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Archive for the 'Metro Detroit' Category

Home Staging Ranks #2 in HomeGains Top 12 Home Improvements for Sellers

Most Home Stagers agree, however, that Staging encompasses all 12 of these improvement projects, as a good Stager will advise if, and to what extent, these improvements should be undertaken to increase the marketability of the property.

The article can be viewed here:

http://blog.homegain.com/home-improvement/homegain-2009-top-12-home-improvements-survey-results/

I have already had an agent ask if $300 for Home Staging is realistic.  The answer is yes, a $300 Home Staging can make a major improvement in the way an occupied house shows.   Call a Home Stager for more details.

Tags: Home Staging ROI, Home Sweet Home Staging, oakland county home stager, selling a metro detroit home

Home Staging By the Letters!

From my staging colleague Cindy Bryant, owner of Redesign, Etc. in Houston, TX:

Helping home sellers achieve their goal.

Offers will come faster.

Marketing strategy.

Effective selling technique.

Selling a home for all it’s worth.

Taking a tried and true approach.

Always looking better than the competition.

Get better appraisal values.

Internet photos will show a must see property.

Never giving you a bad first impression.

Gain more exposure with better listings.

Stage Rooms for Their Intended Purpose When Selling a House

When potential buyers view a house for sale, they need to see rooms presented as they were intended.  The master bedroom shouldn’t be an exercise room, the bathroom shouldn’t be a pet station, the garage shouldn’t be a storage unit, and unless you have more than 3 bedrooms, resist the urge to make one an office.

This is especially important when it comes to dining areas.  People want to see where they will gather for meals and entertain their loved ones.

I recently staged a 900 sq. ft. house for a client who was using her dining room as office space.  As you can see (amongst the considerable clutter), a desk definitely does not belong there.  Aside from being the wrong use of the space, it was also the first thing visitors saw when they came in the front door … NOT a good first impression. 

After completely clearing out the area , I moved the table and chairs that were overwhelming the small kitchen and created a proper dining room.

Visitors can now see that there is room for a full size table and 4 chairs at the very least.  Showing a dedicated dining room, the intended purpose for this space, adds value to this petite house and answers an important question for the buyer.

Short sales successes

When we started selling homes in 2001, short sales were unheard of in Metro Detroit.  Foreclosures were rare in Oakland County.  But times have changed and this year we have had an enormous uptick in our short sale business.

Short sales are taking place in every price range.  In the last 30 days we’ve helped buyers and sellers to close on homes with list prices between $110,000 and $999,000 in communities like Bloomfield Hills, Royal Oak and Orchard Lake.  We’ve got 5 other short sale homes in the pipeline right now, all with offers on them and in to the bank for evaluation.

Some scenarios can make a short sale even more challenging to handle successfully.  Dmitry recently navigated treachorous waters with a short sale that involved private lien holders in addition to the banks.  Three individuals had made personal loans to the owner and did not really want to accept anything less than payment in full.  The banks were offering a few grand to them to scram.  If the home and gone to foreclosure they would not have seen a nickle.  In the end there was intense drama for a few weeks but Dmitry got everyone to the closing table.  The buyers got a great house and the seller got out of a bad situation.

Buyers, you can get a deal with a short sale, but it comes at a price.  If you have the time and the patience you could be rewarded handsomely.

Tags: bloomfield hills short sale, foreclosure, short sale

Mortgage Rate Update

Mortgage Market Update June 9, 2009
Well, it’s Wednesday, May 27th and I’m cruising along at the office working out various underwriting issues working towards closing a bunch of loans because for the first time in over a year, I’m really busy! Oh happy day! Until today.

On the day I am writing about interest rates had been very stable in and around 5% on a 30 Year Fixed for a couple of months and it did not appear that anything was going to move the rate up for the foreseeable future. That assumption turned out to be very wrong. On May 26th our rate (30 Fixed) was 5.0% with zero points. The Treasury Bond market was a little jittery at the end of the day because the Federal Government was scheduled to be selling a bunch of new debt over the next couple of weeks and if the bond auctions were not well received by investors then the rate on these bonds would rise. An increase in Treasury Bond rates will cause mortgage rates to rise also. The billions of dollars in 5 Year Bonds the fed sold on the afternoon of the 27th were not very well received and by the end of the day, May 27th, mortgage rates had gone up to 5.5%. In one day – Ouch.

The next day I awoke feeling very positive that this little spike in rates was going to reverse itself over the next week or so. Then on the 28th Durable Goods Orders figures were released and orders were up 1.9% – much stronger than expected. Also, released were new claims for unemployment benefits which were smaller than expected. People buying more stuff and fewer people losing their jobs is good news for the economy’s future but bad news for interest rates. Interest rates go up when the economy is doing well and go down when things are bad. By the end of this day the rate was up to 5.75%.

Rates had gone up ¾ of a point in just a couple of days. Since then this rate has held as more positive economic news has been released. Personal incomes and Outlays (consumer spending) were reported at the end of the week and both were stronger than expected keeping rates pegged at the new higher level.

The good news – we may get out of this economic mess we’re in faster than anyone thought. The bad news – a stronger economy will keep mortgage rates above the super low levels that we had been seeing. Overall though, when you can get a 30 year fixed rate mortgage anywhere in the 5’s that is a really great rate to borrow at. We may see a slight pull back in rates in the near term but as the year progresses there is little doubt that interest rates will be rising some more. If you’re in the market to buy a home I suggest identifying a home to buy, making an offer and getting your rated locked in now. Happy house hunting!

Tags: mortgage rates

And the Answer is … HARDWOODS!

I received a call recently from a client to whom I had provided a Home Staging consultation report.

For those not familiar, a consultation involves touring an occupied house for sale, assessing it’s flaws and possible buyer turn-offs, and providing a complete DIY to-do list to the seller. For sellers who have the time and energy, it’s a great low-cost alternative to having the house professionally staged.

A quick note about this client … his regular travels back and forth from Ohio to his elderly mother’s Oakland County house to help her prepare it for market surely put him in the running for “Son of the Year”!

So, in following my list of recommendations, he had one question for me:

“We’re going to replace the carpet, but there is hardwood underneath. Should we recarpet or refinish the hardwoods?”

After giving an enthusiastic “YAY!!!”, I told him that refinishing the hardwoods was DEFINITELY the way to go. He was a bit surprised, and offered the theory that buyers would prefer carpet because it looks “cozier”.

NO!

Carpeting may look warmer, but it also can deter buyers who worry about allergies, previous 4-legged residents and water/mold issues. Even the smell of new carpet can be troublesome. Carpet just isn’t as hygienic (or beautiful) as hardwood flooring, and resale value reflects that.

Today’s buyers want hardwoods. If your property is blessed with hardwood floors under the carpet, sand them down and shine them up! It’s a no-brainer.

Tags: answers to home seller's questions, home stager, Home Sweet Home Staging, Marianne Sweet on Home Staging, Oakland County MI home stager

Michigan: A Great Place to Live!

Michigan on a Positive Note!
Okay, really, I have absolutely had it with some of the doom and gloom we are all hearing about. Sure industry is going through some dramatic changes right now and in my opinion it’s not all bad. The various things happening in the auto industry in Michigan today are going to shape new more efficient entities that will be better positioned for long term survival, growth and prosperity. Nobody likes change but it comes our way whether we approve of it or not, so embrace it. You know the old saying – “when one door closes, another opens.” These changes that are occurring are staging new opportunities that we, as yet, may not even be aware of!

The real purpose of this writing is to talk about all of the various things that make Michigan one of the most desirable places to live in the nation. When a place has all of the amenities that our state has it’s going to attract new residents. Sure, there are some folks leaving the state to seek out opportunities but there are also people moving in to the area to take jobs here (I have financed or talked to a handful of people relocating here this year) and others coming to Michigan to buy vacation homes here to take advantage of the great affordability of that market right now.

Anyway, consider all of the great things our State has to offer; it’s a water wonderland with tons of golf, beautiful destinations, professional sports and cultural activities!

Water Fun Abounds
Did you know that Michigan has over 3,000 miles of beautiful Great Lakes shoreline? Can you imagine the number of different beaches we have to relax on? Take your family to build sandcastles, play Frisbee, do some wakeboarding, maybe some shoreline fishing, or just lie down and read a book!

We have over 11,000 inland lakes! If you’re into waterskiing, tubing, fishing, sailing or just partying on the water where else will you find the abundance of lakes we have all around us?

Into fishing? There are 36,000 miles of rivers, and 12,000 miles of trout waters here in our state. If you’ve never done it, there is nothing like catching, filleting and pan frying a fish the same day you caught it out of a local freshwater stream.

Winter Wonderland
After shoveling snow for most of my life I mostly think of snow as a pain in the you know what, but it also has its fun side with snowmobiling, skiing, snowboarding, sledding and snowman building. We have over 6,100 snowmobile trails and 40 ski resorts in Michigan. If you’re into winter sports this is a great place to land. You have to admit when the whole State is covered in a fresh coating of white snow it is quite beautiful.

Golfers’ Paradise
Michigan is home of more than 800 golf courses – Country Club’s, Golf Resorts, public and private courses all over the State. We are truly the golf capitol of the Midwest.

Beautiful Destinations
I personally travel within the State once or twice every year. Mackinac Island is one of my personal favorite places to go. No cars – the only modes of transportation are your feet, horseback or carriage and by bicycle. What a quiet and peaceful island paradise nestled between two Great Lakes in the Mackinac Straights. Although there are just too many destinations to list here, some of the other places we frequent include Harbor Springs, Saugatuck, Charlevoix and the Glen Arbor area. Don’t forget about the Upper Peninsula. When it comes to wilderness hiking and unbelievable scenery the UP is the place. Are you a UP’er?

Cultural Activities
Finally, Michigan offers some great cultural activities. The newly renovated Detroit Institute of Arts is always a great way to spend the day. Also downtown we have the Historical Museum, Science Center African American History Museum and the Detroit Zoo. In Dearborn the Henry Ford Museum and Greenfield Village are fun for the whole family. Don’t forget we have an abundance of local professional sports teams here and more winning clubs in various sports than anywhere else in the nation! We have a perpetually strong hockey club in the Red Wings, a consistently great basketball team in the Pistons; the Tigers have shown unbelievable strength in recent years, and, well, the Lions. Of course, we also have thousands of fantastic restaurants, night clubs and several casinos if that’s your bag.

What a Great Place to Live!
So, for all of you people out there who think folks are leaving this State in search of greener pastures I say that over time there will be more people coming to the area to enjoy the amazing amenities that Michigan has to offer than will ever leave. Sure in the short run you may see somewhat of a population shift out of the area but in the long run there is just too much here to draw people in. We have a very high quality of life in this State when it comes to recreational activities and isn’t that what life is all about? We work hard so we can play hard and there isn’t another State in the Union that has more opportunities for leisure time fun than Michigan!

The Two Most Overlooked Mortgage Options for Buyers

Many potential Oakland County home buyers in today’s market are looking for creative ways to purchase homes. There are a couple of options which are widely overlooked but present opportunities to accomplish specific goals of buyers in the market. If you want to buy a house that needs minor repairs – perhaps a new roof, an updated kitchen or bath, new appliances, etc – can you incorporate that into the loan to purchase the house? What if you want to buy a home and put zero down? Many people believe that these things are not possible but if you are working with a great lender that has all of the available options at their fingertips and knows how to use them these things can be done!

FHA 203(k)
An FHA loan is a mortgage loan that is insured by the Federal Housing Administration and because the loan is insured lenders are willing to make these loans are more flexible terms than a conventional loan. This means credit standards are not as tight and down payment requirements are lower. Right now the minimum down payment for an FHA loan is only 3.5% and credit scores of 620 are approvable. The 203(k) loan is a variation on the FHA loan which allows you to buy a house with only 3.5% down and borrow extra money to make specific improvements to the home you are buying. These improvements can include roof, electrical system or plumbing upgrades, flooring, remodeling of kitchen or bath, appliances, window or door replacement, etc (structural problem repairs are not allowed and neither are room additions). What you have to do is get a contractor estimate for the specific repairs and then we appraise the home on an “as completed” basis – the appraisal is based on what the home is worth after the improvements have been completed. The homebuyer is responsible for monitoring and completing the work after buying the house and the repairs may be inspected by the lender. The maximum loan amount can be 100 – 110% of the finished value (the buyer still has to make the minimum 3.5% down payment based on the purchase price of the home). The maximum amount available for repairs can be as high as $30,000 and the current loan limit for FHA loans in our area (SE Michigan) is set at $297,500. This is a great way to buy a house that needs some TLC and finance the repairs at the time of purchase!

VA Loans
A VA loan is insured by the Veterans Administration and is made to eligible veterans of the U.S. Armed Forces. Much like an FHA loan, the VA loan guarantee makes lenders willing to offer these loans at more flexible terms than conventional loans. Depending on the eligibility of the individual veteran it is possible to purchase a home up to $417,000 and put zero down! The seller can even pay up to 4% of the sales price to cover the buyers closing costs, property taxes, etc. This could be used to allow someone to buy a home in today’s market with little or no money out of pocket! Wow, I thought somebody told me zero down loans were all gone?

Working with an experienced, well informed lender that has the right tools and knows how to use them is a must in today’s challenging times. I have the experience and the tools to help you make your dream house a reality so feel free to contact me to discuss options to accomplish your goals.

Tags: fha loan, fha mortgages, fha mortgages in Michigan, va loans, va mortgages

Home Stagers Unite to Benefit Habitat for Humanity of Oakland County

This week, five fellow Home Stagers and I donated our talents and furnishings to stage the vacant property at 159 Highland in Clawson. We will be holding a preview Open House tomorrow, April 24th, from 4-6pm for real estate agents and press. A $5 donation at the door includes a tour of the house, refreshments, Q&A with the Home Stagers, classic car display and a chance to win a complimentary Home Staging consultation. Always wanted to take a ride in a ‘61 Caddy or a ‘65 ‘Stang? Here’s your chance, for a small donation. All proceeds go directly to Habitat for Humanity of Oakland County. The house will be open for public viewing on Sunday, April 26th 1-4pm and will also include a benefit lemonade stand featuring my daughter as head cashier! Please join us if you can.

The participating Stagers are all members of the Real Estate Staging Association (RESA), the fastest-growing Staging organization in Michigan. Think “NAR” for Home Staging. These ladies are all competitors, but more importantly, friends. It was a delight to join forces and get creative with them for such a worthy cause. Habitat for Humanity is doing wonderful things in our community.

Tags: answers to home seller's questions, Habitat for Humanity of Oakland County, home stager, home staging benefit, Home Sweet Home Staging, Marianne Sweet on Home Staging, oakland county, RESA

Home Sellers Top Questions About Home Staging

As I head to Florida for a much-needed vacation and annual Spring Training game (Go Tigers!!!), I leave you with an excellent Q & A reblogged with permission from my staging colleague Cindy Bryant of Redesign Etc, Inc. in Houston, TX.  Her post on Active Rain is spot-on and truly reflects the most common questions that I am asked by potential staging clients.   I apologize for starting my vacation early and taking the easy way out.  Truth is, I couldn’t have said it better myself.

Take it away Cindy …

“There is so much information on home staging, that home sellers are on overload.  With advice coming from all kinds of sources and areas of the country.  Yes, it is confusing, where do you start?   If you watch tv, you may get the impression you can have your home staged for under $2000.  Or another show may stage a home for around $20,000.   Big difference!   Another show has strangers coming to your house picking it apart, to the point that you’re thinking, no way am I going to let someone do that to my home.  You can read articles or books on the internet from people that may be experts or just people with an opinion.  You can also read a book on ”How to Cut Hair”, but would you actually trust yourself to cut your hair or someone else’s?  I wouldn’t!  So, where do you start?  Sure, you have questions … who wouldn’t?

Here are a few questions home sellers have when thinking about staging their homes.

1) How much does it cost? Reasonable question … as a matter of fact it’s the #1 question.  It’s the big mystery.  This is why.  I wish I could say every home stager could give you a standard answer, but we can’t.  Every stager should be their own business entity, and provide different services.  Some charge an hourly rate, by the square foot, per room, a percentage of the list price or a flat fee.  As every property is different, we really need to see the home to assess it and give you a solid number.  Some stagers can estimate it, but shouldn’t be held to that number until the property is viewed.  There are too many variables that go into it. Is is vacant? Do furniture and accessories need to be brought in?  Or is it occupied, and you just need a redesign of existing furnishings? These are just a couple of examples.

2) Who pays for the staging? The 2nd most popular question.  The home seller is ultimately responsible for staging services.

3) Why doesn’t my Realtor pay for home staging, they are making the commission? Again, ultimately a homeowner is responsible for staging costs.  Some, but not all real estate agents will pay for a Home Staging Consultation, as a value-added service, but the actual costs associated with staging (furniture rental, actual hands-on staging) is paid for by the home seller.  It is not the responsibility of a real estate agent to pay for home staging costs.

4) Can I pay at closing? This is up to the stager.  Most, do not do this as we do not know if a property will be on the market for 1 day or 3 months.  Again, we all do it a little differently, some ask for 1/2 upfront, and some charge a monthly fee.

5) What do you do? Again, each home stager is their own entity.  Some offer redesigns only, some offer accessories only, and some offer furniture and accessories.  Some don’t have the inventory to do a vacant home so they will have to use a third party source, and some use their own inventory.  Different services can be offered, such as paint color consultations, personal shopping, organizing, curb appeal, recommendations on cost-effective cosmetic changes such as flooring, counters, lights, fixtures, etc.  The ultimate goal is to help a seller get their home sold faster and in the most cost effective manner.

6) How long does it take? It depends on how much you want done and to what extent.  It can take a few hours or a few days, or maybe longer if there are some cosmetic changes that need to be taken care of.

7) When should I have my home staged? As soon as you decide to sell.  Call a professional home stager and get a Home Staging Consultation.  Once necessary recommendations are completed from your stager’s list, your house is ready to be listed.  Don’t make the mistake of putting up that “For Sale” sign in the front yard before your home is ready.  The first 20 days a home is listed will be when it will get the most interest and traffic.  Make sure your house is show ready.”

Tags: answers to home seller's questions, Cindy Bryant, home stager, Home Sweet Home Staging, Marianne Sweet on Home Staging, Redesign Etc Inc., Rochester Hills Oakland County MI home stager