Farmington Hills Real Estate and Events talk Michigan

I took some first time home buyers out last week.  They did not know what to ask or what they should be looking for.

I told them they should be looking to see if the house fits their needs.

Is the layout right?  (Are the bedrooms all on the same floor?  Do you need space from your spouse?  Do you want the living room close to your kitchen?)

Are the major items new, updated or in good shape?  ( how old is the roof, furnace, air conditioner?)  Has the windows and the kitchen been updated?

What needs to be fixed, replaced or work done on.  (does the house need painting, carpeting)

The first time homebuyers should be ranking each house.  If they are not interested in the house cross it off the list.  But if you are somewhat interested in the home write notes on the listing.  Keep the listings in a folder.  When you go out rank your top three and the reasons why you like or dislike certain items about the house.

This will get you started.  As a Michigan first time homebuyer don't be afraid of asking questions.  Email me or call me anytime.  There is no such thing a dumb question.  If your agent is not taking the time to answer your questions or talking down to you get a new agent.  Whether you are a first time home buyers or an experienced Michigan home buyer I'll take the time to help you find the home YOU WANT.

For more on Michigan real estate go to www.RussRavary.com or www.DetroitMichiganrealestatehomes.com  You can search over 60,000 Michigan homes for sale free

I just received an email from the Michigan Mortgage Brokers Association.  ( a great group trying certify and make mortgage originators more professional and more knowledgeable.)

Congress Passes Critical Home Mortgage Aid Legislation
Senate passes H.R. 3221 in Special Saturday Session

After months of negotiations and an initial veto threat by the White House, H.R. 3221, the "Housing and Economic Recovery Act of 2008," is expected to clear the President's desk before the end of July.    The final bill combines a number of measures that will assist at-risk homeowners and stabilize the mortgage market.  Key measures include:

• Modernization of the Government Sponsored Enterprises, Fannie Mae and Freddie Mac, (GSEs) and the Federal Housing Administration (FHA);

• A nationwide loan originator licensing and registration system;

• Increases in the FHA loan limits to the lesser of 115 percent of the local area median home price or $625,500 (up from $362,790);

• Increases the cap on mortgage loans Fannie Mae and Freddie Mac can purchase ("conforming loan limit") to the lesser of $625,000 or 115 percent of an area's median home price

The idea of a nationwide loan originator licensing and registration system is great.  All individuals including bank employees should be required to be licensed.  This will be a plus for consumers.  This will help to combat identity theft coming from the mortgage industry. 

A mortgage originator is privy to too much private information that can be used in identity theft.  I worked at a company where an individual was arrested for identity theft (after he left the company)  But it made me nervous for a while that some of my clients might have been compromised.   Luckily they weren't.

By doing criminal checks and having continuing education requirements will help the industry.  However do not believe that it is a cure all.  The insurance industry has licensing requirements but yet there are many insurance agents that sell questionable products.

But I applaud this step toward standardizing requirements and making the mortgage industry a little better.

                                                                                                  Michigan Home Sellers Tips

Wallpaper is great for the person who picked it out.  But when you are selling a home you need to remove it.  The wallpaper fits your decor and your lifestyle.  But when selling a home you are trying to appeal to the greatest number of buyers possible.  Sure there may be somebody that loves fruit prints or vegetable prints.  But you will rule out a lot more Michigan home buyers.

That peach and mauve border was in 10 years ago but now.....  Just remember how long it took you to pick out the "right" wallpaper or the "right" border.  It's alright for you but not for the next homeowner.

Take down the wall paper and let them visualize themselves in the home.  Not the old folks home.  Nothing worse than hearing the words "this is just like my grandma's house"  Dead deal, next home.  let's move on to the next home.  They don't want to live in grandpa's home.  They want their own home.

Sure it takes time and money to take down the wallpaper, but it will help sell your Michigan home for more money and in a quicker time.  Michigan homebuyers want a ready to move into home.  Those are the homes that are selling for the most money and the quickest in the 2008 market.

Feel like you are in prison?

So whether you are selling Livonia Real Estate, Farmington Hills real estate or any Metro Detroit home home GET RID OF THE WALLPAPER.

Farmington & Farmington Michigan

Here is the latest update on real estate in  Farmington & Farmington Hills Michigan.  The average days on the market is 156 days for Farmington Listings.

Farmington Hills Home Price Statistics Num of Listings   300   225 150 75   0      R1   R2   R3   R4   R5   R6   R7   R8   R9   R10   R11   Price Range

Farmington Home Price Statistics Legend Range Name Price Range Number of Listings Days on Market         R1 50,000 to 100,000 71 125 R2 100,001 to 150,000 198 154 R3 150,001 to 200,000 301 141 R4 200,001 to 250,000 239 159 R5 250,001 to 300,000 165 151 R6 300,001 to 350,000 93 181 R7 350,001 to 400,000 51 184 R8 400,001 to 450,000 14 163 R9 450,001 to 500,000 14 348 R10 500,001 to 550,000 10 252 R11 550,001 to 600,000 5 303 For the 1161 listings: For the 313 Sold listings: Average List Price $224,717.00 Average Sold Price $198,480.00 Median List Price $210,000.00 Median Sold Price $189,000.00 Highest List Price $599,900.00 Highest Sold Price $547,080.00 Lowest List Price $1.00 Lowest Sold Price $52,000.00 List Volume $260,896,800.00 Sales Volume $62,124,350.00 Avg. Days On Market 156 Avg. Days On Market 139 For more on Farmington or Farmington Hills real estate, schools, city info click on the cities below Farmington Hills Farmington

The reason banks require an appraisal is to find a value for the home you are purchasing.  Simply put the bank wants to makes sure there is enough collateral for the loan they are making.  They don't want to loan $250,000 on a house only worth $205,000.

What an licensed appraiser does, is look at all the recent sales within the last 6 months.  The homes the appraiser will be looking at will be similar to yours in size, no# of bedrooms, bathrooms, or garage size.  The add or subtract values if there are differences.  If you home has 2100 square feet and the home that they are comparing to has 2400 square feet and sold for $250,000.  They willtake off a dollar amount for the 300 square foot difference.  They may say your house is only worth $220,000 if everything else was the same.  Appraisers have a general formula or system they use for the differences.

The appraiser is also looking at homes that are close ( in distance) to yours.  They would like to find comparable sold homes in your subdivision.  Then they will start to expand out further until they find enough to do a solid appraisal.  They use between 3-6 different sold homes.

Even after an licensed appraiser does his job, the bank will review the appraisal.  The bank has the ultimate power to approve the appraisal.  Though sometimes they will lower the value of the home.  Remember it is their money and they are only going to loan money out on a home that has the correct value.

For more buyers tips or sellers tips go to my websites www.RussRavary.com or DetroitMichiganRealEstateHOmes.com

LARGE FORMAT PHOTOGRAPHY CLASS

 JULY 26 and AUGUST 2 AT HERITAGE PARK  

The City of Farmington Hills invites you to learn about large format photography, while enjoying the natural beauty of Heritage Park.  The class will be taught by Jacob Nothstine, award-winning videographer, photographer, and lecturer.  

Large format photography is the technique used by the world-famous photographer Ansel Adams.  Class participants will learn about camera parts, types of cameras, operation, lenses, and other special gear needed for success with this style of photography.  Basic photography skills are recommended, but it's not necessary to bring a camera to class. 

The class will be held on Saturday, July 26 and Saturday, August 2 from 9 a.m. to 2 p.m. at the Stables Studio in Heritage Park, located at 24915 Farmington Road in Farmington Hills.  The fee is $60 for residents of Farmington Hills; $65 for non-residents.  All materials and developing costs are included.  Class space is limited.

 For more information or to register, call the Cultural Arts Division at 248-473-1859.  To view Jacob Nothstine's work, visit www.jfnphotography.com .

For more on Farmington Mi and Farmington Hills Michigan go to my websites www.RussRavary.com and www.DetroitMichiganrealestatehomes.com   We have lots of Farmington history, school info, and Metro Detroit real estate info.  You can search over 60,000 Michigan homes for sale. 

Novi real estate update

Here is what has sold or leased in Royal Crown Estates in the last 6 months.  Royal Crown Estates is located off Beck Rd between 9 and 10 mile Roads.  Royal Crown Estates has approximately 228 homes in it.  The homes were built during the years of 1990 -1998.

For more on Novi subdivisions or to search Metro Detroit Homes for sale go to my websites www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com

Michigan Home buyers tips

For more Michigan Buyers tips go to www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com  Search over 60,000 Michigan homes for sale free!!! 

Plymouth Township, Michigan

Wayne County  DEQ and Goodwill Industries have partnered to bring electronic waste collection to Plymouth Township, MI this Saturday,  July 26 from 8 am - 12 noon. 

RECONNECT is a comprehensive electronics recovery, reuse and environmentally responsible recycling program offering free drop-off recycling and reuse options for unwanted electronic items. 

Only the following items will be accepted: 

-  Computer monitors and CPU's (main computer)

-  Keyboards & Mouse Devices

-  Printers, Copiers, Fax Machines

-  Cell Phones  

NO boxes, manuals or software will be accepted. 

Time:  8 am - 12 Noon

Place:  Compuware Arena and Drive-In, 14900 Beck Road

Date:  Saturday, July 26^th 

For additional information, call  (734) 326-3936.  For large quantities, please call (313) 964-3900  ext. 401

For more on Plymouth and Plymouth Township, MI feel free to browse my websites www.RussRavary.com and www.DetroitMichiganrealestatehomes.com Lots of great info on Plymouth schools,  Michigan relocation tips, Metro Detroit real estate information.  And you can search Michigan homes for sale at your leisure at either site.

I think this is what they call the Ben Franklin Close.  If you are comparing 2 or 3 homes put a line down the sheet of paper between each house.  Go through and list all the positives and the negatives about the houses.  By putting down things like "Need to buy appliances" or "no first floor laundry" will help you  distinguish between the houses.   Put dollar amounts down.

For example:

123 Main   $179,000                    4859 South    $219,000

Appliances needed                      - $1500

143 sq ft smaller                        - $14300

Needs work                                - $20000

not the layout I want

no first floor laundry

close to my friends house

So now the 4859 South can be compared  $219,000 - $1500 -$14300 - $20000 =  $183,200

So dollar for dollar both of these houses are close in price.  You can look at the positive

and negatives on one sheet.  Which house do you love?  Which house has the most of your requirements?  Which house is the best value?  Remember it is your decision.  I your real estate agent can give you the facts, but I don't want to tell you what house I like.  I won't be living there.  I may have totally different ideas of what house I love.  For more buyers tips go to www.RussRavary.com or DetroitMichiganRealEstateHomes.com 

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