How to bid on a SouthEastern Michigan home - 05/31/10 09:42 PM
This is how to bid on a Southeastern Michigan home.
So what I would say to the Metro Detroit home buyer that is looking at homes don't do low ball bids, and expect to win them. Bidding on a home in this Southeastern Michigan real estate market is not easy. 
It is no longer a buyers market in the better cities in the suburbs. By that I mean Plymouth, Royal Oak, West Bloomfield, Birmingham, Northville homes aren't being given away.  If the house is a decent house there will most likely be multiple buyers looking at it and very possibly multiple offers.  About 40 -50% of the … (2 comments)

Canton MI foreclosures - 05/31/10 08:07 PM
Currently there are 20 Canton MI foreclosures for sale.  They have been on the market an average of only 36 days.
 
In the last 60 days 33 Canton foreclosures have sold.  The average time it took to sell these Canton MI foreclosures was 39 days.  So if that continues to hold true many of these current foreclosed homes will go quickly.   
16 of the homes sold under list price, 12 of them sold over list price and 5 sold exactly for list price.  If you want more information on these homes give me a call or email me.
… (0 comments)

Who should list my condo? - 05/29/10 11:29 PM
This post is going to tread on ground that a small minority of people still don't know about and don't understand.  In the metro Detroit area we have a few cities where "white flight" is very evident.  Over the years the city that once has a majority white demographics has now gone to a black majority.  As real estate agents we show houses in any city to anybody that wants to look at them.  So today it surprised me when a person at a barbecue asked me where they can "find a black real estate agent".
They told me a story of 83 year … (4 comments)

West Bloomfield MI Relocation information - 05/28/10 10:07 PM
 Here is some West Bloomfield MI relocation information.
West Bloomfield Michiganis an affluent township in Oakland County ( about 35 minutes from downtown Detroit).  West Bloomfield MI like much of Southeastern Michigan was originally a farming community. Late in the 19th and early in the 20th century, it became a popular lake resort area, accessible from Detroit by interurban railway.  West Bloomfield grew from a farming community, to a lake community, and became a highly desirable upscale suburban community.  Today West Bloomfield is a well developed and well maintained area of single family homes and some up-scale condominiums and apartments.
 According to the 2000 census, the … (1 comments)

my journey of being a Michigan landlord & managing investment properties -part 2 - 05/26/10 11:07 PM
Here is part two of my journey of being a Michigan landlord & managing investment properties.  I now have a Canton MI investment property.  But my first experience as a Michigan investment property owner was horrible. I made all the mistakes you could make.
So I am writing this so you don't make the same mistakes I did.
I rented the house and kept the garage to store personal and business equipment.  I also kept a boat on the property during the winter.  MISTAKE.  You have to remember there are problems with this.  The people you rent to see what you … (0 comments)

My journey of being a Michigan investment property owner & Michigan landlord The past --- part I - 05/24/10 09:44 PM
I thought I would share my journey of buying an Michigan investment property.  I already have a Canton duplex that I rent out to two different sets of people.  And many years ago I had a house that I rented out for three years.  So I will start
So I do have experience.  My first experience of being a landlord wasn't very good. 
THEFT ----   I only rented the house and kept the garage to store my possessions.  I even stored a boat in the back yard one year.  My tenants learned how to break into the garage and steal stuff … (3 comments)

Active rainers I need a little help with - 05/23/10 10:30 PM
these questions. 
1.  How has the end of the first time home buyers tax credit affected your real estate market?
2.  Has your market gone up or gone down?  What percentage would you guesstimate that it is up or down?
TAX CREDIT CHANGE - WILL IT AFFECT YOUR POCKET BOOK?
 
I do some consulting for a New York investment firm and they asked these questions about my local market.  It got me thinking how the end of the first time home buyer tax credit was affecting the rest of the country.
Here in Detroit sign calls and first time buyers have … (3 comments)

Here is what is happening lately in the Southeastern Michigan real estate market - 05/21/10 10:43 PM
Our Southeastern Michigan real estate market is what I would call "stable".  The question came up during a phone call.  An out of state investor asked me on the phone call what our market was like. 
Our local housing inventory has been relatively staying the same. Our local MLS has been averaging between 44 -46,000 home listings.  Here is what that means.  If the housing inventory was growing, it  means homes are not selling as fast.  That homes prices may drop because there is less demand.  If housing inventory was going down it means the real estate market is ''hotter".  That homes are selling faster … (1 comments)

Michigan property tax - homestead and non-homestead explained - 05/20/10 11:54 PM
I had a Redford home buyer tell me today that she thought if she bought a house that had non-homesteaded taxes that it would always be non-homesteaded taxes.  They didn't want to look at houses with non-homesteaded Michigan taxes because they thought they would forever be paying higher property taxes.
That's not the way it works.  A Metro Detroit home becomes non-homesteaded if the property owner does not claim it as their primary residence and claim a homestead exemption.
Examples of when a property is non-homesteaded are:
a bank foreclosure a home that the owner has died a home that the … (0 comments)

Livonia real estate and Livonia relocation information - 05/19/10 11:01 PM
Thinking of buying in the metro Detroit area?  Here is information about Livonia real estate and Livonia relocation information.
From the area´s original inhabitants, the Potowatmi Indians, through today, people have always found the Livonia area a wonderful place to live. From its humble beginnings as a farming community, Livonia MI has grown into a town with all the amenities you need to make a comfortable home. Tucked between Detroit and Ann Arbor, any big city features from the cultural to the recreational, are within easy driving distance of your dream home. If you are looking to purchase a home in … (1 comments)

One home buying mistake - 05/18/10 11:07 PM
One home buying mistake many home buyers make is over-extending themselves by buying a house too big! 
Many people have lost their homes in the last few years because they over extended thenselves.  So many first-time home buyers make the mistake of getting sucked into buying a house too big.  Sometimes its peer pressure.  Showing that they have "made" it.  The buyers get a loan that stretches their budget, the first time home buyer bets on a future increase in income. 
Yes so many people want to get into that  bigger, more expensive home. Sure most people make more money as they … (8 comments)

Does it make sense to do a short sale if.... - 05/18/10 09:52 PM
When does it make sense to do a short sale if the bank isn't cooperating?  What I mean by that is the bank being stubborn on the price.  Is the bank refusing to do the sale unless you sign a deficiency?
Let me explain this a little bit.  When you sell your Metro Detroit home via a short sale there is two choices for the bank to make.  They can forgive the deficiency and give you a letter releasing you from any liability from the deficiency.  Or they can refuse to give you a letter.
If the bank refuses to release … (0 comments)

Oakland County MI real estate update - 05/16/10 11:39 PM
Here is the latest Oakland County MI real estate update on what the median sale price and the number of Oakland County homes that have sold in the March.  As you can see the number of home sales is up from last year.  Mr. Obama's first time home buyer tax credit had a lot of people out their looking and buying Oakland County MI homes. 
What has happened because of the first time home credit is that their were multiple buyers bidding on homes.  So home prices actually went up in many cases.  If you look at the tables below you will see … (2 comments)

Northville home selling tips - contingencies in the purchase contract - 05/16/10 11:17 PM
Here are some Northville home selling tips about contingencies in the purchase contract.  The Northville home seller was nervous about all the contingencies in the purchase contract.
 In every purchase contract there are contingencies, that must be satisfied, each within a certain time frame, in order for the sale to go through. These are the rules and time lines that the buyer and seller must stick to.  Sure there are some legal loopholes that allow the buyer to void the contract.  But that is normal. 
But these four contingencies are standard and won't be deleted out of any purchase contract.  (Unless the buyer or the buyer's … (0 comments)

Where have the foreclosures gone? - 05/14/10 09:42 PM
A lady that was looking for a metro Detroit home in the $400 - $600,000 range asked me where have all the Detroit foreclosures gone?
Metro Detroit is a little different than some areas like California, Arizona, or Florida.  They have many high end foreclosures.  There were investors in those cities buying homes in the $400,000 range.  They had a great number of high end homes than Metro Detroit.
Sure we have expensive subdivisions and homes but not in the numbers that those states do.  So we don't have a large amount of higher priced foreclosures.  The majority of metro Detroit … (4 comments)

Oakland County lake front foreclosures - 05/12/10 11:22 PM
Here is an update on Oakland County lake front foreclosures.  I received an email from a lady today requesting listings for Oakland Lakefront homes under $150,000. She had recently missed buying a home because she bid too low.
It was a lakefront home that was listed at $66,000.  The lady had bid $83,000 and still didn't win it. Here was my explanation to her on what she should be doing.
 That was quite a deal.  You very seldom see a Oakland County lake home priced under a $100,000.  If it is it is usually in poor shape, or on a smaller lake.  A … (1 comments)

Don't do that! - 05/11/10 11:05 PM
Here are some tips on what not to do and what to do if you want to get a home you want.
In the two years before you buy a home.......work all you can.......don't take time off that reduces your pay.  Your bank looks at your last two years income and the year to date income.  The dollar amount of a home you can buy depends on your income.  The lower your income the lower payment you can afford.  Why is this?
Banks look at your debt ratio to determine this.
I can't tell you how many times I have talked to people … (5 comments)

Our bank now says we can't buy the home - 05/10/10 10:36 PM
I got a call from my buyers a month ago saying our bank now says we can't buy the home after we already put in the purchase agreement.  I asked my clients to explain.
They said they no longer had the proper debt ratios.  They had too much debt when they included the house payment, insurance, and taxes. (as compared to their income)  My clients income had been decreasing over the last two years because of Detroit's poor economy.  We only could use her income because her husband had bad credit, so we could not use his income.
The two issues we … (5 comments)

We stole this house - 05/10/10 10:03 PM
My clients and I finally closed on a Holly Michigan home.  They wanted a older home with character on a larger lot.  They had been looking on and off for about 6 months when we found this home.
It was a 2500 square foot home that we bought for $63,000.  We got lucky because it had some easily issues that could be fixed relatively easy.  But many home buyers couldn't see the fix. So home buyers were shying away from the home.  The home has no curb appeal because it has no "real front porch".  No landscaping out front.
But the … (5 comments)

I just don't get it - 05/06/10 10:36 PM
Today I read on MSN that some students at Live Oak High School in Morgan Hill were sent home yesterday because they were wearing American flags on tee shirts.  It seems that Live Oak High School has a large Latino population and the administration felt it was inappropriate for American students to wear the flag on Cinco de Mayo day.  It might cause a disruption. 
I hate to say it but there is no day in America that it is wrong to wear American pride clothing.  No day in America it is wrong to fly the flag or be proud of … (7 comments)

Farmington ranch homes - Farmington MI real estate update - 05/04/10 10:49 PM
 17 Farmington ranch homes (in the 900- 1400 square foot range) have sold in the last 90 days - Farmington MI real estate update.  Ranch homes in Farmington/Farmington Hills are selling relatively quick.  The average days on the market for these ranch homes is 63 days.  The highest priced ranch home was $146,000 for a 1384 square foot home (in the 900-1400 sq ft) and lowest was $50,000.  The average sold price is $99,7701.

 These Farmington MI ranch homes all had garages, 3 or more bedrooms, 1 or more bedrooms.  The majority of them were brick ranches.

I hope this Farmington MI real estate update on Farmington ranch homes helps you whether you … (1 comments)

West Bloomfield home buyer tips - should I get a home warranty - 05/03/10 10:35 PM
West Bloomfield home buyer tips - should I get a home warranty when I purchase a home?
Yes sometimes it is a good idea to purchase a home protection plan.  I myself think home warranties are just so - so.  If something major goes wrong it is a geat deal.  But there are some limitations with home warranties.   There is always a deductible.  When you call to get something fixed there is usually a co-pay to get it fixed.  Sometimes they verify the item was in good shape when the house was bought.  The home warranty company sometimes asks to see the … (1 comments)

Cancer Sucks - 05/02/10 08:40 PM
I sit here blogging away.  I write today just to talk.  Blogging has become my way of talking.  Not talking to anybody in particular but a way of venting sometimes.  I am trying to spend more time at home lately.  I used to be a work a holic.  But my life has changed quite a bit in the last 6 months.  My wife was re diagnosed with cancer.  She had it radiated and we thought we were thruogh the woods.  But in February she was told she had to go through chemo again.
I have seen my wife that was vibrant, energetic, … (2 comments)

Northville home buying tips -get a quality home inspection - 05/02/10 03:51 PM
Get A Quality Home Inspection - Northville home buying tips
Remember buying this Northville MI home is one of the biggest financial investment of your life. Even if you are tight for money paying for a qualified home inspection before you buy a home isn't wasting money.  This could be the best money you spend when buying a Northville MI home.  A home inspection is spending "a little extra" for peace of mind; it's absolutely essential to find out if you are buying a money pit.  You don't want to be cheap and not pay for a home inspection and then spend thousands of dollars for repairs later. Ask … (0 comments)

Northville home buying tips -get a quality home inspection - 05/02/10 03:48 PM
Get A Quality Home Inspection - Northville home buying tips
Remember buying this Northville MI home is one of the biggest financial investment of your life. Even if you are tight for money paying for a qualified home inspection before you buy a home isn't wasting money.  This could be the best money you spend when buying a Northville MI home.  A home inspection is spending "a little extra" for peace of mind; it's absolutely essential to find out if you are buying a money pit.  You don't want to be cheap and not pay for a home inspection and then spend thousands of dollars for repairs later. Ask … (0 comments)

Livonia home buying tips - create a top 10 list of wants and desires - 05/02/10 02:42 PM
Livonia Home Buying tips - Create A Top 10 List of  Wants and desires 
When shopping for a home be like David Letterman create a top 10 list. 
List the features that are most important to you in deciding on which Livonia MI home to purchase. Establishing "your wants and desires" early on will save time shopping for Livonia MI homes.
For example do you want to buy a Livonia home with a :
big master bedroom fireplace open layout lots of closet space garage fenced-in yard Near a school first floor laundry By creating a top 10 list of wants and desires … (0 comments)

Why is there only one photo on the internet - 05/02/10 12:52 AM
Why there is only one photo on the internet is because it is either a foreclosure or the home is in poor condition inside.
The metro Detroit home may have:
a non updated kitchen (especially if it has Home Depot put together cabinets) indoor outdoor carpeting or 1970's orange shag carpeting the rooms full of wall paper (especially the kitchen vegetables or fruit wall paper) the holes in the drywall the mold in the basement a non updated bathroom (especially if it has the aqua blue tile dirty moldy grout) cluttered junk filled rooms dirty, marked up, unpainted walls broken doors mirrored walls  the velvet … (1 comments)

Canton MI foreclosures - Canton MIhome buying tips - 05/01/10 09:28 PM
Canton MI foreclosures - Canton MI home buying tips
Here is the latest list of Canton MI foreclosurest as of 5/1/2010.  Canton MI has grown up from a rural farming community to well laid out township that is ideally made to raise your family.  Ford Rd is the main Road that the business district is located on. 
                                           
 

 If you have questions about Canton MI give me a call on my cell by (313) 310-9855 or email me at Yesmyrealtor@gmail.com
 
Search Canton Homes for sale
Canton MI home buyer tips
Canton Twp MI information
Metro Detroit home buyer tips
 
… (0 comments)

Finally It's closed Hooray - 05/01/10 11:12 AM
I was working with a client for about 6 months.  They were looking for a newer home, over 1500 square foot under 175,000.  We found one and got it closed.  It was a short sale too.  My clients were so excited.
                                                        
They wanted to buy in Southfield MI but the issue we were running into was that the taxes were so high that my clients debt ratios were off.  They couldn't buy the Southfield homes because they wouldn't qualify for the mortgage because the taxes were too high and their debt to income ratios were off.
We had one shot … (0 comments)

 
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Russ Ravary - Metro Detroit homes - Michigan Real estate & Mortgage info

Novi, MI

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Keller Williams Commerce

Address: 2900 Union Lake Rd Suite 210, Commerce Township, MI, 48382

Office Phone: (248) 406-2976

Cell Phone: (313) 310-9855

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Michigan and Metro Detroit area real estate. Local, up to date by a Michigan real estate specialist. Novi Real estate, Livonia real estate, Northville real estate, Wayne county real estate, Oakland County real estate, Livingston county real estate. Buyers and sellers tips


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