Monthly Archives: January 2016

Tips For Home Buyers During A Walk-Through

The home buying process is not always easy.  The troubles however seem to disappear when the walk-through is scheduled.  A walk through happens at the end of the buying process.  The mortgage has been secured, the home inspected and a contract agreed upon; now all that needs to happen is a final walk through and the actual closing.

A walk-through is done by the buyer of the home and the real estate agent representing the buyer.  It is a time to explore the home that is soon to be yours.  You will be looking to make sure that the home is in the condition stated within the agreed upon contract.

When Buyers Should Schedule a Final Walk-Through:  A walk through should be scheduled within the last twenty four hours before closing on the home.  You want to wait until the last possible moment to do a final walk through to ensure that the home is left in the agreed upon condition.

If there is any damage, natural or seller induced, not addressed before closing they become your responsibility.  This is true even if the damage has happened before you technically own the home.  If the damage is not dealt with before you sign on the dotted line it becomes your issue to deal with.

If there were any repairs that were contracted to be made before closing you may want to schedule two walk-through appointments.  This will allow you to look at the repairs that were done and make sure they were done to your specifications.  If something is incorrect with the repairs or the contract isn’t fulfilled as stated it gives the buyer and seller time to resolve the issues.

What Can Home Buyers Expect During the Walk-Through Process:   Often buyers are disappointed at first upon the final walk-through.  Most contracts don’t state that the home must be left pristine.  Most of the time the home is clear of the previous owners mess but not necessarily cleaned to the buyers “deep-clean” specifications.

Regardless of how surface clean the home is here are the things that you should really be examining during the walk-though:

  • Check on all the agreed upon items within the contract that needed to be fixed or left behind for the new buyer. If the swing set, appliances or such are missing and they have been written into the contract that is an issue that needs to be addressed in writing before the home is closed on.
  • Test appliances throughout the home and make sure they are in working order. This also means that you should test the central heating and air conditioning systems to ensure that everything is in working order.
  • Test outlets throughout the home with an inexpensive electrical tester to test for power. Check all flagged items within the home inspection and contract.

If A Problem Is Found What Should Home Buyers Do: If an issue is found and it is outside the normal range of expense excepted when moving into a new home it is time to that you and the buyer’s agent contact the sellers agent to negotiate a proper solution to the problem.  If a solution can’t be found and the problem is extreme you can stop the closing process.  Consider the cost of delaying the closing as well as legal fees to determine if the issue is worth pursuing or if you as the buyer can resolve the issue on their own.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Buying a Home In 2016

This is the year you are going to buy a home.  The excuses are all null and void as we enter 2016.  Now is the time to seek out an experienced, local professional to help you find the home of your dreams.  Below you will find four compelling reasons to stop procrastinating.  It is time to take the plunge.  2016 is the year for first time home buyers, home buyers looking to expand and retirees looking to consolidate because the conditions for both home buyers and home sellers are ideal.

Lower Than “Normal” Mortgage Rates

Mortgage rates have been continuing to teeter at all time lows for quite some time now; they are likely to start inching up.  It is important to remember however that even if rates do begin to rise they are still at an all time low over the rates that our parents experienced when buying their first homes in the early eighties.  Mortgage rates on average have been at or around four percent throughout 2015 where as our parents were experiencing mortgage rates in the high teens in late 1981.

Consistent Home Prices

Home values have been rising steadily over the past few years.  This pace is said to start slowing a bit in 2016.  Rates, according to Svenja Gudell, Zillow’s Chief Economist are expected to rise around three point five percent over the course of 2016.  Buyers who were hoping to time the market will not see the low prices and foreclosures of the far past but will see prices stay consistent.  With consistent home prices and the job market and wages on the rise the market is perfect for first time home buyers to jump in!

More Homes Listed on the Market

Sellers are also excited to hit the market as the equity in their homes will start to slow.  This will cause more homeowners to list their homes as they will be anxious to see the return on their investment and are ready to upgrade.  The market is perfect for buyers looking to take the equity in their current homes and reinvest it into a larger home or perhaps a home with more recreational appeal.

With a boost in starter homes hitting the market bidding wars will be almost nonexistent, home prices will be fair throughout the market and the process of finding and buying a home could be simpler than ever.

Rent Payments Are Expected To Continue To Climb

The cost of renting a home or apartment is expected to continue to rise.  This means that for many people buying a home could in fact be less expensive than renting.  Mortgage rates are currently a bit above four percent.  In order to make renting a better deal than buying the mortgage rates would have to rise to over six and a half percent.  Economists agree that this is unlikely given the rates we have been experiencing.  A slight increase in mortgage rates is to be seen but is not expected to grow to past five percent; thus allowing the purchase of a home buying a home to be more affordable than renting.

Now get up off the couch and reach out to a local realtor.  2016 is the year that you begin investing in the real estate market.  Take advantage of all of the wonderful benefits of being a homeowner.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.