Pride Realty Associates LLC Equality does not mean RESPECT! Ask us we know the difference!

Pride Realty Associates - 248-851-8700


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REAL(ty) PROUD

Ask us, we know the difference.

Pride Realty Associates LLC has done it again!

Once again, we have surpassed our volume sales goals. Why is this important?

Our clients have continued to receive more listings for sales and rentals, allowing for a wider selections of homes to choose from.

In the Six years that Pride Realty Associates has been open we have sold over $10 Million in Volume Sales!

The Michigan Real Estate Market is one of the most diverse,changing and growing markets in the United States. In addition, Michigan is a melting pot of cultures and ideas. We at Pride Realty believe that everyone is equal, not just by law but by our personal ethics. We bring the same respect to your family that we would expect for our Family. Our full service Real Estate Office can provide all service levels for your Real Estate needs. We are aggressive at finding and getting what you are looking for, in all aspects of real estate. Specializing in the Oakland, Wayne and Macomb Counties . Let us show you our PRIDE in real estate.

CALL US FOR ALL YOUR REAL ESTATE NEEDS : 248-851-8700 Pride Realty believes in treating all families with the same RESPECT! 

We proudly provide the following realty services:

Buyer representation for:

  • Buying a home
  • Leasing a home
Seller representation for:
  • Listing your home
  • Selling your home
  • Leasing your home
  • Market comparison research
  • Short Sale processing
  • NOW OFFERING PROPERTY MANAGEMENT SERVICES

     

     

     


    Finding your place in Michigan


    Living in the D, What's New for prospective buyers.

    http://opportunitydetroit.com/live/ 

     

     

     


    Lower Interest Rates and What It Means For You.


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    The Housing market in no longer just for investors looking for foreclosures to fix and flip or rent. Now is the time to buy for you and your family. Interest rates are at an all time low which means more of your mortgage is paid toward the home and not just to the bank. Is now the right time financially for you to buy a home? How would you rate your financial picture, healthy or maybe a little weak and needing some building up? Is your credit good? Though there are lenders that will finance those with poor credit you will end up paying more in the amount you need to borrow as well as a higher interest rate. How much home can I afford?

     

    There are some that say you should not borrow the full amount that you qualify for so you do not stretch your finances too far, but there are others that say that you should stretch to buy as much home as you can afford due to regular pay increases and increased earning potential. If you can afford to make a larger payment today will seem like a smaller payment overtime. It is important to stay in your comfort zone, if you have to work and stress to make the money for that larger payment then you may not be enjoying the house like you should be. To determine how much home you can afford, talk to a lender or go online and use a home affordability calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential, and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, it’s important for you to know your options. .

    Typically, home buyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk for a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.

    High-ratio mortgages can be a good option for those who haven’t managed to save a large chunk of money (who has?), but naturally, these have additional costs associated with them. Maintenance, improvements, taxes, and insurance are all costs that are added to a monthly house payment. If you buy a condominium or townhouse, a monthly homeowner's association or maintenance fee will be required.


    WHY CAN'T I FIND A RENTAL PROPERTY IN ROYAL OAK OR BIRMINGHAM?


     

     

    Why Should I buy now instead of Rent for the next 3 years?

    Buying is always a better situation especially if you are just starting out getting a 1 or 2 bedroom condominium or small house. Rental prices have increase 5% to as high as 15% in the Detroit Metropolitan area depending on the area.

    If you buy you can acutally save money over renting, as well as start with a small investment that you later can rent out yourself and increase the earnings. There are always pitfalls as well as benefits. Speak to your local Realtor or Accountant for furthure information.

    For example $50,000 condominium (2 Bedroom 1 Bath ) apartment style - Monthy Payment Mortgage: $260.62- Taxes: $125.00- Association Dues $264.00 (Gas & Water included) Monthly payment of $650.00 versus $950 monthly rental payment $300 a month savings plus interest write off on taxes.......

    Which would you want?

    Why can’t you find a home or condominium to rent?

    Here are some of the reasons:
    ·        Spring and fall are the busiest times of the year for rental movement
    ·        Medical & Dental Residency programs are starting to bring in new residents for their annual turn over of residents finishing their programs.
    ·        University and College students are looking now for homes for the start of College in late July & August.
    ·        Corporations are increasing the number of relocations for the new technologies and the bettering economy.
    ·        Those who have sold there homes as a short sales are unable to purchase a new home for a minimum of three years, so they have to rent.
    ·        Foreclosed home owners cannot purchase another home for up to seven years so they have to rent also.
    ·        Longer processing of foreclosed homes by banks before they are released back into the market.
    ·        Those selling their homes are renting to make sure their homes sell first before jumping into another mortgage or waiting for their new home to be built or renovated.
     
    What can you do to make sure you can get that condominium or home that just came up for rent.
    ·        Make sure you have your rental application ready.
    ·        Have a current copy of your credit report with detailed information such as you credit score. (Credit Scores have become even more important to rental properties then ever before)
    ·        Have proof of income, at least one month’s paystubs or bank statement showing at least 6 month reserve of rental payments
    ·        Current landlord contact information
    ·        Employment letter from your company.
     
    What will you need monetarily for the rental?
    ·        Application fee (Non Refundable –price will depend on the service homeowner or Real Estate Agent utilizes)
    ·        Security Deposit (Legally can be up to 1 ½ months of rental price)
    ·        First months rent
    ·        Cleaning fee (Non refundable - some do charge this)
    ·        Pet Fee ( Non refundable fee for pets)
     
     
    It can be a very confusing time especially for Students or Medical Residents, always read the lease. Many leases can have fees or restrictions that you may not be aware of. 
     
    Remember using a Realtor as a buyer's represenative does not cost you anything and helps protect your rights as a tenant.

    NEWS IN REAL ESTATE MARKET!


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    *****Breaking News****

    WALL STREE JOURNAL REPORTS

    IT'S THE TIME TO BUY A HOME!

     

    8 Home Renovations that will pay you back.

    Staging Curb Appeal for Web Appeal.

    HUD  FEDERAL PROGRAM TO ENCOURAGE SHORT SALES;IN HOME SALES AND LEASING!!!

     

    HUD  FINALLY STUDIES GLBT DISCRIMINATION IN HOME SALES AND LEASING!!!

     

    FHA PREPARES TO REDUCE SELLER'S CONCESSION FROM 6% TO 3 %

     

    SEE THE NEWS ARTICLE ON PRIDE REALTY IN PRIDESOURCE

    HUD Offers Latest Obama Administration Attempt To Strengthen LGBT Rights Through Regulation

    (The above article was sent to me by a caring client)

    NAR (National Association of Realtors) - Bars Sexual Orientation Discrimation


    Connected to the Community and beyond


    Pride Realty's Richard Harrison with HGTV's Carter Oosterhouse at a Lake Michigan Credit Union Presentation. He is now the Producer for Million Dollar Rooms on HGTV.  Pride Realty's Richard Harrison with HGTV's Carter Oosterhouse at a Lake Michigan Credit Union presentation.  He is now the producer for Million Dollar Rooms on HGTV.


    OUR NEWEST LISTING!


    WOW LOOK AT THIS... JUST MOVE RIGHT IN...

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    Calculators


    Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

     


    Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

     

    Required Fields
    Term In Years:     
    Interest Rate:      %
    Cost of Home:  $
    Down Payment:  $  
    Annual Insurance:  $  
    Estimate Insurance to 0.43% of Cost
    Annual Property Tax:  $  
    Estimate Tax to 1.2% of Cost
    Monthly Income:  $
    Monthly Debt:  $
    Optional Fields
    Gross Debt Service Ratio (GDS):     
    Total Debt Service Ratio (TDS):     
    Condos Fees:  $
    Results
      Receive this Detailed Analysis

    Your Monthly Payments
     
    Loan Amount:
    Loan Insurance (%):
    Total Loan (Mortgage) Amount:
     
    Principal & Interest:
    Homeowners Insurance:
    Property Taxes:
    Condo Fees:
    Monthly Loan Insurance (%):
    Total Monthly Payment:
    Income Needed to Qualify for the Mortgage
    Total Monthly Loan Payment:
    Total Monthly Debt Payment:
    Monthly Loan Insurance (%):
    Qualifying Income of % GDS Ratio:
    Qualifying Income of % TDS Ratio:
    What You Can Afford
    We are using the % ratio.
    Cost of House:
    Down Payment:
    Loan Value:
    Monthly Principal & Interest:
    Monthly Insurance:
    Monthly Property Tax:
    Monthly Condo Fees:
     
    Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
    (monthly interest rate/ function of interest rate)
    Renting
    Monthly Rent: $
    Annual Rental Increases:  %
    Monthly Renter Insurance: $
    Savings or Investment Rate:  %
     
    Owning
    Planned # of years in home: 
    Yearly appreciation of the home:  %
    Annual home maintenance:  %

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