Jon Becker

How much can waiting cost you???

2010-03-17T19:20:00Z

Just How Much Will Waiting Cost?
While no one knows for certain what the future holds, two things appear clear. Home loan rates will likely be higher in the future, and free money from the government will be gone. These deadlines will affect both affordability to purchase and the opportunity to refi.

First, the Federal Reserve's Mortgage Backed Securities (MBS) purchase program will come to an end on March 31, just two weeks away! Without this program home loan rates could have been at least 1.00% higher...and potentially even higher...over the last year. Throughout 2009, the Federal Reserve was the primary buyer for MBS, purchasing as much as 80% of the supply in a given month. When this program ends, a lack of willing buyers will likely cause MBS prices to drop and rates to rise as a result.

In a recent Wall Street Journal article, it was estimated that 37% of all borrowers with a 30-year fixed rate have interest rates of 6% or higher. The article also quotes Credit Suisse that more than half could lower their rate by nearly 0.75%.

For prospective homebuyers, any increase in interest rates erodes your purchasing power. In other words, a 1% increase in rate represents an approximate decline in purchasing power by 10%. For example, if rates increase by 1%, people who qualify for a $200,000 purchase price today may only qualify for a purchase price of $180,000 afterwards.

The second shot will come on April 30th, which is the deadline for purchasers to get under contract to qualify for the Home Buyer Tax Credit program, which has been providing a tax credit of up to $8,000 to first time homebuyers and up to $6,500 to repeat purchasers.

If you or anyone you know is looking to purchase or refinance a home, waiting could be costly!

Jon Becker - Century 21 Northland- Traverse City real estate

www.c21jb.com

jon@c21jb.com

231-342-5401

Buyers: In todays competitive market many homes (especially the "great deals") and properties are sold even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program directly from the Traverse City multiple listing service and recieve ALL new Traverse City MLS listings or price changes within 15 minutes of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition! Looking for bank foreclosured homes or short sales ? Contact me for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers, sellers and collegues have to say about me on my "Client Testimonials" page. Traverse City area residents thinking of buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering all you have to do in supply me with some basic criteria and I will take it from there!

New Listing - 3 BR 2 BA + heated Garage on 1.06 Acres

2010-03-16T20:10:00Z

Near Bay, Skiing, TART Trail, town

• 2,042 sq. ft., 2 bath, 3 bdrm ranch - MLS® $139,900 - ONLY $68.51 per Sq. Ft.

East Bay Township, Grand Traverse County - LOCATION & SIZE - One of largest homes in the neighborhood offers more for the $$$ (only $68.51 per sq. ft.) & close to stores/restaurants, TART trail, Mt. Holiday, VASA , East Bay and still boasts a 1+ acre country lot, kids playground, 2 story barn for storage or shop. Home features newer kitchen w/ stainless appliances & large pantry, huge living room, patio, family room w/ natural fireplace, mud/laundry room ( laundry on main floor & basement), water softner, almost new furnace, attached heated garage & paved drive. Private well & septic or municipal water/sewer available. + $6500 - $8000 TAX CREDIT UNTIL APRIL 30TH!

Property information

55+ Partly wooded acres, frontage on 2 roads

2010-03-08T21:10:00Z

Prime Development Opportunity

• lot / land "55.29 acres" - MLS® $360,000 - Appraised for $403,000

Blair Township, Grand Traverse County - Prime Development opportunity 55+ acres w/ great mix of mature hardwoods, few pines, slightly sloped for possible walkouts, most is level, lots of frontage on 2 roads, possible small stream. Deer on property w/ heavy runs ( see photos). Near several lakes, stores, golf & TC. Perfect for that site condo project or your own dream home! Could be purchase in conjuntion with another parcel across street that would give access to 1728 ft. on Silver Lake. Call Listing agent for complete marketing package & maps.
Appraised for $403,000 Land Contract or other creative financing is possible.
REDUCED $25,000

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Jon earns NAR's "Green" Designation

2010-03-07T19:47:00Z

We are very happy to announce that Jon Becker has earned the National Association of Realtors Green Designation. One more way Jon can not only help the enviroment but his clients with enviromentally friendly builds, energy efficient home features, and every day life "green" features we can all simply incorporate.

Whether you are considering buying or selling Traverse City real estate contact Jon Becker anytime!

3 BR 2 Bath, 1560 sq. ft., garage NOW $84,900!!!

2010-02-26T04:44:00Z

Interlochen, Green Lake Township - Announcing a price reduction on 2875 E. Railroad Ave., a 1,560 sq. ft., 2 bath, 3 bdrm 1 1/2 story. Now MLS® $84,900 - REDUCED $20,000. + $8000 Home Buyer Tax Credit!!!!!

Property information

Buyers: In todays competitive market many homes(especially the "great deals") and properties are sold even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program direct from our multiple listing service and recieve ALL new MLS listings or price changes within 15 minutes of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition! Looking for bank foreclosured homes or short sales ? Contact me for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers,sellers and collegues have to say about me on my "Client Testimonials" page. Area residents thinking of buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering.

3000+ sq. ft. 4 BR 3 Bath, 5.47 acres Reduced $248,400

2010-02-25T17:49:00Z

Interlochen, Green Lake Township - Announcing a price reduction on 9459 Larchwood Ln., a 3,035 sq. ft., 3 bath, 4 bdrm single story. Now MLS® $248,400 - Custom Quality Throughout. Near all sports lakes, snowmobiling, camping, golf, Arts Academy, stores....10 mins to TC

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What should a home inspection cover?

2010-02-22T16:58:00Z

Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.

For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.

Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.

Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.

Doors and windows
Siding (brick, stone, stucco, vinyl, wood, etc.)
Driveways/sidewalks
Attached porches, decks, and balconies

Roofing: A well-maintained roof protects you from rain, snow, and other forces of nature. Take note of the roof’s age, conditions of flashing, roof draining systems (pooling water), buckled shingles, loose gutters and downspouts, skylight, and chimneys.

Plumbing: Thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate problems.

Electrical: Safe electrical wiring is essential. Look for the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.

Heating: The home’s heating system, vent system, flues, and chimneys should be inspected. Look for age of water heater, whether the size is adequate for the house, speed of recovery, and energy rating.

Air Conditioning: Your inspector should describe your home cooling system, its energy source, and inspect the central and through-wall cooling equipment. Consider the age and energy rating of the system.

Interiors: An inspection of the inside of the home can reveal plumbing leaks, insect damage, rot, construction defects, and other issues. An inspector should take a close look at:
Walls, ceilings and floors
Steps, stairways, and railings
Countertops and cabinets
Garage doors and garage door systems

Ventilation/insulation: To prevent energy loss, check for adequate insulation and ventilation in the attic and in unfinished areas such as crawlspaces. Also look for proper, secured insulation in walls. Insulation should be appropriate for the climate. Excess moisture in the home can lead to mold and water damage.

Fireplaces: They’re charming, but they could be dangerous if not properly installed. Inspectors should examine the system, including the vent and flue, and describe solid fuel burning appliances.

Source: American Society of Home Inspectors

Contact Jon Becker - Century 21 Northland for a list of home inspectors in the Grand Traverse area.

Take the Stress out of Home Buying

2010-02-22T16:41:00Z

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates ( currently approx 5.25% for a 30 year fixed mortgage- dependant on lender & buyer individual qualifications) or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate. Don't get too hung up on the purchase price itself but also factor in the cost of owning and maintaining the home overall for the life expectancy of the home ( the time you will own it). Consider utility bills, does it have maintenance free siding/exterior, will I need to replace flooring/carpeting before I sell, am I likely to have to repair or replace major items or do major renovating in the home during ownership ( heating system, roof, windows etc.). Also factor in tax advantages of owning a home ( see previous blog post).

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased. See my previous blog post regarding Tax benefits of owning a home.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

If you are considering purchasing a home, investment property, vacant land contact Jon Becker - Century 21 Northland anytime for prompt professional advise and service!

Tax Benefits of Home Ownership

2010-02-22T16:36:00Z

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

PLUS - 1ST TIME HOMEBUYER TAX CREDIT UP TO $8000 AND UP TO $6500 FOR OTHER BUYERS UNTIL 04/30/10!!!

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

4 Plex- Foreclosure- Great rental History

2010-02-14T01:31:00Z

4 Plex

• 3,272 sq. ft., 4 bath, 8 bdrm fourplex - MLS® $198,000 - Cash Flow Investment Opp

Timberview Estates, Long Lake Township - 4 Unit apartment complex approx. 3 miles from town. Foreclosure in decent condition and all appliances ( stove, frig, dishwasher, washerdryer) in each unit+ each unit has own furnace & water heater. Need cleaning, paint and 1 unit needs new carpeting. Paved drive and parking, built in 1998. Great investment opportunity at $198,000. Being Sold " As Is".

Property information

Buyers: In todays competitive market many homes(especially the "great deals") and properties are sold even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program direct from our multiple listing service and recieve ALL new MLS listings or price changes within 15 minutes of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition! Looking for bank foreclosured homes or short sales ? Contact me for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers,sellers and collegues have to say about me on my "Client Testimonials" page. Area residents thinking of buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering.

5 Common First Time Homebuyer Mistakes

2010-02-10T17:55:00Z

1. They don’t ask enough questions of their lender and make sure they have a firm pre-approval for financing. Know what loan program you are approved for, how much your closing costs will be ( your lender will provide you will a "good faith" estimate for loan costs), approx. how long will it take to close the mortgage once you have an accepted offer on a home and what information and documents your lender needs from you and when. Even if you don't 100% all of these details or why you need to know them your real estate agent will and it will greatly help your agent to better help YOU!

2. They don’t act quickly enough to make a decision and someone else buys the house. In today's market most people take the stance nothing is selling...the home will still be here if and when I decide to make an offer. I cannot tell you how often buyers make this mistake and when they finally decide to make an offer someone else has snatched it up. If the home fits your needs, the price is right and your gut says " this is the one" don't delay...believe me you will regret it later when the home is already sold!

3. They don’t find the right agent who’s willing to help them through the homebuying process. Choose an agent who knows the local market, is knowledgeable about the buying process, especially for first time buyers, and is willing to spend the time and energy to help you find the right home for you but also is honest and upfront about what you can reasonably expect with in your price range and parameters or whether you will need to make some compromises from your wish list. Also make sure your agent has an effecient and regular way of keeping you up to date on new listings & price changes that meet your criteria! Jon has an automatic notifier program that will get these to you within minutes of them hitting the market - 24 hrs a day- 7 days a week!

4. They don’t do enough to make their offer look appealing to a seller. Talk to your agent and find out what is "realistic" for the local market in terms, price ( make sure you don't over pay but if you really want to buy a home expect to pay "fair market value"). Your agent will help you determine this by showing you comparables listings and recent sold listing in the area of your potential home.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years. When I am working with home buyers I always ask them " what is your long term plan?". Knowing if my buyers intend on being in a home for 2 years or 20 years helps me advise them on realistic resale value in their time frame and if they can expect to make $$$, lose $$$, or break even within their given time frame to resell the home.

I sincerely hope you find this information imformative and helpful and if you are considering purchasing a home please contact me anytime! I would be more than happy to discuss the process further and assist you in finding a great home that meets your needs!

Jon Becker

Century 21 Northland

231-342-5401

jon@c21jb.com

Buyers: In todays competitive market many homes(especially the "great deals") and properties are sold even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program direct from our multiple listing service and recieve ALL new MLS listings or price changes within 15 minutes of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition! Looking for bank foreclosured homes or short sales ? Contact me for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers,sellers and collegues have to say about me on my "Client Testimonials" page. Area residents thinking of buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering.

Beachfront Condo $47,900

2010-02-09T18:45:00Z

Beachfront Condo

• 978 sq. ft., 1 bath, 1 bdrm single story - MLS® $47,900 - Land Contract Available

East Bay Township, Grand Traverse County - Resort lifestyle w/ beautiful 404 ft. sandy beach & bay views from private balcony of your furnished beachfront unit. 1/8 share (6 weeks) fractional condo with rental mgt. in place to earn you back $$$ when you can't use it personally.Complete w/ cable tv, wireless internet, playstation, fireplace,garden tub + shower, indoor pool & spa, kitchen w/ granite counter, stainless frig, cooktoop, on site laundry, game room, play ground, & fitness room with a smoke free enviroment, individually controlled HVAC & more. Walking distance to restaurants, TART Trail, bank, video store and a short drive to skiing, casino & snowmobile trails. Land contract terms available w/ min. 20% down. THIS IS ONLY REMODELED/UPGRADED UNIT!

Property information

Top Quality Custom Home - 5.47 Wooded Acres- 4 BR 3 Bath 3000+ sq. ft. $249,900

2010-02-04T19:51:00Z

Private Wooded 5+ Acres Near Lakes

• 3,035 sq. ft., 3 bath, 4 bdrm single story - MLS® $249,900 - Custom Quality Throughout

Interlochen, Green Lake Township - Feel the Quality....Custom builders home w/ solid 6 panel oak doors, oak trim, hardwood floors, heated bathroom floors, ceramic tile, whirlpool tub in pvt. master suite w/ walk in closet, foyer entrance, den w/ french doors to deck,2x6 construction, HUGE family room, cathedral ceilings to show off the custom fireplace, bay window w/ seating area, all new kitchen appliances, finished garage, large deck reinforced for hot tub, 2 storage sheds & more. All set on 5.47 private wooded acres near several lakes, state land within 1/2 mile, golf courses nearby. Avg. heat bill ONLY $75, lots of storage, 80 gal. water heater.

Property information

Vacation Condo on the Bay $25,000

2010-02-03T21:07:00Z

Fractional Ownership Condo

• 459 sq. ft., 1 bath, 1 bdrm single story "condo" - MLS® $25,000 - 404 Ft. East Bay Frontage

Cherry Tree Inn, East Bay Township - Get your piece of paradise w/ 6 weeks in your vacation condo w/ private balcony overlooking 404 ft. of prime beach / waterfront on East Grand Traverse Bay & OMP. Unit has 2 queen beds, full bath, cable tv, wifi,indoor pool & spa, excercise, game & laundry rooms, volleyball, playground, individually controlled HVAC & more. Optional rental mgt. program in place for you to make extra $$$ the weeks you don't use. Walk to TART Trail, restaurants, video store & bank. Casino,skiing, snowmobiling all close by!

Property information

55 + acres - great development property - REDUCED $25,000

2010-02-01T17:04:00Z

Blair Township, Grand Traverse County - Announcing a price reduction on 00 W. Silver Lake Rd. "55.29 partly wooded acres, frontage on 2 roads for prime development . Now MLS® $360,000 - Appraised for $403,000. - REDUCED $25,000

Property information

Buyers: In todays competitive market many homes(especially the "great deals") and properties are sold even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program direct from our multiple listing service and recieve ALL new MLS listings or price changes within 15 minutes of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition! Looking for bank foreclosured homes or short sales ? Contact me for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers,sellers and collegues have to say about me on my "Client Testimonials" page. Area residents thinking of buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering.