Money Saving Tips for Home Buyers & Owners

What to Expect in the Housing Market in 2019


With most of 2018 behind us and 2019 right around the corner, it’s time to take a peek at what’s in store for the housing market in 2019. While we don’t expect any major shake-ups in real estate, we do feel confident the market will tighten as home prices continue to hold strong. 

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How Much House Can I Afford?


If there’s something nudging you about finally becoming a homeowner, one of the first things you’ll want to know is how much house you can afford. Once you start your search, it’s easy to become overwhelmed about not just the number of properties for sale but also the wide range in pricing. What is the price range you need to be looking into and how do you know how much you can qualify for? It’s a combination of income, credit, rates and loan amount.

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7 Reasons for Michigan's Housing Inventory Shortage in 2018

There is no doubt we’re right in the middle of a housing shortage in Michigan, and across the nation. And, as we know from the classic “supply and demand” axiom, less supply and greater demand pushes up prices for real estate. The housing inventory level is at the point now where even sellers who are willing and able to sell their homes are reluctant to do so because they’re not sure where they’re going to buy.

Though strong demand for housing allows sellers to command a higher asking price for their home, this also creates challenges for buying a new home. This leads many homesellers and homebuyers to ask, “Why are there so few homes to buy?” This is a complex problem and the reasons are equally complex. Here are 7 reasons why Michigan’s housing inventory is so low in 2018.

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The Secret to Beating the Housing Shortage

You’ve likely heard the term a “Buyers’ Market” and “Sellers’ Market” as it relates to real estate. This indicates which party has the upperhand in a real estate transaction. When home sales are slow and there are plenty of listings, it’s a buyer’s market. In a seller’s market, inventory is tight, negotiating sellers concessions is difficult and buyers can even enter bidding wars, pushing up the price further. In our market, the advantage is on the seller’s side due to the lack of inventory. However, buyers have a few techniques to beat the housing shortage.

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10 Common Mistakes Home Sellers Make

It seems there is no shortage of advice for home buyers, but not as much for home sellers. Which is a bit counterintuitive since home sellers typically turn into home buyers once their property sells. When you decide to sell your home, for whatever reason, there are some mistakes to definitely avoid. Here are the top 10 mistakes home sellers make.

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The Simultaneous Close: 8 Steps to Selling and Buying a Home at the Same Time

When buying or selling a home, things start to move pretty fast once the sales contract is signed. There’s a time element involved, and the closing date listed on the contract doesn’t leave a lot of leeway. Yet when you buy and sell at the same time, things can get really involved. But they don’t have to if you carefully plan and know how to buy a house before selling your current house.

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Negotiating Seller Concessions: How Much Can You Ask For?


What Forms Can Concessions Take?

When someone makes an offer to buy a home, most often the initial offer isn’t the final one. Instead, it’s the start of some back and forth between the buyers and sellers. It’s a starting point. In the sales contract, the buyers can ask the sellers to pay for some or all of the buyer’s closing costs while at the same time allowing the buyers some time to have the home inspected during a specified period of time. 

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Topics: New Customers

4 Strategies to Use When Making an Offer on a House


In markets where demand is high and inventory is low sellers have the upper hand as it relates to negotiations. Sellers can be confident they’ll get a full price offer and will be reluctant to do much negotiating. This leaves the buyers at a disadvantage when making an offer as the sellers stand firm while at the same time you’re competing with other buyers. The best way to get your offer accepted even though your offer might be lower than what the sellers are asking for? Pay cash. An all-cash offer means the sellers don’t have to worry about the deal falling through due to some problems with the buyer’s loan approval or the property has some appraisal or physical issues. But unless you’ve got a few hundred thousand sitting in your bank account to use for a home purchase, you’ll need a home loan. And even in a tight real estate market, there are ways you can have your offer stand out.

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Who Pays Closing Costs? Negotiating With Your Lender and Seller

Home buyers know there will be closing costs associated with getting a mortgage. Buyers save up money for a down payment but also must consider the various closing costs involved. You can get a general idea on what types of costs you can expect on a typical home purchase by speaking with your loan officer over the phone or requesting a cost estimate. However you get these numbers, there are indeed costs involved. But there are definite strategies to eliminate or negotiate on who pays closing costs.

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Variable vs Fixed Rate Mortgages: Which is the Better Choice?

When researching mortgage options, consumers soon discover there’s a lot of information out there. There are so many choices when it comes to the type of home loan used when buying a home or refinancing an existing home loan. The most common decision might be whether to take a 30 year or a 15 year term. A 30 year rate will provide a lower monthly payment while on the other hand the 15 year term will result in less interest paid over the life of the loan. And let’s then say someone picks out a 30 year term and is then presented with a range of rates for the selected program. The next question might be how long the chosen interest rate needs to be guaranteed with a rate lock. There’s no shortage of decisions to be made when it comes to mortgages. Another common question is: Should I take a variable or a fixed rate loan?

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