Whether you a first time buyer, or have bought a home before then you have many things to think about. If you are thinking of buying a home one of the first things you need to do is talk to a mortgage professional about getting pre-approved. What you need to do before you sit down and talk to him is to figure out what kind of payment you can afford.
Don't bury yourself with a huge payment where you can't take vacations, or can't save for retirement, or can't fund your kids education. Ideally you payment should be no more than 28 -35% of your income. There are too many people losing their homes in bankruptcy because they pushed the upper limits of buying a home. I am going to digress here for a minute.
Please live within your means. The sooner you able to admit to yourself, your family, and friends that you can't buy the huge house, and that you aren't the big spender. The sooner you get started on the right path to financial freedom.
You will be able to save more, live and enjoy life better if it isn't always about bigger and better.
Can you tell the difference between your friend's great couch or one that was on clearance? A stainless steel grill doesn't cook any better than a $250 grill. It is the same with a home. A bigger home means more up keep, more taxes, more utility bills. It is all ok if you can afford it, but if you are buried in debt don't do it.
The mortgage guy will tell you that the bank will loan you more money but you need to determine for yourself and your family what payment you can afford. The bank or the lender will usually say you can borrow more. Be upfront and honest with the mortgage person so they know all the facts. Next blog will be on not paying origination fees or discount fees.
For more on mortgages or search homes in Michigan go to my website www.russravary.com
My website also has great area for Michigan things to do. May the rain bring you many beautiful flowers and a lawn with no weeds.
Russ Ravary
Monday, April 30, 2007
Saturday, April 28, 2007
Being Realistic
I was told by a lady on the phone the other day that she didn't want to hear about the naysayers. She had bought her home in 2003 and paid a reasonable price for it at that time. She now wants to put money into the home, but she is worried about what it is worth. But she doesn't want to hear the bad news.
Well if she refuses to listen to everything that is going on in the real estate market and only wants to hear about the lucky seller that sold their house in 7 days for 97% of the asking price. Then it is her fault for not hearing about the other 40 people in the city that their homes took 140 days to sell at 85% of their original asking price.
It is a tough market. Reports have been released that housing sales were the slowest since 1989 and foreclosures were up 47% in March. It's ugly out there but homes are selling and there are a lot of great bargains for home buyers. If you are just ready to buy, a first time home buyers, or somebody looking to get into a bigger house it is a great time.
The question you ask is should you wait to see if it goes down more? Nobody has that answer. What you want to do is to look for the deal. Buy a home that is priced below the market. You are not going to get hurt that way if you are going to stay in the home 5 years+. That is the time frame you should be looking to stay in the home you are buying.
If you are thinking 2-3 years start thinking 5+ years. n 2-3 years the market is not going to appreciate enough (for Michigan Real estate and Homes) to get your initial investment and selling costs out of.
Be a planner. Be an investor you your future. Your home is one of the biggest investments of your life. Treat as that, don't buy simply on emotion. Think to yourself - is this a good deal? Is this a good home for resale? Is where it is located a good resale feature? Is the high or low taxes a detriment? Am I going to have to spend more in updates than if I bought a more expensive house with all the updates done?
Think before you buy? Too many people are losing their homes because of poor planning. Become one of my clients and plan your next investment.
Enjoy the weekend with family and friends. Take a ride and go visit a relative or friend you haven't seen in a while. Take care and have fun.
Russ Ravary
Well if she refuses to listen to everything that is going on in the real estate market and only wants to hear about the lucky seller that sold their house in 7 days for 97% of the asking price. Then it is her fault for not hearing about the other 40 people in the city that their homes took 140 days to sell at 85% of their original asking price.
It is a tough market. Reports have been released that housing sales were the slowest since 1989 and foreclosures were up 47% in March. It's ugly out there but homes are selling and there are a lot of great bargains for home buyers. If you are just ready to buy, a first time home buyers, or somebody looking to get into a bigger house it is a great time.
The question you ask is should you wait to see if it goes down more? Nobody has that answer. What you want to do is to look for the deal. Buy a home that is priced below the market. You are not going to get hurt that way if you are going to stay in the home 5 years+. That is the time frame you should be looking to stay in the home you are buying.
If you are thinking 2-3 years start thinking 5+ years. n 2-3 years the market is not going to appreciate enough (for Michigan Real estate and Homes) to get your initial investment and selling costs out of.
Be a planner. Be an investor you your future. Your home is one of the biggest investments of your life. Treat as that, don't buy simply on emotion. Think to yourself - is this a good deal? Is this a good home for resale? Is where it is located a good resale feature? Is the high or low taxes a detriment? Am I going to have to spend more in updates than if I bought a more expensive house with all the updates done?
Think before you buy? Too many people are losing their homes because of poor planning. Become one of my clients and plan your next investment.
Enjoy the weekend with family and friends. Take a ride and go visit a relative or friend you haven't seen in a while. Take care and have fun.
Russ Ravary
Wednesday, April 25, 2007
How low can home prices go?
Home prices are still dropping unfortunately. Sellers are finally realizing that if they want to sell their home in Michigan that they have to drop their price. Even beautiful homes with very little wrong with them are sitting on the market. You have to make yours stand out. Get your agent to email anybody that might be interested in it.
It is spring time clean up the yard, get ready to plant flowers. Make your house attractive from the street.
You as a home owner need to post it on your work bulletin board. Have your friends, family, and neighbors post on their bulletin board. Your agent should be putting it out there on as many websites as possible.
Price it right, clean it up, de -clutter it. Do everything you can to help your agent to sell your house.
Search Oakland County Homes or Wayne County Homes at my website www.russravary.com
Restaurant of the week to try. Bahama Breeze in Novi and I believe there is one in Rochester or Troy. Try the flatbread appetizers, or the paella for a main course. Get in the mood for summer. For more Michigan things to do (everything from museums, kids things to do, parks, adventures, shopping, restaurants)
God Bless and take care
Russ Ravary
It is spring time clean up the yard, get ready to plant flowers. Make your house attractive from the street.
You as a home owner need to post it on your work bulletin board. Have your friends, family, and neighbors post on their bulletin board. Your agent should be putting it out there on as many websites as possible.
Price it right, clean it up, de -clutter it. Do everything you can to help your agent to sell your house.
Search Oakland County Homes or Wayne County Homes at my website www.russravary.com
Restaurant of the week to try. Bahama Breeze in Novi and I believe there is one in Rochester or Troy. Try the flatbread appetizers, or the paella for a main course. Get in the mood for summer. For more Michigan things to do (everything from museums, kids things to do, parks, adventures, shopping, restaurants)
God Bless and take care
Russ Ravary
Tuesday, April 24, 2007
Michigan Real Estate
What is going on in Michigan real estate market? Right now we are seeing a small jump in sales and showing activity. I would guess that home prices in Metro Detroit have fallen about 20% off there highs several years ago.
Today they announce it was the biggest drop in home sales in many years. Falling home prices is not just here in metro Detroit. It is also across the nation.
The reasons are over supply of homes, the tightening of mortgage requirements, the lack of buyers that can get homes, the abundance of foreclosed homes.
If you do not have to sell don't! If you do not have to sell don't!! But if you are thinking of moving and want to wait until the market comes back. Then you must realize it is going to take 2-3 years for a major upswing. Many economists are predicting 2010 before prices stabilize and start to move up.
If want to retire, move closer to your children, make a life style change then you need to do it. Don't wait to have the prices come back. It is not going to happen in the next three years. Live your life. Make your decision to move, unless you can not afford to take a loss. Don't wait to recoup a gain you may not get for 5 or more years from now.
If you are thinking of selling go to http://www.checkmyhousesvalue.com/ or go to my website http://www.russravary.com/ for great seller tips
May life treat you and your family well
Russ Ravary
Today they announce it was the biggest drop in home sales in many years. Falling home prices is not just here in metro Detroit. It is also across the nation.
The reasons are over supply of homes, the tightening of mortgage requirements, the lack of buyers that can get homes, the abundance of foreclosed homes.
If you do not have to sell don't! If you do not have to sell don't!! But if you are thinking of moving and want to wait until the market comes back. Then you must realize it is going to take 2-3 years for a major upswing. Many economists are predicting 2010 before prices stabilize and start to move up.
If want to retire, move closer to your children, make a life style change then you need to do it. Don't wait to have the prices come back. It is not going to happen in the next three years. Live your life. Make your decision to move, unless you can not afford to take a loss. Don't wait to recoup a gain you may not get for 5 or more years from now.
If you are thinking of selling go to http://www.checkmyhousesvalue.com/ or go to my website http://www.russravary.com/ for great seller tips
May life treat you and your family well
Russ Ravary
Wednesday, April 18, 2007
What type of home marketing works
What type of home marketing works. Does an ad on the home preview channel work? Does an ad in the Detroit Free Press or local newspaper work? Does an ad in a local home magazine work? Does an open house work?
Do you read the paper to look for a house, do you pick up the local home magazine, how many open houses have you gone into and bought that house? You probably answered no, no, none. Most of those avenues don’t bring big results. Usually one or 2% of the people buy a house that way.
Many people call and buy a house off the sign out front. But again that is not the top way people find and buy a home. Most buyers have an agent or look themselves in the Multi Listing Service (MLS) or online. When your realtor or agent signs you to an exclusive right to sell contract you get put on the MLS.(In the Metro Detroit Area)
In Metro Detroit area you then automatically get your home put on www.realtor.com and www.movetomichigan.com. Your agent should be putting you on their website and the company website also.
But what is great about the MLS is that you now have thousands of Realtors working for you. Let say you want to buy a home in Livonia, Michigan with 3 bedrooms, 2 bathrooms, 2 car garage, 1800 square feet, and 2 car garage. Your realtor puts that into the computer and every home in Livonia with those specifications pops up.
That realtor could be on the other side of Detroit in her pajamas checking for her client. She simply clicks on the ones she thinks you will be interested in and emails them to you. The MLS is one of the great bonuses of the computer age. The availability of having your home information available to thousands of agents and potential clients day or night is a major factor in getting your home sold. Your agent basically has enlisted every agent in the area to help sell your home. Now it is important to get them in the door. To Search Michigan homes go to my website www.russravary.com
For all of you that have had a rough day today, may the kindness of a loved one ease your worries and give you strength to tackle tomorrow with renewed vigor.
Russ Ravary
Do you read the paper to look for a house, do you pick up the local home magazine, how many open houses have you gone into and bought that house? You probably answered no, no, none. Most of those avenues don’t bring big results. Usually one or 2% of the people buy a house that way.
Many people call and buy a house off the sign out front. But again that is not the top way people find and buy a home. Most buyers have an agent or look themselves in the Multi Listing Service (MLS) or online. When your realtor or agent signs you to an exclusive right to sell contract you get put on the MLS.(In the Metro Detroit Area)
In Metro Detroit area you then automatically get your home put on www.realtor.com and www.movetomichigan.com. Your agent should be putting you on their website and the company website also.
But what is great about the MLS is that you now have thousands of Realtors working for you. Let say you want to buy a home in Livonia, Michigan with 3 bedrooms, 2 bathrooms, 2 car garage, 1800 square feet, and 2 car garage. Your realtor puts that into the computer and every home in Livonia with those specifications pops up.
That realtor could be on the other side of Detroit in her pajamas checking for her client. She simply clicks on the ones she thinks you will be interested in and emails them to you. The MLS is one of the great bonuses of the computer age. The availability of having your home information available to thousands of agents and potential clients day or night is a major factor in getting your home sold. Your agent basically has enlisted every agent in the area to help sell your home. Now it is important to get them in the door. To Search Michigan homes go to my website www.russravary.com
For all of you that have had a rough day today, may the kindness of a loved one ease your worries and give you strength to tackle tomorrow with renewed vigor.
Russ Ravary
Monday, April 16, 2007
10 tips to sell your home
These are not simple quick fixs, but if you truly want to sell your home quicker and for more money then this is what you need to do. In a buyers market you need to be one of the best homes, ready for anybody to just move in without doing much work. You also have to be priced right.
Here are some tips to help you sell your house.
1) Walls should be neutral colored. Repainting is work but it does help.
2) If you have wall paper on the walls take it down and repaint. People can not get past wallpaper. To 95% of the people it is a negative and work for them.
3) Make the rooms spacious, store furniture at a friends house or in a storage locker. Get rid of the extra chair, the overwhelming wall unit, the family hand me down. Open it up.
4) Closets store the extra stuff you are not using. Make them appear spacious. Open them up.
5) Depersonalize the house. Take down all the family photos
.
6) If you are a hunter take down the mounts. Store them in boxes. If your wife is into county or southwestern themes. De-countryfi it. You don't want to offend and you want people to picture themselves and their family in your house. They can't do it if it is themed to something they don't like.
7) Odors are one of the top 5 turnoffs for buyers. Smokers. Get rid of the smoke smell. Repaint, clean the carpets, and smoke outside. Estate people. Clean the carpets, repaint. Mildew smells. Fix the leak. Get a disinfect spray that eliminates the odor not just cover it up. Usually takes a couple of cans over 3 or 4 days. Pet owners. Clean up more often see below
8) If you have pets. Vacuum more, clean up the poop more, empty the litter box more. Don't ever let the dog back into the house if he's wet right before a showing. Doggy smell will kill the deal. Get rid of the smell. Get the general disinfect spray that eliminates the odors
9) Clean up the front yard. Put some flowers in pots or hanging baskets on the front porch. Keep the grass mowed and edge and bushes trimmed. Add fresh mulch or spruce up the beds. People do drive bys. Make them want to come in.
10) For showings get a chocolate chip candle. (they sell them in candle shops) Turn all the lights on. Turn every one on. Put pictures of the house in the summer out. Turn the fireplace on. Keep the temperature comfortable.
For more information on selling go to my website Michigan Real Estate www.russravary.com or find out what's my home is worth go to www.checkmyhousesvalue.com
May today be the beginning of a great week for you and your family.
Russ Ravary " your friend and real estate consultant for life"
Here are some tips to help you sell your house.
1) Walls should be neutral colored. Repainting is work but it does help.
2) If you have wall paper on the walls take it down and repaint. People can not get past wallpaper. To 95% of the people it is a negative and work for them.
3) Make the rooms spacious, store furniture at a friends house or in a storage locker. Get rid of the extra chair, the overwhelming wall unit, the family hand me down. Open it up.
4) Closets store the extra stuff you are not using. Make them appear spacious. Open them up.
5) Depersonalize the house. Take down all the family photos
.
6) If you are a hunter take down the mounts. Store them in boxes. If your wife is into county or southwestern themes. De-countryfi it. You don't want to offend and you want people to picture themselves and their family in your house. They can't do it if it is themed to something they don't like.
7) Odors are one of the top 5 turnoffs for buyers. Smokers. Get rid of the smoke smell. Repaint, clean the carpets, and smoke outside. Estate people. Clean the carpets, repaint. Mildew smells. Fix the leak. Get a disinfect spray that eliminates the odor not just cover it up. Usually takes a couple of cans over 3 or 4 days. Pet owners. Clean up more often see below
8) If you have pets. Vacuum more, clean up the poop more, empty the litter box more. Don't ever let the dog back into the house if he's wet right before a showing. Doggy smell will kill the deal. Get rid of the smell. Get the general disinfect spray that eliminates the odors
9) Clean up the front yard. Put some flowers in pots or hanging baskets on the front porch. Keep the grass mowed and edge and bushes trimmed. Add fresh mulch or spruce up the beds. People do drive bys. Make them want to come in.
10) For showings get a chocolate chip candle. (they sell them in candle shops) Turn all the lights on. Turn every one on. Put pictures of the house in the summer out. Turn the fireplace on. Keep the temperature comfortable.
For more information on selling go to my website Michigan Real Estate www.russravary.com or find out what's my home is worth go to www.checkmyhousesvalue.com
May today be the beginning of a great week for you and your family.
Russ Ravary " your friend and real estate consultant for life"
Wednesday, April 11, 2007
Why isn't my home selling?
Why oh why isn't my home selling? There are several reasons why a home does not sell. Price, condition of the home, location are the main three reason homes do not cell. The two other reasons that also contribute to it are the agent and the company you select and the terms you offer. I am going to start with location first.
You can not change the location. The two things you have to do is sell the good points and adjust the price to the location. If you have a cell phone tower in your back yard, your are going to get less money than a home with no cell phone tower.
If you are on a main road you can actually figure your house is worth 8 to 10 % less than a home that is in a subdivision or is on a quiet road.
If your home is close to the shopping center your agent and you have to sell the benefit of being able to walk to the store. Or if you are next to a fire department you sell the benefit of the safety of being next to a fire department. We knew a lady who actually lived by a fire department. When she got locked out they would get into the house for her.
But if your home is in a bad location or has nearby expressways, or commercial buildings lower the price to reflect the negative location. That is all you can do. Unfortunately when people buy new homes in a brand new subdivision they sometimes fail to think about those things. But when it comes to selling that home it is hard to sell and it will sell for less. I'll talk about condition on my next post.
Need more buyer and seller tips go to my website www.russravary.com Have a great day.
Russ Ravary
You can not change the location. The two things you have to do is sell the good points and adjust the price to the location. If you have a cell phone tower in your back yard, your are going to get less money than a home with no cell phone tower.
If you are on a main road you can actually figure your house is worth 8 to 10 % less than a home that is in a subdivision or is on a quiet road.
If your home is close to the shopping center your agent and you have to sell the benefit of being able to walk to the store. Or if you are next to a fire department you sell the benefit of the safety of being next to a fire department. We knew a lady who actually lived by a fire department. When she got locked out they would get into the house for her.
But if your home is in a bad location or has nearby expressways, or commercial buildings lower the price to reflect the negative location. That is all you can do. Unfortunately when people buy new homes in a brand new subdivision they sometimes fail to think about those things. But when it comes to selling that home it is hard to sell and it will sell for less. I'll talk about condition on my next post.
Need more buyer and seller tips go to my website www.russravary.com Have a great day.
Russ Ravary
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