Great Buy! 115 West Shore Terrace - East Leroy, Michigan - Lakefront Home for Sale

A new listing on 115 West Shore Terrace in East Leroy, Michigan is located on private lake Sonoma just minutes from major shopping districts in Battle Creek.  Let's talk about location to begin with.  Not only is the lake one of the better private lakes in the area, it is an all sports lake.  That means one is free to ride a jet ski if you like, and you will only see your neighbors on the lake. 



Private Lake Sonoma offers a quiet setting to live.

 The shopping districts it is close to is the popular Harper Creek Village, and Lakeview Square Mall, as well as the many other surround shopping centers that comprise the area along Beckley Road.  These shopping areas offer grocery stores like Wal-Mart and Meijers, as well as major home improvement stores like Lowes and Menards.  One can also find a Best Buy, Bed Bath & Beyon, TJ Maxx, Staples, Michaels, Kohl's, and many other stores in the Harper Creek Village.  Lakeview Square Mall offers stores like Macy's, JC Penny's and Barnes & Noble Bookseller. 



115 West Shore Terrace offers a great location on a lake.

 The home offer four bedrooms, a large recreation room on the lower level, and a conveniently designed livingroom-dining room-kitchen lay out on the first floor connecting to a private deck that overlooks the fenced in back yard, and offers a beautiful view of the lake.  The lower level offers additional storage space, as well as a patio area below the upper deck. 

With a home like this, spending your summer months outside with a BBQ is really easy, with a cool breeze blowing in from the lake.  You can also take advantage of a dock on the lake, and a close by boat slip.  The lake is well maintained by the neighbors surrounding it, and the neighbors take pride in their homes.  This is a very nice quiet community to live in.  You will love spending your summers on lake Sonoma!

For more information about this beautiful home that is listed at just $179,900, give me a call at: 269-441-8182 or contact me through my website at: http://www.michaeldelaware.com/. I am your local Realtor. 

Buying a Home in Battle Creek, Michigan

Battle Creek, Michigan is the home of the three largest cereal manufacturers in the world: Kellogg’s, Post and Ralston.  It also is a wonderful community to live in, and is much more than just about cereal.  New people moving into the area usually have on the top of their list buying a home in Battle Creek, Michigan. 

Buying a home in Battle Creek, Michigan is most easily done by taking the first step and contacting a local Realtor that knows the market area.  As a Realtor, I work with many people on buying a home in Battle Creek, Michigan. 

There are a lot of great opportunities out there, and probably one of the first things to do is to decide what type of home you want, as this will narrow down the parameters.  For example: How many bedrooms to you want?  Do you need a garage?  Accessibility to what part of town?  These are some of the early questions I typically ask new people arriving into the area that are interested in buying a home in Battle Creek, Michigan. 

Another early thing that needs to be established is ‘how’ one is going to go about buying a home.  If you are paying cash, then any offer submitted will require a proof of funds statement, which can be as simple as a bank account statement. 

If you need to acquire financing, then you will need a pre-approval letter, and sometimes a proof of funds letter to show available down payment.  This is particularly important when looking at foreclosed home, as the banks always require this proof.  You might not need it immediately dealing directly with an owner seller, but because the criteria for the details of the home itself should be the driving force for the search, and not the type of seller, it is always a good idea to have these items in place beforehand. 

If you are interested in buying a home in Battle Creek, Michigan, I am a local Realtor.  I can be reached at: 269-441-8182 or through my website at: www.michaeldelaware.com.  I look forward to working with you.

The American Dream of Homeownership is still Alive

The American Dream of homeownership is still alive in our country, despite the cynicism of the mainstream media.  Owning your own home is a goal that is hard to lose.  It is the fabric of what our founding fathers fought for, and at one point they almost included in the Declaration of Independence the words ‘the Pursuit of Property’ which was later changed to read ‘pursuit of happiness.’  So the American Dream of homeownership runs deep. 

One’s childhood home for example is a stable location that can be found in many citizens immediate recall when asked to go there in memory.  Wherever you grew up in America, you lived somewhere, and most likely it was a home.  Homeownership is still a worthy goal, despite the recent decline in real estate values across our nation since 2006. 

In fact, there is no better time in history to seek out to buy a home, and become a homeowner.  Values of property are so very low, and interest rates have cascaded downward as well.  Certainly qualifying for a loan is more challenging these days, but these barriers can be overcome if one works with an experienced Realtor who is connected in with the local market. 

So as a country our citizens have not abandoned the American Dream, but rather despite the struggling economy, and uncertain times, they still can achieve the goal of homeownership.  As a Realtor, I help many people buy homes throughout the year, and have helped many, many people become homeowners even in the declining market. 

So if you are thinking about taking your next step in life, and walking down the path of your American Dream of being a homeowner, give me a call at: 269-441-8182 or visit my website and fill out a questionnaire at: www.michaeldelaware.com.   I look forward to helping you realize the American Dream.

Loss of the Mortgage Interest Deduction Removes a Benefit of Homeownership

I consider the Mortgage Interest Deduction to be one of the primary, and most important benefits for homeowners in the current tax laws.  This article by the National Association of Realtors covers the issue of what the recent proposal to eliminate or alter the MID by the Obama Deficit Reduction Committee would do to home owners in the long term, so I am including this in my blog:

December 7, 2010

By Danielle Hale, Research Economist
In recent weeks, many proposals, suggesting a variety of changes to the tax system, have been discussed. The estimates below are for the complete elimination of these two tax benefits at current marginal tax rates, one of the most extreme possible changes.
Mortgage Interest Deduction Facts:
• 51 million—or 68 percent—of the approximately 75 million owner-occupied houses in the United States in 2009 had a mortgage.
• 38.5 million taxpayers claimed a deduction for mortgage interest, deducting a total of $470 billion, in 2008.
• The average taxpayer claiming the MID deducted $12,200 from taxable income in 2008.
• Therefore, the average taxpayer saved $3,050 in taxes by claiming the mortgage interest deduction¹ .
• The total tax savings from the MID in the United States in 2008 was $117 billion.
Real Estate Tax Deductions Facts:
• 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion.
• The average taxpayer claiming the real estate tax deduction subtracted $4,090 from taxable income in 2008.
• Therefore the average taxpayer saved $1,020 in taxes as a result of the real estate tax deduction² .
• The total savings from the real estate tax deduction in the United States in 2008 was $43 billion.
Eliminating Deductions: Losses for Home Owners and the Nation
If the mortgage interest and real estate tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings each and every year. The present value³ of these lost savings could total $3.2 trillion. The value of all owner-occupied real estate in the United States in 2009 was $19.3 trillion⁴ . If the lost tax savings are fully capitalized into the price of houses, the average decline in value in the United States would be 17 percent. From the individual perspective, the median priced home in the United States in the third quarter 2010 was $177,800. A decline in value of 17 percent, as projected, would mean a loss in home value of $29,500 for the typical home owner.
These estimates, because they are based on a complete elimination of these deductions, can be viewed as a high-end estimate. Other changes will result in smaller losses to home owners. Additionally, national results are computed by looking at national averages. A very different picture can result when looking at the state level depending on the characteristics of the housing market, tax payers, and homeowners. For state information, contact data@realtors.org.
¹Marginal rates range from 10 to 35 percent. A 25 percent rate was used to calculate the tax savings.
²Ibid.
³Present value calculation assumes 5 percent discount rate and 1000 year time horizon.
⁴As measured by the American Community Survey. The Federal Reserve Flow of Funds for 2009 estimated the market value of household real estate to be $17 trillion which would raise the estimate of the decline in value to 19 percent.

This is one in a series of commentaries by the Research staff of the National Association of REALTORS®.

The Role of a Real Estate Agent

The role of a real estate agent is to guide you through the buying or selling process, taking the time to make sure you understand every step of the transaction. As a Realtor, I am absolutely committed to fulfilling your needs with the highest level of professionalism, expertise and service.



The Role of a Realtor is more than showing houses.

 My commitment to your satisfaction is the foundation from which a solid business relationship is built. Working with all kinds of people on a daily basis, and selling all kinds of homes over the years have enabled me to be able to really define my role as an agent for a client.

I realize that people do business with people they trust. I am interested in helping you as my client to achieve your goals.  Through this I am committed to establishing a long-term relationship based on trust. I pride myself on being knowledgeable and staying current with changes in the industry that will affect the success of your transaction. You have worked hard to be able to purchase the home of your dreams. I feel the responsibility to make those dreams a reality and pursue the right solution enthusiastically.

Every year I typically many times over the continuing education requirements for the State of Michigan as a Realtor.  In that way I can stay on top of trends, new technology and changes in the Real Estate industry.  Over the last 5 years alone there have been numerous changes in lending practices, and loan programs and hurdles are more challenging for buyers to get into a home because of that.  I have had to learn a great deal about credit repair, and connecting with terminals that can help my clients overcome these barriers. 

So the role of a real estate agent is much more than just showing and selling houses.  It is keeping current with the real estate industry, and passing along the advantages and strategies to helping your clients take advantage of those changes.  That is what I specialize in.  If you are interested in getting started with buying a home, or perhaps you need to sell your home, give me a call at 269-441-8182 or visit my website at: www.michaeldelaware.com.


Staying on top of changes in the industry makes it possible for me to better serve my clients.



FHA Gains Increased Stability

The National Association of REALTORS® recently issued this press release concerning FHA, and I thought it was a compelling article to include in my blogspot:

Washington, November 16, 2010

The latest independent audit of the Federal Housing Administration shows the agency’s financial condition has improved from last year, when it announced its capital reserve fund had fallen below the 2 percent level mandated by Congress. The annual audit shows that the capital ratio for the single-family portfolio rose from 0.42 percent to 0.79 percent over the past year.



FHA Makes changes to become more stable.

 The audit, which calculates the financial condition of the agency’s insurance fund, also showed the mortgage insurance fund grew more than $1 billion in 2010 and reserves are expected to remain above $9.9 billion even if home prices were to fall further. The audit indicates that FHA will most likely not require a bailout now or in the future.

“As the leading advocate for home ownership, the National Association of Realtors® strongly supports FHA’s mortgage insurance programs,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “FHA announced major changes earlier this year and took critical steps to strengthen and ensure its long-term financial soundness, and those efforts have paid off.”



FHA Total reserves have grown to $33 Billion.

 FHA’s audit reflected a change in home values and was not tied to excessive increases in defaults or unsound underwriting practices. In fact, the credit quality of FHA borrowers has increased significantly in the last several years; the average credit score for FHA customers has grown to 693, and less than 8 percent of the agency’s purchase borrowers this year had FICO scores below 620. The capital reserves are not FHA’s only reserve fund; FHA also has a cash reserve account separate from the capital reserve – and actual total reserves have grown to $33 billion.

“The future health of FHA’s reserve funds depends heavily on the direction of home values in the coming years. Home values have shown patterns of stabilization over the past 18 months, and in a recent independent survey, most economists expect modest home price gains over the next 3 years, so FHA’s reserves should steadily improve,” said Phipps.

FHA has played a key role in providing mortgage liquidity to qualified home buyers in recent years and has greatly increased its market share; according to the agency, FHA guaranteed nearly 40 percent of home purchases in the past year.

NAR is working closely with FHA to reassess and amend their lending policies so even more qualified home buyers can become home owners.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

For information on Real Estate in Battle Creek or Calhoun County, Michigan, give me a call at: 269-441-8182 or contact me through my website at: http://www.michaeldelaware.com/.

The Basics of Buying a Home in Battle Creek, Michigan

The basics of buying a home in Battle Creek, Michigan are consistent with most any area of the country.  The first thing that a buyer should do above any other step is to contact an experienced and knowledgeable local Realtor. 

Using a local Realtor is your first most important step.

A Realtor is a valuable asset to helping you through the step of the process of buying a home, and can also help you find local lenders that specialize in loan programs that would best suite your needs. 

The basics of buying a home in Battle Creek, Michigan or anywhere in the financing part require a credit score currently above 620 for most programs, verifiable income, meeting the income requirement guidelines for the given program, and other details such as job tenure.  Sometimes a buyer will have a 620 credit score, but will have overcome a challenging period on their credit history such as bankruptcy or foreclosure in the last few years. 

Some loan programs will not approve a loan if the bankruptcy has been discharged less than 3 years, or the foreclosure less than 2 years.  Other things on the credit report can require explanations, or settlement such as judgments or recent non-medical collections.

 



Proof of funds or 'Proof Financing' are requirements to
submit with any offer along with a copy of the earnest deposit.



Once you have overcome what is needed to gain an approval letter from a lender, you then can begin looking at houses with your Realtor.  After you have selected the home you want to make an offer on, note that not only a copy of the pre-approval letter is required to submit with an offer, but also an earnest deposit along with the signed contract and other documents related to the house prepared by your Realtor. 

Many first time home buyers do not realize they will need to provide an earnest deposit, which is a sum of money down (usually $500 on most houses under $75000, but can be anywhere from $1000 to $2500).  The earnest deposit is held by your Realtor, and deposited into an escrow account once an offer is accepted and it is held until closing, where you are credited for it on the final sale of the home.  This money down makes it a legally binding contract in Michigan.

 

To learn more about the basics of buying a home in Battle Creek, Michigan, give me a call at: 269-441-8182 or visit my website at: www.michaeldelaware.com and fill out a contact form there in the left column that best describes your situation.  I look forward to working with you.



Contact Michael Delaware, Realtor for more on the basics of buying
a home in Battle Creek, Michigan at 269-441-8182 or his email.