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. 

Search Novi foreclosure and home listings

Novi Subdivisions Michigan

Novi real estate Michigan

Novi Mi prevalent Architecture

Novi home inspections and the Metro Detroit first time home buyer

Novi real estate

Novi home buyer tips- negotiate quickly

What is an "A" grade when selling your Novi home or your Metro Detroit home

What is a sump pump - Novi real estate

Novi home seller mistakes and how to avoid them

Buckhorn Lake Orion MI

Bullard Lake Hartland Michigan

Carroll Lake Commerce MI

Cass Lake Waterford Michigan

Cedar Island Lake White Lake Twp MI

Southeastern Michigan lake associations

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.  

Search Oakland County foreclosures and homes

Metro Detroit home buyer tips

Commerce Township real estate

Michigan first time home buyer articles

Bass Lake Hamburg Twp MI

Beaver Lake Livingston County MI

Belleville Lake Wayne County MI

Big Lake Clarkston Michigan

 Oakland County Lakes A - E

Oakland County MI Lake information F - K    

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.

Search Oakland County MI real estate & foreclosures

 How Michigan property taxes work - Northville relocation buyer tips

Basement Mold - Buying Metro Detroit foreclosures

Metro Detroit suburbs home buyer tips

Commerce Twp MI real estate

Southeastern MI first time home buyer articles

Bitten Lake Hartland MI

Blaine Lake homes Hartland Michigan

Blind Lake Dexter MI

Bogie Lake White Lake Twp MI

Oakland County MI Lakes & lake real estate

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. 

Search Oakland County foreclosures and homes

Livonia real estate

Metro Detroit foreclosure and real estate information

Southeastern Michigan Homes (Oakland County)

Commerce Township MI relocation info

Waterford MI lake properties and Waterford Lakes

White Lake Twp MI lake homes

Highland MI lakes

Ackerman Lake homes Howell MI

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.

Search Southeastern Michigan foreclosures and homes for sale

How to Buy Metro Detroit Investment Properties

Southeastern Michigan home buyer tips

Commerce Township real estate

Southeastern Michigan first time home buyer articles

West Bloomfield MI lakes and lake homes

Commerce Twp Lake real estate and Commerce MI lake info

Waterford MI lake properties and Waterford Lakes

White Lake Twp MI lake homes

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

Search Southeastern Michigan homes for sale and get the latest foreclosure lists

Metro Detroit home buyer tips

Commerce Township real estate

Michigan first time home buyer articles

                    West Bloomfield MI lakes and lake homes

Commerce Twp Lake real estate and Commerce MI lake info

Waterford MI lake properties and Waterford Lakes

White Lake Twp MI lake homes

Highland MI lakes

Ackerman Lake homes Howell MI

Baseline Lake Portage Chain of Lakes MI

Baetcke Lake real estate Genoa Twp MI

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!

Search Metro Detroit homes and foreclosures

How much money do you have - Canton real estate and home buyer tips

 White Lake real estate

West Bloomfield relocation MI

Michigan Sheriff sales

Preparing to see Metro Detroit foreclosures

    West Bloomfield MI lakes and lake homes

Commerce Twp Lake real estate and Commerce MI lake info

Waterford MI lake properties and Waterford Lakes