Essential Terms to Know in Real Estate

There are several industry specific terms used in real estate that are crucial to have an understanding of when looking into becoming a first-time home buyer.  When the lingo is unfamiliar to you it is easy to become overwhelmed which leads to added stress to an already stressful situation.  To prepare yourself for a fast and efficient transaction we have compiled a list of terms you are sure to hear throughout your transaction.

Appraisal: This is the estimate given by professionals that values the home, property, or combination of.  An appraisal is sought by lenders when looking to verify that a property is worth the amount of money the buyer is seeking to purchase it for.
Buyer’s Agent: A buyer’s agent is a real estate professional that works on behalf of the person buying a home.  They seek to represent the buyer’s best interest throughout the entirety of the transaction.

Contract: A sales contract is a legally binding document between the buyer and seller that states the terms of the sale.

Closing: This is the moment the sale of the home is final.

Closing Date: This is the date that is set in place as a marker for when ownership of the home occurs.  It is the expected date that the home inspection is to be completed, a mortgage obtained, and keys exchanged.

Contingencies: Conditions within the contract that need to be met for the sale to move forward. 

Counter Offer:  Once an offer has been received if it is not deemed acceptable to the seller they can respond with an offer they deem acceptable.

Debt-to Income Ratio:  This is a number that is used my mortgage lenders to determine how much outstanding debt you have including the mortgage vs how much income is coming in.  Debt is divided by income times one hundred.

Due Diligence: This is the process in which a person takes reasonable actions to satisfy legal requirements of a contract.

Earnest Money: This is the financial portion of the initial contract, typically 1 to 3 percent of the cost of the home, that is held in escrow and is applied to the buyers down payment when the sale goes through or is paid to the seller if the contingencies are not met and the buyer reneges on the contract.

Escrow: Money that is kept in the custody of a third party until certain conditions are met such as paperwork is signed, or taxes are paid.

Equity: The market value of the home minus the liens against it equals the money left over.  Equity refers to the money that is left over as “profit” from the sale of the house.
Inspection: This process involves a professional that is hired by the buyer to assess the homes condition.

MLS: A database of properties that are up for sale.

Offer: The initial agreement that is made with conditions that the buyer gives to the seller with terms in which they would like to purchase the home under.

Principal: Is the amount of money the buyer needs to borrow to purchase the home.
Seller Concessions:  These are incentives offered by the seller to make the home more desirable to buyers.

Title Search: This is the process that is taken to determine proper ownership of the home.  It assures buyers that the seller has the legal ability to sell the home free of outside obligations.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

The Advantages of Selling Your Home Using a Real Estate Agent

Do you own a residential property that you are looking to sell? Have you searched for buyers around you? Have you seen that it is not so easy to close a real estate deal on your own? Most homeowners that try to sell their homes one their own end up selling their house for a lower price from the value that it deserves. It is important to take help from professionals to complete this process as they know the right tactics to close the sale with benefit.

You might have overlooked the importance of having real estate professionals for selling your home; but here are few essential advantages to hire them.

Priced Right

The house selling process takes a potential turn when it begins with a reasonable asking price. The real estate agent can help you to stay up to date about property price variations happening in the local market so that you can set a strong selling amount for closing potential deals. Also, to improve the value of your house, the realtor may suggest few repairs and improvements in the space. This significant contribution can help you to sell your home at a beneficial price.

Marketing

The next important step for selling a house is a strong marketing plan. If you focus on the right market with a strong marketing strategy, you will find more buyers for your property and then it will become easier to close deals at a beneficial price. The expert real estate agents make use of multiple real estate listings along with cooperative marketing networks; they can help you to reach up to more people.

Security

When properties are sold without real estate agent; they often face troubles on security criteria. You may find strangers at your doorstep and it is risky to let them enter inside to view your property. But when you hire real estate agents for your home selling process, buyers come from right channels. These experienced sellers will help you to get qualified prospects for your property to lead the process safely.

Expert Knowledge

An expert real estate agent can help you to evaluate buyer’s proposal as per market position. Homeowners often find it difficult to negotiate the price point with buyers due to lack of knowledge about market prices. An expert agent can stay with you from the beginning of the process until you sign the final sale agreement. He will fight the whole case on behalf of you and will bring the best value to your pocket.

Efficiency

The home selling process involves lots of paperwork and it must be done carefully. To complete everything safely, it is good to hire professional real estate agent as they know the right procedures to close the deal. They will handle all the paperwork for you without making any mistake and you will be able to get your money on time.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Staging Your Home for Resale

A real estate agent will advise that you improve the attraction of your home to make it marketable. This is important if you genuinely want to increase profitability and sell faster. Although staging your home for resale is optional, an experienced real estate company handling the sale of your house will take you the process you need to achieve superb home staging. For this discussion, we will take you through budget-friendly steps to stage your home for resale below.

Clean

 The idea of cleaning is to clean up significant items in the hope that a new buyer would like to see if you do not have the fund to buy new ones. Pay particular attention to the kitchen, bathroom, and the balcony. You need to clean up all significant items in these areas. Your real estate agent should advise on other places that need cleaning.

Take out Personal Items & Clutter

Before you remove the clutter the home to get it ready for sale, make sure you remove all your personal belongings to make the house ready for the new buyer. After you removed all personal belongings, you need to remove clutter from the home, remove everything not contributing to the resale purpose. When you remove clutter you free the home of impediment and it gives the impression of larger space to attract prospective buyers.

Sanitize

The primary purpose of sanitizing as a staging process is to rid the environment of offensive odors. Take time to clean up the walls, furniture and scrub the floor and deodorize. The cleaning process would remove strong odor-causing germs and dirt, but you need to purposely disinfect the environment to make it friendlier to prospective buyers.

Rearrange Rooms & Define Space

Unless it’s an open space, you need to rearrange every room where you have the room items in place. Also, describe the purpose of each room and let the things in such room meet the goal it is defined to serve. If necessary, consider painting the rooms that could use some fresh paints in the staging process.

Lighting

This is not about electric light; we are talking about natural lighting from the environment. A well-lit home also means natural ventilation that promotes good health in the house. As you prepare for staging, take care of broken windows; fix the blinds and all fixtures that promote lighting.

Bring out the Aesthetics

Pay close attention to the curb to boost its look. Buyers are interested in what they see, and if it looks good and convincing, nothing is stopping them from making an offer if the fund is available.

Furniture

Let the furniture be the perfect size for their space to avoid cluttering the room. The furniture needs to make each room look bigger and not shrinks it. Make sure to use appropriate furniture that befits the environment.

Improve the Exterior

Your home’s exterior is the first point of contact with buyers, so you need to see to it that it’s the best you can offer. A real estate company should suggest great landscaping ideas to make your exterior look perfect.

Before concluding the staging process, it is best to go over every element in the process to ensure a thorough job has been delivered. Allow a real estate agent to reevaluate the home and point out any area that may need additional staging done to it. After that, you are ready for the market.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

How to Sell or Buy a Home In Any Market

Selling or buying a home in any market can be tough if a seller or buyer doesn't pay attention to some basic principles that are followed by both potential buyers and sellers. Being prepared before placing your home on the market, proper preparation and planning for your home selling or buying process reduces stress once the process of showing your home to prospective buyers begins. Whatever decisions you make surrounding the details of home selling, remember, the home has to sell itself. Always make sure that the home displays its value to customers so that they will be willing to give a value that matches the home.

Your Reason For Selling

The most critical component in the whole home selling process is the reason for selling. Why are you selling your home? Is it time to resize your household and move to a larger home? Are you downsizing and looking for lower maintenance living? Are you relocating for employment? Are you selling because you want to or because you have to? This is the key question that you must answer, as it will be the driver for everything else in the selling process. A must sell answer will require a more aggressive approach to the preparation, pricing, and marketing. The want to sell answer can allow for a more laid-back strategy.

Begin Preparation

Preparing a home for sale should be made a priority as soon as you have decided to sell. If you take time to clean and ensure that it is clean, home price can increase and the seller holding time reduces. Today's buyers frequently want a move in ready home that requires as little work as possible. They want to move their personal belongings in, hang their pictures and start enjoying the home as soon as the movers are gone.

Using a Realtor Or Not

Next, a home seller must decide if they are going to use a realtor or sell their home themselves. Both come with a cost. If you don't choose the best realtor in your market area, the one with the hard data available to demonstrate their success in the home selling process, you could be in for a stressful and unpleasant selling experience. When selling the home personally, so that you may save some money, be ready to have enough time and have your patience tested every time a prospective buyer enters your home.

When you decide to sell or buy a home, their various factors that lead to a successful sale. The above three are only the beginning of the items that need to be considered as you move forward with the selling process. Buyers are out there in every market and the planning and preparation you do today can help you get your home sold in the shortest amount of time, for the highest possible price and with the least amount of stress.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

From Renting to Home Ownership

Reaching the decision of wanting to own a house can be a difficult one considering all the risks involved in it. However, if you have finally decided to buy a house a real estate agent or a realtor can help you.  First however, we should tell you that owning a house has many benefits but a few disadvantages.  As an educated buyer you will want to weigh out the pros and cons before jumping into the home buying process.
There are many steps involved in going from renting to homeownership.

How you can own a home

• Get your credit score or report

Those who have a fat bank account and can pay the cost of a house upfront don’t need to consider evaluating their credit scores or report. There is a difference between knowing your score and evaluating how that score has been determined.

A credit report is basically the history of the entire loan that you have taken, accounts that you have opened or closed, payment history, and credit balance. On the other end, a credit score is a score given to the actual amount that you possess. Through this, a lender or a renter decides whether a person is worthy of consideration for the sale or rent of their property.

In order to impress lenders, you should have a recommended score of 740 although many individuals with credit scores lower than this have been able to secure a mortgage without too much hassle.

• Hire a realtor

A realtor is a professional that facilitates the buying and selling of houses. Also called a real estate agent, you should hire a realtor based on your needs. In doing so, you should always hire a buyer’s agent realtor because they are going to represent your interests, not the sellers.
When it comes to hiring the right realtor, you should keep in mind that the ones who don’t ask for a contract are the professionals to go for. This is because there is no need for a contract between you and him if he has a good reputation and works better.

• Choose the right mortgage option

There are many mortgage companies out there who can provide you with the necessary capital for buying a home. When it comes to finding the right mortgage company which can provide you with low closing rates, you need to do a bit of a research. Eventually, when you find one, you should look whether it is a direct lender or a correspondent lender.

We highly recommend a direct lender because this type of lender would not charge you any additional fee.

• Know what your desired property is worth

If you have your eyes on a house that you want to buy, then you should see how much it is actually worth. The people who can help you in this are property inspectors. Hire an outside property inspector who can check the house that you are buying and based on several important factors he or she can evaluate the reasonable price of the property.

Check The House Appraisal

In addition to this, the bank which is giving you mortgage can also provide you with a home appraisal.  Once the appraisal’s been done, you can pay the owner the value of the house and move in without any further ado.

Let your Realtor Be Your Guide

After you have gone through the 4 stages stated above, you will be able to own a house undoubtedly. Every person or institute involved in the process is important. However, it is the realtor or the real estate agent who can guide you thoroughly from the start to the end.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

A Guide to Home Buying

Buying a home can be an overwhelming process if you are a first time homebuyer. It pays to do your homework and know the important steps in the home buying process so that you do not feel surprised or overwhelmed. It is the dream of every individual to have his own home. Congratulations to you if you have decided to buy a home for your family.
Real estate transaction are a major financial decision involving lots of money. As you will be living in your new home for years to come, it is prudent to do your homework and make a move only when you have found a house that fulfill your requirements.

Hire a real estate agent to represent you

Many people think that hiring the services of a realtor can be a burden on their pocket. The fact is that the fee of a buyer’s agent is paid by the seller. But this professional provides invaluable help and assistance with his knowledge and experience.

Get pre approval letter from your lender

Many buyers make the mistake of starting their search for a home without this all important document. Pre approval document in your hand is a clear sign for the homeowners that your offer can be taken seriously. Your bid is also preferred over other buyers when you have been preapproved for a mortgage loan.

Search for your new home

Make a list of your requirements and start your search. It becomes easier to conduct this search when you know what you want and for how much. Try to find a house in a neighborhood where there are good schools for the education of your kids. Do not buy a house at a low price if it is too far away from your place of work.

Make an offer

Once you have found the right home, let your agent make an offer based upon price and other terms you have chosen for yourself.

Negotiate and enter into contract

These are two very crucial steps in home buying process. Your offer may not be accepted by the homeowner. Allow your agent to negotiate with the seller on your behalf.  Once the price and terms are acceptable to you, it is time to draw up the contract. This document specifies the time within which you agree to make the payment and also the time within which you need to get the property inspected. Your real estate agent gets incorporated points that you wish to focus upon so that there is no dispute later on. Negotiation and contract are two steps where the expertise and negotiation skills of your agent are tested to the core.

Final details

Once you have got the property inspected, you can review the report one last time before you are ready to close the deal. You arrange the money by getting the mortgage loan from the lender. Discuss the terms of repayment before singing the mortgage deed.

Closing on your new home

This is the last step in home buying process. You hand over the check and take the possession of the property. A title company facilitates closing after studying the title deed of the property.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Downsizing is a Good Idea as Homeowners Age

You purchased a large property to fulfill the requirements of your family with kids. Now your kids are gone and settled in their own homes and careers. You are living with your spouse in the same large house, somehow coping with the maintenance costs and huge utility bills. Why don’t you move into a smaller apartment or house to cut down on your expenses and maintenance costs? Referred to as downsizing, this concept has become very popular among old age couples preparing for their retired life without kids and their families.

Cut down on your expenses

Are you frustrated by the fact that you have to mow the lawn on your own in an attempt to save on the fee charged by a gardener? Do you find it irritating to pay for the cost of heating and cooling such a large area inside the house when you and your spouse are effectively using only a small percent of the area?

Well, this is the case with most couples staring at their impending retirement with their children having moved to faraway places, settled in their careers. You can get rid of these extra expenses by simply selling your large house and moving into a smaller house or apartment. You can even start to live in a rented place, depositing all the cash you get by selling the house into your bank account.

There are emotional costs of downsizing

Cost of ownership is not limited to just financial costs. There are so many memories attached to the place you called your home for so many years. You have the neighbors and your friends living in the area. It can be painful leaving all these memories behind. Also, you need to find your new home in a place that is not too far away from the kids and your friends otherwise traveling back and forth could add to your expenses.

Calculate the cost of selling and buying

Selling your large house will no doubt fetch a lot of money in your hands but do not forget the commission of your agent and other related costs of selling. Add to this the cost of buying your new small home and take a decision to downsize only when you are able to save a considerable amount of money for your retired life. Downsizing proves counterproductive if you cannot give up on your ego and plan to splurge on furniture and other household items like before.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

The Smart Way to Buy a Home

Buying a house is perhaps the biggest financial decision of your life. You must remain careful and take a wise and informed decision as it is a matter of crucial importance for you.

Why are you buying the property?

There can be many reasons why you have decided to buy a property.

• You are fed up of living in a rented property
• You want to pay the EMI of your own home rather than feeding your landlord
• Your family has outgrown the space available in your present home
• You are interested in buying a rental property
• You want a property having a yard
• You desire to live closer to your workplace

Once you know the real reason behind your desire to buy a property, it becomes much easier to identify and buy the right property matching your requirements.

Can you afford buying a property?

Knowing the answer to this question is very important in arriving at a decision to buy a property. Of course it is a great way of building an asset for your family and an investment into your future. But only you know whether you can easily afford the monthly repayments to the lender for a long time to come. If you are settled in your career and sure of receiving increments in future, you can go ahead and buy a home for your family.

Preparations before buying

You may be surprised to know this but it is a fact that there are some preparations that are necessary to be carried out before you start the process of buying.

Make the green file
If you do not know, green file is a file that contains financial documents of an individual necessary for securing a loan. It includes:

• Your banking details
• Financial statements
• Investments and assets
• Credit card details
• Loan details
• Recent paystubs
• Tax retunes
• Life insurance policies
• Retirement account information

Check your credit report

This is perhaps the most important step in your preparation for buying a property. Every lender studies your credit report and pays attention to your credit score before deciding in favor, or against giving you mortgage loan. Ask your credit report from one of the three credit ratings (Equifax, Experian, and Trans Union) and check your score before you go and apply for a mortgage loan in a bank. It is your credit score that decides how much of a loan the lender will give and at what rate of interest.

Be realistic with your expectations

Many individuals are very happy and excited when starting their search for a new home. All their enthusiasm fizzles out when they find that they are not getting their dream home in the price range that they have in their mind. If you have seen 3-4 houses and feel that you are not getting what you have in your mind, you have to remain prepared to make some compromises. This is exactly how people are able to buy homes for their families. A little compromise on space, location, price, and features is what you should be mentally prepared for. If you are too picky, you will spend a lot of time seeing houses and still not be satisfied with any of them.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

5 Things that Every First Time Home Buyer Must Know

Congrats to you if you have made the decision to buy a home for your family. You will be fulfilling the great American dream and also creating an asset for yourself. Buying a home involves major financial transaction. You do not buy homes every now and then. Any mistake or negligence on your part can not only cost you dearly but also make the procedure tiring and tough for you.

Here are 5 things that you must absolutely know about before buying your first home:

1. Know how much of a home you can afford

Many individuals become excited after landing a decent job. They are in such a hurry that they start conducting search for a home without knowing how much loan they can get from a bank based upon their financial statements. You are only wasting your and your realtor’s time if you do not know how big a home you can afford to buy.

2. Location is crucial

Every first time home buyer needs to make an assessment of his requirements. This allows him to shortlist neighborhoods on the basis of amenities available, ease of transport, lifestyle, and the requirements of the family. It is no use starting on your search with your realtor without knowing what you want in terms of location of the house.

3. Keep in mind your budget

You have saved a small amount of money to be given as down payment to the bank. You can easily calculate the price range in which you can buy a home for your family on the basis of this amount. Do not forget to keep aside money to meet the closing costs as well as the fees of your agent. It becomes easier to see houses that fall within your desired price range and politely refuse the request of your agent to see more expensive homes. Ask yourself if you can bite more than you can chew and you will stay on track when searching home for your family.

4. Are you ready to pay the EMI’s?

Just because you have some money in your saving account does not mean you will be able to easily afford the monthly repayments to your lender. See what the monthly amount that you can pay comfortably is. Do not commit to until you feel you are ready for this kind of a commitment. Buying a home is easier than repaying monthly installment for a long time period of 20-25 years. Understand the terms and conditions of the mortgage clearly before signing the contract.

5. Pump in as much down payment as you can afford

Your Down Payment Matters

Money spent on down payment should be considered as a wise investment and not as an unnecessary expenditure. You should offer to pay as high a down payment you can possibly afford to get a lower rate of interest and the confidence of the lender. Some individuals make the mistake of holding on to their savings when they get the facility of a no down payment mortgage loan. If you do not have a solid plan of investment, it is better to pay a large sum of money upfront to your lender.

Final Thought On Buying a Home

Buying a home is a huge transaction in your life. It should be based upon research and understanding of your own requirements and ability to repay the loan. Hiring the services of a reliable and experienced realtor can prove to be a very wise decision when buying a home.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Have a House Hunting Checklist When Purchasing a Home

When most buyers go to a showing at a home they can be very shy and unsure of what to look for. They behave in a very formal manner and feel awkward to look under the sink or behind the closets when they are being shown around by the owner or the listing agent. Having the feelings of being nosey or think you are invading someones privacy but you surely are not. After all, you will be paying a huge amount of money to the owner if you decide to buy his property. Is it better to feel awkward later on when you find any problems with the house or feel awkward now? Real estate experts say it is better to reassure yourself now than repent later on. They suggest keeping a house hunting checklist with you when you are touring a property.

Explore the Bathroom When Previewing a Home

One of the rooms that every home buyer has interest in seeing is the bathroom. Owners proudly show their bathroom to the visitor but only for as long as they want, not any longer. If you are a smart buyer, make the most of this showing. Excuse yourself saying you need to use the bathroom for a minute. Now you are free to closely examine everything inside the bathroom from the toilet seat and the flush to the bathtub and the faucets. See if the water pressure is nice and the flush is working properly. Some owners consider it as impolite but include bathroom in your house hunting checklist.

Take a Closer Look into the Closets

Owners take potential buyers around their property and show them the closets that look newly painted with new handles. However, they do not like it when a visitor tries to take a look inside these closets. Of course you need not go through his belongings but you are well within your rights when you want to ascertain the actual storage space inside the closets. Include spying inside the closets in your house hunting checklist as you are paying for these closets and you are entitled to find out if your storage needs are fulfilled by these closets or not.

Don’t Wait for the Inspection

Be sure to look carefully at the inside of the attic and the basement and not to take a quick glance. A thorough investigation is what is needed to give a clean chit to these two features inside the house. If the excuse for not showing your around inside both the basement and the attic is the belongings of the owner piled against the walls, you can ask for their removal when you make a second visit to the house. In fact, it should raise suspicion in your mind why the homeowner has stockpiled items in the basement and the attic when he is planning to sell the house? There are reasons why you should feel nervous when you see a packed attic and basement in a house.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Qualities of a Professional Realtor

Are you looking to buy or sell your home in the near future?  Having a realtor do this for you is the best option to consider.  Their entire job description revolves around buying, selling, and renting real estate property for clients.  Therefore having a professional conduct your real estate transactions will not place you in jeopardy in the long run.

Expectations of a Good Realtor

Professionalism
With the vast knowledge realtors have in real estate realtors can manage your plan for property sale or purchase. With the experience gained over time, they will adequately handle your contract due to familiarity with the real estate market. The realtor is also responsible for handling paperwork associated with the real estate property in question. The realtor helps his/her client from being deceived into acquiring property with fake documentation.

Negotiation skills
Realtors are responsible for crafting transactions for their clients with consideration to their budget and needs. With cases of extortion of customers buying overpriced property or sell their property at a lower value the realtor, on the other hand, helps in establishing a fair value for their client. Ensuring fairness by their unmatched negotiation skills they will give their client what they deserve.

Vast Backing
 The variety of resources a realtor has to offer is so broad that clients will be more than satisfied with their service. The realtor will assist in getting in touch with a bank for a loan, home auditors, mortgage advisors and attorneys in case complications occur in a transaction. They will
also be in charge of finding real estate property best suited for a client by guiding you into what is best in the current market.

Commitment
Realtors take an oath to follow work ethics that enhance fairness, order, and honesty of both transacting parties before being handed their licenses. Therefore it distinguishes a realtor from an agent or broker. The realtor schedules appointments with your potential clients, research about the property verifying all legal requirements. With more than just follow up of your transaction, the commitment of a realtor is with no doubt reliable.

Though getting a realtor comes at a fee, going through the whole transaction alone might lead to various complications in the long run. Hiring a real estate expert with broad knowledge of the market is the best option if you are looking forward to buying or selling the property. Time and
work put in will also be saved.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

What to Expect When Hiring a Real Estate Agent

Real estate agents are your fairy god-parents when it comes to buying or selling property because their job is to keep an eye on the market to know where a house needs to be sold and which one is being eyed a lot by the buyers. Quite honestly, the average man does not know about the homework it takes to be a good real estate agent. Hiring one can significantly improve your chances of carrying out a deal in your favor.

Real estate agents work for both buyers and sellers.  Here is what you can expect from them under each case.

For Sellers

This is the faction where most of the real estate agents are employed. Essentially, the job of the agent is to place a price on the house which is acceptable in the market. You can expect your agent to know everything about your locality, the plot where your house/apartment’s building is located, and the traffic in the market for buying houses in your area. The level of competency of the services you get depend on you staying fully honest with him/her, because there is a chance that he/she will instruct you to carry out a few repairs before you put your house up for grabs on the market.

Payment

In the case of the seller, there is an agreed band that the agent and the seller follow according to which the agent states the amount of commission he/she will be taking if the house gets sold. In addition, there is a primary hiring fee that you will have to pay in order to get the services, but considering how you can expect a great result in the end, it is certainly an investment worth making.

For Buyers

This is the faction where fewer real estate agents are employed.  The main tasks of the buyers include searching for houses in the areas where the hirer wants one, bargaining with the sellers regarding the cost, getting the pre-approval letter for the house loan readied (if applicable), and informing the buyer about the condition of the house and any problems relating to the house or the neighborhood where it is located. Even though the number of real estate agents employed for buying property are quite less, because at the end of the day it depends on the purchasing power of the authority wanting to buy a house, the costs you can save in the short and the long run are certainly worth the effort of finding a good agent.

 Payment

The buyer usually takes a fixed a percentage of the amount for which the house was sold, in monetary terms. Payment is rarely ever done in installments because once the documentation procedure is over and the place is handed over to the new owners, the job of the real estate agent comes to a close. In any case, you can expect the cost and wait to bear excellent results for you by the end.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Buying and Selling During a Seller’s Market

Buying a home during any type of market offers many different demands of your time and resources.  There are times in which the situation may be more demanding of the buyers than others, one such time is during a seller’s market.  This is when the housing market is experiencing a low inventory of houses with an exploding population of buyers looking.

When you are looking for a new home and/or selling a home during a seller’s market you need to work with a local realtor that understand how the market for the home you are selling and looking to purchase work.  A local real estate agent can answer all of your questions and detail the local amenities, schools, and neighbourhood climates.  This allows them to highlight your property and answer questions that buyers have about your home.  The same is true of homes you are looking at.
When selling your home it is important to know exactly what the realtor is going to do for you.  What type of marketing will they offer?  How do they use social media?  Do they offer a responsive website design to feature your home?  These things are all crucial elements in developing a plan to market your home.

Agents must consider and completely understand the market that currently exists.  Buyer’s markets, seller’s market, and balanced markets are the three common real estate markets.  A seller’s market exist when there are several buyers competing for the identical home due to a shortage for housing options available for sale.  A buyer’s market exists when there is an abundance of homes available for sale.

For most people buying a home is the single most expensive purchase that they will make at any stage in their life.  For this reason it is a good idea to grasp the ins and outs of buying real estate along with the present day market situations before you begin the search for a new home.  It is however important to consider the market at the time and determine if the market is a seller’s or buyer’s market to see if this is the right time to buy or sell.

The real estate market is a perfect example of the economic principals of supply and demand.  When the supply is abundant and the demand is low the market is in favour of the customer.  On the flip side, when the supply is scarce and the demand is high the market is in favour of the seller.  Buying and selling during these market ups and downs is by no means impossible however it is important that you understand the challenges and limitations that can be faced during each.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

7 Things Buyers Need to Know in a Seller’s Market

A hot property market indicates a period in the real estate pricing cycle where the advantage goes to the seller, rather than the buyer. This scenario occurs when there is greater demand for houses than the supply of homes for sale. If you are buying into this type of market, then you need to ensure you are getting the best value.

The first thing to do is learn how to identify a great deal when you see one. Do your research and examine sales for at least the past three months in the area you wish to purchase.   If a home that you are interested in has a listing price of $120,000 but other homes in the area are only going for $90,000, there is a good chance the home that you are looking at is overpriced.  A home that is overpriced will have a difficult time being appraised for what is needed.

Getting the right agent is a must as they will give you every little detail you need to know to write up a compelling offer. Plus, they will also be able to guide you into making the best decisions.  Find a local real estate agent that is familiar with the area, different neighborhoods in the area, the schools, and more.  Their knowledge is incomparable.

Use logic when making your purchasing decision. If you fall in love with a house, you are more likely to make a ridiculous offer and pay too much. Reducing your decision to cold hard logic will help you get the best value.

 Set your budget and stick to it. It's a seller's market and this means you won't get your dream home at a price that is a fraction of its value. You have to accept that sellers are only going to take full price, or close to it, so only look at homes with prices that fit within your budget.

Get yourself into a position where you can offer more cash up front. A higher cash deposit can be the deciding factor on whether your offer gets accepted or not. The greater amount of cash you have to offer the stronger your offer will be.

Don't overlook a home for sale that is a fixer upper. Sure, it may need a coat of paint or a new driveway, but if you can get it at the right price, the investment may well be worth it. And don't forget, many renovations can dramatically increase the value of a home.

Consider if buying a home now is worth the stress. A sellers' market often means you are going to be on the hunt for quite a while as offer after offer gets rejected. It may be better for your stress levels if you wait until more homes become available. Real estate values go up and down in cycles so you may even get in on a low point if you decide to wait.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Is Now The Right Time To Sell Your Home?

Are you thinking of it is time to put your home up for sale?  Ask any real estate agent and they will agree that if you are looking to sell a home this is the perfect time!  Working with a professional agent aids in the sale of your home whether it is in a sub division, on a golf course or on a lake.
This article will help you know what signs to watch out for and how to know the right time for you to sell your home.

• Change of Status: This seems pretty obvious but when your home no longer suits your lifestyle, then it’s time to sell it. If your family size is larger than the size of your home, if your kids have moved out, or if you want to change your location then it sounds like you are ready to sell your house.

No matter why you are selling it is always wise for buyers to look to make sure the new homes mortgage matches their budget.   Buying a bigger home is only wise when the payment is similar to the smaller one because of the large down payment you have from the sale of your house.  It is also wise when downsizing to consider a significant down payment from the sale of your previous home.

• If you have the money to buy another home: There are times when you are bored or you want something new. If you can afford to buy a new home then selling your home isn’t a bad idea.

It is important that clients make investments that can help them in the future when they are putting their homes on the market.  Simple changes such as a fresh coat of paint or updated appliances often attract realtors.  If you can afford to remodel specific places like your bathroom and kitchen it will be a great advantage when selling your home. This is one place buyers pay attention to. You don’t need expensive countertops however updated faucets and fixtures go a long way. It is nice to keep your closets and shelves neat or tidy make your home look larger and attractive as well.  If you can do this then your house will sell.

In conclusion, there are no straightforward formulas to determine when and how to sell your home, but a real estate agent can help you decide.  People sell their homes for many reasons.  If you are looking to sell your home make sure you are doing it for reasons that satisfy you.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

What Buyers Need To Know When Buying A Home

A little knowledge goes a long way when buying a home during a sellers market such as the one we are currently experiencing.  Whether you are a first time home buyer, an investor, or a well seasonsed buyer there are many things that this article will identify that need to be addressed when you are purchasing real estate.
Are you considering a home that has been forclosed on?  It is important to identify items that wil have to be completed before you can occupy the home.  The same thing needs to be considered when you are looking at homes that are vacant and have not had regular maintenance provided to them. Consider the HVAC system, pest infestations, plumbing issues, and electrical maintenance.
Onе area оf thе fоrесlоѕurе mаrkеt thаt уоu mау wаnt to consider iѕ HUD fоrесlоѕurе hоmеѕ. Thеѕе hоmеѕ аrе houses thаt hаvе been financed bу FHA mоrtgаgе lоаnѕ аnd have gоnе intо fоrесlоѕurе. You may аlѕо bе аblе tо buу a HUD fоrесloѕеd hоmе with only a one hundred dollar dоwn рауmеnt. HUD iѕ currently оffеring programs wеrе you саn buy оnе оf thеir fоrесlоѕеd hоmе with a small downpayment using FHA financing.
Be flexible with what you are willing to look at in homes. Don’t limit yourself to certain criteria that might not fit the market that you are currently pursing.  Yоu mау have to ѕасrifiсе some оf уоur еxресtаtiоnѕ in order tо livе in thе neighborhood of уоur сhооѕing.  Think about looking outside of your current list of desires and look at all of the options that are available.
If уоu mаdе thе ѕеllеr аn offer thаt was rеjесtеd, thеу may still find ѕоmе way to mаkе thе hоmе аffоrdаblе ѕо уоu buу it. The ѕеllеr might bе willing tо meet уоu hаlf wау, соvеr сlоѕing соѕtѕ, or finаlizе ѕоmе rераirѕ. It nеvеr hurtѕ to соuntеr оffеr аnd ask what they are willing to compromise on and what agreements can be met to make the deal workable for both of you.
If you are uncertain аbоut уоur finаnсiаl future, уоu should bе саrеful whеn соnѕidеring purchasing a hоuѕе. Whеn уоu ѕign уоur mortgage agreement, уоu are hеld responsible fоr the payments, nо mаttеr whаt. If thingѕ аrе unsure аt the office, then ensure уоu саn make several mоnthѕ оf рауmеntѕ еvеn without income before you commit to buying a home.  This is especially true for first time home buyers.
Hоmе insurance is a necessity fоr anyone buying a house. It muѕt be dоnе рriоr tо moving in. Mortgage companies will make it a priority for you to put insurance on your home the minute the take your mortgageon.  They know that putting thiѕ off mеаnѕ that thе inѕurаnсе may not kiсk in if ѕоmеthing bаd happens.  Mоthеr Nature can bе quiet unpredicactable at times, as we all know.
Yоu need tо еxресt extra fees or соѕtѕ if уоu аrе buying a hоmе. Thе сlоѕing соѕtѕ fоr the buуеr are uѕuаllу dеtеrminеd bу аdding the рrо-rаtеd taxes with thе down payment and bаnk fееѕ. Hоwеvеr, mоѕt of the time, еxtrа thingѕ are inсludеd in сlоѕing costs, ѕuсh as improvement bоndѕ, ѕсhооl taxes, and оthеr ѕресifiс itеmѕ related tо thе аrеа.  Take this into account when considering the amount of downpayment you can put down while keeping a safe cushion in your savings.
When уоu are ready to start looking for a new home it iѕ еxtrеmеlу important that уоu hаvе a good rеаl estate agent wоrking with уоu especially in a sellers market such as the one we are currently experiencing. No matter what stage you are as a home buyer professional real estate agents know a thing or two about getting you the most bang for your buck.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Choosing a Realtor

Finding a local realtor to work with when buying or selling a home can be quite a challenge but not impossible.  Finding a professional real estate agent that is attentive to your wants and needs is important.  This is especially true when looking into a home that fits into your recreational life style such as on a lake or a golf course.  Working with a local realtor that knows the area you are looking in is always a bonus.  This will allow you to focus less on navigating and more on day dreaming of your new home.
The most important thing a buyer can do before meeting with a real estate agent is to meet with a lender to get prequalified.  This will give the agent a starting pointing in determining if they will be able to get you the home of your dreams within your budget.  If it is going to prove to be an unrealistic goal then they can help you by showing you what type of homes around the area are within your budget.
Realtors have access to an interactive database of homes that allows then immediate access to homes that become available on the market.  Many times relationships between different realtors and agencies within the community will share information on homes that are going to become available even before they are on the market.  Finding a realtor with the inside scoop on homes within the area you are seeking is invaluable.
Sellers meeting with agents for the first time should ensure they are prepared with key information like when updates to the home were performed, recent upgrades, and financial information in regards to the mortgage pay off, taxes, and such.   The goal for an agent selling a home is to market your home and give you ideas how to increase the value or how to arrange the home in a better manner to draw more attention to areas that are important.
A good realtor will start talking about and drawing interest to your home the minute they know you are interested in selling.  This will help draw attention to your home.  Finding a buyer for your home without having to waste time listing and showing it day after day is every realtor and sellers dream.  The amount of stress that goes along with keeping your home in shape to show it at a moment’s notice can be quite overwhelming after a few weeks.
No matter if you are looking to buy or sell finding a professional real estate agent that understands your end goal is invaluable.  It is important to work directly with an agent that you can easily communicate with during both processes.   This allows the entire process to proceed seamlessly and with any luck quickly.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call call 734-426-6060 today.

Buying Recreational Real Estate

The number one thing most buyers are looking for when buying a home is finding a place that meets their needs inside and out.  For many this includes finding a home that offers the benefits of recreational living.  Who wants to spend every weekend stuck in traffic heading north to sit amongst the wilderness or south to get a few rounds of golf in when you can find a local home that offers you these benefits.  It is a dream to find a home that meets your recreational wants as well as your family’s needs.
Sailing, golfing, hiking, fishing, and most any outdoor activity is more enjoyable when you are able to come home and enjoy a solid night’s sleep in your own bed.  Buying a home that meets your recreational desires is a sure fire way to leave everyday stress behind when you are at home.  When your home is a vacation spot in itself there is no way you won’t be able to relax and enjoy some downtime.
This is one reason that working with a professional real estate agent that specializes in recreational living when searching for a new home.  The process is simplified when you choose to work with a local real estate company that is known for offering homes for sale that focus on recreational real estate.  Nothing is more important to a realtor than finding a property that exceeds your expectations as quickly as possible without going over your budget.
This is never more important than when looking to relocate to an unfamiliar location.  It is often impossible to know what is available outside of the area you are currently living in without the help of a professional realtor.  The key to finding a home that matches your lifestyle, level of adventure, family’s needs, and is affordable is possible with the right real estate agents right beside you.
Don’t be afraid to allow your realtor a little freedom to look a little bit outside of your original scope.  An experienced real estate agent often knows more of what you really are looking for in a home than you do; especially if they have spent a few weeks going in and out of different homes with you.  Communication between the buyer and the realtor is a key element in each and every real estate transaction.
Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

A Checklist Can Often Be Helpful When Working With A Real Estate Agent

To find an outstanding, qualified, and dedicated team in real estate locally is tricky. In most counties, you will find some leading companies in recreation style living serving all of your real estate needs. A majority tend to cover areas within and extend to regions outside.  Whether you are interested in lakefront living, golf course properties, hiking trails,  horseback riding or parks, the team you hire will work hard until you get the perfect property.
Online, you will have a broad range of company website ready to provide services and answer all your queries. Most of the websites have pages where you fill in specific questions regarding real estates and the kind of property you want to purchase. Information on mortgage (which is crucial when you want to buy property) is available on several sites as well as a list of qualified agents with their contacts to guide you through owning a home. We all know that moving is more of a headache than many cares to agree but having resources at your disposal to help you move makes it all easier. Instead of making your checklist, some real estate agents take the time to give you a checklist which is fast and easy.
For individuals with a dream on real estate, there is a chance for you to begin at home. Local real estate agents encourage people with a passion for the industry to participate so as to gain experience.  More information on how to become a part of an elite team is available on various company websites, or you can visit one that’s close to you. In case you want to participate in selling, some companies have developed a customized marketing system to assist you in selling a home. On it, there are tools to help you save money. Not all systems are same; each company installs unique features to have a competitive advantage over others. Local real estate agents also offer to rent services as well. Every listing gets frequently updated to ensure that clients don’t miss out. Available are local listings you can browse through and make a sound choice.
Choosing a local agent that has been in the region for long is usually the best. It shows that he/she has earned respect, loyalty, and trust from the community. Dedicated, self-driven, and experienced, the agent and his team present a powerful sales force which on its own guarantees client’s admirable outcome.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Local Realtors Dominate In Their Markets

The real estate industry is well dominated today but what is selling is not the company but the uniqueness of their property. Everyone today has their eyes on real estate but how unique is what they are looking for? Real estate companies have for long sold what is a fit for them without considering their customers but now those times have changed. What is your local realtor best known for? Is there any unique kind of property they sell? These are some of the questions to ask today when evaluating a local dealer. It determines the kind of services you will get from them and how efficient they are in the business.
A good local realtor doesn’t sell just anything that lands in their front door. Going beyond the customer’s expectations is sometimes the best thing. Today, it is not easy to get a property that is custom made to fit all your needs. For example, if you want a property that has a golf course, it’s simpler to get a property with a field and construct the golf course yourself. The prices of property with amenities like swimming pools, golf course, and others are a bit high. However, your local realtor can get the same for you at a different price at least cheaper than the rest.
Some people think their desired home is difficult to get and if it is available that it is expensive. This is not always the case, but it depends on your local realtor. Have you ever wondered where people get property near the lakes from? This means their local dealer is good at what they do. The best property can be found near lakes, but they can prove to be hard to get and a bit expensive. This should not worry you anyway.
Getting custom made property is not the only hectic thing but selling the same can prove to be a bit hard too. Where do you get a person to buy your property that is at the lakefront? Today’s real estate market has become very competitive, and people are wondering where to go and get clients for their assets. Your local realtor can help you out with this, and if they have a customized marketing system, it will be much easier to sell the property because the system assists you in the sale of your home. Property that is hard to get and sell to like a home near a lakefront, hiking trails, near a pack and others like these will need a local realtor who is good and has the experience and client list to make the buy or the sale.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.