Real Estate Information Archive

MSHDA's Mortgage Credit Certificate Program:

You ask what is a Mortgage Credit Certificate? Mortgage Credit Certificates (MCC) reduce the amount of federal income tax a homebuyer pays. The estimated annual cost savings is calculated on a monthly basis to help homebuyers qualify for a higher mortgage payment, and therefore a higher priced home-expanding home choices. MCCs are available to homebuyers who meet household income and home purchase price limits.

Calculating the Credit:

Total Mortgage Amount x Loan Interest Rate=Annual Interest

Annual Interest x MCC Rate (20%)= Tax Credit for the Year

Where Can you Get A MCC?

Many banks, credit unions and mortgage companies participate in the MCC program. A list is available on the MSHDA website : michigan.gov/mshda.

These MCCs can be combined with convential, FHA, Rural Development and VA Mortgage loans. Just because the first time homebuyer's tax credit has expired doesn't mean you shouldn't take advantage of this BUYER's market! Call Me Today!

According to the Associated Press,  mortgage rates dropped to the lowest level in decades for the sixth time in seven weeks, offering the most attractive opportunity for those who qualify to refinance or purchase a home.

Government-controlled mortgage buyer Freddie Mac said Thursday that the average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

If you're in a position to buy and have been hesitating, now is the time. Mortgage rates will eventually go up and with inflation they could sky rocket. I cannot stress enough that NOW is the time to buy.

Dave Ramsey was asked "What are the advantages of using a real estate agent versus going the for-sale-by-owner route when it comes to selling a home?"

His response was this:

I've had a real estate license for 30 years. If I were to put my personal residence on the market today, I'd use an active real estate agent who really knows his or her stuff in the marketplace. I'd gladly pay them their commission, too.

Now, why would I do a for-sale-by-owner, or FSBO, I'm only getting my place in front of buyers I can attract from seeing a newspaper ad, Craigslist and anyone who happens to drive by the house. If you go with a high-octane real estate agent, you will have the advantage of being exposed to his or her entire pool of buyers.

More importantly, you will be in the MLS or Multiple Listing Service, database. There, you will immediately have thousands of potential buyers.

So, who do you think will have the best chance of selling your house? Market exposure is everything in the real estate game.

And think about this: Even if you went the FSBO route every time you moved, you might do three or four of these transactions in a lifetime. A good agent closed three or four deals last week. They will know all the ins and outs of buying and selling a home, and they'll walk you through every step of the process. Research has shown that, between basic mistakes, pricing errors and lack of negotiating skills, you will cost yourself more than the agent's commission by trying to sell it yourself.

Trust me, you will get a much better deal-with a lot less hassle- by using a top-flight real estate agent.

View this MLive.com Article regarding the amount of money Kent County has lost in its property values.

http://www.mlive.com/news/grand-rapids/index.ssf/2010/04/kent_county_loses_12_billion_i.html

According to REBAC (Real Estate Buyer's Agent Council, Inc.) there are 10 features that builders will most likely include in 2010 :

1. Walk In Closet in Master Bedroom.

2. Laundry Room

3. Insulated Front Door

4. Great Room

5. Low-e Windows

6. Linen Closet

7. Programmable Thermostat

8. Energy Efficient Appliances and Lighting

9. Separate Shower & Tub in Master Bathroom

10. 9 Foot Ceilings or Higher on 1st Floor

CrimeMapping.com is a website designed to help you find out the recent crime activity that has been happening in your neighborhood or a neighborhood you're looking to move to. The website has been developed by a goup that works with law enforcement agencies thoughout the US to provide the public with accurate statisitics of crime in all neighborhoods. The goal of the website is to lower crime rates by assisiting local police departments through a better informed society. This website is a great tool to use if you're looking to move or are planning on putting your home on the market.

According to research done by Design Basics, LLC of Omaha, Nebraska-there are 4 different types of personalities Realtors need to cater to when working with a female home-buyer. They have come up with names to characterize these 4 different personalities:Margo-wants to "wow" others with her unique home, Elise-tends to prefer traditional, Claire-is so detailed she might bring a black light to spotlight all of a home's imperfections and Maggie-well, keeping her focus long enough on the home will be a Realtor's biggest challenge. Why so much focus on what women want? Well, according to Realtor Magazine, single women alone compromise 20% of buyers, up from 14% in 1995 and when a woman is shopping for a home with her significant other or family members it is often she who has the biggest influence over the final decision. Although these 4 personalities may not characterize every female buyer its important to decide which personality is closest to you so that you can have a better idea of what you're looking for. Choose from the more detailed list below:

Margo-"My Home is Unique" Her ideal home: Modern design and clean lines draw her eye. She likes geometric shapes and unusual features and she prefers edgy, European-influenced trends. A work area, library, or inspiration room is also desirable since she’s work-oriented.

Elise-"My Home is my Haven" Her ideal home: Function trumps aesthetics for this traditional, family-oriented buyer. She wants a home that’s easy to clean, low maintenance, and durable. She looks at a home from the family’s perspective, and wants plenty of storage, a large laundry room, and a floor plan that comfortably fits her family lifestyle. She’s more likely to go with a traditional design, such as a country kitchen.

Claire-"My Home Makes a Statement" Her ideal home: This status-driven buyer is drawn to brand names and quality products, such as nice fabrics and crown molding. Claire appreciates symmetry in design and wants polished, sophisticated spaces for formal entertaining. She’s also drawn to arched openings, columns, and a gourmet kitchen.

Maggie-"My Home is Carefree" Her ideal home: This adventurous and spontaneous buyer is the least connected to a home’s appearance. She’s drawn to comfort and function and tends to want less square footage because it means less upkeep. She also tends to prefer "green" design and low-maintenance products since she’s always on the go. Maggie is casual when it comes to a home’s design and desires flexible spaces that she can tailor to accommodate her hobbies.

WARNING: Scammers may try to steal your account by sending an official-looking email with a link to a fake craigslist login page, hoping you'll type in your username and password.

Look carefully at the web address near the top of your browser to make sure you are on the real craigslist login page, https://accounts.craigslist.org. If the URL is different from this one in anyway DO NOT Login.

The safest way to login is go to the craigslist homepage directly by typing in the web address, and then clicking on the 'my account' link.

There is one last opportunity on Wednesday, February 3, 2010 from 6:00 – 9:00 p.m., to take the RPOA-REI detailed class on fighting inaccurate tax assessments.  The class will:

• Provide a detailed look at the property tax assessment process.
• Explain the assessment appeal process.
• Explain and provide examples of the paperwork necessary to file an appeal.
• Explain the methodology of determining a correct assessed value and proving it.
• Offer information on resources to help appeal your property tax assessments.

Also, Feb 12,2010 is the last day to file your property tax assesment appeal!! Don't throw away your money!! Take action now!!

Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Source: Realtor Magazine