Your Local Real Estate Expert - Michael Perna

Don’t Miss Out On This Tax Refund

michaelperna@kw.com (Michael Perna) — Mon, 15 Feb 2016 10:11:00 -0800

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at 248-886-4450 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hot Off The Press!!! The State of Michigan recently announced that if you have sold a home in the last four years; you are are eligible for a 75% rebate on the transfer tax that was required at the time.

Currently, we have discovered 217 refunds for our past clients that total up to $226,837 in refunds! The best news for you, is that we are not done yet. Don't worry if we have not contacted you yet, we're still working hard for you.

We would love to help your friends and family with this as well, if you know of anyone who has sold a home in the last four years, please let us know (248) 886-4450. The Perna Team would be happy to research on their behalf. We will also prepare any necessary documentation you need which usually includes 6 documents going to 4 different places. Luckily, this all will be done for you. Call today or fill out the form so you can get paid (248) 886-4450.

We would love to hear some success storied from people who have received their refunds. Reach out if you believe you might qualify for this refund.

What's the Secret to Paying Lower Taxes on Your Michigan Home in 2016?

michaelperna@kw.com (Michael Perna) — Wed, 13 Jan 2016 10:17:00 -0800

Happy New Year, everybody! The holidays are over, which means we are back to business as usual. For the Perna Team, business looks like trying to bring as much value to our clients as possible.

The start of the new year also means that tax season is near. You have your one and only opportunity to fight your taxes coming up sometime in the next 30 to 45 days, depending on which municipality you're in.

When you get your tax bill in the mail, you'll see your new Taxable Value and your new State Equalized Value. If you flip to the back or go to the second page, depending on the city, you will see the phone numbers, the days, and the times you can use to reach the people you need to in order to fight your taxes.

To make this a success, what should you bring with you? First, you need to bring a letter with you that states that you're fighting your taxes. We have a pre-made copy of that letter we would love to share with you. Just give us a call or shoot us an email at any time. In addition to that document, the city assessor's office is also going to be looking for three very specific comparable properties. There are a lot of criteria they go off of; for instance, they will not accept bank-owned properties, appraisals, short sales, or distressed sales to determine the value of your property.

The Perna Team knows exactly what you need in order to successfully fight your taxes, so don't hesitate to reach out to us for help. We'll get you the three comparable you need to give you the best chance at getting your taxes lowered in 2016.

We would love to help you save money this year!

What Recent Interest Rate Hikes Mean for Buyers and Sellers

michaelperna@kw.com (Michael Perna) — Wed, 30 Dec 2015 11:44:00 -0800

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

The new year introduces a new set of real estate rules. What will 2016 bring us? We can definitely count on seeing some interest rate hikes. If you're thinking of buying or selling a home in the next six to twelve months, these interest rates will have a direct affect on you.

Janet Yellen from the Fed said:

In the policy statement issued after its October meeting, FOMC reaffirmed its judgement that it would be appropriate to increase the target range for the federal funds rate when we had seen some further improvement in the labor market, and were reasonably confident that inflation would move back to the committee's 2% objective over the medium term.

Because of low unemployment rates and a healthier economy, the Fed has been able to raise interest rates for the first time in nine years. Right now rates are at 3.9%, but they will rise to 4.5% soon. Most economists think that over the next ninety days, interest rates will crest 5% for the first time in years.

If you're looking to sell a home, know that your buyer has a 4% rate locked in right now. You have the next thirty days to get your home on the market. You will see a lot of buyers coming into the market before the spring seller season begins, which is fantastic for you. You will have a better pool of buyers who have more purchasing power and, with fewer properties available, less competition on the market.

Also as a seller, you may have also seen your home value go up, but in the next ninety days, as interest rates increase, your home will drop back down in value.

If you're a buyer, this interest rate increase means that in ninety days, your monthly mortgage payment will go up $150 a month on average, and $1,800 a year. In order to afford the same home you're looking at now in 90 days, you will need to make $6,000 more per year. The likelihood of anyone getting a $6,000 raise in the next couple months is unlikely, so most buyers will have to look at lower priced homes.

What does this mean for you now? Buyers: take advantage of low rates. Sellers: take advantage of these motivated, quality buyers who have locked in a 4% rate.

If you have any questions about today's video, give me a call or send me an email. I would be happy to help you!

How we helped Anonymous by always going above and beyond

michaelperna@kw.com (Michael Perna) — Tue, 28 Jul 2015 13:13:00 -0700

"My condo was sold exactly how I expected! When we had some confusion about closing costs my realtor made the effort to resolve it. She made all sorts of different phone calls for me and got it resolved."

-Anonymous, Home Seller

Where Are Interest Rates Heading in Detroit?

michaelperna@kw.com (Michael Perna) — Mon, 26 Jan 2015 08:33:00 -0800

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we have some great news for you. Over the last few weeks, interest rates have been coming down. If you've received a home loan sometime in the last few months, you've probably noticed that rates are hovering between 4.25% and 4.4%.

Let's say you have a $200,000 home loan with an interest rate of 4.25%. Your principal and interest payment would be roughly $989 a month on a 30-year fixed mortgage. Recently, I've seen closings with interest rates as low as 3.6%! If you locked in this rate now, instead of the 4.25% rate, your monthly payment would only be around $907, for a savings of about $80 a month! Over the course of a year you could save $960, and about $2,000 over two years!

If you have an FHA loan, we have some good news for you. FHA has lowered its basis points from 1.35% to .8%! This means that if you got an FHA rate sometime in the last three years, you're probably paying $120 to $150 a month in mortgage insurance. You could have it reduced to $65 to $110 a month if you refinanced! This is a $50-a-month savings per loan, which is fantastic. FHA also offers something called FHA Streamline, which allows you to obtain a loan without having to deal with appraisals, credit checks, and underwriting, all for $300.

We have several lenders we can refer you to if any of these opportunities interest you. Give us a call or shoot us an email - we would love to figure out whether now is the best time to make your move and discuss your options. We look forward to hearing from you soon!

5 More Questions to Ask a Prospective Agent

michaelperna@kw.com (Michael Perna) — Mon, 1 Dec 2014 06:57:00 -0800

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

5 More Questions to Ask a Prospective Agent

Welcome back, everyone. Last time we gave you 5 questions that agents hate to be asked. The reason they hate to be asked these questions is that it requires them to be honest about their business and business practices. We are back again with 5 more questions for you to ask your agent, so you can determine if they will be able to meet your needs.

6. How many of your pending contracts close escrow?
This is more of an intricate question and speaks to Real estate is not a one man job anymore. minimizing the hassle of a transaction. If you are hearing numbers that are 95% or above, that is great. Our team's average is 96%. Anything less is not effective and probably won't lead to a very smooth sale.

7. What is your list-to-sale ratio?
This is of supreme importance when you are selling a home. The national average is 92%, but an experienced team of agents like ourselves have a 98.2% average. We can get you more than 6% more money than an average agent.

8. How will you attract buyers to my property?
Your agent must have a written, applicable marketing plan. Putting a sign in the yard and putting it on the MLS isn't a plan. A plan must be a written, repeatable system that is in place, like our 151 point marketing system.

9. Do you assist with staging a property?
A few small moves can result in thousands more for your home sale. A certified home-stager, like the ones we work with, can sae you thousands with investments of only hundreds.

10. How many homes have you sold in the last 6 months, the last year?
For sellers ,this figure shows a track record of success. If you're a buyer a high number tells you that this agent may have access to some homes that are not on the MLS. We personally get about 5 deals a month from homes that aren't publicly listed.

Thanks for reading, If you have any questions, you can always give us a call or send us an email. We would be very glad to help.

What You Should be Asking Your Prospective Agent

michaelperna@kw.com (Michael Perna) — Fri, 7 Nov 2014 12:12:00 -0800

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

What You Should be Asking Your Prospective Agent

Today we want to share with you 10 questions that real estate agents hate to be asked. These are great question to ask agents before hiring them, because it forces them to be honest and their answers will determine how good of an agent they are. We will cover the first 5 this week, they are:

1. Are you a full time agent?
This is a very important question to ask. You want to make sure the agent has the experience to handle all the issues in your real estate transaction.

2. Do you have a team to support you?
This is also very important, especially if you are buyer. If the right home comes up and there is no one else to help you besides your primary agent, you could miss out on the best homes in our market, which are typically selling within 24-48 hours. We have 13 buyer representatives that are always available to assist you with getting into homes and helping make offers. Real estate is not a one man job anymore.

3. Are the members of your team specifically trained for certain tasks?
It's important that each member of the team has a specific, defined role. A closing coordinator may not be the best negotiators. A good negotiators is not necessarily the best at marketing. Each person should know their job and be trained well to help close a transaction quickly and smoothly.

4. What level of communication can I expect?
This is of the utmost importance. For our sellers, we communicate with them a minimum of twice a week. For buyers, we will keep in touch at all times to let you know about new listings that match your criteria for a home. We cater to your communication needs and can communicate with you however you would like.

5. How do you rank in your firm, locally and nationally?
This is a great question to ask to gauge experience. If you work with an agent in the bottom 20%, they don't always have the pedigree to get your home sold or bought correctly. Our team is #2 in Michigan and #12 nationally.

Thanks for checking out our first set of questions. We will be back in a few weeks with the final 5 questions, so stay tuned! If you have any questions in the meantime, feel free to give us a call or send us an email. We'd be glad to help!

How we helped Nick sell his home in 26 hours with our efficiency and professionalism

michaelperna@kw.com (Michael Perna) — Tue, 28 Oct 2014 06:05:00 -0700

The Perna Team was very efficient. Mary Jo delivered on everything she said she would. The level of professionalism with the photos and everything just made it a quick sale. It was listed on a Thursday at 2 o’clock and we had an accepted signed offer in our hands 26 hours later that Friday. We couldn’t have been happier!

How we helped Clarice sell her home by making sure things were taken care of

michaelperna@kw.com (Michael Perna) — Mon, 27 Oct 2014 14:00:00 -0700

We got very quick results. The Perna Team was very professional and showed a lot of interest in helping us. We had 4 showings and 4 offers within 26 hours. There was an instance where there was an error and someone forgot to take a showing off after the sale was pending and our alarm went off. It was on a Sunday and I was travelling but I was able to call Mary Jo and she took care of it. She always kept us updated on the transaction too which I really appreciated!

How we helped Joella sell her home making the process go smoothly

michaelperna@kw.com (Michael Perna) — Fri, 24 Oct 2014 14:05:00 -0700

They were awesome! My house was sold quickly and efficiently and they were always there if I had a question. The whole process was very smooth! The buyer didn’t have the funds wire transferred on the day of closing so Mary Jo was willing to drive to my house the next day to bring me my check. They were all just really great!

Detroit Metro Real Estate Market Update for Fall 2014

michaelperna@kw.com (Michael Perna) — Tue, 21 Oct 2014 14:59:00 -0700

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Detroit Metro Real Estate Market Update for Fall 2014

Thanks for joining us again. We are excited to bring to you another market update for Metro Detroit. We have been seeing some exciting trends lately that have us very excited for the present and the near future.

One great trend we have seen from the past month is that interest rates are holding steady at historic lows. This is a great sign, as rates have remained steady for 40 days now. This has resulted in a continuation of buyer interest as we head into the fall, which is great for home sellers.

For home buyers:

We are seeing sellers continually trying to take advantage of the fact that we are in a buyers market and have such low interest rates. Homes are continually being put on the market, making our market very even-keel.
Home prices aren't going up or down right now, but most economists are predicting a 2-4% average price reduction in the next year.
You want to purchase now if you are ready as opposed to waiting until next spring. Even if the average price is lower, the expected rise in interest rates will offset the savings, and actually make a home more expensive.

For home sellers:

You do want to have your property on the market this fall and through the new year while interest rates are low and before they creep up.

If you have any questions about the market, or what you need to do in order to have a smooth transaction, give us a call or shoot us an email. We'd be happy to answer any questions you may have.

How we helped Jamie sell her home quickly with our persistence

michaelperna@kw.com (Michael Perna) — Thu, 16 Oct 2014 14:24:00 -0700

We had very positive results with the Perna Team. Our house sold in a couple days and our agent, Mary Jo was really great to work with! She was very informative and everything was very straight forward. She pushed for the best deal possible for us and because of her persistence, we actually got a cash offer in the end.

How we helped Valentia sell her home by doing anything possible for her

michaelperna@kw.com (Michael Perna) — Tue, 7 Oct 2014 09:51:00 -0700

We got 3 offers on our home, 2 of them were above asking price and then the 3rd, which I chose, was an all cash sale. I couldn’t be happier! Mary Jo did everything possible and I don’t think anybody could have found any fault with what she did. She was extremely professional, helpful, responsive, and she just did a fabulous job. I’m was extremely happy!

How we helped Dick sell his home in 4 days by looking out for his best interests

michaelperna@kw.com (Michael Perna) — Tue, 7 Oct 2014 09:47:00 -0700

Our house sold in 4 days so we had excellent results! She did a fantastic job with the pictures and write ups and I really think that helped it sell. Mary Jo stepped up and really looked out for our interests when the buyer’s finances were shaky. I have nothing but good things to say about Mary Jo and the Perna Team!

The Importance of a Buyer Consultation

michaelperna@kw.com (Michael Perna) — Mon, 29 Sep 2014 07:34:00 -0700

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

The Importance of a Buyer Consultation

Today we are talking about the importance of buyer consultations. Recently, we were fortunate to attend the Hear it Direct conference. This is a conference that brings real estate consumers and agents together from around the country to discuss their home buying and selling experiences.

What we found out from a panel of 20 buyers and sellers were some startling facts. Mainly, that 19 our of these 20 didn't do an initial buyer consultation at all before looking. Out of those 19, 17 of them said things would have been much easier if they would have gotten a buyer consultation before they bought.

An overwhelming majority of buyers also felt that once they wrote and had their offer accepted, they had no idea what to do. No one helped them with the next step or sat down with them and let them know the entire home buying process.

Here are some more responses to some of the questions asked of the panel:

11 of the 20 feel that they would have chosen a different home if they had that consultation before they bought
14 of those buyers listed real estate among their top 3 worries. The 2 that had buyer consultations did not list real estate in their top 3 worries.
The biggest thing that stood out was that they had a poor relationship with their real estate agent. They felt like they didn't take their time in researching and picking the best agent for them.

We don't want you to make any of these mistakes. We at the Perna team take it upon ourselves to have a consultation with our buyers. It usually only takes 20 or 30 minutes, but the rewards you get from having this meeting before you buy are huge.

If you are thinking of buying or selling real estate in Detroit, give us a call or shoot us an email. We can set you up with a time to go through the process with you so you don't make the same mistakes as so many other buyers.

Comparing and Contrasting Buyer's and Seller's Markets

michaelperna@kw.com (Michael Perna) — Tue, 9 Sep 2014 09:24:00 -0700

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Comparing and Contrasting Buyer's and Seller's Markets

Today we want to talk to you a little bit about the differences between a buyers market and a sellers market so you know how to take advantage of each.

Going into Spring this year, we saw an increase in inventory and this slowed the pace at which home values went up. In 2013, we had a huge increase in average home value at 25% This year, so far we have only had a 3.2% increase in home values.

If you've been waiting to sell, now is the time to do so. This month, a lot of buyers are going to be coming back into the market around the 2nd week in September.

For buyers, experts predict home mortgage rates to go up next year and people are going to want to lock in rates now. If you are pre-approved for a rate this year as opposed to next year, you could be saving thousands of dollars in the next year alone.

Typically the best time to sell is in the Spring, but a lot of people have been looking at the market and know that this fall is a prime opportunity to sell. Buyers that would be entering the market next Spring are going to be entering this fall, and taking advantage of this fact is key.

If you have any questions, please give us a call or send us an email. We'd love to talk to you.

Steps to Preparing Your Home for Sale

michaelperna@kw.com (Michael Perna) — Thu, 31 Jul 2014 10:01:00 -0700

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Steps to Preparing Your Home for Sale

Before you put your home on the market, you need to make sure that it's properly prepared to sell for top-dollar. Today we want to talk about home staging and why it's such an important step when you decide to sell your home.

A home is generally the biggest asset that most Americans own. Right now, by professionally staging a home before we sell it, we are able to decrease the average market time from the Detroit average 196 days to just 53 days. With an average investment from a homeowner of $1360, we are able to command a $7600 higher average sale price. So by staging your home correctly, we can cut the time it's on the market by 2/3 and get you a 7-1 return on your investment for improvements to the home. On the Perna team, we use a full time home stager to assist you with redecorating and demanding top dollar based on current cosmetic trends.

Here are the areas where we are seeing the best return on investment:

Re-landscaping- an average cost of $400, commands an average return of $2,000
Repainting- an average cost of $700, with an average return of $3,100
Removing Wallpaper- This average cost of $1,400, brings an average return of over $4,000

Although it's probably not worth it to do extensive and expensive home renovations, it is worth putting a little bit of money into your kitchen and bathrooms so you can make sure they are looking their best when you are ready to sell.

If you have any questions at all about staging your home or anything else, please don't hesitate to reach out to us. You can reach us by phone or e-mail and we would be delighted to assist you.

How we helped Thom sell his home by doing a good job from start to finish

michaelperna@kw.com (Michael Perna) — Thu, 24 Jul 2014 08:46:00 -0700

I had someone whom I’ve known for about 30 years come and appraise my house and they told me what they thought it was worth. I disagreed with the appraisal so I put the house up on Zillow myself. I got a call from a lady at The Perna Team and she said that she’d like to talk to me about the house and that she’d like to see it. I liked her, so she came out and looked at it and said that she thought we could do this. We put it up, got 2 offers on it of which I took the 2nd offer, and I was just pleased with the whole process!

How we helped Danah sell her home in 2 weeks by showing her house right away

michaelperna@kw.com (Michael Perna) — Thu, 24 Jul 2014 08:43:00 -0700

I got the optimum result in that my home sold in about 2 weeks. This is the first time I’ve sold a home on my own and I was surprised in how quickly they began showing my home. The first time I met them and signed the paperwork was on a Thursday and they started showing my house that Saturday.

Detroit Real Estate Market Update for Summer 2014

michaelperna@kw.com (Michael Perna) — Mon, 14 Jul 2014 11:20:00 -0700

There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Detroit Real Estate Market Update for Summer 2014

It's summertime in Oakland and Wayne counties, and we are currently experiencing a hot sellers market. Homes are moving extremely fast. Most are not even lasting three days on the market, while some of the "lingerers" are, in reality, only on the market for 7-10 days. That is an incredible number and the situation could not be more perfect for anybody who want to sell their home. Here are some more important things you should know about our market so you can make the best decision possible for your real estate needs.

The average days a home spends on the market is around 27 days, but our team has an average of 19 days.
We are seeing very little inventory in places like Novi, Northville, Farmington Hills and Livonia. There are not many homes on the market in these places and the best homes go very quickly and command top dollar.
Over May and June, we did see inventory levels increase about 15% from the spring, so we are easing back a little bit on the 7 or 8 offer situation we were seeing, which is good news for buyers because there is not as much competition as there was in the spring. However, we are still seeing multiple offers on almost every home.
Right now, interest rates remain at a historic low. They have risen to around 4.25%, but that number is still extremely low. Since 1989, the average interest rate has been about 8.9%, and we are under half that.

If you have any questions about the real estate market or are interested in buying or selling a home, please give us a call. We would love to help you out with all of your real estate needs.