Dearborn Michigan Area Real Estate Blog

Before you begin house hunting it is very important to first determine the price range in which you will be looking.

You should contact a mortgage lender or local bank that can meet with you to evaluate your financial situation and determine the ideal price range for you along with providing a detailed outline of the costs involved in your home purchase. At this time the lender will also be able to discuss and advise you as to what mortgage programs are available for you to choose from (i.e.; Conventional, FHA, fixed rate, adjustable rate, etc.).

During this time period, it is an excellent idea to get “pre-approved” for a mortgage. This is different than a pre-qualification. With a pre-approval, the bank or mortgage company actually does a credit check and sends out verifications to obtain a mortgage pre-approval just as they would do if you had already found a home. Since you will have to follow through with the approval process at some point, getting it out of the way in the beginning will save you time, stress and ultimately, it will have its advantages. For example, when you make an offer on a home, your offer will carry more weight with the seller and listing agent because you are able to show them that you are “credit worthy” and there is not the risk of you being denied for the loan. There are also other advantages in obtaining a pre-approved mortgage status which may end up working in your favor.

If you don’t know where to go to obtain a mortgage or have questions about the process and benefits of a pre-approved mortgage you might want to contact Sam Reda at Shore Mortgage.

Sam Reda, Executive Loan Officer

Shore Financial Services, Inc. dba Shore Mortgage

800-678-6663 ext. 5155 | Direct: 248-833-0444 | Cell: 313-522-4900

If you’re planning to sell your home, you may hear your real estate agent suggest staging.

By having your home professionally staged you are able to set the scene in your home, making it more appealing to buyers through redecoration or renovation.

It can help make your home more appealing by allowing prospective buyers to envision themselves living there.

With proper staging, something as simple as painting your walls can go a long way towards selling your home faster and for the best possible price. According to a 2006 study by Accredited Staging Professionals, homes listed for sale without being staged lasted, on average, 163 days on the market. Staged homes averaged only 8 to 13 days on the market.

Staging costs vary depending the scope of the project. Some staging techniques, like rearranging furniture or simplifying the décor, are free. Other projects, such as installing granite countertops or new kitchen appliances, can be costly but might help boost your home’s appeal. Costs also differ depending on where you live. According to Barb Schwartz, author of “Home Staging: The Winning Way to Sell Your House For More Money,” the cost of staging a home on the West coast averages $2,800, compared to $1,800 in the Midwest and approximately $3,800 on the East coast.

The government is making an effort to reduce the disturbing amount of foreclosures we are currently seeing through the Making Home Affordable program (MHA).

Many struggling homeowners have found relief under MHA’s loan modification plan, known as HAMP. However for some, even with the assistance of HAMP, it is impossible to keep up with mortgage payments. Recognizing this, vital steps have been taken by the government to encourage the use of short sales and deed-in-lieu’s.

If you meet the eligibility requirements for HAMP, but do not qualify or were unable to keep up with your modified home loan, here is what you can do:

Get the value.
An appraisal will need to be done of your home to determine its current market value.

Put it up for sale.
You will need to hire a realtor and actively market the property. Read more…

Have you always dreamed of buying a house, but can’t seem to save the money for it?

Before you lose hope in ever being able to afford a house, evaluate your lifestyle to see if there are any major spending obstacles standing in the way of you achieving your dreams. Eliminating those obstacles could be the difference between renting and owning—which is very satisfying. Use these strategies to help assess your finances and develop a plan of action.

Assess your spending.

Take some time to go through old statements and receipts of things you have bought. Are there any trends? Do you consistently spend money on something that has little worth in your life? This can alert you to a dead end spending that is really costing you. You may want to also use a web-based program such as Wesabe or Mint to help you keep track of where your money is going. Read more…

In sometimes-complicated relationships between residents and their condo or homeowner associations, neighborly love can go only so far.

When it comes to association decorum, the more you know about the CC&Rs (covenants, conditions and restrictions), the better. It’s the homeowner’s job to reinforce these governing rules and regulations, which can easily pit residents against association members. Here are a few hot-button issues that, according to Realty Times and Condobenefits.com, are important to keep in mind:

Pets. Many condominiums restrict the permitted size and number of pets, if they allow them at all. Check in with the head of the association before bringing any four-legged friends home, and take note of any restrictions — such as the proper way to clean up after your pets and whether they’re allowed to stay outside for any period of time. Read more…

The biggest detriment to selling real estate is the all too common problem of overpricing.

For the last 20 years, I have been approached by anxious sellers who want to know why their property is not selling. The answer is always the same The asking price is too high.

Why do people make the common mistake of asking too much? There are several reasons. Some owners expect the present home to bring them enough money with which to purchase a more expensive home. In other words, they just are not facing reality. Others price it too high because they have not had their property evaluated by a professional. Relying on hearsay only, they put a price on their property that does not compete with other available properties. Read more…