Is Home Flipping Still a Viable Investment in 2009?Absolutely”if you know what you are doing. That doesn’t mean being a financial wizard.     Let’s face it, most home flippers are just average people like you and me. You don’t have to be a rocket scientist, but you do need to be a whole lot smarter than you used to be to make money by flipping a home in 2009.Be ConservativeThat’s not a political statement when it comes to flipping houses, but it should be your new motto. In the current market there is no room for error. Buying as low as possible, keeping all prices for home repairs and improvements low, and selling at a reasonable price with an eye to moving the property fast is essential.Have Reasonable ExpectationsKnow that in today’s market it is not likely you will be able to move a [city] home in a week or two after finishing the project like before. That means you need to get your financing at a manageable rate so that you can float until you make your sale.Mirroring the PastIn many ways, things are not much different in the home flipping market than they were four, five, or even ten years ago. It has always been a game of risk and reward and it will continue to be as long as those that play the game understand its limits and rules.Don’t Be GreedyIt’s tempting to price a finished house flip at the maximum the community seems to afford but in a slow market that is a recipe for failure, and a surefire way to end up holding onto the property. The key is in and out as fast as possible, and while that isn’t as fast as in the past, it still needs to be as quick as possible. You want to make a profit over what you paid and put into the [city] home, but make it a reasonable profit so you can experience the benefits.If you want to flip homes and make a profit doing it, you need the best agent on your side. I specialize in helping home flippers find (and negotiate) great deals.   Call me today at 248-755-7500 or email me at janet@thestocktonteam.com to find out how I can help.Keyword:   Oakland County, Michigan homeLINKSMake money by flipping a home in 2009:    http://www.articlesbase.com/ask-an-expert-articles/flipping-houses-in-2009-763375.html   Home repairs:  http://www.doityourself.com/ House flip: http://www.newhouseflip.com/

What the $8,000 Stimulus Can Do for Your Real EstateThe new stimulus bill gives first-time home buyers a tax credit of $8,000! Whether the real estate you purchase is new or a re-sale there are always things you can do to make improvements. Here are a few ideas on how you can use the tax break for your new home. ·                 Put in all new appliances. $8,000 will buy a nice set of kitchen and laundry appliances, and enough groceries to fill up that new refrigerator for several months on top of it. ·                 Furnish a room. Many times a new home means old furniture just won’t fit in or fill it up. $8,000 goes a long way to decorating a new room or two. ·                 Put on a porch. The stimulus money can be used to add value to your real estate by making additions like a patio or porch. It will make your new home even more enjoyable too. Construction jobs helps the economy and creates jobs in the community”a double bonus that you are making happen! ·                 Buy a car. Okay, maybe your new home is perfect as it is. That’s lovely. Use your stimulus tax incentive to put a big down payment on a new car. The huge down payment will keep your monthly payments low and affordable while helping out the other big industry failing in the current economy.The key to the President’s stimulus plan is to spur the economy and give people money to spend”so go ahead and spend it. Buy those items you’d have trouble getting for your real estate without the extra help.   And, feel good about it.   Have questions about how the stimulus helps first-time buyers?   Give me a call today at 248-755-7500 or email me at janet@thestocktonteam.com.   I’m happy to answer all your questions with no obligation whatsoever.KEYWORD: Oakland County Michigan real estateLINKS:First-time home buyers tax credit:   http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcreditNew appliances: http://www.kitchenremodelideas.com/exciting-products/new-kitchen-appliances/Economy: http://www.investorwords.com/1652/economy.html

What If A Seller Has A œCounter Out On A Home For Sale?Waiting to hear back from a seller on an offer you made on a home for sale can be nerve wracking.   Since sellers aren™t obligated to respond immediately, you may spend time waiting anxiously by the phone.   When your agent finally calls you, it™s with the news that the seller has a œcounter out on the property already.   What does that mean?   Is your offer out the window?Not exactly.   In some states, a seller is allowed to counter or respond to as many offers to buy their home as they want.   If the seller has responded to a buyer™s offer with a counter-offer and then receives an offer from a second buyer that is better, the seller does not have to accept the first buyer™s offer.   The seller simply takes back the counter-offer and accepts the second buyer™s bid.Make Your Best OfferSo, how do you make the best offer on a home for sale that has a counter-offer out on it?   First of all, if there is another offer on the property, submit an offer for the most money that you would pay for the house.   You may not get another chance to negotiate for this dream home, and you don™t want to miss your opportunity. Get a Pre-approval LetterA seller will take your offer more seriously if you attach a pre-approval letter from your lender to it.   If your offer is similar to the other person™s, you may win out because you have financing already secured.   Many sellers are waiting for their old homes to sell before they buy a new one.   If your offer will get them into their new home faster, it might be the edge you need to get the home that you want.Increase Your Earnest Money DepositMake a large earnest money deposit on the [city] home for sale.   If you™re unable to pay more for the home, you can increase the size of your earnest money check.   You don™t lose any of the money because it will go towards your down payment or closing costs.   If you’re thinking of buying a home, I’d love to help you find your perfect home.   Call me today at [phone number], or if you prefer to remain anonymous, feel free to email me at janet@thestocktonteam.com.   Either way, I promise to respect your privacy.KEYWORD: Michigan homes for saleLINKS:Offer: http://en.wikipedia.org/wiki/Offer_and_acceptance  Pre-approval letter: http://www.realtor.com/Basics/Buy/Looking/PreApp.asp  Earnest money deposit: http://homebuying.about.com/od/buyingahome/qt/EarnestMoney.htm

Why the Stimulus Makes This a Great Time for First-Time Real Estate BuyersThere are great incentives for first-time Michigan real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won’t last”exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.Tax ReliefFirst-time [city] real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That’s a big incentive. The drawback is it™s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.Affordable HousingRight now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won’t last. That’s great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.Oakland County, Michigan real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again”hopefully.   If you™re interested in taking advantage of the 2009 stimulus plan, I can help.   Call me at 248-755-7500 or email me at janet@thestocktonteam.com for more information.KEYWORD: Oakland County, Michigan real estateLINKS: Big tax break on income taxes: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit Mortgage financing: http://mortgage.freedomblogging.com/2009/02/18/obama-mortgage-rescue-promises-75-billion-in-aid/6767/Stimulus plan: http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

How the Stimulus Bill Can Help You Get a HomeThere are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying a Oakland County, Michigan home for the first time the stimulus plan may help make that happen.How the Stimulus Bill Stimulates the Bottom LineThe biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing a home.How You QualifyIn order to qualify for the stimulus tax incentive you must: ·                 Not have owned a home in the past three years. ·                 Use the new home as your primary residence. ·                 Have an income of less than $75,000 per person or $150,000 per couple. No action is necessary other than reporting the purchase on your income tax filings.   You must keep your home for at least 36 months in order to not have to pay back the incentive in the following tax year. If, however, you keep your new home for 36 months or longer you never have to repay the incentive. There is no cap on return for this incentive either. Even if you would not normally be entitled to the full amount according to your taxable income level you will still receive the entire $8,000 amount in return.Stimulating Interest on Lakes Area Home PurchasesThe stimulus bill also gives first-time home buyers a chance to get into those big ticket houses. Houses with market values over $417,000 will be eligible for lower interest rates to make them more affordable. The luxury home industry has stagnated in the failing real estate market and this should give it a vital boost.President Obama’s stimulus plan is serious about improving the housing market. The bill gives people looking to buy a [city] home reason to hope.   Interested in more information on how the stimulus plan can you help buy a home?   Call me at [phone number], or, if you prefer to remain anonymous, email me at [email address].   I’ll never share your contact information with anyone for any reason.KEYWORD: Oakland County homeLINKS:Stimulus tax incentive: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#taxcredit Primary residence:   http://en.wikipedia.org/wiki/Primary_residence Housing market: http://www.abc2news.com/content/financialsurvival/maryland_business/story/Some-Say-Stimulus-May-Get-Housing-Market-Moving/fJykJbcYAEKuO15DFO7SIg.cspx

Stimulus Plan Brings Hope to Real EstateThe President’s stimulus plan has many hoping for a ray of sunshine in a gloomy real estate market. Here are a few ways the new plan can help give the market a shot in the arm: ·                 The stimulus plan includes a financial boost for the mortgage industry to help with new loans on housing. ·                 There is a tax incentive included that will give first-time home buyers a huge tax break. ·                 50 billion dollars targeted at bailing out failing mortgage institutions means there will be financial opportunities for home buyers.Along with the stimulus plan, home sellers are getting creative in selling their homes. Making sure their properties are in excellent condition and have good curb appeal is more important than ever before. Selling your real estate is easier, faster and more profitable for you if your home is appealing as possible.Tips to Help Home Sellers: ·                 Clean up the clutter. Get rid of the things you don’t absolutely need. We all have much more in our homes than we actually use. If you don’t want to throw it away, put it in storage until you get into your new home. ·                 Spruce it up. A fresh coat of paint and a good steam cleaning for the carpets goes a long way toward making your home more appealing. ·                 Create curb appeal.   If the exterior of your home is unattractive, buyers will drive away without looking inside.   Clean or paint your front door and trim your lawn and bushes.   Another inexpensive way to update your home’s exterior is to replace old hardware such as house numbers and overhead light fixtures. ·                 Price it right. Ask a professional real estate agent for his opinion on a good price for your home. There is no room for sentiment in the current housing market.Find out other ways your [city] real estate professional can help you sell your home faster and for the most money.   Call me today at [phone number] or email me at [email address].KEYWORD: Lakes Area real estateLINKS:Stimulus plan: http://uk.reuters.com/article/usPoliticsNews/idUKTRE51G5X720090218?pageNumber=2&virtualBrandChannel=0Create curb appeal:   http://homebuying.about.com/cs/sellerarticles/a/curb_appeal.htm Selling your [city] real estate: http://homebuying.about.com/od/sellingahouse/qt/012308_B4Sellng.htm

What Are The Closing Costs of Lakes Area, MI Real Estate?  You™ve found the perfect Lakes Area, MI real estate and the mortgage loan with the best interest rate you can find.   What™s next in the home buying experience?   Signing the contracts and paying the closing costs.  But what exactly are closing costs?   Here is a list of the most common closing costs:   ·                 Titling Fees- These include the title search and title insurance, and the associated attorney fees.  These costs are usually paid by the seller but can be assigned to the buyer.   ·                 Recording Fees- The government charges a fee to record the change in ownership of the Lakes Area, MI real estate.   This can be paid by either the seller or the buyer.   ·                 Survey Fee- This can be required by the lender.   It is a fee for the survey of the land or lot, and its structures, to determine that it matches the property description.   ·                 Mortgage Application Fees- Are occasionally included in closing costs, but usually are paid prior to closing by the buyer.   ·                 Appraisal and Inspection Fees- Are required by the lender to ensure that the value of the property is equal to that of the loan, and to make sure there aren™t any underlying problems that detract from the property value.   These fees are usually paid by the buyer.   ·                 Points- Equal to one percent of the principal of the loan.   These discount points are paid by the buyer to the lender to reduce the final interest rate of the loan.   ·                 Brokerage Commission- The seller pays the real estate agent this fee for listing and showing the property, and handling the contract negotiations.   The commission is usually a percentage of the sale price of the property, and determined in advance by the seller and the real estate agent.   ·                 Underwriting Fees- The buyer pays underwriting fees to the lender to pay for the costs of determining if the buyer qualifies for the mortgage loan.   ·                 Property Tax- County taxes are usually required to be paid for six months in advance at the time of closing.   The buyer is responsible for these fees.    If you’re thinking of buying Lakes Area, MI real estate, give me a call.   I’m an expert in this area and know where to find the great buys.   Call me today at 248-505-5600 or email me at janet@thestocktonteam.com.    KEYWORD: Lakes Area, MI real estateLINKS:Survey: http://www.mortgageinvestment.com/borrow-money/real-estate-survey.htm Discount points: http://www.answers.com/topic/discount-points Underwriting: http://www.bankrate.com/brm/green/mtg/basics5-1a.asp?caret=30

Inspecting Any Foreclosures Before You Buy  If you’ve been thinking about investing in one of the many Any foreclosures, make sure the home you buy doesn’t have major problems.   Before you spend the money on a home inspector, look at these common problem areas:  CeilingsUsually, ceilings are made of plaster and plasterboard.   While looking at the ceilings, keep an eye out for these issues:

• Cracks, holes or uneven areas
• Dampness or mold growth
• Crumbling areas
• Cracked or bulging areas

 WallsIn general, walls are made of bonding plaster or plasterboard.   You can look for the same problems as you would on ceilings, with the addition of a few more:

• Loose skirting board
• Soft, damp or rotten
• Discolored decorations, blisters or other faults such as peeling wallpaper
• Dangerous materials such as asbestos or gloss-painted polystyrene tiles.   Asbestos can be hard to identify; if you think you have asbestos, get professional help.

 FloorsNo matter what material the floor is made of in the Any foreclosures, the structural supports are generally made of the same types of materials as other homes.   Here are a few things to look for:

• Uneven flooring
• Movement, cracking, lifting or dampness
• Loose floor covering, such as raised boards or lifted tiles
• Large gaps between floorboards
• Cracked or missing tiles

 PlumbingThe kitchen and the bathroom may hold most of the plumbing, but some will go through the rest of the house as well.   Look at the plumbing for:

• Rust or leaks
• Hammering or knocking pipes
• Lead pipes
• Improperly supported water tanks

 WiringFaulty or old wiring can be a major hazard in any potential home.   Although some wiring issues aren’t easy to spot, there are signs:

• Rubber cables or single-flex wiring twisted together with exposed insulation
• Blackened or failing power sockets
• Brittle or bare wiring
• Plugs that get hot when used

 No inspection should be considered finished until a licensed home inspector has come to the Any foreclosures that you’re interested in.   However, by using this guide, you’ll only have to call an inspector once “ to get a clean bill of health on your new real estate.  Want to get a great buy on foreclosed property?   I specialize in this area and would be happy to guide you through the complicated process.   Give me a call today at 248-505-5600 or email me at janet@thestocktonteam.com.  KEYWORD: Any foreclosuresLINKS:Home inspector – www.ashi.org/Asbestos – http://www.epa.gov/iaq/asbestos.htmlWiring issues – http://www.thecircuitdetective.com/faq.htm

De-clutter Your Oakland County, MI Home This New Year  So your New Year™s Resolution is to get your Oakland County, MI home clutter free; it can seem like a daunting process.   However, if you follow these few suggestions, you’ll be on your way to keeping your New Year™s Resolution.  Work in Small Bits of TimeIt™s best to break the project down into pieces.   You could work as little as fifteen minutes at a time or up to a few hours, if you prefer.   Just be sure to pick a time frame that doesn™t overwhelm you.   Set a timer to make sure you quit when the time is up.   Here’s a great online timer you can use.  Pick a RoomChoose one room to start in. It doesn™t have to be the messiest room, just one you think you can handle. Look for a shelf or closet that needs sorting, and don’t forget to look under your bed. If the whole room is in need of de-cluttering, start in corner farthest from the door.  Gather SuppliesWait!   Don’t just dive in.   Before you™re ready to start sorting through your Oakland County, MI home, you™ll need to find a couple of boxes and trash bags. Label the boxes with KEEP and GIVE AWAY.   You’ll use the trash bags for stuff that isn™t useful to anyone and needs to be thrown away.   ·                 KEEP: These items are useful or have sentimental value.   Here’s a good rule of thumb:   If you can™t remember why you kept it, it’s time to let it go.   ·                 GIVE AWAY: Some of the stuff you’ve accumulated may be useful to someone else.  If you loved it once, most likely someone else will too. Clothes that don™t fit anymore go in here, and anything in good condition that you haven™t used in six months. After all, one man™s trash is another man™s treasure.   ·                 TRASH:   Anything that didn™t make it into the first two boxes goes here.   Clothes that are beyond repair, household items you don’t use and out-of-date magazines that can take up a lot of space are all trash.   Remember to shred anything that has your social security number or other sensitive information on it.   If you have a lot of things to shred, there are services that will pick up the materials and shred them for you at amazingly reasonable rates.  Be honest with yourself about what you should keep.   Before you keep that favorite sweater that hasn’t fit in years, check your “honesty” radar.   In no time at all, you™ll have your Oakland County, MI home de-cluttered. And, you™ll have kept your New Year™s Resolution this year!  Want more tips like this one?   Subscribe to my blog today!   You’ll get money saving home maintenance tips and valuable real estate tips automatically sent to your email inbox about twice a week.  KEYWORD: Oakland County, MI homeLINKS:Online timer:   http://www.online-stopwatch.com/ De-cluttering:   http://ezinearticles.com/?15-Steps-to-a-Clutter-Free-Home&id=70359 Boxes: http://www.uline.com/cls_04/Boxes-Corrugated

The Do’s and Don’ts of Putting Your Lakes Area Home for Sale

If you’re putting up your Lakes Area home for sale, you’re probably thinking about what you need to do to get it sold.   Here is a list of do’s and don’ts to help you along your way:

Do’s

• DO take pictures of every room of your house.   Look each picture over with a fresh eye; see what needs to be done to the rooms.
• DO clean, clean, clean.   What may look like “family clutter” to you may also turn the buyer off.
• DO replace hinges that are broken or worn, tighten doorknobs, etc.   Buyers going through the house will open doors and cabinets.   Having a doorknob come off in your hand is a definite deterrent to buying.
• DO fix cracks and watermarks.   You don’t want to give potential buyers the idea that you still have plumbing problems.
• DO take the time to stage your Lakes Area home for sale.   This can significantly shorten the time it takes to sell, as well as raise the asking price.

Don’ts

• DON’T spend a lot of money on major upgrades unless you have to.   While you may have to replace a water heater that’s trying to quit, you don’t have to replace a carpet – just get it cleaned.
• DON’T be stuck on one price.   The real estate market changes constantly.   Having a set price may get your home stuck on the market.
• DON’T use your tax appraisal as an estimate for your home’s value.   Compare your home to those in the neighborhood that have sold for a better estimate.
• DON’T pack until the sale is complete.   If you absolutely have to, pack smaller things and hide the boxes.  
• DON’T follow the potential buyers through the house.   This can cause them to feel they need to move through quickly, which lessens the chance of them buying.

Putting up your Lakes Area home for sale can be hard, especially if you’ve lived there for a long time.   However, following these tips can help make the process a little easier.

When you’re ready to sell your home, I can help you prepare it so it sells faster and for more money.   Call me today at 248-505-5600 or email janet@thestocktonteam.com.

KEYWORD: home for sale Lakes Area, MI

LINKS:

Replace hinges – http://www.acehardware.com/sm-installing-hinges–bg-1299656.html

Staging – http://en.wikipedia.org/wiki/Home_staging

Water heater – http://www.lowes.com/lowes/lkn?action=howTo&p=Improve/InstallWatHeater.html