Hale Walker, Sr. Vice President of First Preferred Mortgage/Michigan Mutual, Inc. has some tips for those looking to get into the market to buy or sell during the traditionally busier summer months.
Fourth of July is here and summer is in full swing-does that mean more homes on the market?
- Historically low interest rates have created an uptick in activity
- There is very little "move up" inventory for individuals who may have a growing family or want more room from their first home. Those homes are moving very quickly.
- Still good inventory for the first-time buyer. Now is still a great time to buy for individuals who may have been sitting on the sidelines for the past few years.
What are some trends happening in summer 2012 that you haven't seen in past years?
- The construction loan market is back-Since 2008 construction loans were not happening because so many subdivisions had unfinished or vacant homes. That has changed. Part of the reason is this mid-market "move up" buyer isn't finding the right existing home for their needs-so they are opting to build new.
- Homes in great condition continue to be the focus-So much attention was put on buying a short sale or foreclosed home in the past few years. These just aren't the homes that people are buying. Homes in great condition that are fairly move in ready are selling fast. If you are a seller looking to list your home that sounds like this, now would be a good time.
- Strong communities- People are looking for solid, strong communities-schools, parks, YMCAs, shopping amenities, places they can grow their families and enjoy for years to come. That's more important than ever for buyers today.
What do people need to do now if they are considering buying before the fall?
- Get pre-approved. We've seen it time and time again. Individuals losing out on homes to someone who had their pre-approval letter and they didn't. Before you start looking, understand what you can afford.
- Work closely with a lender to ensure you are exploring all viable options today with these historically low rates. There are more options to get qualified buyers into homes than ever before.
- Get creative-Look for ways to make your offer more appealing than the next buyer.
Tuesday, June 11 2013 9:45 AM EDT2013-06-11 13:45:47 GMT
Specs Howard School of Media Arts, a Michigan owned and operated school is making $250,000 dollars in scholarships available to individuals seeking training in technology driven courses including Broadcast Media.
Specs Howard School of Media Arts, a Michigan owned and operated school is making $250,000 dollars in scholarships available to individuals seeking training in technology driven courses including Broadcast Media.
Friday, June 7 2013 1:39 PM EDT2013-06-07 17:39:14 GMT
If stocks are soaring and the DOW-JONES is reaching all time highs, why aren't companies hiring at a high rate too? Here's a clue: The Federal Reserve.
If stocks are soaring and the DOW-JONES is reaching all time highs, why aren't companies hiring at a high rate too? Here's a clue: The Federal Reserve.
Monday, June 3 2013 10:22 AM EDT2013-06-03 14:22:00 GMT
You might think it's just a kind gesture, but did you know when you let someone borrow your car, you're also letting them borrow your insurance policy?
You might think it's just a kind gesture, but did you know when you let someone borrow your car, you're also letting them borrow your insurance policy?
Tuesday, June 18 2013 11:38 PM EDT2013-06-19 03:38:44 GMT
After initially defying federal regulators, Chrysler abruptly agreed Tuesday to recall some older-model Jeeps with fuel tanks that could rupture and cause fires in rear-end collisions.
After initially defying federal regulators, Chrysler abruptly agreed Tuesday to recall some older-model Jeeps with fuel tanks that could rupture and cause fires in rear-end collisions.
Tuesday, June 18 2013 11:29 PM EDT2013-06-19 03:29:11 GMT
An angry pastor is trying to keep his cool. He is mad at whoever tore apart his air conditioning unit to steal the copper, but he also says the entire community shares the blame.
An angry pastor is trying to keep his cool. He is mad at whoever tore apart his air conditioning unit to steal the copper, but he also says the entire community shares the blame.
Tuesday, June 18 2013 9:46 PM EDT2013-06-19 01:46:58 GMT
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Tuesday, June 18 2013 7:26 PM EDT2013-06-18 23:26:33 GMT
The latest dig in the search for former Teamsters' boss Jimmy Hoffa will resume on Wednesday in an Oakland Township field. So far, crews have found two concrete slabs and animal bones.
The latest dig in the search for former Teamsters' boss Jimmy Hoffa will resume on Wednesday in an Oakland Township field. So far, crews have found two concrete slabs and animal bones.
Tuesday, June 18 2013 4:54 PM EDT2013-06-18 20:54:19 GMT
Who will open for Bon Jovi at Ford Field on July 18? Your vote will decide. 20 bands left in the Fox Rocks contest. Voting period: Now through July 10. Time to 'Fox Rocks' the vote.
Who will open for Bon Jovi at Ford Field on July 18? Your vote will decide. 20 bands left in the Fox Rocks contest. Voting period: Now through July 10. Time to 'Fox Rocks' the vote.
Tuesday, June 18 2013 12:20 PM EDT2013-06-18 16:20:44 GMT
Detroit Metropolitan Airport officials evacuated a section of the McNamara Terminal Tuesday morning after a canine picked up the scent of explosives on the apron, where planes load.
Detroit Metropolitan Airport officials evacuated a section of the McNamara Terminal Tuesday morning after a canine picked up the scent of explosives on the apron, where planes load.
