The questions people ask before they call

It depends on the price range and the program. Many conventional loans start at 3% down, FHA loans at 3.5%, and VA loans (for eligible veterans) at 0%. On top of the down payment, plan for earnest money (commonly around 1% of the price) and closing costs, which typically run a few percent of the purchase price. Michigan's MSHDA programs can reduce the down payment burden further; Raquel runs the real numbers with you.

Most conventional lenders look for a score around 620 or higher, and FHA guidelines allow 580 with 3.5% down. The VA sets no minimum score, but individual lenders commonly require 620. Your exact rate depends on the full picture: score, debt, income, and down payment. Checking your score before you start costs nothing and saves surprises.

Yes. Conventional 3%-down programs exist and are common for first-time buyers, and FHA allows 3.5%. In Michigan you can often stack those with MSHDA down payment assistance, which can lower your out-of-pocket cost further. Raquel matches the program to your situation at your consultation.

Yes. MSHDA runs the state's programs: the MI Home Loan (a 30-year fixed mortgage with income limits and a sales price cap) plus the MI DPA loan (up to $7,500) and MI 10K DPA loan (up to $10,000) in 0% deferred down payment assistance, both requiring a housing education class. Availability and limits change; the current numbers get verified before you commit.

Lenders generally cap the housing payment at about 28% of gross monthly income and total debt at about 36%, though ratios vary by program. The firmer number comes from a lender's preapproval, which factors in your exact income, debts, down payment, and current rates. That letter, not a calculator, is your real budget.

Nobody can time rates reliably, and waiting has a cost: prices and rents keep moving. The better question is whether you are financially ready and how long you plan to stay; buying then refinancing when rates fall is often the practical path. Raquel and your lender can model both scenarios with today's numbers.

Buyers typically pay a few percent of the purchase price in lender, title, and recording fees, commonly in the 2% to 5% range depending on lender charges. Some costs are negotiable with the seller. Your lender's Closing Disclosure lists every line before you sign, and Raquel reads it with you line by line.

For a straightforward purchase with a preapproved buyer, the contract-to-closing window in Michigan typically runs 30 to 60 days. The search phase before that is up to you; Raquel's saved-search alerts let you move fast when the right home lists.

Yes, before you tour. A preapproval tells you what you can actually spend, so you look in the right range, and it makes your offer credible the moment you need to write one. Sellers' agents routinely deprioritize offers without it.

Prequalification is a quick estimate based on what you tell a lender. Preapproval means the lender has reviewed your income, credit, and assets and will back the number with a letter. Offers move with preapproval letters.

In the vast majority of Michigan transactions, the agents' commissions come out of the seller's proceeds at closing, which means the buyer's representation is effectively paid by the seller's side. Compensation arrangements changed across the industry in 2024, so Raquel confirms the terms in writing early, before you fall in love with a house.

You get options: ask the seller to fix, negotiate a credit or price reduction, or walk away within your inspection window. Your inspector documents, your agent negotiates, and you decide with the full picture. Most inspections surface items that are handled with one conversation.

Almost every sale is negotiated, from price to closing date to what stays in the house. In competitive markets, well-priced homes may move at or above list; in balanced ones, there is room. Your agent's job is to know which situation you are in before you write.

Michigan reassesses property at sale, so your taxes will reflect the new purchase price and current assessed value, which is almost always higher than the prior owner's capped amount. Compare the lender's estimate against the actual bill after closing; the delta is a real budgeting item.

Local, current market knowledge; a communication style that actually fits yours; patience with questions; and a willingness to say no to a bad fit. Test the responsiveness while you interview, hire for honesty, and check recent closings in your town. Twelve years and 130 homes in two counties is the kind of record worth asking about.

Start with recent closed sales of comparable homes near you, adjusted for size, condition, and location. County-wide medians are context, not pricing. Raquel builds the street-level number with you at a valuation consultation, and shows her work.

It depends less on the calendar than on your situation: where you are moving, what your timeline is, and whether your current home still fits. The Oakland and Macomb market is active but more balanced than the peak years, which rewards correct pricing over optimism.

Plan for the commission (commonly 5% to 6% combined in Michigan, and it is negotiable), plus title work, transfer taxes, and any negotiated concessions or repairs. Raquel lays out the full math on day one so the net number is never a surprise at closing.

Equity is your home's current market value minus what you still owe. Both numbers move: the value with the market, the balance with each payment. A valuation conversation gives you the current figure and what it enables.

Only the work that pays. Some prep is almost always worth it: decluttering, deep cleaning, fresh paint on tired walls, decent curb appeal. Gut renovations rarely return their cost before a sale. Raquel will tell you which is which, honestly, before you spend.

Kitchens and primary bathrooms, when updated sensibly, plus curb appeal, fresh neutral interiors, and deferred-maintenance fixes. The winner varies by neighborhood and buyer profile, which is why the prep list is tailored to your home, not copied from a magazine.

Priced correctly in the current Oakland and Macomb market, a well-prepared home often goes under contract in weeks; days-on-market for the region is running around three to six weeks in most communities. Overpriced homes can sit for months, and the discount at the end is usually larger than the discount at the start.

Yes. Almost every home sold still has a mortgage; the payoff happens from your proceeds at closing. The title company handles the numbers, and you keep the difference as your equity, minus closing costs.

Sometimes, and it depends on your market, your equity, and your tolerance for two moves. Options include selling first with a rent-back, buying first with bridge financing, or a contingent offer. Raquel maps all three paths for your specific timeline before anyone signs anything.

The buyer's lender uses the appraisal to set the loan, so an appraisal below contract price triggers a conversation: renegotiate the price, have the buyer cover the gap, or find other terms. A good agent has handled this before, and the negotiation usually lands somewhere workable.

Full staging is not mandatory, and light preparation usually earns its keep: decluttering, neutralizing decor, and photographing rooms at their best. For vacant or dated homes, partial staging can shorten days on market. Your agent recommends the level that fits your home and timeline.

You move into the inspection and appraisal period: the buyer's inspections, the lender's appraisal, title work, and any negotiated repairs or credits. Then final loan approval, the closing disclosure, and the signing. Raquel keeps a running checklist so you always know what comes next.

Overpricing on sentiment instead of data, skipping professional photography, ignoring the feedback loop, and negotiating from emotion. Also, telling the agent what to list it for instead of asking what the market will pay. Fix those four and the sale usually takes care of itself.

Yes. As-is simply means the seller will not make repairs; it does not waive the buyer's inspection or your disclosure obligations. Priced for its condition, an as-is home sells normally, and Raquel is experienced with estates and as-is listings.

Interview for local data, marketing, negotiation experience, and communication. Ask how their last three sales priced versus appraised, and how they handle a slow week. Then trust the one who brings the current numbers, not the one who flatters your price.

Per square foot, an existing home is almost always cheaper, especially after upgrades, landscaping, and the time cost. Building pays when you value the personalization, energy efficiency, or a specific location where resale inventory is thin. Raquel runs the honest comparison for your budget.

Yes, and it rarely costs you anything out of pocket: the builder's commission structure covers buyer's representation in most new construction sales. The on-site agent works for the builder; your Realtor reads the contract, prices the incentives, and protects your deposit.

No. Builders price the same plan the same way with or without representation. Skipping your own agent does not unlock a discount; it just removes the only professional at the table whose loyalty is to you.

Yes, especially before you sign: incentives, upgrade bundles, closing cost credits, and completion dates all move, often more at the end of a builder's quarter or in a slower season. After signing, leverage drops fast, which is why the negotiation happens early.

Rate buydowns, appliance packages, closing cost credits, and base price adjustments are common, and they rotate with inventory and season. The true value only shows when compared against the base price and the current market; that comparison is a job for your agent.

Builders commonly ask for a larger deposit than resale sellers, often several percent of the price, held until closing. Terms are negotiable, and your contract should protect the deposit if the builder misses the schedule or the project changes.

A spec home is built on the builder's plan and floor plan, finished and ready for near-term closing. A custom home is designed around your plans with more personalization, a longer timeline, and usually a higher cost per square foot. Each fits a different buyer, and Raquel matches honestly.

Ground-up builds typically run many months from the start of construction, with seasons and supply chain affecting the schedule. Spec homes close on the builder's finished timeline. Your contract should address delays, because winter in Michigan is not a construction schedule's friend.

Usually, yes, at first. Michigan reassesses at sale and assesses new construction at completion value, so the first bills land higher than an older home's capped assessment. Your payment estimate and the actual bill deserve a comparison before you budget.

Landscaping, window treatments, appliance packages, and many of the finishes in the model home are line-item upgrades. The upgrade worksheet is where the real price lives; an experienced agent keeps that worksheet honest and bundles it before you sign.

Options include a bridge loan or home equity line on your current home, a rent-back from your future buyer, or simply timing the two closings close together. Raquel models the costs of each path for your equity and timeline before you commit.

Yes. A home equity line or bridge financing lets you tap equity before the sale closes, funding the next down payment. The cost and risk depend on the gap between the two closings and how long you carry both, which is exactly the math your agent and lender should show you.

You have options: negotiate a rent-back so you stay in the home after closing, rent short-term, or coordinate the timing so closings land close together. Selling first does mean you write your next offer with cash in hand and no contingency, which is powerful in a competitive market.

Yes, a sale-and-settlement contingency protects you if your current home does not close. In balanced markets it works fine; in bidding wars, sellers often prefer offers without it, which is why the sell-first or bridge paths become attractive.

Align the closings, use a rent-back for the gap, or tap equity to cover overlap without double payments. The real answer is planning the two calendars together, which is exactly the coordination Raquel manages for her move-up clients.

It lets you sell, close, and then rent your old home from the new owners for an agreed window, often 30 to 60 days. It smooths the gap between closings and works on both sides of a move, for sellers and for buyers who need a little extra time. The terms go in the contract.