What can I get for...

This UnReal Deal isn't about a particular property.  Rather, it's about what you can get for your money.  I was playing around with some numbers the other day, and in doing so found that I'd illustrated to myself some of the reasons it makes sense to consider buying now.

What got me thinking was a conversation with the renter of one of the homes I'm selling, who is looking for a new rental home.  They're not prepared to buy right now, but it got my gears turning.

Let's say that they are paying around $750.00 for the house they are renting now.  That house should sell for around $65,000.  So by renting, they get a $65,000 house for $750 a month.  A house something like this.

I checked rates with both SRC Mortgage and Honor State Bank and found that 30 year RD (Rural Development) rates are around 4.75%.  This is a 100% loan product (requires seller contribution to buyers closing costs.)

Based on those rates, $750.00 a month would get you $143,775 in mortgage.  Now, I don't advise anyone spend all that they can afford, and you've got to figure in ownership costs like insurance and taxes, so let's back that down to $600 a month.  That gets you $115,020 in mortgage purchasing power.  Something more like this

So in this example, our hypothetical renter could buy, thereby investing in their own home (not their landlords), take advantage of mortgage interest deduction on their tax return, build equity, get an $8000 tax credit (if they haven't owned a home in the last 3 year), and live in a lot more house!

Let's look at this another way... imagine the buyer who qualified three years ago, based on a monthly payment of $500.  Back then, interest rates were around 6.5%, giving them $79,105 in purchasing power.  Now, at 4.75%, that same $500 would get them $95,850 in purchasing power!

Now put those numbers to work and make them real- search out some listings on my website and see how much house that buys you.  I think you'll be suprised, maybe even amazed.

If I haven't lulled you to sleep, and you want information specific to your situation, you can contact me using one of the tools in the sidebar, or leave a message below.

The deals are back...

The long hiatus in UnReal Deals postings hasn't been for want of great deals, but rather because I've been too busy selling them to write about them.  I've had two properties that I've been starting to write up, only to get an offer before I could get to that point.

Today's UnReal Deal is one that I'm itching to buy myself.  If it was about 10 miles farther north, closer to my office and my kids school, I'd have my current home on the market today.

Here's the rundown:  Located near Bear Lake, 2210 square feet, Chalet style with a huge loft (like 700 square feet!) and a wall of windows looking out toward orchards to the north.  Hilltop setting, but not too high, 2 bedrooms on the main level, main floor laundry and a beautiful bathroom with jacuzzi tub and walk in shower, finished in tile.

Walkout basement also has an egress window opposite the walkout, making it prime for finishing.  Two car attached garage, deck of the back, river rock (cultured stone I believe) chimney, vinyl siding.

Built about 2006, appears to have been hardly lived in, some trim was left unfinished, but the bank that now owns it attended to much of that, plus installed carpet where it was missing, finished grout and tile work in the bathroom, and installed a range.

It's on 7.57 acres, mostly older orchard, very attractive (especially when the blossoms come out in spring.)  And the bonus?  At the rear of the property, set away from the house, is a 40 x 100 pole barn.  That's 4000 square feet of open space for whatever toys you fancy.

I thought it was a good deal at $189k.  A great deal at $164,900.  Seller just dropped the price to $159,800- an UnReal Deal!  

Here's a link to more info and photos, or connect with me using one of the tools to the right.

UnReal Deal on newer home on 5 acres

I'm always happiest when my UnReal Deals feature one of my own listings. That means I'm doing a good job positioning my listings in the market, and my sellers are truly motivated to sell and have priced accordingly.

That's the case this time, as I've selected a house I just listed. It's a six year old BOCA modular home (big step up from a manufactured, stick built quality) with 3 bedrooms, 2 baths that's in exceptionally good condition for a bank owned (foreclosed) property. There's 5 acres of land, a 24 x 30 pole barn and a storage shed.

The house was offered as recently as October for $159,900. It just hit the market at $85,000 and the calls have started coming in already.

Here's a link to more information and additional photos. As always, you can use the resources in the sidebar to contact me, or visit http://www.benzierealestate.com/ to search inventory throughout Northwest Michigan.

Deal on Platte Lake

My latest UnReal Deal is another brokers listing on Platte Lake. It's been a while since I've seen a cottage available on this wonderful lake at a price like this. It's a true seasonal cottage, not some grandiose resort property, but with 51 feet of private frontage, 3 bedrooms plus a bunkroom above the garage, there's a lot of fun being offered for less than $250,000.

Click here to see more detailed information

Platte Lake is about 3 miles by 2.5 miles, a great all sports lake, and the Platte River flows through it. Median sale price on the lake for the past 2 years was $453,500, and median price for active listings is $585,000, with several listings over $1,000,000.

If you're interested in learning more about this listing or any others on Platte Lake, let me know! You can email me or use one of the tools on the sidebar to contact me via social networks or send me a text.

Listing courtesy of ReMax Bayshore Properties, 500 S Union Street Traverse City, Mi 49684

Now! Even UnRealer!

I was planning to talk about a listing I have in Copemish, which is a 3 bedroom, 1.5 bath 2 story, totally remodeled, for just $69,900. This is about the nicest home I have ever seen in this price range. The seller is a builder/schoolteacher who bought it from an estate and did the remodel work over the past year or so.

I said planning to talk about that listing, because I just got a price reduction on the listing I posted here last week. The house that was an UnReal Deal at $34,900 just got reduced to $22,900. EVEN UNREALER!

Welcome to UnReal Deals

I keep coming across great deals in our marketplace, and have been sharing them with friends on Twitter and Facebook. I'm going to start posting them here as well, where I can tell a bit more about them.

Prices for homes have taken a hit, and with current mortgage rates in the 5% range, the values are outstanding. Unfortunately for me, I can't buy them all, so I'll share the information. The listings I'll talk about will not be limited to my own inventory. If I see a great deal that is someone else's listing, I'll tell you about it.

I'll start off with a home I just listed for a bank. It's a 3 bedroom, 2 bath 1970's manufactured home on 5 very nice wooded and rolling acres. It has a full basement and a large deck, and is very close to the new Douglas Valley Organic Vineyard Community, where lots alone are offered starting at $129,000.

It's also close to Little River Casino, the Manistee River, Lake Michigan, Portage Lake and Onekama.

This house sold in 2004 for over $100k. It's now available for just $34,900. Here's a link to more information.