REO North

Sleeping Bear Dunes – GMA’s Most Beautiful Place in America

Real Estate One — Wed, 17 Aug 2011 19:07:57 +0000

The Sleeping Bear Sand Dunes National Lakeshore in northwest Michigan was voted “Good Morning America’s” Most Beautiful Place in America. Check It Out!

Boyne Falls Polish Festival

Real Estate One — Tue, 26 Jul 2011 20:11:33 +0000

37th Annual Boyne Falls Polish Festival
Thursday Evening, Friday, Saturday & Sunday
August 4, 5, 6, 7 2011

Activities include a Polka Tent with live music, food, drinks and more, plus a Carnival, Grand Parade, a Car Show & Cruise-In on Oldies Night, a Youth Day with games, refreshments and more for kids 10 and under, and a Mud Run.

For details on the 2011 event.

Harbor Days – Elk Rapids, MI

Real Estate One — Tue, 26 Jul 2011 19:44:59 +0000

August 3 – 6, 2011

Elk Rapids Harbor Days celebration has been a popular event in northern Michigan for over 50 years. Families of all ages can enjoy the abundant activities provided throughout the 4-day event.

Check out this year’s event HERE.

Michigan School Report Cards, MEAP Test Results, and Resources

Real Estate One — Tue, 26 Jul 2011 19:26:11 +0000

Following are some resources for Michigan school information:

The 2009-2010 Michigan School Report Card spreadsheet can be accessed by clicking the link. Notice each tab outlining the year over year summary and the details for which schools and districts met or did not meet the Average Yearly Progress for 2009-2010 school year. The 2010-2011 reports have not been released yet but we’ll post them once they are.
You can access Michigan’s MEAP site for all of the information about MEAP scoring in the Fall 2010. To understand what the tests contain and the scores mean you can reference the MEAP Fall 2010 Guide to Reports and this FAQ. You can download the reports but they are quite large or find your school and see their test results.
GreatSchools.org is a terrific site for school information and parent reviews. Here is a link to a list of Traverse City schools and Charlevoix schools but you can search any district or city at GreatSchools.org.

We hope these resources are helpful to you. We will posting the updated links to the MEAP and AVP reports as soon as they are released.

June Market Update

Real Estate One — Tue, 26 Jul 2011 19:02:15 +0000

Listening to the media reports can get you very confused about the direction of the Michigan real estate market. Most show the market continuing to decline. Much of that is a result of comparing this year, without the benefit of Tax Credits, with last year, which was artificially fueled by the Tax Credits. The market is certainly improving, but until May, had not improved enough to make up for the effect of those Credits. However, in both May and June, sales activity has picked up dramatically (shown by increased pending sales numbers and property showing appointments) and is at a pace to exceed last year’s sales rate.

Southeast Michigan continues to lead the country in the housing recovery. That does not mean the market is jumping off the map, but we are seeing more sales activity than we had expected at this point in the recovery. Make no mistake, regardless of what you see in the media, the housing recovery has officially begun, to the best of our estimates it began coming off the bottom this winter. The question that time will answer is; is this current activity boost a long-term movement or the initial rush of water after the dam breaks? It is logical that after a five year hold back, there are thousands of consumers anxiously waiting to buyer or sell, so each step of positive economic movement will bring another bunch of buyers and/or sellers into the market.

What does all this mean for pricing and appreciation? As we have been saying all year, the first stage of recovery is increased activity and sales, the next is appreciation. We are seeing strong evidence that homes that are updated, in good condition and price competitively are selling for more than what they would have received last year. However, there are still plenty of homes in poor condition or with design obsolescence that are still requiring a discount to attract buyers, which continues to bringing the overall market average down.

The number of homes available for sale continues to fall, which will help push up home values, so as a seller, it is a great time to test the waters in terms of home value. For buyers, the market has moved away from the super discount deals, but home values, even for the best homes attracting multiple offers, are still at 14 year lows. For a buyer, with prices so low and interest rates seeming to be holding steady at near record lows it is easy to feel you can sit on the fence and wait. However, many buyers are finding that those perfect homes are selling in days so waiting will leave a buyer with mainly outdated and over priced homes to choose from.

For more positive news about Michigan and Detroit you might enjoy this article from the New York Times about the metro area, click here.

Traverse City Area Market Reports

Real Estate One — Tue, 26 Jul 2011 18:49:37 +0000

Click here to view the Traverse City Area (Antrim, Benzie, Grand Traverse, Kalkaska, and Leelanau Counties) 2nd Quarter Market Report. The market report shows, by county, the number of sales and listings as well as the Months’ Supply of listings based upon the sales and listings in that quarter and a seasonal adjustment. The color coding of each cell indicates whether it is a normal market, buyer’s market or seller’s market. Please contact us if you have any questions by using the form on the left.

Preparing Your Home to Sell

Real Estate One — Tue, 26 Jul 2011 18:27:55 +0000

First impressions are lasting so the presentation of your property is critical in creating strong initial interest from potential purchasers. Improving the attractiveness of your home will increase its saleability. Most buyers want a turn-key home so even small expenditures can reap big rewards.

View your home from the eyes of a potential buyer. Any time or money spent on cleaning and repairing will maximize its appearance and help get your home from “For Sale” to “Sold.”

Presentation Tips
* Curb appeal is crucial – Start with your lawn. Fertilize if needed, and always keep your lawn trimmed and edged. Trim all the bushes, repair shutters, gutters, and downspouts as well as exterior trim. Be sure that the windows are sparkling. Paint or restain exterior as needed.
* Create an inviting entry – Your front door should welcom the buyer. Always make sure it is in good condition and your threshold is clean.
* Clean and declutter - Clean the walls, baseboards and around light switches; paint if needed using neutral tones. Dust and polish worn woodwork. Clean floors, and marks on the carpet. Remove clutter, place items away neatly in cupboards, clear table and counter tops. Keep your kitchen spotless and don’t leave dishes in the sink. A thorough house cleaning will give you home that well-kept look.
* Remove obstructions – Remove any objects from the floor such as children’s toys which might cause accidents. Keep the front entrance and stairways clear.
* Make everything shine – Clean all the windows and window coverings. Open drapes and curtains to highlight walls and ceilings. Place fresh flowers throughout the house.
* Make your bathrooms sparkle – Repair caulking and shine shower doors, ceramic tile and grouting. Display clean towels.
* Tidy up bedrooms – Neat orderly rooms look larger. Clear bedrooms of clutter for a more spacious appearance annd be sure beds or made.
* Open up your living space – Remove excess furniture and other items you seldom use.
* Make closets look larger – Storage is an important feature. Remove all unnecessary items and pack away items that can be stored elsewhere. Keep clothing hung neatly and shoes organized.
* Odors – Refresh your house and remove any bad or strong odors.
* Make required repairs – Minor flaws suggest neglect. Put your home in its best condition, make minor repairs and replace badly worn carpeting and damaged flooring.
* Check mechanicals – Make repairs to mechanicals to ensure that all systems and appliances are in good working condition. This is required to get a top price.
* Don’t forget the garage and basement – Make these areas clutter free, organize tools and equipment, and clean up oily floors.

Cosmetic improvements and completing needed repairs help a home show better and often are good investments. Ideally you want to be sure that your property is in top condition and competitive with other homes for sale in your area.

A Guide to Selling Your Home

Real Estate One — Tue, 26 Jul 2011 17:35:04 +0000

Step One: Preparing to Sell Your House

Before you take any action to sell your home, take stock of your situation. Selling a home is an important matter and there should be good reason to sell. Look at the big picture and figure out why you want to sell — your reason can impact the negotiating process. Decide if your desire is worth the time, money and energy of selling, moving and buying again. Consider your options.

Once the decision to sell is made there are a number of matters you must cover before your property is officially made available for sale. The home-selling process typically starts several months prior to the “For Sale” sign going up.

First impressions count so the presentation of your property is critical in creating positive initial interest from potential buyers. It’s helpful to look at your home through the eyes of a prospective buyer and do all that is necessary to put it in its best light. A Real Estate One sales associate is uniquely skilled in helping sellers understand what to do to properly prepare your home for sale.

Step Two – Hiring a Realtor®

When you decide to sell your home you will need to decide whether you are going to sell your home through a real estate agent or on your own. While the end goal is essentially the same — the best possible sales price with the least amount of stress — each home sale transaction is different.

The process of selling a home is more complex than ever. Understanding all that’s involved in today’s real estate world requires experience and training — like the expertise of a Realtor®.

The key to a successful sale is choosing the right agent. Real Estate One’s sales professionals receive ongoing training in current regulations and market conditions and can help you get the best results. They can provide you with up-to-date information regarding prices, financing, marketing, and information about the housing market in general.

In choosing an agent to work with you should consider the reputation of the real estate agency, the sales agent’s track record in real estate, recent sales and knowledge of the area. When selling your home you want someone you can communicate openly with and trust. Be sure to ask a number of questions to ensure you are working with the right person to meet your needs.

Whether it be the first meeting or a follow up, have your information ready as well, including pertinent documents relating to your property: deed, mortgage payment information, tax bills and assessment information, homeowner’s association fees, any restrictive covenants, warranties on appliances, as well as other guarantee or legal documents.

When you hire a real estate agent to sell your property you will sign a contract called the agency agreement. This is a legally binding contract that authorizes the agent to act on your behalf in relation to the sale of your property.

The advantages of working with a real estate agent are numerous. An agent knows how to market, negotiate and sell homes and can coordinate the entire process. Throughout the sale an agent will act on your behalf providing you with advice and guidance to help you achieve the goals you set forth.

Step Three – Setting the Price

One of the most important decisions when selling your property is setting the price. Pricing is one of the variables, along with market conditions and interest rates, which will determine the final net proceeds from the sale of the house. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed.

The actual price of your home will largely be determined by current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it is imperative to select your list price based on the most recent comparable sales in your area.

What is your home worth? The value of your house relates to local sales prices and is determined by what buyers have paid for the same type of property, with similar amenities, in your neighborhood, at the time.

Sales prices are also a product of supply and demand. A growing area with a limited housing supply will likely have prices that will rise, while the opposite is true of an area in less demand. Owner’s needs also have an impact on sales values. In a “must-sell” situation, the owner will have less leverage in the marketplace as buyers try to take advantage of the need to sell quickly.

Seller incentives, financing options and other factors can also be included when deciding price. What a seller “needs” should not be factored because that amount could drive the price beyond what the market will bear.

Because all transactions are unique there is flexibility in the marketplace. Knowing those limits is key. Remember that overpricing can hurt your chances for the best net proceeds. An experienced agent can help you set a realistic price, which will net you the highest possible return in the shortest amount of time.

Step Four – Marketing Your Home

In today’s market, your home is competing with a large amount of properties for sale. How do you make your home stand out and capture buyers’ attention?

Marketing plays a very important role in achieving a successful sale. Each home is unique so a carefully planned, well-executed marketing plan will bring the best result.

Selling can demand a variety of marketing strategies and Real Estate One uses a wide array of marketing tools and programs to find the right buyer for each property we list. Each marketing plan is specific to the individual home and is designed to get the best results.

Step Five – Selling It

Selling a home is a major event, one that involves an array of both personal and business concerns so when a buyer makes an offer it’s important to make the right decisions. Your sales associate can assist you in the bargaining process, offering advice and counsel as offers are received and by working closely with legal counsel, tax specialists and inspectors as required.

You will need carefully review any offer received, consider marketplace options and then determine whether that offer is acceptable. Is the offer at or near the asking price? Is it above the asking price? What is the alternative to the buyer’s offer and could there possibly be a better deal? If several offers are received do you choose the high offer from the purchaser with questionable finances who may not be able to close, or a somewhat lesser offer from a buyer with pre-approved financing?

Selling your home is inherently an emotional experience. Learn to detach yourself from the sale and look at offers as business proposals. Just as the buyer had three options in response to the owner’s original price and terms, the seller can now choose one of three reactions to the buyer’s offer.

1. You accept the buyer’s offer as is. The contract then becomes binding on both parties.

2. You reject the buyer’s offer.

3. You change the terms of the contract and counter-offer. It then will go back to the buyer who can either accept your counter-offer or walk away from the deal entirely.

The negotiation process may involve several rounds of counter-offers. Remember that all terms are negotiable. It’s sometimes argued that negotiation must produce one “winner” and one “loser.” Others suggest that a “win/win” situation is possible where each side gets something of value. Real estate bargaining typically involves compromises by both sides.

Step Six – Closing the Deal

Once both parties agree to the terms and sale price stated in the contract the selling process is not over yet. Some of the most complex aspects of a real estate transaction begin now.

Although not required in all states, you may want to require earnest money from the buyer. Earnest money is held in a neutral account called an escrow as a “good faith” or “security” deposit when entering into a contract with the seller. This cash deposit will be paid to the seller in the event the buyer fails to honor the contract. The deposit will be set aside as payment, or returned to the buyer if the seller doesn’t accept the contract terms. If both buyer and seller agree to the contract terms, and then the buyer breaches the contract, the earnest money is paid to the seller as compensation for potential losses the seller may have incurred.

A series of inspections and checks are typically required to satisfy buyers and lenders. Contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with pre-approval letters from lenders.

Lenders will establish a number of conditions prior to granting a loan and will want a title exam, title insurance to protect against title errors, inspections, surveys and an appraisal to assure the home has sufficient value to secure the loan.

Closing — or “settlement” or “escrow” — is essentially a meeting where the closing agent (the party who conducts settlement) takes in money from the buyers, pays out money to the owner and makes sure that the purchaser’s title is properly recorded in local records along with any mortgage liens.

The closing agent reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing agent also assures that certain transaction costs are paid (taxes and title searches).

In preparing to close, it is important to look at the sales agreement and review your obligations. All items agreed upon must be completed before closing.

The closing agent (escrow officer) will handle both the settlement papers and related documents, including title search, record disbursement, paper statements, and the payout of fees and other costs.

If the buyer changes their mind for any reason and breach the terms of the contract, the seller has the right to declare the contract null and void and retain any earnest money. The buyer may also be liable for any other financial damage suffered by the seller and the seller’s agent.

If you fail for any reason to complete the sale of your home according to the terms stated in the contract, the earnest money will be returned to the buyer and you as the seller may be liable for any financial damage.

Once everything is in order, with pen held firmly in hand you sign dozens of documents and as you put your signature on the final dotted line…your house is sold!

Leelanau County General Information

Real Estate One — Tue, 26 Jul 2011 15:40:30 +0000

County Seat – Leland
Year Founded – 1863
County Population – 21,119 (2000 Census)

Cities in Leelanau County:
Cedar
Empire
Glen Arbor
Lake Leelanau
Leland
Maple City
Northport
Omena
Suttons Bay

Kalkaska County General Information

Real Estate One — Tue, 26 Jul 2011 14:51:43 +0000

County Seat – Kalkaska
Year Founded – 1870
County Population – 16,571 (2000 Census)

Cities in Kalkaska County:
Kalkaska
Rapid City
South Boardman