Tips for Touring an Open House

Open houses are a great way to get to know a neighborhood as well as the house you are interested in when you are buying a house. But they are only beneficial if you know what to look at. Here are some tips to make your time at an open house more informative.

The Area

You are not just buying a house; you are buying a location, too. On your way to the open house pay attention to the area. Notice how people drive and what other houses look like. Are there any amenities around, like a park, grocery store or nature area?

Notice the neighbors directly around you, including the ones in the back of the house. If you notice a lot of cars or several dogs barking, remember it may be like that a lot of the time.

Consider how much privacy you have from your neighbors or how much you need. While you can put up a privacy fence, you will want to add that cost into the price of the house. In some neighborhoods, the houses are so close together, that you can't step outside without seeing your neighbor. Make sure you are okay with that before choosing a property.

The House

Now it is time to look at the house. While you often pay more attention to the inside of a home, take time to notice the outside. The exterior of a house can be costly to repair so pay close attention to gutters, shingles and other areas.

Once you go inside, don't just focus on individual rooms, but how they flow together. Does the design of the entire house fit with your lifestyle? Would you mind working in a closed kitchen or do you want it to be open to other areas of the house? Think about how the house suits you today and in the future.

What you smell in a home is as important as what you see. Notice any odd smells in the basement and even the attic. Also, pay attention to any perfumes or home fragrance tools that are being used. They may be covering up something that you don't want to have to deal with, such as pet odors or mustiness.

Carefully notice ceilings and corners. Make sure there are no stains that imply there has been a leak. If you see any, ask about them. The problem may have been taken care of and the area not repainted. You will also want to remember those issues in case you decide you want the house. You will want to look at the inspection report closely.

Consider how much natural light comes in. Don't forget to check closets to ensure you have enough storage space.

While no house is perfect, you want to make sure that the home you love has enough good points and few bad ones that you can see your family living there for the next several years. Contact me and I can help you find the right home for you.

Home Sales Continue to Improve

According to information from the U.S. Department of Housing and Urban Development, home sales on new and existing properties are continuing to move upward. May numbers should positive marks overall.

Good Numbers Everywhere

The housing market posted good numbers for the month of May. There were fewer foreclosures, while more homeowners moved into positive equity. This serves to help new and existing homes sales to continue to improve.

Some of the big numbers include the following:

·         Over 5.8 million homeowners now have positive equity, beginning from 2012 to the first quarter 2014

·         Foreclosures were down 10% in May from April and down 32% from May 2013

·         New home sales were up 6.4%

·         Sales of existing homes were up 1.3% from March

The programs that were put in place to help distressed homeowners are showing results now as the market begins to look more "normal." These numbers are expected to improve as we move into the heavy buying season of the summer months.

Homeowners are still receiving help through the programs to avoid foreclosures. In fact, over 2.0 million actions have occurred within the Making Home Affordable Program.

Low Sales

While the sales numbers are up, they are still below what they were last year at the same time. Much of this is due to the low inventory available as well as strict lending standards that prevent some first-time homebuyers from qualifying. There is also less affordability for homes now than there was a year ago. While this is expected to change, any reflections will be slow to be seen due to the fact that lenders want to avoid falling in the same trap. While they will loosen their lending standards to some degree, it won't happen overnight. And buyers shouldn't expect to see the same products available that they saw before the crisis.

The improvement in sales as well as the rate of growth is positive for the housing industry. With slow, steady improvements, the market is more likely to sustain the changes. Now is both a good time to buy and sell. Give me a call if you are looking to buy a home or if you want to sell yours and find something new.

Rising Home Prices Slow to Stabilize Economy

While home prices continue to go up, the increase has been more moderate in 2014 than what was seen in the last half of 2013. However, because of tight inventory, prices are continuing to rise in certain areas at an unhealthy rate. This is according to a report that was released by the National Association of Realtors.

Rising Prices

While sellers may be excited about home prices rising, it is much better for the economy if the growth is slow and steady. The median price rose 8.6 percent in the first quarter from a year ago for single-family homes. That increase is less than the 10.1 percent seen in the fourth quarter of 2013.

The change is good news for analysts watching the market. A more normal level of price increases is needed to preserve housing affordability, especially for first-time buyers that make up a large portion of the market. However, more new construction is needed to increase inventory and maintain the housing market. An increase in new housing will help alleviate issues with inventory.

Dropping Inventory

Existing home sales fell in the first quarter by 6.6 percent from the previous year. The supply of inventory is at five months with 1.99 million homes, which is higher than the previous year.

Things may change as more sellers list their homes. Fannie Mae released a survey saying that 40% of Americans feel that selling now is a good idea. Larger cities like Sacramento have been replenishing inventory. Other metro areas are also seeing an improved selection of homes on the market. This is good news for those selling their homes as well as those who have had negative equity in their homes.

The change in numbers is good for buyers and sellers alike. While growth is a good thing, it is only beneficial when it can be sustained. As more statistics move towards realistic numbers, buyers and sellers can have hope for the housing market in the coming months.

If you have decided that now is a good time for you to buy, give me a call. I can help you find the right home in the area of your choice. Contact me today to see what is available in your desired location and price range.

Rising Home Prices Improve Equity but Future Changes are Expected to Slow

Home values have appreciated dramatically in the last two years with several of the hardest hit markets seeing asking prices up more than 20%. These include areas in California, Georgia, and Nevada. So, what does this mean for buyers and sellers?

The Ever-Changing Housing Market

The last few years have seen some dramatic changes in the housing market. First, the loss of value during the housing crisis and then finally a shift in home prices as the recovery process began. While this has been good news for some buyers and sellers waiting to get involved in the market, the unsteadiness of the housing industry has caused some concern. Now that things are finally settling down to "normal," it bodes well for the real estate market in general.   

Buyers were happy to see a bargain when prices and interest rates were low, but sellers were taking a loss on their homes. As prices increased, it allowed many homeowners to get away from negative equity and be able to sell their homes for at least what was owed on them. In fact, 3.5 million properties rose out of negative equity in 2013. That rate is expected to slow as housing prices and the increase in value slows to what is considered more average.

What to Expect

With the housing market finally beginning to settle down, there is less danger of a new bubble being created and unrealistic expectations occurring in the market. It also means that fewer homeowners will get from under negative equity in the next few months. However, it also means that price gains look more sustainable and the market is finally getting more balanced. While buyers may not get the same great deals that they would have two or three years ago, the market is still good for those looking for their new home.

If you have decided that now is a good time to buy and you want to start on your home search, contact me to show you available homes.  

Living in Whitehills Lakes

Leave your office and the busy life behind as you head home to the quiet community of Whitehills Lakes. It's the perfect place for the busy executive that wants to get away and still be near it all.

Send your kids to the award-winning schools of East Lansing and enjoy close proximity to some of the best golf courses when you are away from work. Located in Meridian Township, this community is not far from I-69 and Hwy 127 for easy access to wherever you want to go. At the same time, step outside of your home and you'll feel like you are a world away as you enjoy the natural settings and wetlands with some amazing views.

Numerous shopping and dining options allow you to take advantage of the city life, while nature preserves, parks, and lakes make a relaxing contrast to the big buildings and busy highways.

Each home in this community is unique and varies in both style and size to accommodate families of all sizes. Whether you are just a couple looking for a wonderful place to live after the kids are grown or a young family needing to expand, Whitehills Lakes has a lot to offer. With one and two-story homes in a range of prices, there is something for everyone. These homes are built by Eastbrook Homes with a focus on quality and design. Choose from a small one-bedroom home to a spacious five-bedroom layout to accommodate a growing family.

You're also not far from Michigan State University and Lake Lansing. Have your pick of golf courses in the area from Lake of the Hills Golf Course to Hawk Hollow Golf Course. It's a great way to spend an afternoon off from work with a short drive home when you're done.

If you would like to know more about this fabulous area or would like to take a tour of available homes, just give me a call. I'm very familiar with this area and I would be happy to assist you in finding your next home.