About Grand Traverse County, MI

As temperatures drop in the area it reminds me of shopping for foreclosures homes last winter with buyers. We would see these bright orange and green stickers in the kitchen and bathroom stating the home had been winterized. Often times it was done in late fall or occasionally in the middle of winter.

Either way keep one thing in mind... always assume the pipes are frozen. As I discussed with a buyer this evening, rarely is a home winterized immediately after the heat is turned off. Generally it is 30-60 days after a bank takes back a home in foreclosure before it is winterized.

I hate to say it but many times even if they are winterized early enough they are not done properly as was the case for one of my buyers last November. They were purchasing a home that had hot water heat. On our initial visit there was no evidence of frozen pipes but after the offer was signed and we had temps below 0 for a week all of a sudden several pipes in the basement burst.

In that case there was $8,500 worth of damage to the heating and water system Fortunately for my buyer the Seller (and in this case the buyers lender) reluctantly agreed to cover the repairs. The moral of the story always assume the pipes are frozen and get a competent inspection even if the home claims to be winterized.

JOIN EXIT REALTY!!

Jules Yates is an Associate Broker at Exit Realty Paramount in Traverse City, MI. To Learn More about Jules and to learn why he joined Exit Realty visit www.WhyIChoseExit.com. Have you considered a career change or considered making the switch to EXIT REALTY, if so let Jules sponsor you into an office (anywhere in the US or Canada) and he will personally help you build your business to new heights.

Northern Michigan Chapter of Women's Council of Realtors (WCR) was recently chartered at the WCR State Meeting in Traverse City, MI. Currently, there are 29 National Realtor members and 11 Local Affiliate members in the chapter.

WCR is an organization that all women should look into. The leadership that this organization provides to our profession is incredible. The professional and personal growth that is extended by the members to each other is quite amazing.

At the recent State Meeting that was held in conjunction with the Michigan Association of Realtors convention in Traverse City, MI I met some of the most incredible women in our industry. everyone was willing to share ideas and help with the mentoring of our new members.

If you are not a member of your local Chapter of WCR, you should attend a meeting and see what the organization is all about. If you become actively involved, you will not be disappointed. You can take a sneak peak at the organization by visiting their web site at www.WCR.org

This has been by far the strangest summer and fall I can recall since moving to Northern Michigan in 2001. This summer was cooler than normal but mainly dry which was a good thing in my mind. September was wonderfully summer and warm and here we are in October and it has been less than pleasant.

I took a drive this afternoon out to Bellaire, Michigan and as I was driving through the rolling hills of Antrim County I was surprised to see so many green leaves. Sure we had the occasional bright red or yellow maple tree along side the road but the majority of the trees are still green as they can be.

Just last week my brother came to visit from Lansing and he said he too was surprised that he did not see the color change. I have been told that lower Michigan has more color than we do here in Northern Michigan. Our proximity to and the warmth of Lake Michigan, Grand Traverse Bay, Lake Skeegemog, Elk Lake and Torch Lake creates a micro-climate which seems to delay the turning of the leaves.

If you live in lower Michigan and thought the color tour may be over... I assure you it is not. Please come up and visit us here in Northern Michigan this fall.

JOIN EXIT REALTY!!

Jules Yates is an Associate Broker at Exit Realty Paramount in Traverse City, MI. To Learn More about Jules and to learn why he joined Exit Realty visit www.WhyIChoseExit.com. Have you considered a career change or considered making the switch to EXIT REALTY, if so let Jules sponsor you into an office (anywhere in the US or Canada) and he will personally help you build your business to new heights.

This Past week I had the privilege of attending the Michigan the Michigan Association of Realtors convention at the Grand Traverse Resort here in Traverse City. Having the convention here in my hometown was simply a blessing. If you can believe it this is the first MAR convention I have attended in the 21 years I have been in business and all I can say is... wow.

One of the most important things I learn (or became more familiar with) was a financing program through RD (Rural Development) and specifically what is called RD Direct. I am confident that the majority of the population (and many REALTORS) are not aware of how powerful this program can be to first time home buyers or those with a low or very low income.

Did you know that a single person (living in Grand Traverse County) with "decent" credit and an income LOWER than (yes... lower then) $22,150 per year (or equivalent of less then $11 per hour) more than likely can qualify for a RD Direct subsidized loan. The rates are different for each county and are higher if you have additional family member living with you.

This is a $0 DOWN loan which basically gets you a 33 year fixed mortgage at 1% interest (if you qualify). You can buy an existing home or custom build A NEW HOME. You may not realize this but right now I work with a builder who can build you a new 2 bedroom 1 bath home "STICK-BUILT" Home. This includes a basement, garage, appliance, air conditioning on a 1 acre lot for $130,000 with NO MONEY DOWN. Both land costs and building costs are way down so why not take advantage of this opportunity.

Now that may not quite sink in just yet but for example on a $150,000 purchase (a quite respectable home these days in Traverse City) the payment with taxes and interest would be around $700-$750 per month ($445 plus $275 for taxes and insurance). In a traditional transaction the monthly payment would be $774 plus $275 or $1,049. That is a $275 monthly savings.

Again to put that in perspective that is the equivalent to buying a $85,000 home under a conventional mortgage at 5% interest versus a $150,000 home at 1%. We are talking about the same payment, more house and a lower interest rate. That 1% rate is like free money to you and it gives someone who qualifies additional BUYING POWER.

EXAMPLE ($0 down programs): With a Conventional mortgage in the amount of $85,000 at 5% interest the monthly mortgage payment would be $774 PLUS $275 for taxes and insurance for a total of $1,049 per month.

With an RD Direct loan you could buy a $150,000 home at 1% interest with a payment of $445 PLUS $275 for taxes and Insurance and get a $275 per month subsidy for a total of just $750 per month.

If you are unfamiliar with mortgages and finance this all can seem like a lot of mumbo jumbo but trust me when I tell you this... there has never been a better time to buy a home then now. I'll be happy to explain it to you in person so that you get a better understanding but all I want to do now is make EVERYONE aware that buying a home is possible for many people but they just don't realize it.

I am sure some of you say...what is the catch. Well as far as I am concerned, there is no catch. If you are looking for some thing than the worst case would be what is called the recapture. What that means is the government is subsidizing your loan and making about $275 per month of your payment for the time you have the loan.

Since they are in essence helping you, when you go to sell your home (and lets say it does not go up in value) you will not owe any of that money back. If on the other hand it appreciate in value, then in that case you will be required to pay back a portion of the profit. It sure seems fair to me so don't let someone tell you not to check into it.

Visit http://www.rurdev.usda.gov/RHS/sfh/brief_rhdirect.htm for more information or call me anytime at 231-218-5199. You may be asking what I get out of this and the answer is simple. I get to help people buy a home and the seller pays me when I sell a one. Everyone wins and you get yourself a new home.

JOIN EXIT REALTY!!

Jules Yates is an Associate Broker at Exit Realty Paramount in Traverse City, MI. To Learn More about Jules and to learn why he joined Exit Realty visit www.WhyIChoseExit.com. Have you considered a career change or considered making the switch to EXIT REALTY, if so let Jules sponsor you into an office (anywhere in the US or Canada) and he will personally help you build your business to new heights.

The Northern Michigan Chapter of the Women's Council of Realtors is presenting a Top Producer Panel. This panel discussion will be hosted at the Holiday Inn in Traverse City on October 1, 2009. We will hear from 3 of the top producing agents in the Grand Traverse Area on how to survive and thrive in our current economic situation. Come join us for some great insight on our current market?

When: October 1, 2009

Where: Holiday Inn, Traverse City

Time: 11:30 - 1:30

Cost: $12 for WCR members and $16 for Non Members

Lunch will be provided