The real estate market in Farmington Hills, MI for June 2010 has remained pretty active. The average days on the market is relative to the condition and correct pricing of the seller's home. Homes for sale in Farmington Hills, MI (June 2010)* · There were 356 homes remaining available for purchase in Farmington Hills, MI   If you are interested in selling your home in Farmington, MI or in southeast Oakland County, Deborah Johnson offers a free no-obligation home market consultation. For more information: http://www.visitdeborah.com/ *Information obtained from Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Realcomp II is the multiple listing service which provides information on pr... 07/12/2010

Here is a retelling of a recent Farmington Hills home inspection with a Michigan first time home buyer.  They called me up to meet.  Not cry, no overly upset but with a few worries. The Farmington MI home was built in 2002.  But as the Metro Detroit home inspector was going through the home he made these comments: The furnaces were just mediocre quality or average quality The hot water tank was just fifty gallons and that they wouldn't be able to shower and wash clothes at the same time The outside of the house needed painting There is only 9 inches of insulation in the attic.  Since 2002 the code now recommends more insulation than that. We sat down to talk about all of these things. When you buy a home the quality of furnaces, appliances, water heater, and other items may be of lesser... 07/01/2010

  Hello Farmington Hills Michigan Home Sellers, thanks for stopping by today.  We would like to let all of our neighbors in Farmington Hills Michigan know we have a Real Estate and Home sales specialist on our RealEstate Busy Bee Team, that specializes in getting your Farmington Hills Home or House Sold.  If you are looking to Sell your Farmington Hills Home or House you have come to the right place.  Please feel free to visit a few of our websites at www.RealEstateBusyBees.com or www.BobandTeena.com anytime.  If you have any questions or concerns or are looking for a local Farmington Hills Realtor please don't hesitate to call or email anytime at info@BobandTeena.com or 734-578-6561 Thank You and we look forward to working together real soon   06/24/2010

Now that summer is here here are some summer Farmington Hills home selling tips.  Michigan home buyersare out in force right now.  After they look at pictures of your home on the internet many times they will do a drive by. They don't call to tell you that they are coming by.                     They don't send you an email to let you know.                                            Your real estate agent doesn't call you.   So when you are selling your Farmington Hills home you need to keep the outside looking good.  Here are my tips: If you have a junky looking or overfilled garage - don't keep the garage door open If you have kids try to keep the toys put away, and neat looking Put some flowers in Trim the bushes and trees back so home buyers can see your Farmington Hills home Keep t... 06/15/2010

 17 Farmington ranch homes (in the 900- 1400 square foot range) have sold in the last 90 days - Farmington MI real estate update.  Ranch homes in Farmington/Farmington Hills are selling relatively quick.  The average days on the market for these ranch homes is 63 days.  The highest priced ranch home was $146,000 for a 1384 square foot home (in the 900-1400 sq ft) and lowest was $50,000.  The average sold price is $99,7701.  These Farmington MI ranch homes all had garages, 3 or more bedrooms, 1 or more bedrooms.  The majority of them were brick ranches. Farmington/Farmington Hills ranch homes that have sold in the last 90 days as of 5/3/2010 ADDRESS LIST PRICE SALE PRICE DOM SQUARE FOOTAGE SP PER SQFT 23045 COLGATE ST 69900 50000 97 1000 50 23050 GLENMOOR HTS 67000 67100 26 1260 53.2539 ... 05/04/2010

Hafa is a great program but how do you participate? The problem is that though many servicers say that they are participating in HAFA, they have none of the documents to apply for the program. Do not let that stop you. Below you will find a link to the documents you will need to participate in HAFA. If the servicer you are working with does not have the forms, print out the right document from the link, fill it out, have the borrower sign it and fax it to the servicer. This is a new program so do not let the newness keep you from putting your clients in the best program for them. If no one else will help, you must help yourself. Take control and try, try again. If you never quit, you will seldom fail!! Remember, the program is for NON-FNMA/FREDDIE loans.   https://www.hmpadmin.com/porta... 05/04/2010

I got a call from a young lady and she asked "How long has that Farmington Hills foreclosure been empty"?  Unfortunately none of us know.  I can go on line and find out when it went into foreclosure, or when the redemption period was up.  But the bank doesn't give out the information, and probably doesn't have the information of when the people moved out.  Sometimes the owners move out in the dead of night.  They many times don't give the bank notice that they left.  They are usually are mad at the bank.  They just shut off the utilities and leave. So I have no way of really knowing of when the previous owners moved out.  Or how long has that Farmington Hills foreclosure been empty.  So I'm not even going to guess.   And honestly it really doesn't matter.              What matters is wh... 03/31/2010

Here is an interesting graph of Farmington Hills real estate, the graph shows median sales prices per sq ft.  Now this is an interesting graph because it gives you a general idea of what many Farmington Hills homes are selling for.  There is no doubt in my mind that many Farmington Hills homes are selling for less than a $100 a square foot.  So don't take this graph as absolute gospel truth.  You see the average price per square foot I bet is higher.  Probably closer to the $100 a square foot. Median Sale Price / sq. ft.You need the latest version of the Macromedia Flash Player.Download the free Flash Player now!  Search Farmington Hills homes for sale Farmington Hills information Farmington Hills relocation information and real estate info 03/24/2010

Here are the upcoming Farmington Hills MI happenings in the next month. ___________________________________________________________________________________________________ The City of Farmington Hills will affirm its commitment to environmental responsibility by participating in Earth Hour 2010.  All non-essential indoor and outdoor lighting on City-owned property will be turned off from 8:30 to 9:30 p.m. on the night of Saturday, March 27. Earth Hour is an international event sponsored by the World Wildlife Federation.  The worldwide initiative is designed to express global solidarity in the commitment to controlling climate change.   Earth Hour 2010 will take place at 8:30 p.m. local time in more than 80 countries, including the United States.  Major U.S. cities that are participating... 03/11/2010

Why do you think you can get a tougher loan?  I recently had a client get turned down for a home loan in Farmington Hills.  They were self employed and did not have enough income to qualify for the $600,000 home.  It would take years for them to qualify if they ever could.  So what do they do? They went out and bought a vacant lot cash.  Here comes the problems.  Nothing has changed in getting a loan.  In fact they have made it harder on themselves.  You see getting a construction loan in this 2010 Metro Detroit real estate market is very tough.  They couldn't debt ratio with an ordinary loan and construction loan standards are tougher.  So they are going to get denied there too. These potential home builders are in for a rude surprise.  Now they didn't listen to me that this may not be... 03/04/2010

Here is what is happening in Farmington Hills real estate in the last six months.  If you notice Farmington Hills homes are still taking about 4 months to sell.  And if you look at the table below you will also notice most of the homes that are selling are selling are under the $210,000 price point.     Farmington Hills Price Statistics Legend Range Name Price Range Number of Listings Days on Market         R1 10000 to 60000 42 97 R2 60001 to 110000 61 112 R3 110001 to 160000 94 124 R4 160001 to 210000 83 124 R5 210001 to 260000 51 124 R6 260001 to 310000 25 142 R7 310001 to 360000 4 67 R8 360001 to 410000 4 394 R9 410001 to 460000 1 47 R10 460001 to 510000 2 94 R11 510001 to 560000 1 182 R12 560001 to 610000 0 0 R13 610001 to 660000 0 0 R14 660001 to 670000 1 189 For the 369 listings: ... 02/12/2010

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 When buying a home it may take a comparision between the homes.  In this example I will use a piece of Farmington Hills real estate and a Canton Township home.  When you start making your decision you of course write down what you like and what you don't like in a home.  But you should also do a financial breakdown.  By doing a financial comparision you may find some surprising differences.   Where the comparisions may differ in prices are association fees - different complexs and subdivisions have different homeowners association fees.  So be sure to include that in your comparision. PMI - You may be choosing between two different price ranges.  On the higher priced house you may not have enough down payment to cover the 20% down.  You may be required to pay PMI because you don't have... 01/16/2010

Here is why the bank took a lower cash offer over your offer on the Farmington Hills home.   Banks prefer cash deals for these reasons: cash deals can close within a month.  They close quicker than mortgage deals that take 30 to 60 days.. cash deals don't require an appraisal.  There is no chance that the deal will fall apart because the house didn't appraise. cash deals don't have a mortgage.  The deal can't fall thru because of mortgage problems such as debt ratios, and underwriting issues. cash deals don't depend on the buyer having a job.  If the buyer loses their job on a mortgage deal the deal is dead.  With cash deals it can still close. cash deals have already proved they have the money.  When you put in a cash offer you must get a proof of funds letter.  The letter comes from y... 01/06/2010

 Here is a quick glimpse of Farmington Hills Condos that are currently for sale.  You see there are quite a few condos that are priced under $60,000.  This year I have helped quite a few young people get into condos.  I had a couple of buyers that bought condos for cash.  They are going to live in these condos and have a lower payment than they can rent for.  And they own the place. Some of these condos my clients have bought were very nice.  Move in ready, freshly painted.  Quiet condo associations.  I have helped clients buy stand alone ranch condos for $75 a square a foot that were spacious, newer, move in ready, and in a gated complex.  I have seen 2500 square foot condos for under $150,000.  There are lots of good condo deals out there..... and still quite a few good home deals.   ... 01/05/2010

Here is a list of water problems you might find in Michigan homes Some of the older communities such as Dearborn, Redford, and Farmington Hills some of the homes have cement block basements.  I don't like cement block basements myself because they cost more to fix.  If you had two homes that you loved and one had a cement block basement and a poured wall basement.   I would advise you to buy the the house with the poured wall basement. Poured wall basements have two problems that occur over the years.           Rod holes.  When the poured walls are built the forms are held together with rods in the forms.  After the cement is cured they pull the rods out.  Then they put a cork in the rod hole and some waterproof latex.  Over the years rod holes start to leak.  To repair them they put in... 01/02/2010

So many baby boomers and people that are already retired are wondering how long before the Southeastern Michigan real estate market comes back? Well let's look at the past to predict the future.  Right now we are back to 1990 home prices.  So let's think about this.  From 1990 to 2004 it took 14 years for the market to get to it's highs.  It was a booming real estate market. Detroit's economy was rolling along.  Homes were being built by the hundreds each year.  The Big 3 were doing good.  Unemployment numbers were low.  Interest rates were on the down ward trend.  Banking regulations were extremely lax.  Just about anybody could buy a house even without a down payment or without income or asset documentation.  Mortgage interest rates even reached a 40 year low.  All of these factors he... 12/27/2009

Here is another example of a recent Fair Housing Act lawsuit brought by the United States Department of Justice (“DOJ”). I try to post case summaries in order to provide timely updates to real estate professionals about the "dos and don'ts" under the Fair Housing Act, since fair housing is such an important issue. Yesterday (November 12, 2009), the DOJ filed a lawsuit in federal court alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow tenants to have African-American visitors, sexually harassing female tenants and retaliating against tenants who complained about such discrimination. The lawsuit alleges tha... 11/13/2009

Lately it has been hard to downsize your Metro Detroit home because selling your Metro Detroit home would have lost you a lot of money.  Most Metro Detroit homes have lost 30 to 50% of their value.  So if a Metro Detroit home buyer sold their home and downsized their home they would lose money by buying a smaller home. Let's say you own a 2400 square foot Farmington Hills home that was once worth $300,000.  Now it's only worth $200,000.  But now you want to downsize to a 1000 - 1200 square ft Farmington Hills condo.  But you hated to lose all that money on your old Farmington Hills home. Congress and President Obama have now given you a little gift of a $6500 tax credit if you have owned a primary residence 5 out of the last 8 years.  $6500 just for moving.  It's that a nice little gift... 11/08/2009

 Here is what is happening in the Farmington Hills real estate in the last six months.  There have been 418 Farmington Hills homes that have sold in the last six months.  Out of 418 Farmington Hills homes 314 of them have been under $210,000. The average sold price for Farmington Hills homes is $162,873.00 (the last six months) and on the average they took 120 days to sell.   Price Statistics Legend Range Name Price Range Number of Listings Days on Market           10000 to 110000 121 104   110001 to 210000 193 122   210001 to 310000 85 122   310001 to 410000 13 181   410001 to 510000 1 157   510001 to 610000 3 138   610001 to 710000 1 189   710001 to 810000 0 0   810001 to 910000 0 0   910001 to 1010000 0 0   1010001 to 1100000 1 507 For the 418 listings: For the 418 Sold listings: Ave... 11/01/2009