If you are reading this, you are probably interested in real estate either from the standpoint of continuing to rent or taking the steps towards home ownership. The decision to purchase a home is a highly personal one, based on both tangible and intangible factors. Beyond your personal situation, local market conditions, financing costs and future expectations must also be evaluated. Right now, interest rates are at an all time low. While there may be a surplus of homes in some areas due to short sales or foreclosures, there is a shortage of homes in other geographic areas. No one can predict what the future is going to bring or how your housing needs are going to change. You are the one that has to take the time to evaluate your situation. Purchasing considerations...

The housing numbers look like they are starting to improve for the Greater Kalamazoo Area. This does not mean we are out of the woods yet, but month over month improvements are a start. Based upon the figures and graph below you can see that the overall number of properties sold and the total dollar volume sold was higher in 2012 compared to 2011 numbers. Another positive statistic for January 2012 is the average residential sales price and the median residential sales price was also higher than 2011. This does not mean that prices are increasing as you may think. The most likely reason for this increase is due to higher priced homes sold in 2012 than in 2011. From the graph below you also see that pending sales in 2012 (311 units) are higher than 2011 (230 units). The final positives for 2012 vs. 2011 are the number of listing entered and the number of active residential listings. These numbers are lower for 2012 as compared to 2011 which means that few homes are actually on the market giving buyer fewer choices and faster sales. ...

Did you know that you may not be able to sell your home on a land contract or lease with the option to purchase? Many people do not realize that if they have a mortgage on their property this may be prohibited as a condition in your mortgage note. If you want to purchase a home to live in and you have not sold your current home, you may have considered selling your home to someone else using one of these options. Here are the definitions of each: Land Contract – a written agreement in which real estate is sold to a buyer who usually pays part of the purchase price when the contract...

It is important to know that in Michigan someone can actually take your land if you are not careful. Typically it is not done intentionally but the result can be quite contentious and a law suit most likely will follow. One way to take someone else’s property is by adverse possession.  Adverse Possession (definition) – a method of acquiring title to real property that is owned by someone else by holding open, continuous, hostile and notorious possession for a statuary period of time.

The amount of time needed in order for adverse possession to take place in Michigan is 15 years and it must be uninterrupted for the entire 15 years. Here is an example:                  Two neighbors live in the country side by side. Both of the properties...