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Top 5 Excuses Not to Buy a Home: And How You Can

by The Jamey Kramer Group

Hands holding house

If you are like many young Americans, you are assuming you can't afford to buy a home. Maybe you have bad credit, or not enough savings because you're paying back your student loans.

There are many excuses we hear from young buyers - particularly in the Millennial generation - about home buying. You might be surprised how many ways there are to buy a home still even if you can't. Read on to find out more.

#1: No Down Payment

When buyers say they don't have a down payment, sometimes they mean they don't have a 20% down payment. That number seems to have a hold on the collective consciousness.

Who has that much cash lying around? If you're holding out for that big of a down payment, you probably think you will never be able to buy a house.

The good news is that there are ways to pay only 3-5% down payment. The Federal Housing Administration, the Department of Veterans Affairs, or grants available to those with good credit and a stable job are all ways of financing a down payment without having to wait to save that large amount.

Private mortgage insurance is available to those making a lower down payment. Once you hit that 20% threshold of payment on your mortgage, you won't need it anymore.

#2: Bad Credit History

You are not the only one with credit skeletons in your closet. Those late payments you made may have put a dent in your score. However, there are ways around that, especially if you've kept your record clean since then.

If you have paid down your credit cards and you have a steady job, your application might be approved anyway.

Other options include rent-to-own programs, financing through the home's seller or loans from private lenders. There are private mortgage insurance programs that allow for credit scores as low as 620.

If none of this works for you right now, make an appointment with a licensed loan officer to get your credit back on track in as little as a year.

However, there is one thing to keep in mind: those with lower credit scores typically pay a higher mortgage rate and require a higher down payment.

#3: No Credit History

Did you know there are other ways of building a credit history than a credit card?

Experian makes it easy to establish a history by reporting your rental payments or asking your landlord to report them.

#4: Mortgage Payments

If you are a renter, chances are good you are paying more in rent than you would if you owned your own home and paid a mortgage payment.

Typically, landlords are recouping mortgage costs, taxes, insurance, and maintenance while still trying to make a profit.

Think about whether you want to keep paying extra to live in someone else's house or invest in your own future.

#5: New Job

Many times, the thought of owning a home comes with new employment. Better job, better living arrangements!

You might think you have to work at that job for several years before lenders will consider you a serious candidate.

However, as long as your income and your field are good, a short employment history shouldn't work against you, especially if your employer will write you a letter of recommendation.

Bringing it Home

Hopefully, this list helps those of you who have despaired about ever owning your own home. I hope it also encourages those of you who have historically been against home ownership to think again.

If you have any questions about this list or anything else real estate related, please call our office. We would be honored to help!   

248-348-7200 

 

Top 3 Moving Mistakes to Avoid

by The Jamey Kramer Group

Family moving

Everyone seems to think they are an expert on moving. Or at least they have opinions about the best way to move even if they haven't done it in many years.

What worked for one person may not work for you. It may not work for most people. Just feel free to take their opinions with a grain of salt and try to avoid these moving mistakes instead.

#1: Trying To Find and Use Free Boxes

The myth that you can just drive to the back of any store and grab a bundle of boxes is one of the most common ones. It is also one of the most frustrating.

For one thing, all the big box stores have balers that flatten the boxes. You could park in back of Walmart for a week and never see a box.

For another thing, shipping boxes made for produce or bottles have limited use for your personal belongings. Even if you score a bundle of boxes from a grocery store or liquor store, how useful will they be?

A third reason to avoid chasing the free box myth is that it can end up becoming a wild goose chase. Moving is a marathon on its own. You don't need to add more to your to-do list by driving all over town trying to find free boxes.

Instead, buy a package of boxes made for moving. They come in standard sizes that allow you to calculate how big of a moving van you're going to need once everything is packed up. They are made to be carried easily or stacked onto a dolly. Many of them even have handles!

#2: Not Packing Absolutely Everything Before Moving Day

You might think you need to keep the linens on all the beds for one last night in your old house, or that your toiletries can stay in their places to be used the morning of the move.

But every little thing you still haven't packed when the movers come can make your moving day more expensive than you anticipated if they have to wait around for you to pack boxes.

Or, if you're going the DIY route, don't waste your friends' time by having unpacked things lying around.

The best way to maximize your time and ease your stress both before and after your move is to have everything you might need for a vacation packed in easy-to-access luggage.

Make sure you have plenty of clothes, toiletries, kitchen essentials, medicines, pet food, and school items for the kids. That way, you won't be scrambling to find what you need. Also, keep important documents with you at all times.

You never know what you will need to access at any time. Treat the last night in your old house like camping and only use what you can pack in the car the next morning.

#3: Moving on the Weekend

Friday is the best day to move from the perspective of the people moving because it gives you the rest of the weekend to unpack before real life sets in again.

The problem with that is that everyone else thinks this too and moving companies raise their prices accordingly. You can expect a rate that's 20-30% higher than a weekday rate on the weekend.

Moving companies also hire extra help for weekend moves, which may leave you with movers who have a lot less experience.

Takeaway

Whether you are hiring a moving company or doing it yourself with a few friends, avoiding these mistakes could save you time and money.

Top Five Worst House Pricing Recommendations

by The Jamey Kramer Group

Top Five Worst House Pricing Recommendations

People get all kinds of bad advice; the type that gets passed around and handed down whether it has been proven or not: marriage advice, car advice, parenting advice, you name it.

Some of the "best" bad advice comes from people who know and love you, and it's about how much money you can probably get for something.

As well-meaning as these friends and family are, this type of bad advice has the potential to hurt you financially, and you may never know it.

So, whether you are on the receiving end of some bad home-pricing advice, or you're about to dole out some of it, take a look at the list below and think again!

Bad Advice #1: You've got plenty of time to wait. Price your house high and wait for the right offer.

Some people erroneously think that the right buyer is out there somewhere and that you might have to wait to get the perfect high price on your home that you think it is worth.

They believe that if you have the time to wait, that offer will be sure to come in. The truth is just about the opposite of this bad advice!

Overpriced houses end up sitting there for a long time, and once they have been sitting there for too long, they start to look like there is something wrong with them, even if they don't.

Buyers end up thinking they can low-ball their offers since the house hasn't sold and sellers end up having to accept lower offers than they would have if they'd priced the home appropriately in the first place.

Bad Advice #2: Make sure you get the cost of your renovations out of your sale.

The people who know how time-consuming and expensive your new kitchen was want to see you get the most you can when you sell the house. Maybe you thought you'd get top dollar because of that new kitchen too.

That doesn't mean buyers want to pay what you paid for it. The truth is if you renovate, you need to make sure it's for your reasons and not to sell for top dollar.

Most home renovations only give you back just over 50% - if that - of what you spend on them. You need to know this going into a home renovation. Make sure you're doing it for the right reasons.

Bad Advice #3: Don't bother negotiating with a lowball offer.

Yes, sometimes offers are a little insulting. It's true that a buyer may give you a low offer because it's all they can afford and they thought they might as well try.

However, you might be surprised at the deals that will go through when an initial offer seemed way too low. There are some people out there who want to see what they can get.

You have nothing to lose by giving a counter-offer, even if your counter-offer is your original asking price!

Bad Advice #4: Add extra to your asking price so you can make a profit.

It would be great if you could make a profit on the sale of your house. If you live in it long enough, you might be able to do that.

However, it doesn't matter how much you want it; the price of your house should be based on what buyers are willing to pay.

Most buyers are being advised by real estate agents who are looking at comparable sales in your area. You aren't likely to sell your house for more than a comparatively sized home in your neighborhood sold for recently.

Bad Advice #5: You know best what your house is worth.

Sometimes no one even has to give you this bad advice. Many sellers are more attached to their homes than they realize and for a good reason.

You dug out those ugly bushes in the front yard and painstakingly painted that old wood paneling. But just as in the scenario above, your home's price should be based on hard facts and not emotion.

Buyers have their own ideas of what they want and the best person to give you an accurate representation of what your house is worth is your realtor.

Takeaway

The best thing for you to do is to ignore bad home pricing advice and get the help of a professional realtor today. This will give you the best chance of selling your home on time and for the best price you can get.

Call the Jamey Kramer Group today!

248-348-7200

 

 

 

Upcoming Events in Northville, Michigan - March 2019

by The Jamey Kramer Group

Northville Michigan Upcoming Events

Are you looking for something special to do in March? Do you live in the Northville, Michigan area?

The charming city of Northville has a special lineup of events in March that you won’t want to miss. 

Northville Marketplace

  • Date: Saturday, March 9
  • Time: 11 a.m. - 2 p.m.
  • Location: Northville High School, 45700 Six Mile Rd., Northville
  • Free Parking
  • Admission: $2 per person

Do you love the city of Northville as we do? This town has so much to offer, and so many unique businesses and organizations run by amazing people. If you are new to Northville, are wanting to get involved, or if you want to come and find out more about the city and what it has to offer, stop by the Northville Marketplace on Saturday, March 9th.

The Northville Marketplace is the largest showcase of Northville businesses and organizations you will ever find in one place. There are more than 60 booths with exhibits including financial institutions, artisans, restaurants, businesses, retail, service, community, and educational groups. Some displays will also be selling merchandise and participating in giveaways.

In addition, Northville's best restaurants are giving away free samples at their booths, so you can taste the goodness the city has to offer!

For more information, please see the Northville Chamber of Commerce website.

Special Lego Building Contest at the Northville Marketplace

This year at the Marketplace, Northville is hosting a special Lego contest and exhibit. Did you know Lego is the largest toy company in the world? The possibilities with this toy are endless, and some of Northville's most creative kids have entered the contest, hoping to win the first place prize!

Join Ben, Lego builder who has worked with and learned from master builders, in a Lego building competition. Take advantage of the thousands of Legos at your disposal right at the Northville Marketplace to make your own creation and browse Ben's personal Lego masterpieces.

You can also look at the contest submissions while you wait for a winner to be announced in an awards ceremony at 1:15!

Maple Syrup Tours At Maybury Farm

  • Days: Saturday and Sundays
  • Dates: March 9 - March 31, 2019
  • Times: Tours depart at 1:00, 1:45, 2:30, 3:15, 4:00 pm
  • Location: 50165 Eight Mile Rd, Northville, MI

It's time for Maybury Farm's yearly Maple Syrup Tours! At this time of year, Maybury Farm is closed to visitors, so on a regular day you can't see the animals or visit the store. But maple syrup season is a magical time to come with your friends and kids to see how this delicious treat is made.

Take a wagon ride out to the sugar bush and into the woods. Find out how to tap and maple tree and see the sap drip straight into the bucket! Then a short trip to the Sugar Shack where the sap is reduced into the sweet and healthy goodness that is maple syrup! Learn how maple syrup is graded and find out how simple it is to do this at home.

Included in your tour is snack time in the Maybury Farm General Store. Hot drinks and snacks and a toasty wood stove will be your last stop before you head home full of ideas and free recipes for your maple syrup adventures at home.

Cost:

Group Tours:

Group tours are available for any group of 15 or more paid admissions (over age 2). Additional tour times available during the week for group tours.  Call 248-374-0200 to book your private group Maple Syrup tour!

Takeaway

Enjoy Northville this March with these two fabulous events! If you have any questions about living in Northville, or buying or selling a home in the Northville area, please don't hesitate to call our office. We would be happy to help!

248-348-7200

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