Brokerage Opportunity

I am actively looking for broker to Own/Operate ChangingStreets.com realty in Kalamazoo. I have all the licensing, IDX Feeds, signs, E&O, blogs, board memberships and direct mail in place. What I am looking for is a broker to operate and profit share, there is also a VERY fair buy in opportunity.

Our consumer focused approach to the business will expand your business. We can also drop your fixed monthly cost of doing business because the technology is in place.

NO UPFRONT FEES.  NOT A FRANCHISE.

Please call Scott Hoyt at 919.208.8368 for more information.

Help for Homeowners

Michigan State Housing Authoritiy is offering help for struggling homeowners. They have announced $154.5 million dollars set aside to assist unemployed and under-employed homeowners.

Governor Granholm, MSHDA Announce Helping Hardest-Hit Homeowners Fund to Combat Foreclosure

FOR IMMEDIATE RELEASE July 7, 2010Governor Granholm, MSHDA Announce Helping Hardest-Hit Homeowners Fund to Combat ForeclosureLANSING – Governor Jennifer M. Granholm today announced that the Michigan State Housing Development Authority (MSHDA), along with banks, credit unions and nonprofit counseling agencies, will launch a statewide program to help eligible Michigan homeowners avoid foreclosure by participating in the state’s new $154.5 million Helping Hardest-Hit Homeowners Fund.Those who may be eligible include Michigan homeowners who are currently receiving unemployment compensation, homeowners who have fallen behind in their mortgage payments or taxes due to a temporary layoff or medical emergency, and homeowners who can no longer afford their mortgage payments due to lower household income. “The Helping Hardest-Hit Homeowners Fund is a helping hand to our friends and neighbors,” Granholm said. “This fund will allow families to stay in their homes and stabilize neighborhoods throughout the state. I want to thank the mortgage servicers who are teaming up with MSHDA to help us keep the dream of home ownership alive for thousands of Michigan families.” Lending institutions in support of the program include the Michigan Bankers Association, Michigan Credit Union League, and Michigan Association of Community Bankers. The Helping Hardest-Hit Homeowners Fund is designed to help as many as 17,000 Michigan homeowners avoid foreclosure, including 11,000 homeowners who are currently unemployed and struggling to pay their monthly mortgage. The Michigan State Housing Development Authority is adding additional staff to review and process completed application packages after they are submitted by mortgage servicers, announced MSHDA Interim Executive Director Gary Heidel. “We are going to distribute these funds as quickly and efficiently as possible, because we know the devastation that can come from a home foreclosure,” Heidel said. “The message we’re giving homeowners is to call their mortgage servicer immediately if they believe they are at risk of losing their home so that they can determine if they qualify for this program.” The Michigan State Housing Development Authority will begin accepting applications from mortgage loan servicers beginning July 12. Final approval of an application is expected to occur within 48 hours of receipt of a complete application package. The Michigan State Housing Development Authority anticipates it could take 12 to18 months before the state’s hardest-hit fund is entirely distributed. Eligible homeowners can obtain more information regarding the Helping Hardest-Hit Homeowners Fund by calling 866-946-7432 or visiting www.michigan.gov/HardestHit

In February, President Obama announced $1.5 billion in funding for innovative measures to assist families in the states that have been hit hardest by the aftermath of the housing bubble. The Michigan State Housing Development Authority is one of five state housing finance agencies sharing the funding.

Contact your lender or MSHDA as soon as possible for more information.

Kalamazoo Market Surges

Summer is the best, summer with good news is even better. We all know 2009 was a dismal year for all things real estate, but it certainly appears as though that is all behind us. I was wondering this morning what the status of the market was so I asked LuAnn to send me some sales numbers for Kalamazoo County; compared to last year they were great.

Sales of Kalamazoo Homes were up over 15% to 1107 so far in 2010 vs. 953 for the same period in 2009. Better than that the average sales price is up from $123,554 in 2009 to $132,648 in 2010. I am usually weary of average prices because the property can change, the house could be bigger this year vs. last year…nope only a 20 sq ft difference so the numbers are right on. Prices and Units of single family homes in Kalamazoo county are both moving upward.

Still being a little skeptical I had LuAnn pick to different markets with in Kalamazoo County to see how they looked this year. She picked Waterfront and Texas Twp.

The waterfront home market with in Kalamazoo County has also done well in 2010 with an additional 13 sales to bring this years total to 42 vs. 29 for the same period in 2009. Prices and days on the market almost mirror 2009 numbers, the median sales price is $750 less this year at $264,250. But the highest priced waterfront home was$1.6 million vs. $1.3 million last year. The $1.6 million dollar home is also the most expensive sold in all of Kalamazoo county so far this year.

In Texas Township the story is the same, sales are up 24 units to 108 in 2010 vs. 86 Texas Township homes sold in 2009. The average sales price is down $532 to $253,769. I found it interesting that the highest priced single family home sold in Texas Twp this year is $550,000 vs. $837,000 in 2009.

So sales are up across the board, and prices are holding relatively steady in the mid to high end and inching up on the lower ends…a pretty good start to the summer!

You can search Waterfront Homeson ChangingStreets.com by Clicking here.

You can search Texas Twp Homeson ChangingStreets.com by Clicking here.

Allegan County Homes Sales Up in 2010

Allegan County home sales are up significantly the first four months of 2010 vs. the first four months of 2009.  The overall trend across the country has been higher sales and a mix of price increases and decreases depending on market; Allegan County has seen a 36% increase in the number of homes sold and a 32% increase in the median price. It is nice to see things getting back to normal after a quirky 18 months in the market.

With 287 Allegan County homes sold so far in 2010, we are on pace for the best year of sales in terms of units since 2006 when 343 homes were sold by the end of April. This is really good evidence that the bottom of the real estate market is behind us. Most of the downward pricing pressure will be behind us as banks are getting much smarter about liquidating bad mortgages. By using rental agreements and short sales they are taking away some negative pricing pressure. We have also seen the willingness to buy lower priced properties as many of them are on the market only a short time and sell after receiving multiple offers.

So that takes us to price; the median sales price of a home sold in Allegan County in the first four months of 2010 was $92,500 up from $70,000 in 2009. Not bad. Still below the high of $138,000 in 2005 this market offers some amazing buying opportunities. With property taxes based on valuation, and interest rates down the three bedroom, two bath 1356 square foot ranch that sold for $138,000 in 2005 would cost you over $300  a month less now than in 2005.

We look for the market to remain stable the remaining of 2010 and hold the price gains we have seen before increasing slightly in 2011.

Taking Care of Our Watersheds

A clean and well-managed watershed doesn’t just mean clean drinking water. Do your part to keep land and water clean and you could reap financial benefits too.

 

For most of us, the water at home comes from a municipal tap, so it’s easy to forget how much the quality of a community’s watershed affects water quality and the people, wildlife, and plants that depend on that water. Well-managed watersheds serve as recreational magnets for humans and critical habitat for wildlife, but they also reduce flooding, making your home safer and reducing insurance costs.

What’s a watershed?

Here’s the funny thing about watersheds: They are more about land than water. A watershed is all the terrain in a given area that drains to a single point-a lake, stream, wetland, or even the ocean.

Your yard is part of a watershed. “Nature doesn’t see the world in terms of municipal or site boundaries,” says Center for Watershed Protection (CWP) (http://www.cwp.org/) Program Manager Greg Hoffman. “Anything you do affects everyone else who lives in your watershed. That includes the people, but also the animals and plants.”

Some watershed challenges, such as irresponsible construction practices, are beyond your immediate control. However, many proven solutions lie just inside your front gate.

 

 

Community benefits

Healthy, restored, and well-managed waterways offer multiple community-wide benefits, including improved property values, according to research from the Clean Water Partnership (http://www.pca.state.mn.us/water/cwp.html) in Minnesota.

For example, a rainwater management system, which keeps rainwater in a neighborhood by allowing it to sink slowly into the ground, can raise property values when it creates great views.

A Clean Water Partnership study found prices for Minnesota homes with constructed wetland views were nearly a third higher than those without views and sold at prices on par with those fronting a high-quality urban lake.

What you can do to protect the watershed

You have much more control over what happens to the water on your own property. Here are nine ways you can preserve and protect local watersheds:

1. Plant a rain garden. Excess runoff can cause flooding and stream-bank erosion during rainstorms. Creating a rain garden with native grasses, trees, and shrubs gives runoff from your home’s downspouts a chance to soak naturally into the ground. Add a rain barrel to save water for later use.

2. Limit fertilizer. If you must fertilize your lawn, choose a product without phosphorous, which along with nitrogen, upsets the balance of nutrients in local waterways.

3. Service your septic system every three years. Failing septics send “plumes” of nitrogen, phosphorous, and bacteria to nearby streams and shores.

4. Avoid pesticides. Though most pesticides break down in soil, a storm can wash them into nearby streams. Instead, explore biological pest control methods such as species-specific bacteria, predator stocking (think ladybugs), and pheromone lures, which attract and trap pests.

5. Pick up pet waste. In a 20-square-mile watershed draining to a small coastal bay, two to three days of droppings from a 100 dogs would contribute enough E.coli bacteria to temporarily close the bay to swimming.

6. Buffer streams. If you have a stream on your property, provide a natural buffer of native trees, shrubs, and plants around its banks to filter dirty storm water runoff.

7. Use commercial car washes. The best place to wash your car is at a commercial car wash, many of which filter their water before directing it to treatment plants. If you must wash your vehicle at home, park it on the grass first, so your lawn absorbs some of the detergent runoff and contaminants.

9. Avoid paving. If you must pave, consider stone pavers for a patio, rather than concrete, and gravel for a driveway, rather than asphalt.

In short, it can be easy and tempting to think of watershed stewardship as someone else’s problem. But the responsibility for our most precious resource begins right at home.

YES! There are still zero and no down payment mortgages available!

VA Guaranteed Loans – these are from the Veteran’s Administration and you must have served in one of the nation’s branches of the military to be eligible.   A VA Funding Fee is required by law (currently 2.15% on no down payment programs for a first time use), but the following persons are exempt from paying the funding fee:

•  
  • Veterans receiving VA compensation for service-connected disabilities.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).

Rural Housing Development Authority Loans (RDA) – these loans are for properties in rural areas only, but are another great way to finance a home.  Single Family Housing Section 502 Guaranteed Loans require no down payment and no monthly mortgage insurance, and are loans made by approved mortgage lenders to qualified low and moderate income individuals and families in rural area.  For more information go to

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

FHA - The lowest down payment available to most home buyers is the department of Housing Urban Development’s FHA program.  FHA requires only a 3.5% down payment

How To Have Minimal to NO Closing Costs

Through careful structuring of your real estate contract and home loan program, you may be able to drastically minimize or even eliminate the closing costs and pre-paid items associated with your purchase.  This can add up to a lot of cash kept in your possession!

If you want your closing costs covered by the loan, you need to increase the price and have a stipulation with the seller that they will pay the closings costs and pre-paid expenses equal to the amount by which you have increased the price.

The loan amount will be the purchase price or appraised value, whichever is less. As long as the home appraises for the increased price, you will have the closing costs paid as part of the deal.

As your lender, we may also be able to structure a home loan program that allows us to give you a credit towards your closing costs or we can structure the loan so that we pay some or all of the closing costs for you!

 

Call Mary LaCroix at First Michigan Bank (248) 877-8587 or mlacroix@firstmichiganbank.com

Home Buyers Tax Credit Ends Soon!

Extended Through April 2010, Expanded To Include Existing Homeowners,

Income Limits Increased and Homes as much as $800,000

 

Tax Credits Provide Incredible Opportunities for Home Buyers

When is the deadline?

Binding sales contracts must be signed by April 30, 2010 and the sale completed by June 30, 2010 to qualify.  For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner.

How Much is the Credit?

The tax credit is equal to 10% of the home purchase price, up to a maximum of $8,000 for first time home buyers, and $6,500 for repeat buyers.  A tax credit is a dollar-for-dollar reduction in what a taxpayer owes, and could result in a refund from the IRS.

Who Qualifies? 

The law defines a “first-time home buyer” as a buyer that hasn’t owned a primary residence for the past 3 years.  The “repeat buyer credit” says the buyer (and buyer’s spouse if applicable) must have owned and lived in the same principal residence for at least 5 years.

Joint Purchase with a Parent – IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.

What are the Income Limitations?

For sales occurring after November 6, 2009, individuals with annual incomes up to $125,000, and married taxpayers filing a joint return earning as much as $225,000 will qualify for the full tax credit.  The tax credit amount is “phased out” down to zero at a “modified adjusted gross income” of more than $145,000 (single) and $245,000 (married).

Does a Land Contract Count as a Purchase?

Yes.  There are a lot of things to consider about this approach though, so call us to discuss.  Be sure the seller has owned the property for a minimum of 90 days, as this is an FHA requirement with zero flexibility.

Call Mary LaCroix at (248) 877-8587 or email me at mlacroix@firstmichiganbank.com

Improving Your Credit Score

Improving Your Credit Score Fast

We have tools available that may be able to help you attempt to improve your credit score in an expedited fashion.  These tools are very powerful and could help you get approved for a mortgage when you otherwise might not have been approved.  Some examples of the answers we can get by using these tools include:

• I need to increase my client’s credit score to the following number (ex. 640).  What steps or combination of steps can I take to accomplish this goal?
• My borrower has $2,000 to use towards improving their credit scores.  What is the biggest ‘bang for their buck’ to help improve their score?
• A “what-if” simulator allows us to find out the impact on your credit scores if you dispute an item and have the proper documentation to submit to prove your case.
• A quick score option that allows us to take your dispute documentation and submit it to the creditors and get a result in as little as 5-7 days.

Follow These Tips to Help Your Credit Score Over Time

• Apply for and open new credit accounts only as needed. Don’t open accounts for the purpose of providing a better credit picture – it probably won’t raise your FICO score and, in some instances, may even lower your score.
• If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your FICO score should increase. Older credit problems count for less, so poor credit performance won’t haunt you forever.
• If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor. This will not improve your FICO score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO score.
• Keep balances low on credit cards and other “revolving credit”. High outstanding credit card debt can negatively impact your FICO score.  Staying under 60% of the available balance is helpful.
• Pay off debt rather than move it around from one credit card to another. The most effective way to increase your FICO score in this area is by paying down your total revolving (credit card) debt.
• People with no credit cards, for example, tend to be higher risk than people who have managed credit cards responsibly.
• Do your rate shopping for a loan within a focused period of time. FICO scores distinguish between a search for a mortgage or auto loan, where it is customary to shop for the best rate, and a search for many new credit cards.
• Don’t close unused credit cards as a short-term strategy to raise your FICO score. This approach could backfire and actually lower your FICO score.
• If you have been using credit for only a short time, don’t open a lot of new accounts too quickly, as rapid account build-up can look risky to a lender.

Kalamazoo

whoo!

Map Search…

Did you know you can search for listings by map on ChangingStreets.com? You can also search by school district, body of water for lake or river front, city or county…all these options are available across the top of the map search located here. You can also change the criteria for what shows up on the map at the bottom of the page, great stuff. If there is way you would like to search and have not found it on the site, let us know and we will try to make it happen.

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