Lansing Home with Character!
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2000 Teel, Lansing, Michigan 48910
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Lansing named 3rd best market
The today show did a piece about the best markets in the country poised for rebound based on how much prices went up last quarter (yes folks, they went up 2nd quarter over first) Anyway, check out the link here.
5 Home Buying Tips: Buying Your First Home
Thought you learned all you needed to know from “Property Virgins” on HGTV? Here are a few things to consider as you begin to look for you first home.
1) How much you get off the list price does not equal how good of a deal you get. In order to see what really is a fair deal have your agent pull up recent sales from the neighborhood. Make sure to look at only sales from the last few months for homes that are similar in size and condition.
2) Hire the right real estate agent. Ask family and friends for references. You may be able to find an agent online, but that doesn’t mean they will know they area/price range that you are interested in. You want someone who is actively working in the field every day so you can get the best deal possible. For example, if you are interested in purchasing a foreclosure, make sure to ask how many foreclosures your agent has sold in the last year. You don’t want to be the test subject.
2) Shop interest rates. It can be very confusing as you begin your search for a home loan. Remember that rates change every day and the rates different lenders charge may vary as well. In addition, the costs each lender charges to close the loan will vary. You should get at least 2 or 3 quotes. Ask each lender for a “good faith estimate” which will give you a break down in costs so you can compare.
3) Bring your parents if they are going to have input. I see it happen all the time. A young couple will spend months going through homes and when they find the perfect home they bring mom and dad through…and they tear it apart. If they haven’t seen anything else in your price range it will be hard for them to know how other homes in the price range compare. Sure, your $100,000 house has a few cosmetic issues compared to their $250,000 house.
5) Have a home inspection. This is a must for any buyer. Make sure you hire a professional, not just your dad’s cousin’s friend who used to build houses. If you find a major problem, you will be glad to have spent a few hundred dollars up front versus having thousands of dollars of cost down the road. There are no licensing laws for home inspectors in Michigan, so make sure to ask if your inspector is FHA certified.
First Time Home Buyer Tax Credit Set to Expire
There is still time to get your chance at up to an $8000 tax credit when you purchase a home for the first time. As stated in this artice in the Lansing State Journal you really must have a contract on a property by mid-October to have a realistic chance of closing before the credit expires on Dec. 1st. So who qualifies?
1) If you and your spouse have not owned a home in the last 3 years
2) If you fall within the generous income requirements
3) If you close before Dec. 1st
4) You must live in the home for at least 3 years to avoid having to pay back the credit.
5) If you are a parent buying a home with a child the child will still qualify even if you alredy own a home
If you meet these qualifications you may qualify for a tax credit of up to $8000 (it is 10% of the purchase price if less than $80,000) So if you have been thinking about buying a home in the next few months anyway, it may make sense to try to get out there and get a deal written before this credit expires.
10 Things you must do to sell your house
It is a tough real estate market for sellers right now and anything you can do to give yourself the edge is important. We have all heard the obvious things: declutter, fresh paint, nice landscaping, etc. Here are a few other items to consider to help sway potential buyers toward your property.
1) Leave when buyers come through your house. There is no easier way to make a buyer feel uncomfortable than to be home when they walk through the property. You want to create an atmosphere where a buyer feels comfortable speaking their mind and envisioning themselves in the space.
2) Take out security systems. Buyers may not know the neighborhood as well as you do and the best way to make them think it is a terrible area is to have a security system. Many buyers will assume that this means the area is unsafe.
3) Remove bars from doors and windows. I see bars on basement windows all the time. For the same reason that security systems should be removed, so should bars.
4) Make sure locks are easy to operate, and replace if necessary. The front door is the first impression that the buyer will have of your home. If it is a struggle to open the door it will leave a bad first impression.
5) Recaulk your tub. This is something that is simple and easy to do and will give the tub a fresh, clean apperance (assuming the tub is also clean of course!)
6) Remove photos of your family. Again, you want the buyer to envision themselves in your space, so remove personal photos that will distract the buyer.
7) Take advanced degrees off the wall. You are proud of your PhD in physics..and you should be. However, if a buyer sees this degree on the wall they may assume things about your income and your ability to take a lower price.
Leave the lights on. You may know where all the switches are in your house, but a buyer does not. They may skip over basement storage rooms or others altogether if they are dark and the buyer can not find the switch.
9) Make sure your house does not smell. It is important to remove any odors from the house, especially those from smoking or pets. However, don’t just use an air freshener or the buyer will assume you are trying to cover something up.
10) Take animals with you. Never leave animals in the house. You may love your friendly cat or dog, but not all buyers are animal people and this is a sure-fire way to make them feel uncomfortable. The exception is a cat who will run and hide under the bed when people are walking through the house.
June Statistics
Well June’s numbers are out and they again are a mixed sort of bag. Once again sales are up over the previous year…538 closed in June of 2009 as compared to 502 in June of 2008. The average sales price is down again over last year, $111,948 versus $129,390 for the same period last year. The good news is that this figure is well above the average sales price just a few months again, which was hovering in the low $90s. First time buyers and investors continue to drive the market. When will we hit bottom? I have no idea, but I know that in 15 or 20 years people will be saying, “I should have bought a rental house back in 2008 or 2009″
Looking for an investment?
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2923 Timber, Lansing, Michigan 48917
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May Statistics
Well, I guess I am a bit behind on my statistics. I know that quite a few of you enjoy the stats, so I still wanted to post them (also we are still waiting on June’s stats) Our average sales price was up yet again over the previous month, but still down sharply year to year. We also had quite a few less sales than last year, 416 as compared to 518 for 2008. I still think that this market has quite a bit of potential for investors looking for a long term buy and hold strategy, but if you are looking to buy a place for yourself, make sure you can see yourself living there for at least 5-7 years as the market continues to be quite volatile. For a complete look at the statistics click here.
I’m back
Hi everyone…sorry about the long delay between posts. I have been out for awhile because I was becoming a mommy! Here is a photo of our baby, Henry, we think he’s precious!
Spotlight on Lansing Neighborhoods: Westside Nieghborhood
I have decided to start a new segment on my blog highlighting different neighborhoods in Lansing. What better place to start than my own neighborhood…Lansing’s Westside Neighborhood. Located 11 blocks West of Downtown, the Westside Neighborhood is comprised of homes built mostly in the 1920s when intricate details and gorgeous wood trims were commonplace. With big front porches and small backyards it is an area where neighbors know each other and stick together. The charm of the area is compounded by the quaint tree-lined streets, which just can not be replicated in a new neighborhood.
