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7 Home Buying Myths You Need to Know About

by The Jamey Kramer Group

Couple looking for a house online

Not all home buyers are first-time buyers. Some of you out there have bought and sold many homes, and you already know which pitfalls to avoid.

However, as professional real estate agents, we see some of these myths believed by home buyers over and over again, and we want to warn you about them.

Myth #1: Start by looking for a house.

I see red flags all over when I look at buyers browsing for homes before they do anything else. Yes, searching online is fun, but you might get your heart set on a house you can't afford.

Don't make any assumptions about your price range before you do the work of getting pre-approved. The bank is the only one who can tell you what kind of house you can afford.

Myth #2: You don't need an agent.

How hard can it be to find and buy a house on your own? It can be a lot harder than it needs to be if you don't have an agent.

We can search for things you can't, we have a lot more experience than you do, we can negotiate better than you can, and we can give your home-buying experience our full-time attention.

Myth #3: Go for the 30-year mortgage.

While many people do choose the 30-year mortgage option because the monthly payments are lower, other mortgage options might fit better.

The disadvantage to a 30-year fixed interest loan is that you may end up paying more for your house than if you had opted for a 15-year or even a variable interest loan.

Myth #4: You have to have a 20% down payment.

You will have to pay for private mortgage insurance, but a 20% down payment isn't necessary. You can even get a loan through the Federal Housing Administration with a 3.5% down payment.

Myth #5: You have to have good credit.

Speaking of the FHA, these loans can be the answer for those whose credit scores are low and who don't have a substantial down payment. While they aren't the answer for everyone, they are loans to keep in mind.

Myth #6: If you have a down payment, you're in business.

The myth that you only need the down payment is not true. There are several significant up-front costs of buying a home. Closing costs can be anywhere from 3% to 6% of the purchase price. Added to that are taxes, fees, inspections, credit reports, insurance, and other payments.

Myth #7: You can skip an inspection.

Yes, inspections cost money. And yes, a seller may go for your offer over others if you're willing to waive an inspection, but beware.

Not all problems are visible. You could end up paying ten times more money to fix something an inspector would have easily caught. It is important not to skip an inspection.

Bringing it Home

Avoid believing these common home-buyer myths and make an informed and supported decision. As always, we are honored to help you with any of your real estate questions and needs if you are looking in the Detroit Metro area. Please don't hesitate to call us!

248-348-7200

 

Top 5 Seller's Myths You Need To Forget

by The Jamey Kramer Group

House for sale depicting seller's myths

When it comes to selling your house, many people assume they have put their hard work behind them. Yes, buying your house was hard work, and maintaining a home can be as challenging as it is rewarding.

Selling your house is no different.  Unfortunately, myths about the selling process abound. Here are the top five myths about selling your home; debunked.

Myth Number 1 - You're better off selling your house yourself.

I can't tell you how many times this one comes up for people who don't want to pay seller fees to a realtor.

Of course, you want to get as much as possible back from the sale of your home. However, it's easy to underestimate how much work it takes to market a home correctly.

Those who want to sell their homes themselves are often relying on an anecdote from someone who did it successfully rather than the wealth of data to suggest that it's best left to a professional.

If you decide to go it alone, not only will you be responsible for the online marketing - pictures, website, online tour, etc. - but you will also be the one weeding out the undesirable buyers. There can be a lot of those. There's a reason this is a full-time job (for someone else).

Myth Number 2 - Your home will sell as-is.

While your home may sell as-is, you could be missing out big-time by not making some simple changes that will boost your profits.

This is another reason to hire a realtor: we see these same improvements get positive results time after time. Pay most attention to your walls, doors, floors, and kitchen.

However, don't get too hung up on gutting and re-doing your kitchen and bathrooms. You will never see a 100% return on investment for big projects like that. It's better to freshen up those spaces relatively inexpensively.

Myth Number 3 - When it comes to pricing your house, you know best.

Unfortunately, sellers are the worst at pricing their homes. Not only do they not have access to all of the data realtors do, but they value their homes emotionally.

Even if you are excited to be moving, or you never liked your house very much, you would be surprised by how invested you can become when it comes time to sell.

It makes sense: your hard-earned cash, your sweat equity, or both went into making that place your home. The trouble comes when owners want to overprice their homes. A perfectly good house that is initially overpriced can get caught on the market for too long and then automatically get ignored by buyers who assume there's something wrong with it.

Myth Number 4 - Buyers can see past paint colors.

Do you want to paint your whole house? No? Neither does your buyer.

Of course, they know they can do it, but most buyers want a home in turnkey condition. That means fresh, neutral paint colors they can see working with their furniture.

It's up to you: you can spend about $6000 for a painter, $500 to do it yourself or lose potential buyers before they step into your house because they can't see past your cranberry accent wall.

Myth Number 5 - It's the inside that counts.

Of course, we want all of our sellers to have clean, staged interiors. However, all that work would be meaningless if the outside looked trashy.

The exterior of your house is the first thing buyers are going to see, either online or as they drive by. This is why a new coat of paint on your front door is one of the most significant returns on investment you can make. Exterior work doesn't have to be extensive, but it does need to be done. Clean up your landscaping, invest in some colorful potted plants, put up new house numbers, and paint that front door.

Bringing it Home

The best thing you can do to help sell your house is hire a qualified real estate agent. If you have any questions about selling your home in the Detroit area, we would be honored to help!

248-348-7200

Upcoming Events for Northville, Novi, and South Lyon Michigan - February 2019

by The Jamey Kramer Group

Upcoming events - Northville, Novi, & South Lyon, MI

Beat the cold and enjoy some of Southeast Michigan's unique and exciting events! From a play at the Tipping Point Theatre in Northville to a Contractor Show in Novi, there are plenty of events to enjoy in Northville, Novi, and South Lyon, Michigan.

Northville, Michigan Events February 2019

The Last Five Years

  • February 07, 2019 through March 03, 2019
  • Location: Tipping Point Theatre, 361 East Cady Street, Northville, MI

Do you like a good love story? Better yet, do you like musicals? This is the show for you. Tony Award-winning playwright and composer Jason Robert Brown premiered this show at Chicago's Northlight Theatre in 2001. It was produced off-Broadway and won two Drama Desk Awards for Outstanding Lyrics and Outstanding Music in 2002.

Come and experience the love story of Jamie and Cathy through unique storytelling and musical arrangement. It's one of the most endearing love stories you'll encounter!

Ticket Prices

  • Wednesday at 3 p.m. and Thursday at 8 p.m. - $31
  • Fridays and Saturdays at 8 p.m. - $38
  • Saturdays at 3 p.m. - $34
  • Sundays at 2 p.m. - $34
  • To purchase tickets: Center Stage Ticketing

English as a Second Language Conversation Group

  • Days: Tuesdays through February
  • Time: 10:30 am - 11:30 am
  • Location: Northville Library, 212 W. Cady Street, Northville, MI

Come to improve your English with informal conversation in a relaxed setting! The group meets every Tuesday in the Carlo Meeting Room.

For more information, please call the Northville Library at 248-349-3020.

Monday Night Live Interactive Coaching

  • Date: February 11, 2019
  • Time: 6:30 pm - 8:30 pm
  • Location: PCS Training Room, 145 N. Center Street - Suite C, Northville, MI
  • Cost: $35 per session

Get ready for dynamic personal growth with these sessions. Dr. John & Matt Swartz hold weekly gatherings.

For more information, please see Downtown Northville’s website.

Novi, Michigan Events February 2019

Contractor Showcase

  • Date: Tuesday, February 19, 2019
  • Time: 7:00 am – 1:30 pm
  • Location: Suburban Collection Showplace, 46100 Grand River Avenue, Novi, MI

Are you a contractor just starting your business, or looking for more pro tips and inspiration? This is your go-to event of the season. Attend this free showcase and learn from the masters. Browse new products, new ideas, and new techniques and get business advice from seasoned contractors.

Agenda:

  • 7:00 am - 8:30 am: Registration, hot breakfast and vendor fair
  • 8:30 am - 9:30 am: Hardscape insights and construction seminar
  • 9:30 am - 10:00 am: Break and vendor fair
  • 10:00 am - 11:30 am: Hardscape construction, live demos, and new products
  • 11:30 am - 12:30 pm: Lunch, vendors, product displays and prizes
  • 12:30 pm - 1:30 pm: Owners and managers hardscape business conference (in partnership with LMN)

For more information and to register, please see Eventbrite.

Breastfeeding Basics Class

  • Date: Monday, February 11, 2019
  • Time: 6:00 pm – 8:30 pm
  • Location: Providence-Providence Park Hospital, 47601 Grand River Avenue, Novi, MI
  • Enter through Heart Institute Entrance Conference room C
  • Cost: $45.00

Are you an expectant parent? Are you hoping to get a sense of what to expect about breastfeeding when your little one comes? This is the class for you.

Join other parents-to-be for a crash course in breastfeeding. For 2.5 hours, the class will cover how to achieve long-term breastfeeding success by showing the proper latch, different holds you can use, troubleshooting when problems arise and proper breast care during the breastfeeding months.

The class fee includes expectant mother and one support person, and you go home with a breastfeeding booklet and web access to videos and resources.

For more information and to purchase tickets, please see Evenbrite.

South Lyon, Michigan Events February 2019

Doorway to Freedom: The Underground Railroad in Detroit and Oakland County

  • Tuesday, February 19, 2019
  • Time: 1:30 pm – 3:30 pm
  • Location: Lyon Township Public Library, 27005 Milford Road, South Lyon, MI
  • Cost: Free and open to the public

Come to hear lecturer Jamon Jordan, a historian with the Black Scroll Network History and Tours speak about Detroit's central position within the abolitionist movement. Detroit was an essential part of the Underground Railroad, led by the African American community in Detroit. Learn about the people and places in Oakland County who were integral in the fight for freedom for slaves.

For more information, please call the Lyon Township Public Library at 248-437-8800.

Bringing it Home

The middle of winter can be tough - especially when the weather gets colder instead of warmer after Christmas! Keep your spirits high and learn or see some new things in February in Northville, Novi, and South Lyon, Michigan!

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