REALTOR® at Coldwell Banker Lakes Realty in Canadian Lakes, Michigan. Canadian Lakes is home to water front property, world class golf, shopping, dining, and more. Come and see what life can be like in Canadian Lakes! Also working with both buyers and sellers in the surrounding areas. Specializing in Waterfront properties, and with a professional and experienced background, I can help you find your dream home!
The mighty Muskegon is how people refer to it around here. We took our boat on a cruise of the Muskegon River on Sunday. We put it in at the River Landings Resort and had a four hour cruise on the Hardy Dam Pond. Beautiful water, beautiful scenery and just a beautiful day all around. It was such a relaxing day and the sights were amazing. There were so many carp jumping, it was as though the water was boiling. The swans were beautiful swimming and splashing about. There were about ten turtles perched on a log. And, although the water is still cold, we saw one wakeboarder – a diehard to be sure. What a beautiful place to consider living or a vacation property. I will have to explore more on the Mighty Muskegon!
Hopefully when you sign that purchase agreement, you don’t go away feeling “oops what did I buy?” That would be a dreadful feeling. If this is the feeling you have after your first purchase agreement signing – maybe your gut is telling you something. Yes you have a chance to get out of the deal if the inspections fail, or financing fails, but that can all take you down a road that costs money. To avoid overspending to buy that home, take a little time to think it through thoroughly. Take someone along to help your sort everything out. Another set of eyes can’t hurt. Be objective, let your excitement get put aside for a moment and think logically through all that you are looking for and whether that home will do it. Remember a wish list is always packed with more than is usually reasonable, so compromise on the little things, not the big things.
Last week I had a new buyer get excited about a home for the wrong reasons. The feature they liked was not expensive, but the rest of the house was a mess. It would have been more cost-effective to buy a home more move in ready and add the feature they wanted.
Before moving on to inspections, appraisals, and other things that cost money, make sure your eyes are not deceiving you – it can be costly. It’s like painting – preparation, preparation, preparation – then paint. This will save you money!
Up, up and away is something my first time home buyers are now crying. After doing pre-qualification work, then shopping for their first home, it all comes down to offers. Some of what they see, and like, while shopping is beginning to get “scooped-up” quickly. They are starting to see the trends of upward prices and limited inventory. That’s good news for sellers, but not especially for first time home buyers on a tight budget. How you can get ahead of the rest of the buyers is to be prepared. Here are a few tips to keep it straight and get it done:
Have your pre-qualification letter ready, printed and in the hands of your Realtor.
Have your good faith deposit ready to go. Not, I will have it when I get paid next week. Set it aside and be ready when you find that perfect home. In today’s market of “bank owned” properties, the typical deposit requirement is $1,000.00. That is CASH. Not money they will “take out” at closing. You need CASH, today, to write the offer.
Probably the most important tip, do not shop out of your budgeted amount. Last year this would have been different. Everyone was shopping in a bit higher price range because you could get deals. Today, the prices have corrected to the point that banks are marketing the property at prices that are bringing in multiple offers. So, if your budget will not allow a full price, or sometimes, an over full price offer, expect to be disappointed when the offer is rejected or outbid by another buyer. This disappointment can lead to a deflation in spirit and sometimes can turn a buyer to renting longer.
Roll off disappointment and start over. The best thing to remember is the ultimate goal – owning your home and not paying rent. We all know the foreclosure market has led to more renters and higher rent prices. Don’t get caught in the disappointment of losing a bid on a home. It’s a lot of work to shop, and write offers, etc. for all parties involved; but so worth the reward when you finally accomplish your goal.
Get it done should be your mindset when shopping for a home. With the proper planning it should not be hard to accomplish your goal of buying a home. So don’t let that perfect home go up in price, up in a bidding war, and away from your hands! Get it done!
No money down is a term heard often in Real Estate today. What does no money down really mean? I have had first time home buyers come in to “shop”. They are pre-qualified with a bank for a “no money down loan”. Now I know the banks are informing the client about the loan products they will be using. There are certain products that require “no money down”. But “no money down” does not mean “no money at all”.
Buyers shopping for new homes do need to have some money to buy a home. First of all, you will need a “good faith deposit”. This usually consists of cash deposit made when putting forth an offer on a home. Most of the time, and especially when buying a foreclosed home, the deposit required is a minimum $1,000.00. Next, you will need money for inspections. Typically, inspections run $350 and up. An average home inspection is more near the $400 mark. Inspectors expect to be paid at the time of inspection. What about lender expenses. Are you expected to pay for the appraisal? Will the lender be rolling expenses into the mortgage? When first time home buyers are shopping, these numbers can be overwhelming. If you expect to buy a home with “no cash” this can be a shocker!
Buyer’s beware, no money down does not mean no cash required. There is a difference and you should be prepared. It’s great to get pre-approved with a lender. This gives you an edge to know what your buying power is. Next look at your household budget and decide how that fits in your overall plan. Next, establish a cash fund to use for expenses during the purchase process. Planning will elimate all the surprises for new home buyers.
For more help with purchasing a home, or answers to any real estate questions, please get in touch with me.
Spring is here, so says the calendar. But, in northern Michigan we have yet to feel it in the air. The sun has been shining, the temperatures say 40’s, but the air is so brisk that it feels like winter is still around. Regardless, people have been coming in to look at lake front homes already this year. Want to see what is new in lakefront homes? Check out my website for all the latest listings. Get your mind set for summer – it’s right around the corner.
The Canadian Lakes Garden Club met for their annual spring brunch on Wednesday. The Inn at the Rustic Gate hosted the event for the ladies. The Inn is a historic farmhome that has been transformed to a lovely Bed and Breakfast Inn and worked perfect for our smaller group. The brunch was delicious and nicely presented family style on the old mission style farm table that sat the entire group! The Canadian Lakes Garden Club talked about their upcoming garden season, future event speakers, and the changes for the gardens around Canadian Lakes in 2013. It sounds like the Garden Club year will be fun and we are all looking forward to it.
OK all you winter warriors. This is the time of year when lakes are starting to think of spring coming. And, because of that, they are planning many winter lake activities to enjoy the ice before it melts. So, all you winter warriors know that there are two really great ice happenings this weekend. Horsehead Lake will be having their annual winterfest on the ice. There will be a live band, dancing, ice fishing, snowmobiling, and other things to do around the lake on Saturday. Chippewa Lake is having their annual Polar Plunge to benefit the Special Olympics. Chippewa Lake also hosts ice racing on the weekends. Want to know more about these events, contact me for information. So, come on out to the lakes and have fun with all the winter warriors! You will have a great time.
Today is the Canadian Lakes Winter Carnival 2013 at the Highland Haus. I stopped in this morning to serve hot dogs with our Coldwell Banker Lakes team. Since they were so well equipped to handle that job, I ventured out to see the action. The kids were having so much fun, it made me want to be a kid again. Sledding, ice sculpting, ice skating, sleigh rides, face painting, clown balloon making, arts and crafts all were going on while the Mom’s, Dad’s, Grandpa’s and Grandma’s were all hanging out and having fun catching up with other families. Out on the patio the Morton Township Fire Department were grilling up the dogs. The Canadian Lakes Association and Coldwell Banker Lakes were inside serving the dogs. There were cookies galore, hot cocoa, chili donated by Gregory’s Grill, popcorn and snacks for all. The event is still going on through the day, but I had office duty this afternoon so all of the Coldwell Banker Lakes team could enjoy the event. I would say the Canadian Lakes Winter Carnival 2013 has to be one of the best ever with all the wonderful snow we were blessed with this week! A perfect day all around. See the Canadian Lakes Winter Carnival event here – click on the photo!
The Canadian Lakes Winter Carnival will be here soon. Saturday, February 9, 2013 at the Highland Haus and Alpine Haus from 11:00 a.m. – 3:00 p.m. Sleigh rides, snow sculpture contest, ice skating, sledding, ice fishing derby and much more will take place. The snow is perfect for our Winter Carnival this year. Hope to see you at the Winter Carnival. We will be serving Hot Dogs and cocoa! For more information e-mail me at email@example.com.