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.
Friday, May 24 2013 8:27 AM EDT2013-05-24 12:27:33 GMT
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
If you'd like to contribute to the Oklahoma tornado relief efforts, FOX 2's Amy Andrews says you can drop off supplies at the Democratic Club of Taylor (23400 Wick Rd.) now through Sunday.
Friday, May 24 2013 8:17 AM EDT2013-05-24 12:17:03 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Friday, May 24 2013 7:19 AM EDT2013-05-24 11:19:36 GMT
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Michigan's public schools would get about 3 percent more and it's community colleges and universities about 2 percent more in overall funding next fiscal year under measures approved by Republican-led budget panels.
Friday, May 24 2013 6:47 AM EDT2013-05-24 10:47:05 GMT
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Jimmy Howard stopped 25 shots as the Red Wings beat the Chicago Blackhawks 2-0 on Thursday night in Game 4 of the second round series to put the NHL's best team during the regular season on the brink of elimination.
Thursday, May 23 2013 9:21 PM EDT2013-05-24 01:21:55 GMT
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
The mountains of petroleum coke along Detroit's riverfront continue to grow. Now lawmakers are saying the stuff has to go as the story gets national attention.
Thursday, May 23 2013 8:53 PM EDT2013-05-24 00:53:47 GMT
Anna Bailey was walking back from the gas station Thursday morning when she found 16-year-old Emonte Davis lying in the middle of the sidewalk on Sharon Street. He had been shot in the chest, and she tried to help.
Anna Bailey was walking back from the gas station Thursday morning when she found 16-year-old Emonte Davis lying in the middle of the sidewalk on Sharon Street. He had been shot in the chest, and she tried to help.
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