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Four Real Estate Market Trends for 2017

by The Jamey Kramer Group

Real Estate Market Trends 2017

It’s hard to believe we’re almost done with 2016 and about to start a whole new year with new possibilities for buying and selling homes. No doubt many factors will ultimately influence how 2017 shapes up for the real estate market, but there are a few trends being projected into this next year. If you are buying or are thinking about buying a home there are a few things to keep in mind as 2017 approaches.

Location is Everything

There is no such thing as one buying experience these days. Buyers and sellers have widely different experiences based on where they are selling or looking to buy. It’s impossible to say until you are in the process, but a few overall trends may help:

Home prices are expected to keep rising, but more slowly in 2017 as opposed to 2016 - 3.5% vs. 4.5% according to Moody’s Analytics projections. What you are selling - and where - and what you are buying will have a big influence on how it goes. Smaller homes have seen a sharp price growth as opposed to larger homes.

In addition, urban areas have appreciated faster than their outskirts. There is no indication this trend will not continue into 2017. As a result, if you are selling a condo in the city in order to move out of town, your equity may go farther than if you are doing the reverse. Inventory of smaller homes is low and competition is high. Be prepared to be patient.

Time to Get More Space Now

This should be great news for growing families looking to expand: the average price of a two-bedroom house rose 59% nationwide over the last five years as compared to the average price of a four-bedroom home, which only rose 41% over that same time period. At the higher end of the market there has been a rise in inventory by 8% for homes price $500,000 to $750,000.

If it’s time for you to gain some more space and you have the equity to do it, you’re in a great position to be selling your smaller home. You may even have the luxury to wait for a higher offer as opposed to a faster sell. The first part of 2017 is your best bet.

Flexibility

Flexibility is key for those looking to downsize or for first time home buyers. For smaller homes, the inventory is low and competition can be fierce. There are some tips that might help.

For one, if you are willing to move further away from the city, you can get more bang for your buck. Though the prices per square foot are rising, the price for homes in the city center has risen by 76%, as opposed to 53% for homes further out.

Another option is that good ol’ fixer-upper. So many buyers are hoping for a move-in ready home, but if you are willing to consider a home that needs even a few updates you will be in a much better position to snag the size you’re looking for.

More and more of the homes for sale need work. It might be a good idea to put a positive spin on it and consider that this way you get to be in charge of your own renovation.

If you’re moving between states, you may profit from the largest variation in metro area home prices that has existed in two decades. Retirees looking to buy a home down south could profit from considering cities slightly off the beaten path that offer just as much sunshine at a fraction of the cost. Charlotte, North Carolina, Greenville & Columbia, South Carolina, Oklahoma City and Tulsa, Oklahoma, Baton Rouge, Louisiana and Fayetteville, Arkansas are all considered some of the best most affordable cities in the U.S.

Great Interest Rates

In any case, if you’re in the market for a new home, now is the time to lock in the record low interest rates we’ve seen in 2016. They aren’t expected to last and could go up as much as half a percent in 2017. If you’re applying for a 30-year fixed loan on a $250,000 mortgage, you could end up paying $864 more in annual payments if the rates jump from 3.7% to 4.2%.

As always, if you want to get started now, please call our office. We’d be honored to help!

248-348-7200

 

Best Places to Eat On Thanksgiving 2016 – Northville, Novi & South Lyon

by The Jamey Kramer Group

Best Places to Eat On Thanksgiving 2016

Thanksgiving is a wonderful time of year to get together with your favorite people, eat amazing food, watch sports games, and sit back and relax. It is also the time of year where you have the opportunity to be reminded of all the different blessings that are in your life. One favorite tradition is to write down one thing each day we are thankful for and then we pin it up on a banner in your home. This will help us all remember each day how thankful we truly are for what we have.

Maybe this holiday does not bring feelings of relaxation and feeling thankful feels hard to do at times. Do not feel bad, because you are definitely not alone. Making a huge meal for a lot of people, especially family, is not an easy task. It takes a lot of time, money, and preparation. This can often leave little room for relaxing. If this is the case for you, taking your family out to eat for Thanksgiving this year might be one of the best decisions you have ever made.

The Metro Detroit area offers a lot of amazing dining options. Here are a few open restaurants that you are sure to enjoy this 2016 Thanksgiving year. Each one has great reviews and a lot to offer to your family this Thanksgiving.

Fleming’s Prime Steakhouse and Wine Bar

  • 17400 Haggerty Road
  • Livonia, MI 48152
  • Phone: 734-542-9463
  • Thanksgiving Day Hours: 11:00 am – 8:00 pm

Who says that you have to have turkey on Thanksgiving? Why not forgo the traditional for a mouthwatering steak? Located on Haggerty Road in Livonia, Fleming’s Steak House is sure to impress you and your guests. This is a restaurant that knows how to do streak and wine and offers many different options from wet to dry-aged, broiled at 1,600 degrees or iron-crusted. They also offer a private dining option to give your Thanksgiving that intimate feeling without all the work. Reservations are required.

Traditional Options

Deadwood Bar and Grill

  • 18730 Northville Road
  • Northville, Michigan 48167
  • 248-347-4353
  • Thanksgiving Day Hours: 11:00 am – 9:00 pm

Deadwood Bar and Grill in Northville offers a unique atmosphere that will be sure to make your Thanksgiving Day a special one. Reservations are required. Be sure to call soon as reservations are filling up quickly.

Rocky’s of Northville

  • 41122 Seven Mile Road West
  • Northville, MI 48167
  • Phone: 248-349-4434
  • Thanksgiving Day Hours: 12:00 pm – 8:00 pm

Rocky’s of Northville will be providing a traditional turkey dinner with all the trimmings for your Thanksgiving meal. In addition, you may choose from a limited menu that includes fish, steak, chicken, and pastas. Reservations are required.

Steve and Rocky’s

  • 43150 Grand River Ave
  • Novi, MI 48375
  • Phone: 248-374-0688
  • Thanksgiving Day Hours: 12:00 pm – 8:00 pm

A Novi favorite, Steve and Rocky’s was named after the two owners and chefs. A traditional Thanksgiving dinner with all the trimmings is available. Call today for your Thanksgiving dinner reservations.

Toasted Oak and Grill Market

  • 27790 Novi Road
  • Novi, MI 48377
  • Phone: 248-277-6000
  • Thanksgiving Day Hours: 1:00 pm – 8:00 pm

Conveniently located in The Baronette Renaissance Hotel in Novi next to Twelve Oaks Mall, Toasted Oak and Grill Market is offering a traditional Thanksgiving dinner for $35.00. You will also be able to select items from the menu. Reservations are highly suggested.  

Free Thanksgiving Dinner to Benefit the Novi Community

Moe’s On Ten

  • Free Thanksgiving Dinner, Wednesday, November 23: 3:00 pm – 8:00 pm
  • 39455 W 10 Mile Rd
  • Novi, MI 48375
  • 248-478-9742

Moe Leon, owner of Moe’s On Ten, will be continuing his 27 year tradition of offering a free Thanksgiving feast to the Novi community. This year, meals will be served by members of the Novi Police Department. Donations are not required, but Leon does ask that guests make a donation that will benefit the needy this holiday season.

Wrapping Up

Having an amazing dinner out for Thanksgiving can prove to be one of the best choices you can make for your family. From all of us at the Jamey Kramer Group, have a wonderful and safe Thanksgiving!

Northville Holiday Home Tour 2016

by The Jamey Kramer Group

Northville Holiday Home Tour

The holidays are approaching fast and with that come all the fun festivities. If you are looking for a great way to get you and your family into the holiday spirit, then attending this year’s Northville Holiday Home Tour is a fantastic idea.

While getting decorating ideas from Pinterest is helpful, there is nothing like seeing beautiful decorations in person. That is where the true inspiration will come for your own home. In addition, if you are new to the area or looking at buying a home in Northville, it is a great way to get a feel for the community, the homes, and what makes this town special.

When Is the Northville Holiday Home Tour?

This year’s Holiday Home Tour will be held November 18 and 19 from 10:00 am – 4:00 pm each day.

What Happens During the Holiday Home Tour?

Each year five stunning Northville homes are selected to decorate every inch of their houses in beautiful holiday decorations. Each home has a different style that will appeal to different people’s tastes.

The houses chosen this year range from a quaint condo, to a home designed after a castle. During the tour, you will have the opportunity to see homes filled with unique ideas and features. One specific home boasts of two square medieval towers and diamond and stoned glass windows.

Another home the will be featured is a 145-year-old house that is located in historic downtown Northville. This home was recently renovated adding a modern flare while preserving some of its Victorian charm. You will definitely be inspired and wowed by holiday spirit filling this home.

How Much Does the Holiday Home Tour Cost?

Tickets are still available at $25 in advance and $30 the day of the tours. Advanced tickets are available for purchase with a check or cash at:

  • Haven of Northville, 111 N. Center St., Northville, MI
  • Northville Chamber, 195 Main St., Northville, MI
  • Gardenviews, 117 E. Main St., Northville, MI
  • Maybury Farm, 50165 8 Mile Rd., Northville, MI

In addition, you can buy tickets with a Visa or MasterCard at Northville Community Foundation, 18600 Northville Rd., Suite 275, Northville, MI or by calling 248-374-0200.

Make sure to buy your tickets as soon as possible because the tour sells out each year. If you need to wait until the last minute, you can buy tickets the day of the event if they are still available at Ward Church at 40000 Six Mile Road, 1/4 mile west of Haggerty Road. Tickets may be purchased at the church on the November 18 and 19 from 9 a.m. to 2:30 p.m.

It’s important to note that all the proceeds from the Holiday Home Tour will go to fund the Northville Community Foundation's work in the community. Specifically, the proceeds will fund holiday gifts for senior citizens restricted to assisted living facilities, grants for nonprofits and community programs, scholarships for students, coordinating the Northville Independence Day Parade, and operations of Maybury Farm. You can feel great about buying these tickets.

About the Northville Community Foundation

In case you are new to the area or just curious about what this event is funding, The Northville Community Foundation, is a 501(c)(3) nonprofit organization. The Foundation's mission “is to enhance and enrich life in the community.” 

The foundation helps live up to this mission by creating grants to support nonprofit organizations, schools, and community issues; awarding scholarships to students; coordinating the Northville Independence Day Parade; and operating Maybury Farm. If you are interested in finding out more about the foundation, please visit www.northvillecommunityfoundation.org

Photo used with permission from Northville Community Foundation.

 

 

5 Facts About Short Sales – What You Need to Know

by The Jamey Kramer Group

It is a scary situation when you find out that your home is worth less than the amount of money you owe to the bank. This is typically referred to as being “under water” in a home. No one plans for this to happen, but understanding what your choices are is an important step. If at all possible, homeowners should wait it out and hope that their home eventually goes up in value.

Another option is to try to rent out the home if there is a reason that a homeowner can no longer occupy the space. However, if those are not options, some homeowners might find themselves facing a foreclosure or a short sale. Going into foreclosure or selling a house as a short sale should always be a last resort. If you are in this position, understanding your options is vital.

What is a Short Sale?

Short sales are complex and can be confusing. In addition, contrary to its name, short sales are anything but short. Essentially, a short sale happens when a lender accepts less than what is owned on the property because the home is worth less than what is owed on the home.

Here are 5 important facts that will help you gain understanding of short sales:

  • When a homeowner is able to successfully negotiate and close a short sale, they will be qualified for a Fannie Mae backed mortgage after only two years. This is different from when a home goes into foreclosure. At that point, the homeowner actually loses their home and is not eligible for a Fannie Mae loan for another five years.
     
  • When you sell your home as a short sale, you are still able to occupy the home, unlike a foreclosure where you have to evacuate.

  • It will dramatically impact your credit score. A short sale is considered a serious delinquency and can hurt your credit score.
     
  • When you plan to sell your home as a short sale, you do not have to under price the home. It can actually jeopardize your short sale approval. A lender will still be looking for a sales price that is close to the market value.
     
  • While selling a home as a short sale is not the ideal circumstance that a homeowner wants, it can relieve a lot of stress to get out of a property.
     

Seek Out and Experienced Real Estate Agent

If you find that you are underwater with your mortgage, the first step to take is to talk to an experienced real estate agent that has experience with short sales. They will be able to walk you through the whole process and answer your questions.

Wrapping Up

When you find your home is valued less than what you owe and you need to get out of a mortgage, you might be facing a situation where you have to sell your home as a short sale. Having an experienced real estate agent to help you through the process is vital. In addition, understanding the process of a short sale will help you as you journey through.

If you have any questions about short sales, please give us a call. We’re here to help.

248-348-7200

Displaying blog entries 1-4 of 4