saint clair real estate: Metro Detroit Real Estate Market: Kind of Like a Yard Sale on Sunday
- 07/26/10 01:01 PM
"It's a buyers Market" is the common theme in today's real estate world. And while fundamentally true (mortgage interest rates are low and prices are low), there is the underlying issue of listing inventory...or lack thereof. Simply put, buyers do not have a lot of great listing inventory to choose from right now. And the good listings that do come on the market, go pretty quickly. To put the listing inventory into the context of raw data, consider the following: Macomb county listings at the end of June of this year numbered 4833. That's down from 6190 just a year … (1 comments)
saint clair real estate: Home Buyers...Use Mapping to Enhance Your Home Search and Increase Productivity
- 07/13/10 12:27 AM
The home buying process is supposed to be fun. Exciting. Something to be enjoyed. In my experience most home buyers truly enjoy the experience of buying a new home. It can, however, have it's ups and downs along the way. Losing out on your dream home to a higher bid, or having to back out on a home purchase due to problems with your home inspection are problems that occur from time to time. And while they may be a little disappointing to a home buyer, they rarely ruin the experience of buying a home. I have found one of the … (4 comments)
saint clair real estate: Upcoming changes to FHA Mortgages will Cost Buyers Thousands in costs
- 01/27/10 05:49 AM
Changes are coming to FHA mortgage loans that will require home buyers to pay thousands more in out pocket costs when buying a home. The good news is you still have a few months to act before these changes take effect. Being a well-informed buyer is critical to your success when purchasing real estate. Please read the excerpt below from one of my mortgage partners. Contact me if you have any specific question on how these changes will affect you, or to get started in the home buying process. Want your own access to the MLS free of charge? Open up … (0 comments)
saint clair real estate: Upcoming changes to FHA Mortgages will Cost Buyers Thousands in costs
- 01/27/10 05:45 AM
Changes are coming to FHA mortgage loans that will require home buyers to pay thousands more in out pocket costs when buying a home. The good news is you still have a few months to act before these changes take effect. Being a well-informed buyer is critical to your success when purchasing real estate. Please read the excerpt below from one of my mortgage partners. Contact me if you have any specific question on how these changes will affect you, or to get started in the home buying process. Want your own access to the MLS free of charge? Open up … (0 comments)
saint clair 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)
saint clair 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)
saint clair real estate: Extension of First Time Home Buyer Tax Credit appears certain, with some added benefits for ALL home buyers.
- 10/29/09 11:14 AM
Nothing is finalized yet, but for you fans of the First Time Home Buyers tax credit, it appears as though an extension in now all but certain as President Obama called on Congress to extend the tax credit through April 2010. Obama also added that he wants current homeowners purchasing a home to be eligible for up to a ...$6500 tax credit. Nice to see that the tax credit might get extended to all, and not just first time home buyers! As always, I will keep you informed and on the ball as details emerge. If you know anyone thinking about … (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)
saint clair 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)
saint clair 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)
saint clair 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)
saint clair 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)
saint clair 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)
saint clair real estate: Foreclosures hit suburbs as layoffs surge, mortgages reset
- 04/14/09 12:41 PM
The last 2 sections of this article really caught my attention. I have talked to a couple buyers in recent months who purchased homes via a short sale. They were both extremely frustrated by the process. I asked them if their real estate agent had sat them down at the beginning of the process and explained in detail all that was involved with purchasing a home via a short sale, and they both answered no. A good real estate agent will spend time with you at the beginning of the home buying process to consult with you and explain the different … (0 comments)
saint clair 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)
saint clair real estate: Macomb County 2009 Economic Forecast
- 02/03/09 02:50 PM
Today I attended the Macomb County 2009 Economic Forecast hosted by the Macomb County Chamber of Commerce. Jim Jacobs, President of Macomb Community College and local economic expert was the featured speaker. Jacobs detailed what he feels will be another painful year for our local economy here in 2009. Quite simply Jacobs has forecasted a prolonged recession in Michigan and Macomb County in 2009. He believes the prolongment will be attributable to both the national economic recession we are currently experiencing, as well as continued struggles by our domestic automobile manufacturers. In our state of Michigan, Jacobs posted a sobering graph … (0 comments)
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