When inventory is low in the real estate market, people often look at other options to create their own inventory

When inventory is low in the real estate market, people often look at other options to create their own inventory

Every year, new medical school graduates learn where they’ll MATCH with their new medical institution. The whole country does it the same day, and it’s a celebration for the graduates, families and faculty alike.

Looking to move into a brand new home in 2024? Find Out The REAL Cost of New Construction in 2024. While you may be able to customize it to work seamlessly for your family, the real cost of new construction isn’t always clear. Let Tim walk you through the interior and exterior variables to consider. The Glison Home Group Team has the knowledge and experience to walk you through the process with no hidden costs.

Looking to move into a brand new home in 2024? Find Out The REAL Cost of New Construction in 2024. While you may be able to customize it to work seamlessly for your family, the real cost of new construction isn’t always clear. Let Tim walk you through the interior and exterior variables to consider. The Glison Home Group Team has the knowledge and experience to walk you through the process with no hidden costs.

We explore the realities of using online property valuation tools, like Z-estimates, and understand their main advantage: showing trends in property values. However, these tools lack the depth to provide accurate property valuations because they can't see the unique features and upgrades of your home or understand the nuances of location.

Ever heard the old joke about the best time to plant a tree? The best time was 30 years ago, and the second-best time is now. This wisdom holds true for buying a house too. The right time to buy or sell your home is now, regardless of fluctuating interest rates. Focus on your family's needs and the long-term benefits of homeownership, such as equity and wealth building. Even if interest rates fall later, you can always refinance, giving you the best of both worlds.

The Mechanics’ Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish abor or materials to repair, remodel or build your home. If any of these people are not paid for the services or materials they have provided, your home may be subject to a mechanics’ lien and eventual sale in a legal proceeding to enforce the lien. This result can occur even when the homeowner has made full payment for the work of improvement.

It’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.

Builders, in an effort to combat the dual problem of an increasing population and a declining availability of prime land, are increasingly turning to common interest developments (CIDs) as a means to maximize land use and offer homebuyers convenient, affordable housing.

There really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service. fees, wire fees, and so on, depending on whether the loan is a purchase or a refinance. The term “no-cost” actually means that your lender is paying the costs of the loan. All a no-cost loan means is that there is no cost to you, the borrower.

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money. It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it’s the interest rates or the down payments that vary.

With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.

Across the country, and certainly in the Detroit Metro Area, we have been in what is called a Seller’s Market for a quite a while now. A Seller’s Market in real estate is often defined as a market having less than 6 months of inventory (the number of houses for sale). In most Metro Detroit markets, and especially at family-home price-points, we are averaging inventory levels of less than 1 month! The result: multiple offers, appraisal guarantees, waived inspections, escalation clauses, etc. – along with rising prices!

With COVID-19 in the rearview mirror (hopefully!) and restrictions lifting, we should see a dramatic change in the real estate market – right? After all, we are in a real estate market ‘bubble’ from the pandemic and it’s about to burst – right? Sellers can ask any price for their homes right now and buyers should wait for the ‘market correction’ that is surely just around the corner – right? I hear this from many sources: potential buyers and sellers, media ‘experts’, pundits within the industry; but looking at the current market from a ground- level view, I’m not convinced.

One of the most frequent questions I’m asked as a real estate broker is, “Is this a good time to buy (or sell)?” But I’m not being asked that much these days...  This January, Fannie Mae released the results of their Home Purchase Sentiment Index – and it wasn’t good. A survey record low of only 1 in 4 respondents reported that it’s a good time to buy, with younger households being especially pessimistic. Now this pessimism is understandable: home prices continue to escalate, inflation is on the rise, as are interest rates and, as a result, many buyers (especially first-time buyers) are ‘boxed out’ of the market.

You have undoubtedly heard from headlines and coworkers that the real estate market is crashing, the ‘bubble’ has burst, and with the high (and rising) interest rates, nobody is buying or selling. But not so fast: as they say, the devil is in the details. These kinds of headlines are as misleading as they are attention getting.

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale? A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death.

It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.