffe                   248-471-9800 

Richard Bowling LandAmerica Property Inspection   734-634-4363 

Pros                                                                         800-638-7470 

Vince Santos StepbyStep Home Services                  734-748-9584 

Michigan Inspect.com                                               800-285-3001  

JW Home inspections                                               248-880-8817  

Cornerstone Inspection                                             734-658-0000 

House Master.com                                                   888-848-0202  

Milestone Inspections                                               734-748-7270  

Regal Home Inspections                                           888-873-4254  

All County Home Inspections.com                            313-441-6573  

Cornish Home Inspections                                        734-671-6160

    

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The reason we like to recommend our lenders to buyer clients is that we do not have AWOL lenders.    We use or I should say, I recommend lenders that I think give good rates and reasonable fees.  But two of the other reasons we recommend these lenders is that they get the job done and we can reach them.  We have their cell phone numbers and they answer our calls.

I have a closing today.  My clients have been on vacation.  We had set up the closing prior to them leaving and we got real estate documents out over a week ago.  But little did I know until yesterday that there might be a problem.

The mortgage lender has not returned my clients call in over a week!  Yes it was a holiday week, but somebody should have been covering for them.  Yes, yesterday was a holiday and they were not in.  But my lenders  answer their phone usually even on their day off.  We would have gotten some answers on what is going on.

Communication is key in the mortgage process.  This mortgage lender works for a big bank but he doesn't return calls.  He hasn't done it thru the whole process.  So in my book he is not a good lender.  We need to know and sometimes talk to the lender.  If the do not call us, it creates problems and delays.  So we do not like AWOL lenders.  We would rather you use a lender that we know and trust.  A lender that we know will get the job done. 

We aren't trying to pawn you off on a friend or somebody that is not going to do a good job.  It is in our best interest as a Realtor to make the whole process as stress free as possible.  We want you to get a low rate, reasonable fees, and a smooth mortgage closing.  That's what we want for you!

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Most foreclosure agents are reputable but some are still pulling shenanigans.  Over the past 4-5 years some foreclosure agents had set up shadow companies that did the maintenance and securing of the foreclosures they took care of.  That was okay.  What wasn't OK was when the foreclosure agents feed the great deals to their friends and shadow companies they had set up. 

There were certain agents in the metro Detroit area that were flipping 100 homes a year by getting the first dibs on the foreclosures.  They would paint and carpet them and flip them for a profit.  Fannie Mae and Freddie Mac have stepped up and put in the first look program.  This is where owner occupant buyers have the first right to buy the home.

This has put many of these shady deals out of business.  But my friend tried to buy a White Lake foreclosure two weeks ago.  I wasn't the agent as he has a brother in the business.  The White Lake foreclosure was sold the same day to a cash buyer for the list price of $65,000 even though there were two other bids.

They did not do a highest and best which makes the whole deal very suspect.  The other two bids were $105,000 and $126,000 mortgage bids with 20% down.  Now this was a Freddie Mac deal which means it is our money they are losing when they take a low ball bid.  The home would have easily appraised for $130- $140,000.  I don't know why it was listed so low.

The White Lake foreclosure was in relatively good shape too!

I understand cash usually wins.  But when it is double the price and no highest and best offer is put out then I think there is shenanigans being pulled by the listing agent.  I told my friend to look up all the Freddie Mac employees on Facebook, Linked In, and on the web.  I told him to email them what happened and ask for help.  

Well it must have worked because yesterday the home came back on the market and now there is a highest and best on the home.  So my friend has a chance to at least put his best foot forward.  He may not still win the home but he at least has a reasonable chance to.

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Bloomfield Twp Michigan has many beautiful lakes and lakefront properties.  Here are the 3 lakefront properties that have sold in the last 60 days from October 13 - December 12th 2011.  There has also been one Bloomfield Twp lakefront property that was leased.

ADDRESS	CLOSED DATE	LIST PRICE	SALE PRICE	SP PER SQFT	SQ FT	BEDS	BATHS
1831 LONG POINTE DR	10/21/2011	1500	1200	0.6486	1850	3	1.2
1675 DELL ROSE DR	10/10/2011	130000	147500	74.9491	1968	2	1.1
6706 VALLEY SPRING CT	12/1/2011	550000	550000	84.2911	6525	5	4.1
1418 INWOODS CIR	10/18/2011	749000	660000	222.7472	2963	5	3.1

These lakefront properties where on the market an average of 195 days before they sold.  The home on 1418 Inwoods Circle was on Lower Long Lake.The children that live in Lakefront homes on Bloomfield Township lakes can go to several different school systems depending on where they live.  There is a wide difference in the quality of the school systems so home buyers in Bloomfield Twp need to be aware of that.  Three of the school systems are Birmingham Schools, Pontiac Schools, and Bloomfield Hills Schools.  Just google " rate  schools" or "compare schools"  to find data on which school systems are better than others.  Here are some links to more indepth information about Bloomfield Township lakes and lakefront properties.    

CHALMERS LAKE

FOREST LAKE

GILBERT LAKE

HAMMOND LAKE

ISLAND LAKE

LOWER LONG LK

MINNOW LAKE

MIRROR LAKE

SODON LAKE

SQUARE LAKE

WABEEK LAKE

WING LAKE

 If you are looking in the Bloomfield Twp or West Bloomfield area for a lake home feel free to call us with any questions.

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There are about 31 Bloomfield Twp MI lakes, and many beautiful lakefront properties, homes and real estate.  Bloomfield Twp MI has four all sports lakes that are private lakes with no public access:

• Upper Long Lake                    103 acres
• ISLAND LAKE                        100 acres
• LOWER LONG LAKE           190 acres
• SQUARE LAKE                      64  acres

 

                                                                       

Bloomfield Twp MI lakes and lakefront homes are highly sought after because Bloomfield Twp is one of Southeastern Michigan top cities.  It has the one of the highest median incomes in the state.  Most of the township's residents are highly educated.  Bloomfield Twp MI is to Detroit what Beverly Hills is to Los Angeles or the Hamptons are to Long Island.  The rich and wealthy live there.  

Many of these lakes are very small, most below 50 acres.  Many of them are what would call large ponds that are really ideal for swimming and taking a paddle boat or row boat around.  Some of those are Chalmers Lake, Minnow Lake, Mirror Lake, and Wabeek Lake.  Two of the bigger lakes that are not all sports are Gilbert Lake or Wing Lake.

 Here are some links to other Bloomfield Twp Lakes.

CHALMERS LAKE

FOREST LAKE

GILBERT LAKE MI

HAMMOND LAKE

ISLAND LAKE MI

LOWER LONG LAKE

MINNOW LAKE

MIRROR LAKE

SODON LAKE MI

SQUARE LAKE

WABEEK LAKE

WING LAKE MI

                                                        

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