Real Estate Information Archive

Even though the real estate market has slowed down in most parts of the Detroit area, a down market does not have to mean that you cannot sell your home or buy a new one if you are facing a situation such as a job relocation.  You just have to re-think the way you play the game!

This article from CNNMoney.com offers advice on how you can still make a smart move in this unpredictable real estate market.  I wanted to share some of the top tips:

• Sell smart – if you are trying to sell your home, make sure you set a realistic price based on the current market.  You will also want to discuss with your Realtor the current average “days on market” that most properties are taking to sell.  This will help you better plan for your move.  If you are not willing to list for the current market value, and you are not comfortable with the current market times consider waiting out this down market, as real estate tends to work in cycles.
• Spend wisely – try to follow the rule of thumb of spending no more than 20% of your home’s value on renovations.  At a time when your home may be worth less than it was this time last year, this is not the time to be sinking money into it.
• Foreclosures are still your problem – remember that, even though you are not facing foreclosure, the other properties in your neighborhood that are foreclosed upon will decrease your home’s value.  As a general rule, for every home that goes into foreclosure in your neighborhood, your property value drops about 1%.  That value will stay depressed for about two years.  To find out where the foreclosures are in your area, go to realtytrak.com or foreclosurenet.net and type in your zip code.
• Recheck your mortgage – many homeowners do not know what kind of mortgage they have.  If you are one of them, pull out your old closing documents and find out how often you're rate will increase and what caps there are to how much that increase can be.  This information should be on the Adjustable Rate Rider, among the first few pages in your documents.

Remember, the Detroit MI real estate market is always changing from month to month and neighborhood to neighborhood.  To find out what your home is worth, visit MetroDetroitPropertyValues.com for a complimentary market analysis.  You may also visit TheMarkerTeam.com to learn more about Detroit MI real estate, or call me at 248-348-1500.

May your Thanksgiving be blessed with the bounty of the season and the love of family and friends!

We’ll be back next week with more of the latest Detroit MI real estate news and information!  In the meantime, please feel free to contact me at 248-348-1500 or visit TheMarkerTeam.com.

With the recent coverage of the devastating fires in California, home fire safety is a most timely topic.  Although we may not be at great risk for wildfires here in Michigan, winter is peak season for home fires due to the use of various heating sources.  An important part of responsible home ownership is having a plan for keeping you and your family safe in the event of a fire.

This printable Fire Safety Checklist, provided by FireSafety.gov, is a great resource for determining what fire hazards may lurk in your home, how to make them less hazardous, and what to do in the event of a fire.  The Today Show also provided some useful tips to ensure you would know what to do if you had to evacuate your home in the event of fire.  These tips include:

Make copies of your documents.  Either put them in a waterproof and fire-proof safe, or give the copies to a trusted friend or relative.  Make electronic copies, as well.  Remember that valuables left in a safe deposit box at a bank could also be destroyed in the case of a widespread natural disaster.

Get your insurance information in order.  If disaster strikes, make your claim right away, and be sure to take pictures of the damage.

Prepare an emergency kit.  Don’t wait until it’s too late.  Gather essential items such as a battery operated radio, bottled water, food, medication, blanket, first-aid kit, etc.

Come up with a family plan.  Again, do it now!  Make sure everyone knows where the important documents are, and agree on a meeting place in case you become separated.

Many of these items are tips we hear over and over again, but they never really seem useful until a disaster strikes close to home.  By the time that happens, of course, it is generally too late to put the tips to use.  Preparedness now can save time and, possibly, lives later.

If you are thinking of becoming a homeowner in Detroit MI, please call me today at 248-348-1500 or visit TheMarkerTeam.com.  You may also begin searching Detroit MI real estate here!

Did you know that if you are moving because of your job, most moving expenses are tax deductible?  This is why it is so important to keep detailed records of all moving expenses, including house-hunting trips. 

If you are moving 35 miles or more from your current home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.

Of course, there is a ceiling on deductions and guidelines which must be followed.  Everything you need to know is outlined in detail in the IRS’s Publication 521, “Tax Information on Moving Expenses,” which you can download at the link provided or you can pick up at any IRS office.

Are you thinking about moving to Detroit MI?  Search the MLS here!  Or, for more personalized service, visit TheMarkerTeam.com or call me at 248-348-1500 for all of your Detroit MI real estate needs!

Thanks to today’s tightening credit standards, you may need more paperwork than ever when applying for a new home loan.  Below is a comprehensive list of items you may be required to bring along when you visit your lender to begin the loan application process:  (please note, all lenders are different and may require more or less paperwork!)

Employment/Income

-          Addresses of employers for two full years

-          Gross monthly income, proven by last two pay stubs

-          W-2’s, if available

-          Proof of pensions, retirement, disability, or Social Security

-          Proof of income from rentals, investments, etc.

-          Proof of child support or alimony paid/received

-          Self-employed: two years 1040 tax returns

-          Current year profit and loss statement

Creditors

-          Each creditor’s name and type of account

-          Account numbers

-          Monthly payments and approximate balances

-          Amount of child care expenses

Banking

-          Names of checking & savings institutions

-          Account numbers and current balances

-          Last two months bank and savings statements

Miscellaneous

-          List of assets in stocks, bonds, land

-          Life insurance cash value

-          Social Security numbers for all parties

-          Veterans: Certificate of Eligibility & DD-214 or Statement of Service

-          Divorce Decree and/or Separation Agreement if applicable

-          Child support documentation if applicable

-          Bankruptcy papers if applicable

This may seem like an unreasonable amount of work to have to do on your part just to get a home loan.  But imagine if you were about to lend hundreds of thousands of dollars to somebody – you’d probably want a pretty good idea of that person’s ability to pay you back!

Please click here to get started searching for Detroit MI homes.  You can also visit my website or email me to learn more about Detroit MI real estate.  I’m here to help!

One thing that is overlooked quite often in a challenging real estate market is the opportunity to buy a house that you thought that you could never afford.

Often a seller can lease out their home and use the equity in their present home for a down payment  and then purchase a trade-up home such as a bank owned foreclosure at an extremely attractive price.

If you would like further details on how you can accomplish this in the Metro Detroit area, please contact  John Marker at Keller Williams at 313-850-3020 or visit our website.

Get the current market value of your home emailed to you by visiting MetroDetroitPropertyValues.com.