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Archive for January, 2015

If you tried to sell your Lapeer County Lake house last year with no success, AND you were a fairly high priced listing, do not despair. It was not your house- it was the market.

In 2014 there were only 4 lakefront sales over $600,000 and all 4 were on acreage. 2 of those were on major acreage with private lakes- 40 acre and 90 acre parcels. And by private lake I mean their own private lake. The other 2 were a house and 9 acres on Lake Metamora and a house on 5 acres on Lake Lapeer.

Only 2 houses sold in the $400,000’s- both on Lake Lapeer.

This is better than 2013 when the price of lake houses in Lapeer County topped out at $477,500.

So far in 2015 there has been 1 sold on Lake Lapeer for just under $400,000 and 2 pending at just under $400,000 and in the mid $500,000’s.

The rise in prices is due to an improving economy, low interest rates and the lack of distressed properties (foreclosures and short sales). The distressed sales dropped to 11% of the total lake sales in 2014 from 19% in 2013. In 2010 distressed sales made up 49% of total lakefront sales in Lapeer County.

For more detailed information about specific lakes, please go to www.Lapeer-Homes-For-Sale.com and click on the appropriate link. Or LapeerLakes.MiRelocation.com – no w’s.

Lake Nepessing

Lake Lapeer

Lake Metamora

www.MiRelocation.com

My YouTube Channel: www.JackieHawleyRealtor.com

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why an FHA mortgageWhen an Oakland or Lapeer County home buyer comes to us with a pre-approval letter for an FHA mortgage we will ask both you and your loan officer “Why FHA?”

It’s not that we are FHA snobs or don’t want to work with FHA buyers, but FHA does come with its own baggage. Baggage that affects you the buyer, not me or anybody on my team. We are very experienced dealing with FHA buyers, and FHA is a good program for the right buyer. But it’s not for everybody.

FHA is good if you have bruised credit; it is a program that is more forgiving of less than perfect credit. And what better way to repair credit than making a house payment on time for a few years since your house payment will probably be lower than the rent you are currently paying.

Some people need to go FHA because of their debt to income ratios. FHA allows you to carry more debt than conventional mortgages do.

But if your reason for going FHA is solely because of down payment you may want to find another lender. A big part of a loan officer’s job is to fit you with the loan that is best for you.

Two of the biggest issues with FHA loans from the buyer perspective: 1) Many sellers have heard too many horror stories and are somewhat biased against FHA buyers. You want your offer to be as strong as possible and an FHA offer will make you come across as a weak buyer. 2) You will be paying mortgage insurance for the entire life of the loan.

Until recently if you could show 20% equity after a couple years, you could drop the mortgage insurance from your FHA mortgage. But the rules changed last year and if you want to drop the mortgage insurance you need to re-finance to a conventional loan. And with today’s rates under 4% do you really think you will get that rate in a few years?

There are now conventional mortgages with as low as a 3% down payment. Once you find a house you can lock into today’s low low super low rates and not wonder and hope for the next 3 or 4 years that the rates don’t go up a per cent or two.

www.Search-The-MLS.net

www.JackieHawleyRealtor.com

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If you email me and don’t get a reply within 24 hours (usually much sooner) the chances are I never received your email. Just because you sent it, doesn’t mean I received it. Technology is great, but is not perfect. Sometimes I get the feeling others (especially other Realtors) feel a bit put out when I ask for confirmation of receipt. I’m not trying to be snarky when I do that; I just want to make sure you received my email.

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