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This is the year you are going to buy a home.  The excuses are all null and void as we enter 2016.  Now is the time to seek out an experienced, local professional to help you find the home of your dreams.  Below you will find four compelling reasons to stop procrastinating.  It is time to take the plunge.  2016 is the year for first time home buyers, home buyers looking to expand and retirees looking to consolidate because the conditions for both home buyers and home sellers are ideal.

Lower Than “Normal” Mortgage Rates

Mortgage rates have been continuing to teeter at all time lows for quite some time now; they are likely to start inching up.  It is important to remember however that even if rates do begin to rise they are still at an all time low over the rates that our parents experienced when buying their first homes in the early eighties.  Mortgage rates on average have been at or around four percent throughout 2015 where as our parents were experiencing mortgage rates in the high teens in late 1981.

Consistent Home Prices

Home values have been rising steadily over the past few years.  This pace is said to start slowing a bit in 2016.  Rates, according to Svenja Gudell, Zillow’s Chief Economist are expected to rise around three point five percent over the course of 2016.  Buyers who were hoping to time the market will not see the low prices and foreclosures of the far past but will see prices stay consistent.  With consistent home prices and the job market and wages on the rise the market is perfect for first time home buyers to jump in!

More Homes Listed on the Market

Sellers are also excited to hit the market as the equity in their homes will start to slow.  This will cause more homeowners to list their homes as they will be anxious to see the return on their investment and are ready to upgrade.  The market is perfect for buyers looking to take the equity in their current homes and reinvest it into a larger home or perhaps a home with more recreational appeal.

With a boost in starter homes hitting the market bidding wars will be almost nonexistent, home prices will be fair throughout the market and the process of finding and buying a home could be simpler than ever.

Rent Payments Are Expected To Continue To Climb

The cost of renting a home or apartment is expected to continue to rise.  This means that for many people buying a home could in fact be less expensive than renting.  Mortgage rates are currently a bit above four percent.  In order to make renting a better deal than buying the mortgage rates would have to rise to over six and a half percent.  Economists agree that this is unlikely given the rates we have been experiencing.  A slight increase in mortgage rates is to be seen but is not expected to grow to past five percent; thus allowing the purchase of a home, buying a home to be more affordable than renting.

Now get up off the couch and reach out to a local realtor.  2016 is the year that you begin investing in the real estate market.  Take advantage of all of the wonderful benefits of being a homeowner.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Bigger isn’t necessarily better:  We are naturally drawn in to the ideal that bigger is better.  The same is not true when buying a home.  A bigger home can often mean a bigger mortgage payment, higher expenses and more maintenance.  Also, buying the biggest, best home on the block can set you apart from the neighbors.

The appeal for the biggest home on the block is limited because it is different than the natural appeal of the neighborhood.  If the neighborhood is full of ranch homes with one car garages set within the one hundred and fifty thousand dollar range and you purchase the only home within the neighborhood with two stories and a two car garage for two hundred and fifty thousand dollars you have basically bought a house with little appreciation value overall.  Buying the worst home leaves a lot of room for appreciation upwards towards the highest valued home in the area.

Consider More than just the Mortgage Payment: The mortgage payment is not the only payment you need to concern yourself with.  It is just one of the many expenses that you will accrue when owning a home.  Consider the costs that come with owning a home before saying yes.  Look at the utilities as well as the hidden fees that are often unspoken like grinder fees and water fees.  Uncovering these sleeper costs will ensure that you are covered and can truly afford the costs that are associated with buying the new home.

Avoid Being Over Emotional:  Never buy a home based on emotions.  When you fall in love with a home you often make irrational choices that lead to bad financial decisions.  Trust your instincts.  Go for the overall value of a great house verse the obsession of a certain aspect of another.  As with any investment it is best to relax, breathe and think before reacting.

Have an Inspection Done: Never buy a home without having it inspected by a professional home inspection company.  It will save you thousands of dollars in the long run.  Being prepared for what is wrong with the home will allow you to negotiate prior to closing.  This ensures that you are at an advantage during the bidding process.  An inspection will prevent you from overbidding.  Paying too much for a home that has hidden work that needs to be done to keep the space in working order is a sure way your home will not build the equity you hope for.

Get to know the Neighborhood: Truly stalk out any neighborhood you are looking into before putting an offer in on a home.  Get a copy of the HOA rules and regulations, do a dry run to work at the times you will be going and coming and observe the behavior of the people within the subdivision.   Research the schools in the area as well, even if you do not have children.  A solid school district can increase the price a buyer is willing to pay for a home by up to twenty percent.

The number one secret in buying a home is using a qualified real estate agent who knows the local area and understands your needs as a buyer.  This will help determine if you get the home buying experience you have always dreamed of.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Keep All Money Right where it is: When you are looking into buying a new home it is crucial that you keep all of your funds right where they are.  For three to six months prior to buying a home avoid taking on any new credit card debt, making a large purchase or taking money out of your savings account.  Your credit report is what mortgage brokers rely on to help lenders determines your credit risk and therefore the interest rate on your new home loan.  It is crucial, in order to get the best mortgage rate, that lenders can visually see where your money is and what it has been spent on.   Now is the time to stick money away and not the time to start purchasing items for the new home.  Spending habits in the months before applying for a mortgage can either help or hurt your ability to receive reasonable mortgage rate.

Get Pre-Approved for a Mortgage: Two terms: pre-qualified and pre-approved are often used when consumers are looking to purchase a new home.   Pre-approval says that a lender has looked at you, your financial criteria and has agreed that you can afford a home and will give you a figure of exactly how much you can afford and how much they will lend to you.

Being pre-approved allows your realtor to narrow the focus down to homes that you are pre-approved for.  Knowing what you can afford significantly increases or decreases the market of homes for you to look into.  With pre-approved loans be sure you are getting the best mortgage available.  Look into hidden expenses and fees for processing; make sure you are not paying for extras in a home loan that are not necessary for your situation.

Survey Property for Boundaries:  When you find a home that you believe is the one the first step is to determine exactly what you are purchasing and for how much.  Do not rely on the property lines specified by the seller as these may be fictitious boundaries that have been observed over time which may not be entirely accurate.  Knowing ahead of time what you are purchasing helps to prevent issues further on down the road with neighboring homes.  It is also important to note that the property taxes that will be assessed are based on the property lines.  This new survey will allow you to have an accurate map drawn up that can be submitted to local property tax assessors.

Timing the Market is Unlikely:  It is unlikely that at any time, even with detailed research and experience in the market that you will be able to time the real estate market.  Don’t obsess trying to time the market; buy a home when you are in the position to and sell based on when it is right for you.  You will only find your perfect home when you can afford it because affording it is what makes it perfect.  The real estate market fluctuates all the time.  In one given year you will see highs, lows and then highs again.  If you wait to try to time the market perfectly it is most likely you will time yourself right out of buying a new home or selling your old one.

In our next installment exploring the secrets of buying a home we will look into why a bigger home isn’t necessarily better, looking into hidden costs outside those of the mortgage payment, the emotions of a buyer, home inspections and the purchase bidding process of a home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

In this installment on home improvements we will look deeper into improvements that homeowners make that add no value to their home. If a homeowner is thinking of selling in the next two to five years they should relay evaluate the reasoning for the following home improvements as they do not add any value to the equity of the home.

Homeowners want to believe by installing an in-ground pool they are increasing the value of their property. An in-ground pool is a pricy endeavor. You have to pay for the pool to be created, a safety fence installed and the maintenance to upkeep the pool throughout the season. Not to mention opening and closing the pool each year. Stay away from installing a pool if you can avoid it. A pool limits the marketability of your home. Think about it, most people with young children are fearful of pools for the fact that drowning is a top accident among young children. Seniors are really interested in the upkeep of a pool leaving your home to be marketed to families with pre-teens and teens. The money you put into the pool will never be recouped in the sale of your home. This improvement will always be at a loss to the homeowner.

Homes without a garage or a small garage your home is at a disadvantage when it comes to its sale. If you live in a condo or retirement home you can sometimes get away without a garage but a home in a neighborhood without at least a two car garage your home is far less appealing to sellers than one with a garage.

If the floor plan in your home has little rhyme or reason, it will be more difficult to sell your home. Large, open floor plans have an appeal to buyers. Home with small bathrooms and bedrooms along with a floor plan that requires you to access bedrooms or bathrooms through another room really detract most buyers. The flow of the home should be one that makes sense. The kitchen should connect to the dining room and if possible a laundry room should be off of this area as well. Living rooms should share a space with dens and studies. Bedrooms should have access to bathrooms and avoid being in the space near the living room, kitchen area or dining room.

Another major eye sore are homes that are overly personalized. Buyers are looking to see themselves and their belongings in the space. All realtors will ask sellers to remove the personal touches within their homes to increase the marketability of the home. If you love bright colors by all means paint and enjoy bright décor knowing that when it comes time to sell you will be investing in neutral paint and décor to stage your home.

Maintenance is another turn off to home buyers. It is important that your home is well maintained. The last thing that is appealing to home buyers is requiring a lot of work to be done before the home is livable. Keep up on your home. Fix light fixtures, maintain cleanliness and do general upkeep as needed. Keep your home fresh, updated and clean when you list it. A home that looks to be taken care of is far more attractive to buyers than a home that requires a tin of work just to move in. Plus it gives buyers the impression that they will run into issues as they go because of poor upkeep and a lack of maintenance.

All home improvements that are done to your home should be thoroughly considered before they are done. If you love color, by all means paint but do so knowing that is money that is wasted as you will need to repaint to attract most buyers and to get top dollar for your home. If you can’t live without a pool, install one. Be prepared however when going to market the home for sale that it is not necessarily a feature that home buyers will be thrilled about. They are purchasing a home that requires early maintenance throughout the summer. This is not appealing to all home buyers and could possibly be seen as a burden. This would decrease the appeal and therefore some buyers would actually offer a price far less than asking as they will either want to fill in the area of need to plan for the extra expense of maintenance.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

There are always a ton of must haves and wants on the list of home buyers.  For real estate agents the tricky part is finding what a buyer wants within their allotted budget.  It is important for both sellers and buyers to recognize what is important in regards to home improvements in the market.  Sellers want to make their homes as appealing as possible to the needs of buyers in order to move their homes from the market quickly.  In the next two installments on home improvements we will discuss the home improvements that bring homeowners a return on investment and those that fall short.

One home improvement that is always a hit with buyers and sellers is a well equipped master suite.   It is important that at the end of the day we come home to an environment that is equipped just for us.  Nothing does this better then a master suite that offers everything one needs for solitude and relaxation.  The most wanted features in the master suite include a luxurious spa tub, walk in shower, lounging area and a full walk in closet.

The use of natural materials in home improvement is also a draw for new homebuyers.  People enjoy natural materials used in ceramic tile, hardwood flooring and granite countertops.  For flooring it is best to forgo using linoleum and look towards ceramic tiles.  If instead of hardwood you choose carpet flooring it is best to choose a carpet that is neutral and of the highest quality.  It is best to combine natural flooring with carpet to avoid the wall to wall feeling of fabric.  Natural materials in the kitchen, bath and flooring tend to be huge requests when buyers are looking for a home.

Landscape, exterior care and the aesthetics of the area all make curb appeal another top priority for new home purchasers.  Local realtors stress to sellers that the exterior must appeal to the eye to attract a buyer.  If the outside is un-kept buyers are likely to suspect the same level of care on the interior of the home. No matter what season you are looking to sell your home in it is wise to invest in the exterior appeal.  Make sure that the siding is kept clean and free of imperfections.  Take time to spruce of the homes landscaping.  In the fall trim bushes and clear leaves, in the winter clear sidewalks and keep patios clear and in the spring and summer keep the lawn in the best shape possible enhancing the green of the grass and adding mulch to improve the coloring of landscape plants.

Another improvement that is a huge hit amongst home buyers is the addition of new, top quality windows.  It is amazing how much this improvement can boost the price you can ask for your home.  Windows are expensive but it is one of the most likely home improvements to bring homeowners a high return on investment.

In our next installment on home improvements we will discuss the home improvements that bring homeowners that don’t offer a return on investment and should be avoided on homes that are about to be placed on the market for sale.   The improvements we will discuss are those that should only be done to improve the quality of life for the current homeowner and should not be viewed as an increase to the homes overall value or mass appeal.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Have you been thinking about purchasing a new home but are afraid to start looking now because the winter season is right around the corner? This article will bring a new perspective to home buyers that are uncertain about buying a home in the winter.  It is true that the spring and summer seasons are typically the most active seasons for both sellers and buyers.  Winter house hunting does have benefits over other seasons.  Work these to your advantage and you will be moving into your dream home without having to wait until spring comes around again.

When it comes to buying a home in the winter the one main benefit is the lack of competition in the bidding process.  The myth that buying a home in the winter is undesirable leads many sellers and buyers hesitant.  This means that although there are fewer houses on the market the houses that are on the market will have less competition when submitting your offer.  It can be a bit inconvenient and messy to move in the winter but when you think about an offer without the competition of other buyers it diminishes the worry about a bit of untidiness during the moving process.

When buyers are scarce, it is the perfect time to start looking for a home.  Homes during the winter move more slowly; it is truly a buyers season.  Sellers most often have a reason for selling in the winter that makes the need to move their home off the market more crucial.  This means that a buyer is able to negotiate a better deal.  It leaves room for the buyer to ask for money off the asking price, the appliances to stay in the home or any extras the buyer is interested in.  For instance, a client recently purchased a luxury recreational property.  In the offer they asked for the seller to include the family’s golf cart as part of the deal.  These items are easier to negotiate for when the buyers offer is the only one on the table.  This is often the case when buying in the winter.

Another advantage of buying in the winter is that you are seeing the property at its worst.  In the winter sellers don’t have any real curb.  Trees are barren, grass is brown and the flowers have all been cut back.  It also gives you a better chance to inspect for drafts, pipe freezing issues, attic air leaks and other issues that are commonly seen in the cold weather that are hidden from even the most experienced inspectors during the summer season.  You can feel the warmth of the home or lack thereof and really get a feeling for the homes insulation as well.

Mortgage brokers, mortgage lenders and real estate agents are also less occupied during the winter as well which allows you to have more of their attention when buying in the winter.  Mortgages tend to be processed faster with fewer issues because they aren’t focusing on thousands of new mortgages.  Paperwork flows through the proper changes without as many hiccups because people have more time to properly process documentation without the rush that occurs with the spring and summer seasons.

As you can see buyers should not fear starting to look for a new home or their first home in the winter.  Winter is an advantageous time to purchase a home for buyers.  It should actually be considered a prime time for buyers to find the perfect place to live.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

It is true that it is possible to buy and sell homes without using a real estate professional.  Although possible, it is not recommended.  Many who have tried to sell or buy a home without using a professional agent have said that in the end the costs and emotional stress were more than what it would have been if they had hired a professional from the start.  Below you will find just a few reasons why homeowners should not automatically rule out the idea of hiring a real estate agent to help with the purchase or sale of their home.

Improved Access and Convenience

When you do something over and over again you are able to simplify the process; you achieve an exact science in completing the task at hand.  This is what realtors offer to buyers and sellers.  The agent will link the two parties together which offers better exposure for both of them.  An agent works to close offers efficiently and quicker.  Homeowners choosing to buy or sell a home without the help of an agent actually end up missing a great number of interested parties because they lack the same resources that an agent has.

Negotiating is Harder Then It Seems

It is a myth that homeowners save themselves a ton of money by negotiating the sale or purchase of a home on their own.  Negotiating is hard when emotions are involved; both parties believe that their offer has more benefits than the others.  An agent has experience connecting the buyer and the seller.  This allows the messages that they both have to be conveyed in a less emotional manner helping the other to perceive it in a better manner.  Real estate agents have proven negotiating skills and have experience in convincing people to come to an agreement.

Real Estate Contract Are Complicated

Anytime a contract is involved it is important to be sure that what is stated is what you had agreed upon when speaking.  Even if you agreed that the appliances were to stay if it is not stated in the contract there is nothing legally binding to ensure that occurs. An agent knows exactly what needs to be included or omitted in a real estate offer and an end contract.   This alone can save buyers and sellers the amount they are paying for the professional real estate services an agent provides.

Buying and selling homes is an intricate process.  The steps are compounded with the stress that homeowners naturally feel when big decisions loom overhead.  With all of the paperwork that needs to be done, questions to be answered and deals to be negotiated it is impossible for homeowners to flow through the process without complications. That is why real estate agents are an absolute necessity when buying or selling a home.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

In our last installment we talked in depth about buying your first home.  With the excitement that surrounds this time in your life it is easy to overlook some of the most important areas surrounding home ownership.  Below are some questions you will want to ask yourself before committing to buying your first home.  The anticipation of owning a home can make even the most put together individual in a tail spin.

What do you expect for your future?

Although the future is unpredictable you need to think about it.  Envision your future; how will buying your first home be affected or affect this future?  Examine the prospective properties with the following things in mind:

Is there development coming to the area?  New neighborhoods, shopping center and such can affect the traffic and value of the property.  Are these things you can live with?

What are the home values of the surrounding area?  Are they increasing or decreasing?

Will the zoning laws affect your region?

Does the school district have a solid reputation?  Can you see your children attending the neighboring schools?

Anything that may affect your future should be at least considered when buying a new home.  If your job is one in which you see a transfer in your future is it safe to say that you will be able to sell the home without taking a loss or is it wiser to wait.

Where should you look to find a mortgage?

You will find that there are a ton of options when it comes to financing your first home.  It is almost impossible to research all of the options available on your own.  One of the best places to start looking into mortgage options is with a mortgage broker.  An experienced real estate agent will often have a recommendation for you in regards to a broker to work with.   After working within the industry for any length of time, realtors have invaluable connections and insight with mortgage brokers, contractors, home inspectors and more.

Will you need to take on any new debts?

Before you take on a mortgage payment consider how much debt you have now and any new future debts.  Will you need to buy a new car soon? Are you planning on starting a family?  Do you think you will be adopting a four legged companion when you move into your new house?  Do you have a nest egg set aside to handle these expenses without adding to any current debt?  Your debt to income ratio is one aspect of determining the mortgage amount you qualify for.  Not considering future debt could allow you to be qualified for more than you can comfortably take on.

Are the repairs needed in the home inspection?

No matter if you are buying your first home or last, a home inspection is a good idea.  In fact, in order for many mortgage companies to consider lending to you they will want to see a copy of the inspection.  After receiving a report from the inspectors do you need to re-figure your initial offer to take into account expensive repairs?  If the repairs to the home are non-negotiable will you have the funds to make the necessary repairs on the home while making the monthly mortgage payment?  If you will be struggling to make necessary repairs while keeping up with current bills you may want to reconsider purchasing this particular home.

Buying your first home is an experience unlike any other.  To make sure you are truly ready for everything that comes with the process of owning a home it is a good idea to ask yourself some tough questions, like the ones above and in our last installment.  Then and only then will you be sure that this step is one you are ready to take on.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Are you tired of living in your parent’s basement?  Perhaps the current neighbors sound like a herd of elephants are crashing through your ceiling?  Whatever your reason, buying a new home can be a bit overwhelming.  Below you will find some questions you will want to consider before making the leap into homeownership for the first time.

Can you afford to buy a house right now?

Purchasing a home, especially for the first time requires a great deal of planning.  Without proper preparations you are willingly exposing yourself to unnecessary risks.  When buying a home you need to make sure that you are fully capable of affording all the aspects that come with it.  A good rule of thumb is to spend less than thirty percent of your monthly income on housing expenses.

You will want to remember to calculate the private mortgage insurance (PMI) into this figure.  PMI is charged when your down payment is less than twenty percent.  Certain mortgage options, such as FHA financing allow you to purchase a home with only three and half percent down.  In this case PMI is necessary.  PMI is the insurance that the mortgage company takes on your mortgage to cover the risk associated with small down payments.  To avoid paying the extra expense of PMI you will want to have a down payment of twenty percent or more.

Do you have time to shop for a house?

Buying a home takes time and patience.  You will not want to rush through the house-hunting process.  Take plenty of time to define what you want verse what you need in a home.  Work with a real estate agent that is familiar with the location you are hoping to buy.  Using a professional realtor can certainly help with the time strain that comes with looking for a new home.

Experienced agents know the ins and outs of the business.  They have connections throughout the industry and a real understanding about the market.  More often than not, experience allows agents to show you only homes within your specifications, thus not wasting your time one options that are not feasible.

In our next installment, we will look into more questions you need to ask yourself before buying your first home.  There are many aspects that are overlooked especially by first time home buyers.  Asking yourself these few questions can save you a lot of time, money and anguish.  Our next installment on buying your first home we will cover the future, mortgage options, debt and home inspections.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.