chesterfield real estate: Thinking of selling your home? Act now or pay later.
- 05/17/10 05:04 AM
An article in this mornings Detroit News quantifies the looming "shadow inventory" of foreclosed homes in southeast Michigan that banks are carrying on their books. Nearly 44,000 properties in Wayne, Macomb, Oakland, Livingston, Lapeer and St.Clair counties are currently being held by banks after taking the homes back via foreclosure. In contrast, the current listing inventory for those same areas is a little over 30,000. If you're thinking of selling your home now, or in the near future these numbers should be a call to action for you. As a seller, the less the supply of homes for sale, the better … (2 comments)
chesterfield real estate: How well does your home show the first time a buyer views it?
- 04/28/10 08:06 AM
By and large, buyers start there search for a new home online. Most statistics have the number pegged in excess of 90% of buyers. So in effect, when you have a home listed for sale, your first showing takes place without you even knowing it...online. If your home shows well online it will lead to more buyers actually walking through your home to see it in person (and hopefully buy it!). Sounds simple, but it is appalling to look at some of the listings in the MLS and see the total disregard that some agents have for taking appealing photos of … (2 comments)
chesterfield real estate: Home sales rose in '09 as prices dropped 12%
- 01/25/10 09:27 AM
A large portion of the increase in home sales last year was propped up by government(tax) incentives for buyers. It will be interesting to see how the market reacts this year as those incentives dry up. My concern is if the buyer demand for housing dries up, paralleled with banks releasing their bottled up inventories of foreclosures. The result could be a further recession of an already unstable real estate market. If you're interested in seeing what your home is worth, go to my website (brianpowershomes.com) and sign up for a complimentary market analysis of your home. --------------------------------------------------------------------------- Home sales rose … (0 comments)
chesterfield real estate: 1 in every 7.5 Properties Behind in Payments or in Foreclosure
- 01/18/10 02:25 AM
The foreclosure crisis isn't going away anytime soon. Whether you realize it or not, you know someone who is behind in payments and facing foreclosure of their home. The good news is there are more options available to home owners today than ever before. If you know someone facing this situation please have them contact me so we can discuss their options with them. LPS report finds one in every 7.5 properties lagging in payments or in foreclosure The December Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), a provider of mortgage performance data and analytics, showed that one … (2 comments)
chesterfield real estate: Senate Clears Homebuyers Tax Credit Extension; May Pass as Early as This Week
- 11/05/09 01:37 AM
Looks like our elected officials have finally agreed to move forward with voting the extension of the First Time Buyers Tax Credit along with a $6500 tax credit for other buyers. They are hoping to vote on it by the end of this week. If you know anyone thinking of buying a new home, whether they are a first time buyer or not, please have them contact me so we cab discuss these new tax benefits to home buyers. Senate Clears Homebuyers Tax Credit Extension; May Pass as Early as This Week RISMEDIA, November 5, 2009—After two weeks of delay, the … (0 comments)
Tighter inventory, rise in median price create ‘happy medium’ Sunday, June 28, 2009 By Dave Jones, Macomb Daily Special Writer A housing market that’s seen home values plummet and foreclosures surge is beginning to show signs of leveling off. Macomb County home sales rose 11.4 percent in May 2009 compared with May 2008, with 783 sales reported last month, 80 more than last year, according to a report released by the multiple listing service firm Realcomp. Also, the number of pending sales … (0 comments)
chesterfield real estate: Interest Rates are Rising and Your Purchasing Power is Eroding
- 06/08/09 09:03 AM
3 months ago in this blog I wrote about buyers who were trying to time the market and buyers who were nervously sitting on the sidelines because they were afraid the market hadn't bottomed out yet (See I'm Not Buying a House Until the Market Bottoms Out!). In that posting I specifically cautioned buyers about the effects a modest rise in interest rates would have on their ability to qualify to buy a home. An excerpt from that blog posting: "And furthermore, are you paying attention to the other factors that affect your ability to buy a home? What if the … (0 comments)
chesterfield real estate: April Pending Home Sales Rise 6.7%
- 06/03/09 12:27 AM
While this is a national average and not specific to southeast Michigan, any good news with regards to the real estate market in general is welcome. Locally, once again in April the volume of homes sold increased, however the average sales price decreased. The story hasn't changed much since I blogged about the same data when released for March: http://mymacombsaintclair.com/2009/04/15/metro-home-sales-up-but-prices-plunge/ ---------------------------------------------------------------------------------------------------------------------- April Pending Homes Sales Rise: 6.7% Boost Reflects the Impact of New Buyers Tax Credit Washington -- The number of U.S. homebuyers who agreed to buy a previously occupied home took the largest monthly jump in nearly eight years in … (0 comments)
chesterfield real estate: First-time Homeowners to get Tax Credits Via FHA Loans
- 05/18/09 06:35 AM
Some additional information with regards to the $8000 First Time Home Buyers tax credit and how buyers can use it at closing to fund their down payment. First-time Homeowners to get Tax Credits Via FHA Loans HOLDEN LEWIS / bankrate.com This year, some first-time home buyers will charge their down payments to the taxpayer. Buyers will be allowed to use their first-time homeowner tax credits as down payments when they get FHA-insured loans, Secretary of Housing and Urban Development Shaun Donovan announced. The National Association of Realtors hailed the announcement, and asked taxpayers to subsidize all home purchases, and not just … (0 comments)
chesterfield real estate: HUD Announces $8000 First Time Home Buyers Tax Credit Can Be Used Towards Down Payment
- 05/13/09 11:46 PM
Great news for First Time Home Buyers today. HUD has made an announcement that sweetens the deal with regards to the $8000 First Time Home Buyers tax credit. The credit can now be utilized at closing towards the buyers down payment, significantly reducing the amount of out-of-pocket costs to the buyer. If you know someone who is renting, please have them contact me so we can schedule an appointment to perform a rent vs. buy analysis for them. No pressure to buy, just a consultation to see if it makes sense for them to take advantage of this incredible buyers market. … (2 comments)
chesterfield real estate: USDA Rural Home Loans
- 04/20/09 09:50 AM
One of the common myth's being floated about the marketplace these days is that money and credit for purchasing a home has dried up. Not only is it not true, but there are some very affordable home loans available to buyers. You can still qualify for FHA Financing with as little as 3.5% down and a 620 credit score. Even better is a little-known loan program offered by the USDA for Rural Home Loans. Qualifiying rural areas vary by county. In Macomb County pretty much anything north of 26 Mile Road qualifies, and in St.Clair County nearly the entire county qualifies … (0 comments)
chesterfield real estate: Metro Home Sales Up, But Prices Plunge
- 04/15/09 09:20 AM
...Volume of Homes Sold continues to increase ...Average sales price continues to decline ...Local housing market is still being flooded with foreclosures ...Prices won't recover until the rate of foreclosures drastically declines...the foreclosure rate won't decline until the job market improves ...Long story short... IT'S ALL ABOUT JOBS ! - Brian Metro home sales up, but prices plunge Metro area's inventory of unsold homes is at 9 1/2 months and the median price is $42,500 Louis Aguilar / The Detroit News A glimmer of hope: March home sales in Metro Detroit jumped by a third, and the backlog of home and … (0 comments)
chesterfield real estate: Spring Time is a Great Time to Buy a Home
- 03/20/09 10:53 AM
I didn't even realize until somebody mentioned it late in the day but today is the first day of Spring. Michigan winters don't usually bother me but for some reason this one really got on my nerves and I am happy to see it go! I took a ride up M29 last Sunday from New Baltimore to north of Saint Clair and there was hardly any ice on the river. Yesterday I looked closely at my grass and I am pretty sure I actually say a few green blades of grass trying to peek through. Spring is on its way indeed … (0 comments)
chesterfield real estate: I'm Not Buying a House Until the Market Bottoms Out!
- 03/10/09 08:02 AM
Whether it's listening to idle coffeehouse chatter or talking with prospective buyers, I hear a lot of talk lately about how the real estate market has not yet reached reached the bottom of the current declining cycle we are experiencing. I've had a few prospective buyers go so far as to say "I'm not buying until the market bottoms out!" I always get a bit of a laugh out of comments like these. I usually follow them up by asking the person how they knew we were at the top of the market 5 or 6 years ago before we started … (0 comments)
Founder and Director of Brian Powers Homes at Keller Williams Macomb St.Clair. We deliver results-driven real estate centered around your unique story, your unique dreams.
An article in this mornings Detroit News quantifies the looming "shadow inventory" of foreclosed homes in southeast Michigan that banks are carrying on their books. Nearly 44,000 properties in Wayne, Macomb, Oakland, Livingston, Lapeer and St.Clair counties are currently being held by banks after taking the homes back via foreclosure. In contrast, the current listing inventory for those same areas is a little over 30,000.
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