Steve Meyers
Answers To Real Estate Questions.com
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| Steve Meyers Agent/REALTOR®, ABR View Profile |
49433 Hayes Rd., Suite A
Shelby Twp, MI 48315
Phone: 586-997-5480
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Answers To Real Estate Questions.com
"Your Local Real Estate Expert"
Being the Best for my Clients...
Home Buyers and Sellers have their money on the line and I don't take that lightly. I make sure my clients have all the pertinent facts; that they understand the legalese contained in their contracts and disclosures and that they know their options. I won't sugar-coat the truth and always point out both the positive and negative in a potential decision. No one likes surprises in a real estate transaction; so I ensure that my clients know what to expect each step of the way from initial consult to closing.
I personally assist my clients from start to finish, and never hand them off to an assistant. I will be with you every step of the way.
Steve Meyers
| Steve's Real Estate Market Update | |
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Market Update: April’s market update for Macomb County and Oakland County’s housing market (House and Condo Sales) is as follows. In Macomb County Average Sales price was up by almost 4% and Oakland County Average Sales price was down by less than 1%. Macomb County’s on market inventory was up by less than 1% and Oakland County’s on market inventory was up by more than 8%. Macomb County average days on market was 38 days and Oakland County average days on market was 29 days. Closed sales in Macomb County were down by more than 3% and closed sales in Oakland County were up by more than 4%. (All comparisons are month to month, year to year.) By the long-standing historical definition from the National Association of Realtors (NAR) which has been in existence since 1908; a buyer’s market is when there is a 7-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a 6-month supply of inventory. A seller’s market is when there is a 5-month or less supply of inventory. Inventory has continued to stay low. In April the State of Michigan inventory was at 2.4 months of supply. Macomb County's inventory was at 2.1 months of supply and Oakland County's inventory was at 2.2 months of supply. By definition it’s still not close to a buyer’s market. Steve Meyers
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Answers To Real Estate Questions
Question: We recently sold our home and have a question about a discrepancy with our mortgage payoff amount. The amount that we owed according to the last monthly statement was approximately $700 lower than the amount shown on our closing documents. The title company person said that it was interest that we owed. We made our last payment on time before the 1st of the month online. Why are we paying more?
Answer: The title company is correct. Interest on a mortgage is paid in arrears. (Unlike rent that is paid in advance) The interest is paid at the end of a month (or another set period). Example; when you make your mortgage payment that’s due on May 1st you are really paying for the use of the money during the month of April. If you closed on the 20th of the month, at closing you would owe interest for those 20 days. That is why your actual payoff amount was higher than your mortgage balance on your statement. If you had a FHA loan it can be a little different. Older FHA mortgages (which are a government backed loan), taken out on or before January 20th, 2015, charge interest for the whole month whether you close at the end of the month or the beginning of the month.
©Steve Meyers
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Buying a Home? Not every home for sale in the area can be found on the Internet. Let my direct access to all the listings help you locate your dream home in the most efficient way possible. |
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Selling a Home? There are lot's of do's and don'ts when selling a home. Let me use my years of experience to guide you along a successful path of preparation, promotion and closing the deal. |
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Relocating to the Area? If you are moving to this area, I can provide you with helpful information so that your move is as worry free as possible. Feel free to contact me for local information like the best schools and communities. |
Isn't it nice to know you have a friend in the real estate business that you are comfortable referring the people you care about to?
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