Hale Walker, Sr. Vice President of First Preferred Mortgage/Michigan Mutual, Inc. has some tips for those looking to get into the market to buy or sell during the traditionally busier summer months.
Fourth of July is here and summer is in full swing-does that mean more homes on the market?
- Historically low interest rates have created an uptick in activity
- There is very little "move up" inventory for individuals who may have a growing family or want more room from their first home. Those homes are moving very quickly.
- Still good inventory for the first-time buyer. Now is still a great time to buy for individuals who may have been sitting on the sidelines for the past few years.
What are some trends happening in summer 2012 that you haven't seen in past years?
- The construction loan market is back-Since 2008 construction loans were not happening because so many subdivisions had unfinished or vacant homes. That has changed. Part of the reason is this mid-market "move up" buyer isn't finding the right existing home for their needs-so they are opting to build new.
- Homes in great condition continue to be the focus-So much attention was put on buying a short sale or foreclosed home in the past few years. These just aren't the homes that people are buying. Homes in great condition that are fairly move in ready are selling fast. If you are a seller looking to list your home that sounds like this, now would be a good time.
- Strong communities- People are looking for solid, strong communities-schools, parks, YMCAs, shopping amenities, places they can grow their families and enjoy for years to come. That's more important than ever for buyers today.
What do people need to do now if they are considering buying before the fall?
- Get pre-approved. We've seen it time and time again. Individuals losing out on homes to someone who had their pre-approval letter and they didn't. Before you start looking, understand what you can afford.
- Work closely with a lender to ensure you are exploring all viable options today with these historically low rates. There are more options to get qualified buyers into homes than ever before.
- Get creative-Look for ways to make your offer more appealing than the next buyer.
Wednesday, April 24 2013 5:07 PM EDT2013-04-24 21:07:25 GMT
Following a 1.6 billion first quarter profit, Ford CFO Robert Shanks talks to Murray Feldman about what the record means to the company now and moving forward.
Following a 1.6 billion first quarter profit, Ford CFO Robert Shanks talks to Murray Feldman about what the record means to the company now and moving forward.
Wednesday, April 24 2013 9:32 AM EDT2013-04-24 13:32:01 GMT
Mike Amine from New England Financial and Kelly Masters, the chairperson of Money Smart Week join Murray Feldman in the studio to talk about financial planning and annuities.Play the video to gain their
Mike Amine from New England Financial and Kelly Masters, the chairperson of Money Smart Week join Murray Feldman in the studio to talk about financial planning and annuities.Play the video to gain their
Monday, April 22 2013 8:10 PM EDT2013-04-23 00:10:09 GMT
Perhaps you've heard or seen ads promising bad credit can be erased. Lisa Ross from the Michigan Department of Insurance and Financial Services has a warning for consumers.
Perhaps you've heard or seen ads promising bad credit can be erased. Lisa Ross from the Michigan Department of Insurance and Financial Services has a warning for consumers.
Wednesday, May 22 2013 9:45 AM EDT2013-05-22 13:45:43 GMT
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Wednesday, May 22 2013 7:38 AM EDT2013-05-22 11:38:56 GMT
A memorial service is this weekend for a newly married Detroit-area youth minister who was killed in a traffic accident as he and his wife were en route to their honeymoon in Myrtle Beach, S.C.
A memorial service is this weekend for a newly married Detroit-area youth minister who was killed in a traffic accident as he and his wife were en route to their honeymoon in Myrtle Beach, S.C.
Wednesday, May 22 2013 2:28 AM EDT2013-05-22 06:28:15 GMT
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
Wednesday, May 22 2013 2:17 AM EDT2013-05-22 06:17:02 GMT
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Wednesday, May 22 2013 12:02 AM EDT2013-05-22 04:02:09 GMT
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Tuesday, May 21 2013 10:59 PM EDT2013-05-22 02:59:19 GMT
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Tuesday, May 21 2013 10:14 PM EDT2013-05-22 02:14:08 GMT
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Tuesday, May 21 2013 8:22 PM EDT2013-05-22 00:22:30 GMT
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
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