Are You Preapproved?

 

Besides hiring a Professional Licensed Realtor® the next most important step to purchasing a home is being pre-qualified and/or pre-approved for a mortgage. A serious seller rarely considers a buyer that has not presented an offer that includes a pre-qualification/pre-approval letter. Don't wait to the last minute to accomplish this important step.

Pre-Approval Is a Critical First Step on Your Homebuying Journey

•  

If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why.

What Is Pre-Approval?

To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports explains it like this:

“When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.”

As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with mortgage rates rising and impacting affordability, a solid understanding of your numbers is even more important.

Pre-Approval Can Signal You’re a Serious Buyer

Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. A recent article from realtor.com notes:

“. . . getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it done as early as you possibly can in the home-buying process.”

Even though bidding wars are easing this year as the market shifts, preapproval is still an important part of making a strong offer. It can help a seller feel more confident because it shows you’re serious about their home and that you’re a qualified buyer.

Bottom Line

Getting pre-approved for a mortgage is critical. It helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to succeed as a homebuyer in today’s market.

Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS.... your source for all your real estate. We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor #realestate #realestatemarket #hometown #hollyhurd #home

#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale

#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome 

#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi 

#puremichigan #berkshirehathaway #sellahome 

A Trusted Real Estate Advisor Provides Expert Advice

 

A Trusted Real Estate Advisor Provides Expert Advice

If you're a homeowner or are planning to become one soon, you're probably looking for clear information about todays housing market. And if you've turned to the news or even just read headlines recently, you might feel like you're left with more questions than answers. The best way to make sure you get what you need is to work with an expert.

Why You Want To Lean on a Trusted Professional

With any big milestone in life, its wise to seek advice from people who are experts in their field. While you likely want that advice to be perfect, perfect simply isn't possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation.

For example, lets say you need an attorney, so you seek out an expert in the type of law required for your case. They wont immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their experience and help you put a plan together. They'll even use their knowledge to work with you to adjust as new information becomes available.

Similarly, the job of a trusted real estate professional is to give you the best advice they can. Just like you cant find a lawyer to give you perfect advice, you wont find a real estate professional who can either. Thats because its impossible to know exactly what's going to happen throughout your transaction. But an expert real estate advisor knows market trends and the ins and outs of the homebuying and selling processes.

They'll use that knowledge to explain both the national headlines and whats happening in your local area. That way, you have the best of both worlds and can feel confident in your decision to buy or sell. Freddie Mac explains why having an expert on your side is so essential:

The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.

With their expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they'll guide you through the process, helping you make decisions along the way. Thats the very definition of getting the best not perfect advice. And that's the power of working with a real estate advisor.

Bottom Line

To get expert advice when you buy or sell a home this year, lets connect today.

 

What a Low Inventory Market Means for Home Sales

 

With the first quarter of 2021 officially in the books, we can say we’re definitely in one of the tightest and most competitive real estate markets we’ve witnessed here on Long Island! Thanks in part to the exodus from New York City that started last spring and hasn’t let up since, prospective home buyers are still competing for homes across every price bracket. With many sellers still hesitant to list their properties, the few homes that are available usually sell in just days with multiple offers.

 

CNBC recently posted a report about the state of the U.S. housing market that mirrors the pain we’re feeling here on. According to data from the National Association of Realtors (N.A.R.), the number of pending home sales fell more than 10% in February 2021 from the month before. N.A.R. also reported that there were “just 1.03 million homes for sale at the end of February, a 29.5% drop compared with February 2020. That is the largest annual decline ever and the lowest supply on record.”

As a homeowner, a prospective seller, or a potential buyer, it’s important to understand how these historically low inventory conditions will shape the next six months of real estate sales.

For sellers, you can expect your home to be met with a lot of interest from buyers. However, that doesn’t mean you should go it alone just to save the commission. It’s never been more critical to have an agent on your side. Working with an experienced real estate team will help you sell for the highest price possible while ensuring you go under contract with the strongest offer and buyer. Due to the extreme competition in the market, many agents are getting very creative with their offers. While cash is often king, there can be certain terms tucked away in another offer that actually makes it a better choice. Your agent will help you make sense of all the offers you have on the table so you can make the best decision for your situation. 

If you’re planning to buy this year, it’s important you know how competitive this market is. Even with the best agent fighting for you, you’re probably going to need to put in at least a few offers to get one accepted. Buyers don’t have a lot of negotiating power so be willing to listen to your agent’s counsel. This is not the time to lowball. Be prepared to put in your highest and best from the very beginning. Then, be patient. Homes are going under contract every day. If you choose the right agent to represent you and really listen to their advice, you can be one of those lucky buyers, too.

No matter where you’re sitting, this market is one to watch. Even if we were to suddenly get a flood of new inventory, there’s so much pent up buyer demand that things won’t change overnight. While the next six months will probably hold some surprises, these low inventory conditions will likely be with us at least into Fall 2021. 

Questions on what the market looks like in your neighborhood? Not sure if it makes sense to cash out your equity and sell now? I can help, call or e-mail me today for free market information, sales reports by zip code, and more.

Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS.... your source for all your real estate. We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor #realestate #realestatemarket #hometown #hollyhurd #home

#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale

#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome 

#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi 

#puremichigan #berkshirehathaway #sellahome 

When will the home prices start going down as a result of COVID19? 

When will the home prices start going down as a result of COVID19?

We all know real estate is local. By reading the market data for the West

Coast, there’s no way a home buyer would learn what the real estate market is doing in Michigan.

There are many factors that affect home prices to go up or down in any market. One of them is DEMAND.

I read many posts on social media from real estate professionals who seem to think home prices are on the decline. While this might be true for some parts of the country, it hasn’t been the case for the majority. On the contrary, home prices continue to rise, at least in Southern Michigan.

Yesterday, I had a conversation with a home buyer who wanted to see a
home that came on the market nine days ago, listed at $380,000. Since she is a cash 
buyer, she asked if the seller would be insulted with a $330,000 offer. After looking at 
the comps, I advised this home buyer the home was priced just right, within the market
value and my suggestion would be to first preview it and if she wanted to make an 
offer, not to go below asking. When I contacted the listing agent, I was advised it was 
under contract which I relayed to my buyer client. She is a new client whom I never
worked before so I don’t know her that well. Apparently, a family member of hers
is a real estate professional who has been giving her advice. I’ve seen this happen 
before and its usually not a good sign, especially if they live in a different state. 
They can certainly make assumptions but none of us can say for certain 
home prices will be declining in result of all the shut-downs due to Coronavirus.

I have been a REALTOR® for 20+ years and never have I advised a buyer
or a seller not to buy or sell a home because of my assumptions. Not a wise
thing to do regardless of the circumstances because we just don’t know. Imagine
if a buyer client listened and not purchase a home at this time when the interest
rates are low and six months down the road, home prices have climbed up and
interest rates are higher. Homebuyers and sellers, we talk to take our advice to
heart and may act based on our “assumptions”. Our job is to help them market their
homes and assist them in finding their dream home. Most of us are not economists
nor should we play the role of one in the real estate field.

I can tell you there were very minimal
showings in Michigan during the
shut-down but even then, homes
were selling. I personally sold
and closed three homes during that time.

Sadly, there are some buyers who are
waiting for the home prices to drop
within the next
few months due to the pandemic.
Will that really happen? We shall
watch the market and see.
The best thing we could do for the consumer is to report real data, not assumptions.

Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS.... 
your source for all your real estate. We are one of the Largest brokerage 
firms in Michigan, we have proven we can stand the test of time in this 
ever changing market place a proven leader for you and all your real estate needs.
 In today's competitive real estate market, timing is everything. Many good homes 
are sold before they are ever advertised. Beat other homebuyers to the hottest new
 homes for sale in the Wayne/Oakland co. area with my New Listings Notification. 
If you own real estate that you're thinking of selling, I would be happy to provide 
you with a FREE Home Evaluation. Whether you are buying or selling a home, hire 
someone like me, who wants to earn your business. I invite you to contact me as 
I'd be happy to assist you with this important transaction. In addition, if you have 
any general questions about buying or selling real estate in Michigan, please contact 
me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME 
AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale
 in Northville Michigan Northville, Mi. 48167 #realtor #realestate
 #realestatemarket #hometown #hollyhurd #home

#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale

#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome 

#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi 

#puremichigan #berkshirehathaway #sellahome 

WHEN I BUY NEW CONSTRUCTION, DO I NEED AN AGENT?

The new construction process is no less complicated than an existing home purchase. There will be a buyer, a seller, title insurance, a mortgage, an appraisal, home inspections and a bevy of other legal considerations to navigate. The construction company will have their own representation. So should you. Having an agent is truly the way to go.

Why Realtors Matter to a Buyer

Buying a home isn’t just a big financial happening, it’s an emotional one as well. The purchase and construction of your new home is fun, stressful, confusing, and wonderful all at the same time. Throw in financing, negotiation, and closing conditions, and you’ve got a full-time job on your hands. Having an experienced Realtor on your side from day one will make things manageable. Plus, your Realtor is your hub for communications, scheduling, and advice. He or she will ensure that you and all of the other parties to the transaction are on the same page, that they know when and where to show up for meetings, and that deadlines are respected.

So Many Choices

Some of the choices you’ll get to make during the home building process are super-fun. New carpet, cabinets, paint colors – a whole new house! But there are a ton of other choices that feel more like work. Your agent can guide you through these situations and will already have done much of the research on your behalf. Some examples here include where and when to close, which title company to hire, whether to buy furniture or other necessary items before closing, who to trust regarding home inspections and whether to order in extra inspections, whether to agree to updated builder conditions or deadlines, when to list your existing home for sale, whether to sign a lease, whether to purchase flood insurance, and an endless list of other considerations. Your Realtor will help you through the not-fun parts of the building process so you can get to the closing table and enjoy your new home.

Special Considerations in New Construction

Negotiating a new construction deal is like negotiating a normal real estate deal but with a ton of extras. Your Realtor is your number one advocate from start to finish. Yes, you are a client of the builder, but the builder is also the seller. The builder wears two hats throughout the process, serving you as well as serving their own best interests as a business owner. Successful business owners understandably want to earn a profit. Therefore, you must have an advocate (i.e. your Realtor) who knows the construction process and can act in an unbiased fashion to ensure that you get the best finished product for your investment. Plus, your agent will be available after construction is completed to oversee any hold-back items later on (e.g. landscaping).

Here’s an often-overlooked fact: As a buyer, you won’t pay a commission (even for existing home purchases). You might pay a one-time fee at closing to the Realtor’s principal broker. A principal broker’s overhead fee usually runs between $200-$300, but the larger percent commission is the responsibility of the seller. The builder pays a commission to their agent, and the seller’s agent negotiates a share of that fee with your agent. If you don’t enlist the help of a buyer’s agent you are essentially agreeing to have the seller’s agent represent you at the closing table. Is that person the agent you would have chosen from day one?

Contact me today if you are considering new construction.

Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS.... your source for all your real estate. We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor #realestate #realestatemarket #hometown #hollyhurd #home

#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale
#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome 
#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi 
#puremichigan #berkshirehathaway #sellahome 

Crystal Ball Predictions-Will the Housing Market Turn Around This Year?

Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the economy will turn around. If you’re trying to figure out what’s going to happen and how to play your cards this year, you’re not alone. This spring in the 2020 NAR Flash Survey: Economic Pulse, the National Association of Realtors (NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in the market:

“After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”

What does the survey indicate about sellers?

Sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers are preparing to sell their homes once stay-at-home orders are lifted and they feel more confident, which means more homes will start to be available for interested buyers.Just this week, Zillow also reported an uptick in listings, which is great news for the health of the market:

“The number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes…are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.”

What does the survey note about buyers?

The recent pandemic has clearly impacted buyer preferences, showing:

• 5% of the respondents said buyers are shifting their focus from urban to suburban areas.
• 1 in 8 Realtors report changes in desired home features, with home offices, bigger yards, and more space for their families becoming increasingly important.
• Only 17% said buyers stopped looking due to concerns about their employment or loss of a job.

As we’ve mentioned before, buyer demand is strong right now, and many are simply waiting for more inventory to become available so they can make a move, especially as the country begins to reopen.

Bottom Line

If you’re thinking about putting your house on the market, let’s connect today. There’s a good chance an eager buyer is looking for a home just like yours.

Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS.... your source for all your 

real estate.We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time

 in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive 

 real estate market, timing is everything. Many good homes are sold before they are ever advertised. 

Beat other homebuyers to the 

 hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you 

own real estate that 

you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

 Whether you are 

buying or selling a home, hire someone like me, who wants to earn your business. I invite you 

to contact me

 as I'd be happy to assist you with this important transaction. In addition, if you have any

 general questions 

about buying or selling real estate in Michigan, please contact me as I'm more than 

willing to help.

YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthville 

Michigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor 

#realestate 

#realestatemarket #hometown #hollyhurd #home

#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale

#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome 

#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi 

#puremichigan #berkshirehathaway #sellahome