Bradford of Novi real estate update

Bradford of Novi Subdivision Neighborhood Update, Novi, MI 

Latest Bradford of Novi  Subdivision Neighborhood, Novi, Michigan Update as of January 1, 2008 There are NO homes currently for sale in the sub.  The average list price is $N/A and on the average has been on the market for N/A days

IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855

Here are all the homes that have sold in Bradford of Novi , Novi, MI in the last year as of 1/01/2008

	PRICE	ADDRESS	BED		DATE SOLD
SOLD	$425,000	22250 ROXBURY DR	4		6/13/2007
SOLD	$460,000	22371 CARLISLE CT	4		5/12/2007

2 homes have sold in the last year with an average price of $442,500 after being on the market an average of 49 days.

Remember when you price your home right it will not sit on the market as long.  So if you have to move call me for the latest market analysis of your Oakland County subdivision.

If you want other Novi subdivsion updates or city of Novi information go to my websites http://www.russravary.com/  or www.DetroitMichiganRealEstateHomes.com  You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!

IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COM

I hope this neighborhood newsletter helped you!  And helps keep you up to date.  If you are thinking of selling your home give me a call or email me at info@russravary.com   Or if you know somebody that is looking to buy a home I will help them search out a good deal.  Have a great day.            Russ Ravary

Buying Metro Detroit Investment Properties

Buying investment properties 

Buying investment properties and becoming a landlord is a tricky business.  It is hard business and not suited for everybody.  Good tenants are few and far between.  Tenants sometimes stay for short periods and sometimes pay late or don’t pay at all.  But if you want to jump into the rental business you should check out your responsibilities as a landlord first.  The court system does not look kindly on landlords that don’t live up to their responsibilities and the rental contract.

Getting financing or a mortgage for Metro Detroit investment properties is possible even in this economy.  The banks are requiring bigger down-payments for investment properties than 6 months or 1 year ago.  Before you jump in think hard and long though.  One of the items you have to remember is that taxes are higher for investment properties than for single family homes.  I believe you should be able to pay the payment on your rental if you had to for up to a year.  In other words have a good reserve fund for repairs and mortgage payments.

The best part of this whole economy is that there are tremendous deals out there.  You can find investment properties and rental homes that you will get positive cash flow even with the higher tax bill.  For more on investment properties go to my website www.russravary.com or www.DetroitMichiganRealEstateHomes.com to search for Michigan homes for sale.   Have a great day    Russ Ravary 

Don’t sell your Metro Detroit Home

Don’t sell your Metro Detroit Home if you do not have to.  Don’t put it on the market….If you are just thinking of trying out the market and “seeing if you can get your price”.  Don’t sell if your are not serious about selling.  Selling your home in the Michigan Real Estate Market is going to take time and the home prices are going very low compared to prices in 2003 & 2004.

Here is the scenario in Southeastern Michigan real estate.  Some economists are predicting that it will take 10 years for home prices to get back to their high prices.  Here are my thoughts and warnings:

1)  Don’t buy another Metro Detroit home until you have yours sold unless you can afford 2 mortgage payments for up to 1 1/2 years.  Can you afford 2 house payments, 2 insurance payments, 2 tax bills, double utilities for up to a 1 1/2.  Some houses are taking up to a year and a half to sell.

2) Don’t put your house up for sale unless you have to.  Some of the reasons to put it up for sale are.  A) a death in the family.   B) A divorce.   C) A job transfer  D) Retirement and want to get on with your life  E) Want to get a bigger house. 

Prices are not coming back to their highs in 3-5 years (in the metro Detroit Area).  It would take double digit appreciation to get back to their highs in 3-5 years.  What would change that our real estate market would get red hot?  Do you think the Michigan economy is going to get red hot in the next few years?  People who have their homes foreclosed can’t buy a house for 3 – 4 years.  So many people can’t buy a home so more homes will be vacant.  We do not have enough qualified buyers that banks would give a loan to.(with the tightened bank guidelines) 

It is not unusual for buyers to offer 10 – 15% less than the listed price.  If you think you are going to get full priced offer you might be shocked.  You will get a good offer is your home is updated, very clean, and priced right.

Pay attention to the comparative market analysis (CMA) that the Michigan Realtor gives you.  That is a good indication of where your local real estate market is at.   If you are serious about selling and willing to adjust your price to the changing market then put your home up for sale.  If not do not waste your time, your money, your realtor’s time, or your Realtors money by putting your home up for sale.

For more of my outlook on Michigan real estate, seller’s tips, how to buy a bargain go to my website www.russravary.com

Michigan real estate, what you should be doing

What you should be doing in the real estate market 

Metro Detroit Neighboorhood update,

Southeastern Michigan Real Estate Update

What’s happening now.  Metro Detroit home prices in the last few years have fallen from 10 -35% off their highs depending on the city and area.  It is a very tough time to sell.  Some Southeastern Michigan homes are sitting on the market up to a year and a half.  It is a buyer’s market.  Buyers are looking for up to date homes, ready to move into homes at a low price.  Buyers know they can put in a low ball offer.  Wouldn’t you do the same thing?  If the offer is not taken by one home owner they are just going down the street and putting in the same kind of offer.  Why would they pay $20,000 -$50,000 more for a similar house when they can buy another one in the same city?   Buyers are not concerned with a “great neighborhood” as much as what are they getting for the money.

       Homes  that  are in excellent condition and have updates are selling for more money and quicker.  Newer homes and lake homes are still getting better prices than older homes.  Some banks are starting to let their foreclosed homes go a lot cheaper.  Depends on the house and the bank.   With the low interest rates it is a great time to buy for first time buyers.

My Forecast for the future.    Michigan Home prices are going to continue to fall through 2008.  Beyond that is a guess at this point.  The reason why home prices are going to continue to fall are:  1) Too many foreclosures on the market that the banks have to sell  2)  Banks have tightened the credit guidelines.  It is back to the good old days. 100% loans are just about gone.  You need better scores, more employment and asset documentation.  Banks are double checking appraisals and all paperwork.  With the tightened guidelines it has taken many borrowers out of the market.  Many people can no longer qualify for a loan.  3)  Anybody that has lost a house to foreclosure can not buy a home for at least 3 years.  So think of all the people that have filed bankruptcy or been in foreclosure.  At one point they said 1 in every 100 homes in Detroit was in foreclosure.  They can’t buy.  Less buyers, less demand.  So don’t sell unless you have to.  4) Michigan’s economy has people leaving the state.  Less people again, less demand for homes.

What you should be doing   1)  Have you checked your tax notice?  Are you paying too much in property taxes?  2)  Don’t get nervous about falling prices.  If you are not selling for years, it does not matter.  It will go up eventually.  3) Don’t Sell unless you have to.  Don’t sell unless you are relocating, changing jobs, moving up ( a bigger house), or life change ( divorce, estate, retirement).   

For more information on these topics       

To find out how to fight your taxes         Buyers Tips         

To search Michigan homes for sale         Sellers Tips           Holiday trivia

Recent sold homes in your subdivision                              

Homes for sale in your subdivision                                    Millage rates and how to read    

Check out your subdivision update online                           your tax statement

Go to my website:

www.RussRavary.com      or   www.DetroitMichiganRealEstateHomes.com

Or email me at info@russravary.com  I will be glad to answer your questions, get you more information

Russ Ravary “your local real estate resource”

Thinking about moving to Livonia Michigan

Livonia, Michigan a little more about (part 2) 

I live in Livonia myself. Whether you are looking for Livonia real estate, or just checking out Wayne County real estate. I believe Livonia, Michigan is a great city.  If you are relocating to Michigan, Livonia is a city you might want to check out.  Livonia has been recognized by the FBI as the 7th Safest City in the Country. It has also been named the 2nd Best Kid Friendly Place in the Nation by Population Connection. The City of Livonia has also been rated the 2nd Least Economic Stressful by the City American City Business Journals .

The size of Livonia, MI is approximately 35.7 square miles on the western side of Detroit, in Wayne County, MI.  Livonia is about 15 miles from the Downtown Detroit.  Livonia’s boundaries are Inkster Road on the east, Eight Mile Road on the north, Eckles Road and Haggerty Road on the west and Joy Road on the south.  It is bordered to the east by the city of Redford.  And bordered to the west by Northville and Plymouth.  Farmington Hills  and Novi are on the Northern border of Livonia.  Livonia enjoys accessibility to many highways. The City´s strategic location offers easy east-west access via the Jeffries Expressway (I-96) and north-south transportation on the I-275 expressway. Major highways and interstates fan out in every direction providing convenient drive times to Detroit, Ann Arbor, and Lansing. Detroit Metro Airport is a short 20 minute ride from Livonia.

The housing costs are very affordable in Livonia.  Prices for homes start at about $125,000 (2008) up to $500,000.  There are many different styles of homes in the city.  We have ranches, tri-levels, quad-levels, colonials, tudors, and contemporary homes.  So whether you are relocating to Michigan from out of state or just moving from Oakland County to Wayne county Livonia is a city you may want to look into.  Some of the other great cities near Livonia are Plymouth, Northville, Novi, Farmington Hills, and Canton.  To search Michigan homes for sale go to my website www.RussRavary.com

Michigan foreclosure process

Michigan’s foreclosure process 

Everybody watches late night TV and sees the infomercials on how people made millions buying bank foreclosures (some of them are Michigan foreclosures).  So Buyers think they can do it without experience or money!  With today’s economic conditions and mortgage guidelines it is possible but banks have closed many of the loopholes in the lending process.
      Here is what happens in the Michigan foreclosure process.  How does it happen in your state?  A homeowner falls 3 or more payments behind on the mortgage.  The bank then sends them a letter that they are going to start foreclosure proceedings against the homeowner.  Sometimes the banks are very quick to get a letter out and start the foreclosure proceedings.  Other times some banks take months to get the Michigan foreclosure process started.
     Then it is usually turned over to a foreclosure attorney to handle.  The house is then scheduled to be sold at a “sheriff sale”.  The home is auctioned off.  Unfortunately many people think you can steal the homes at the sale.  There are deals there at the sale but you have to do the research on the homes and their value.  But what usually happens is the bank will buy the home back.  The reason they do this is because they have a mortgage on it.  Let’s say the house is worth $120,000 and the homeowners owe $100,000 on a mortgage.  The bank will buy it back up to the $100,000 to recover their costs and to get the other possible liens off the home.   You could buy it for $101,000 or more and the bank would probably let you buy it.  If the mortgage was $90,000 then the bank would bid up to $90,000 to keep their interest in the property.  So up to this point the only way you can get a deal on the property is to out bid other buyers on the Michigan foreclosed home.
      Now the bank owns the home.  The original owners may still be living in the home.  They have up to 6 months to pay the bank the full amount to keep the home.  This seldom happens.  The people can actually still live in the house and not pay anything and the bank can’t kick them out until the six months is up.  So sometimes these people live in the house for up to a year and not pay a dime!  Sometimes the bank offers to give them $500 or $1000 to get out of the house and release all rights to the home.  The bank does this to get the sales process started quicker.
      The bank usually waits for the six month redemption period to lapse because the owner has the right to come up with the money and buy the house back.  Usually right away the bank has contacted 3 different real estate agents.  The bank will ask the three Michigan Realtors give them a price that the house should sell for.  The bank is asking the Realtor for a price, that price usually is fair market value in the eyes of the Realtor.  So that foreclosed home is no deal in the beginning.  It is around fair market value for its condition.  The bank then hires a Realtor to change locks, winterize the home, clean carpets, and if necessary get the home in saleable condition. 
      So the bottom line is that the bank is trying to recover what they are owed on the house or get fair market value.  They are not giving the property away.  So some homes that are foreclosed are not always great deals.  Though there are some fixer uppers that may be deals.    There also are HUD foreclosures that go through a little different process.  There may be deals in them.   
      The key to buying homes cheaply is to know values of the neighborhood and city and look for fixer uppers or homes below market value.   Though some banks in the metro Detroit area are starting to bargain better and dump some of the properties because they have to unload the inventory.  Banks like to sell the foreclosed homes within 30 to 90 days.  So making a low offer on bank owned properties make get a buyer a low priced home.  Sometime homes that the people have relocated and have to sell are better buys.  Or a divorce situation where they want to dump the home.   To look for more deals in Michigan foreclosures or Michigan homes for sale go to my website www.russravary.com  To search Michigan foreclosures or search Michigan homes for sale go to my website www.DetroitMichiganRealEstateHomes.com

May your families health problems take a turn for the better this week.  Russ Ravary

Should I wait to buy a Home until home prices fall more?

Should I wait to buy Livonia Real Estate or any home in Michigan?

Many buyers are going to be asking that question this year.  Should I wait to see if the price of Metro Detroit homes go down?  Is the other question.  Do I think Michigan home prices are going to fall?  YES I do think home prices are going to fall.  Lying to a client is not good for either of you. 

The client and I do not know when the market is going to turn.  The client does not know when their “dream home” will be on the market.  If their dream home is on the market now should they wait to see if it goes down?  The Michigan real estate market is like the stock market, we do not know when or where the bottom of the market is.  Lots of “experts” may try to predict it, but probably 1 out 10 may be right.

My thoughts on whether you should sit on the sidelines and not buy are:

1) You should be buying for the long term.  If the home you buy goes down for 6 month to a year and the value comes back in a year, should you pass up looking and possibly finding your “dream home”.   My example on that is that I had a neighbor that put their home up for sale last year.  They got lucky and sold their home right away after finding their dream home.  Their Michigan dream home was a lake home with a first floor master bedroom and bath.  It was maxed out with amenities.  The home had more to offer than many non lake homes we saw.  This client is very cost conscious.  Have Michigan Home prices fallen since last year?  Sure have.  But this home would not have been here this year.  Are they happy?  They are delighted with their home and their choice to buy last year.  Because they got what they wanted at a good value.  Sure it might have been cheaper, but it would not be on the market.  It is not another what if, maybe, could have.  Instead it is a dream fulfilled. 

2)  Types of homes, certain Michigan homes may only come on the market once every 5 – 10 years.  Will it hurt to look?  It is possible that a home you would have loved came on the market and was sold.  When you go to look when you think the market is at it’s lowest there may be no Michigan homes that you love.  Home inventory and availability changes monthly.

3) If you look and happen to find a great Michigan home, put in an offer that you can live with and that you feel is a good value.   You may find a bank foreclosure that you like now.  None of us can forecast the bottom of the market or when you can find your “dream home” at the best price.

My thought is it never hurts to browse the Internet or to have a Realtor send you listings.  You may find a home that interests you.  You may choose to go out an look at homes.  If you do not find what you want, you can always sit on the sidelines for a few months.  Find a Realtor that you do not feel pressured to buy.

If you are thinking of buying go to my website www.russravary.com I have over 50 articles on buyers tips, Home inspections, how to buy a bargain, buying Michigan foreclosures.  If you want to Search Michigan Homes for sale on my website or email me to send you listings.  

Metro Detroit real estate predictions

My Metro Detroit area real estate predictions 

Unfortunately the outlook for Southeastern Michigan real estate is not the rosiest. Because of the high unemployment, the poor economy, people leaving the state, the high foreclosures, and the banks tightening the credit guidelines Michigan HOME PRICES WILL CONTINUE TO FALL IN 2008.   There are too many empty Metro Detroit homes, too many Michigan bank foreclosures that have not been sold, and no sign of economic turnaround.  The banks are going to continue to dump houses at lower prices in order to unload them which will lead to lower comparables in subdivisions.  Buyers are going to continue to seek out the best home for the best price, and best value. With so many Michigan foreclosures they expect the same prices from homeowners as they do from bank foreclosed homes.  So for sellers it is not rosy, but for Michigan home buyers it is one of the greatest times to buy.

For all of you Michigan home buyers Here are 3 great reasons to buy this year. 

1)Interest rates are still in the high 5% to low 6% range depending on the day.  You can still get a low payment on a home and you can buy more Michigan home than you could 3 years ago. As a buyer before you see a mortgage person or a Realtor you need to sit down and figure out how much you can afford.  What kind of monthly payment can you pay for a Michigan home without getting yourself in trouble.  Then ask the mortgage person what price house that payment can buy.  Be sure to include taxes and insurance.  Then once you get that number from the mortgage person talk to a Realtor and see what kind of home that price will buy.  Don’t let the Realtor or the mortgage person leave out the taxes or insurance.  It is a cost that you have to pay.  Stay within your budget so you can keep your house.  For more mortgage information go to www.russravary.com 

2)There are many available home choices as there is a large inventory.  Metro Detroit Homes that are updated and priced well are still moving quicker than other homes.  But many Wayne and Oakland County homes are sitting on the market over 60 days.  Get house hunting tips, negotiating tips, and buyers tips and advice on my website on the buyers button.

3)Wayne County real estate, Oakland County real estate, and Livingston county real estate have fallen in value in the last 3 years.   Many home values have fallen between 20 – 35%.  What that means to you is that you can buy more home than your could have in the last 3 years.  Some of the Metro Detroit home prices are back to 1990’s.

So my advice to potential sellers is don’t sell unless you have to, ie… relocation, divorce, death, retirement, or moving up to a larger house.  Move if there is a life changing event.  If you are just testing the market or want to price it high don’t waste your time.  Wait to sell.  But remember that many economists are predicting that it will take up to 10 years to get back to the prices we had 3 years ago.  For more great selling info, articles, sellers tips go to www.russravary.com and click on the selling button

What’s in it for me?

Helping others 

What’s in it for me?  What you do for others does come full circle.  Sometimes it can’t be measured in money or physical items.  I had a friend call to help him get a motorized chair to an assisted living home for his dad.  It was 9 o’clock at night.  Sure I could have not answered my cell phone, said I was out to dinner, or said I was busy.  But I didn’t.   Sometimes in life we get too busy, or think what’s in it for me.  I have to admit it… I have done it.  I’m not perfect, none of us are.

But as Realtors we are in the public eye all the time.  What we do for our community, our clients is talked about.  Sometimes we have to do more than an average person.  That is good for us as Realtors, and as people.  We have a duty to make our world a little better (whether we are Realtors or anybody else).  What will be your legacy?  Will it be a good father?  Will you be remembered as a coach? Or the grumpy old man down the street?  The nice lady who makes cookies or the lady that comes into the bank complaining?

It is our choice of what we become as we get older.  The holidays are almost over.  If we could keep that niceness, that spirit another 2 months of the year.  What a world it would be.  There would be less road rage, less neighbor feuds, etc. 

Bottom line is I got nothing for delivering the chair but a good feeling that I did something above and beyond.  A good warm feeling for a cold night in Detroit.

May somebody go out of there way to help you and your family this week!  Have a Great Day      Russ Ravary

Buying a Michigan home and keeping it

Buying a home to keep 

Over the years I have had people come to me and buy homes that I know that can’t afford.   I have asked them if they were sure they wanted to spend that kind of money.

 There are many issues with this problem.  If you as a buyer had a Realtor or mortgage person tell you that they think you are over buying… would you listen?  As a Michigan Realtor many clients don’t take our advice.  Many people buy with emotion.  We see over and over people buy metro Detroit homes we would never buy.  And that is the point.  We, the Michigan Realtor are not going to live there you are.  It is your choice to make, it’s not our choice.  We can subtly tell you that we think it is a bad idea.  I can’t tell you how many times clients have not listened to my advice.  Many do listen, but there are many that never hear.

Buyers and sellers have what they want in their head and most times we can’t sway them.  Shoot… their parents can’t tell them, their spouse can’t change their mind.  Do you think what we say, sways them?

But it is more important than ever to this generation of buyers, 2008 buyers, that they step back and figure out what they can afford to pay a month before they see a mortgage person or a real estate person.  Better yet.  If their house payment with taxes and insurance is going to be $2000 and they are paying $1000 a month in rent.  Then they should try to live 6 -12 months putting the extra $1000 away.  And not spending it for anything.  That way they can find out if they can live comfortably with a $2000 payment.  Plus they would have a nice down-payment or rainy day fund.

If you need more mortgage information or Michigan real estate information go to my website www.russravary.com  You can search thousands of Michigan Houses for sale free on my site without giving your name or any personal information.  I also have many home buyer tips and Michigan home selling tips.  And all free!  Have a great day!  Russ Ravary.