In the Farmington Hills real estate market, grabbing properties before your competition is essential for making the best deals. Although real estate investors sometimes go the traditional route and seek bank loans, the process is anything but speedy.
When time is of the essence, waiting for the lengthy process of getting approval is not an option for most investors. Farmington Hills hard money lenders specialize in providing hard money loans which provide quick funds to investors. These loans are for a non owner occupied property or in some cases for business purpose loans.
Farmington Hills Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Farmington Hills.
What Do Farmington Hills Hard Money Lenders Specialize in?
Farmington Hills hard money lenders specialize in providing short-term, creative financing for real estate investors. If you seek a conventional lender to purchase an investment property, your loan request will be based on the property’s value and your assets. Your credit score, job, and finances will be scrutinized intensely. Hard money lenders base their final loan decisions on the after-repair value. The ARV represents the potential value of a property after all repairs have been accomplished.
What are the Benefits of Farmington Hills Hard Money Loans?
Farmington Hills hard money loans offer advantages that traditional banks cannot. Lenders like Acamnet Financial offer a higher level of flexibility than banks. When qualifying for this type of loan, lenders do not delve too deeply into the finances of real estate investors. In most cases, simply present the property and your plans, which saves you the hassle of gathering countless financial documents.
Do Farmington Hills Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Farmington Hills hard money lenders is the lack of credit score requirements. One of the first things a bank does is check your credit score. You can get approved for a hard money loan in Farmington Hills even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Farmington Hills Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Farmington Hills?
Interest rates for hard money loans in Farmington Hills are typically higher than traditional bank loans (conventional loans) because of the greater risk lenders must take on when approving loans. When searching for a hard money lender near me in Farmington Hills, you will find average interest rate is between 8%-15%. You should also be aware that lenders sometimes charge points that are meant to offset their administrative costs. Each point represents 1% of the total loan amount. The average points lenders charge is between 1 to 3. Some lenders may charge up to 10 points. These points are due upfront or at closing, depending on the lender.
What Should I Look for in a Farmington Hills Hard Money Lender?
There are many benefits to working with a Farmington Hills hard money lender. You just need to make sure you are working with the right lender. You can rely on Acamnet Financial Group when you need us most. We offer reliability, consistency, experience, and support. As a real estate investor, you know the importance of grabbing the best property deals when they become available.
How can Hard Money Lenders in Farmington Hills Help Me?
Whether you are new to real estate and real estate projects or an old pro, you know having the capital to purchase real estate is essential. Without funds, you will miss out on real estate transactions. When you partner with hard money lenders in Farmington Hills, you will quickly get the money you need without jumping through the hoops of traditional bank lenders.
How do I get a Hard Money Loan in Farmington Hills?
When you want a hard money loan in Farmington Hills, begin by preparing the property information. Location, size, purchase price, after repair value, repair costs, etc. In most cases, the financing will be based on these numbers. Then, apply for a hard money loan in Farmington Hills using this information and supply some financial information. Then, an appraisal will be ordered to assess the loan-to-value ratio, which will influence the loan amount.
How do I Refinance a Farmington Hills Hard Money Loan?
Refinance a Farmington Hills hard money loan will involve moving from a high interest, short term loan to a longer term, usually lower interest rate loan. Typically a conventional type of loan. When refinancing a Farmington Hills hard money loan you will find it will have a more stringent set of guidelines. You will need to have sufficient credit and income qualifications. As the lending landscaping and regulations constantly change, you want to consult a knowledgeable conventional loan expert.
Here’s other cites we can help with in Michigan: Hard money loans in Michigan
Current Real Estate Trends In Farmington Hills (2024)
Farmington Hills, MI is a bustling city with a vibrant real estate market. Home prices have a median listing of $370,000 with a price per square foot of $178. The median sold home price is slightly lower at $330,000. On average, homes in Farmington Hills sell for close to the asking price, with a sale-to-list ratio of 1.018.
The market has seen a positive year-over-year price trend of 5.7%, signaling a growth in home values. The city’s average home value is currently at $352,150, with a 2.5% increase from last year. Demand for homes in Farmington Hills is strong, with homes usually going pending within six days.
Despite a negative outlook for the near future, the real estate market in Farmington Hills has seen an expansion over the past 12 months, indicating potential good investment opportunities.
Real Estate Highlights
The real estate market in Farmington Hills, MI is showing promising signs as the median listing home price stands at $370K with a 5.7% increase in the year-over-year price trend. This reflects a strong demand for homes in the area.
Homes in Farmington Hills tend to be sold at the asking price, which signals a balanced market where buyers are more than the available homes. This gives sellers the upper hand in negotiations and they can expect to get offers close to their asking price.
On average, homes in Farmington Hills stay on the market for 24 days, showing a relatively fast-paced market.
With this information, we can examine the housing market overview in detail to get an idea of the current trends and forecasts for the Farmington Hills real estate market.
Housing Market Overview
Data reveals that the housing market in Farmington Hills, MI is showing positive signs. The median listing home price in September 2023 is $370,000, which is a 5.7% increase from the previous year. The median listing home price per square foot is $178, while the median home sold price is $330,000.
Homes in Farmington Hills tend to sell close to their asking price, which reflects a balanced market with a higher number of buyers than number of homes available. The average days on the market is 24, further proving that there is high demand for properties in the area.
All these factors put together, make Farmington Hills a great place to invest in real estate.
Investment Potential
Investment possibilities in the housing market of Farmington Hills appear promising, with positive signs of growth and a balanced market showing high demand and probable profitability for real estate investments.
Data shows the median listing home price in September 2023 was $370,000, with a year-over-year price trend of 5.7% and a median listing home price per square foot of $178.
The sale-to-list price ratio reveals that homes generally sold for around the asking price, suggesting a balanced market. Additionally, there are more buyers than homes available, further suggesting potential investment returns.
The average home value in Farmington Hills is $352,150, with a 2.5% rise in the past year. These positive indicators lead many to believe investing in Farmington Hills properties could be a profitable endeavor.
Sources
https://www.realtor.com/realestateandhomes-search/Farmington-Hills_MI/overview
https://www.zillow.com/home-values/45243/farmington-hills-mi/
https://walletinvestor.com/real-estate-forecast/mi/oakland/farmington-hills-housing-market
All About Farmington Hills
Welcome to Farmington Hills, an exciting town located in Oakland County, Michigan. Home to around 83,986 people, it is the second largest city in the county. Farmington Hills is often lauded for its safety, having been titled the 2nd safest city in Michigan in 2020. It also has a high-income status, ranking as the 36th highest-income place in the country and the 14th best city to live in America in 2016.
The city offers a delightful downtown area with stores and eateries, along with historical sites such as the Longacre House and the Governor Warner Mansion. The Holocaust Memorial Center, the only Holocaust memorial in Michigan, is also located here, educating visitors about this tragedy. The city features stunning scenery and public parks, like Heritage Park. Plus, it serves as a home for major companies, holding the headquarters of Gale, Mango Languages, and 5-Hour Energy, among others.
Location and Population
Farmington Hills is roughly 22 miles northwest of Detroit’s city core. It is a bustling suburb with a population of 83,986 according to the 2020 census. It is situated in Oakland County, Michigan and has a total area of 33.31 square miles, 33.28 of which is land and 0.03 square miles is water.
As the second biggest city in Oakland County, Farmington Hills offers its residents lots of perks. It is well known for its secure environment, consistently being one of the most secure cities in the United States. In 2010, it was placed 30th in the U.S. for safety and in 2020 it was ranked the 2nd safest city in Michigan.
Not only is Farmington Hills a safe place to live, but it also has a high-income status. It was placed 36th for highest-income places in the United States, providing a prosperous atmosphere for its citizens. In addition, Farmington Hills has been renowned as one of the greatest places to live in America, being placed 14th best city by 24/7 Wall St. in 2016.
Farmington Hills is dedicated to the well-being of its citizens while keeping its reputation as a desirable place to live.
Safety and Rankings
Having earned top honors in safety and security, Farmington Hills has earned a reputation as a peaceful and comforting place for both residents and visitors. In 2020, the city was crowned the 2nd safest in Michigan and regularly ranks among the safest cities in the United States. This is largely due to low crime rates and proactive community policing.
In addition to its safety, Farmington Hills is also well-known for its quality of life. 24/7 Wall St. listed it as the 36th highest-income place in the US and the 14th best city to live in America in 2016. Residents have access to many amenities and services, such as a newly refurbished downtown area with stores, eateries, and historical sites like the Longacre House and the Governor Warner Mansion.
Moving on, Farmington Hills not only prioritizes safety but also promotes a strong sense of community and provides access to quality educational institutions and libraries.
Community and Services
Situated in the heart of Michigan, Farmington Hills is an engaging city with an abundance of attractions. Downtown is a hive of activity, boasting a wide selection of boutiques and restaurants. Whether you’re in the mood for a cozy café, a family-friendly eatery, or a fine dining experience, you can find it here. The area has recently undergone a complete renovation, offering a modern, stylish atmosphere.
Farmington Hills is also home to a number of historical sites. The Longacre House, an iconic mansion built in 1869, is a popular destination that showcases the city’s architectural allure. The Governor Warner Mansion, a Victorian-era home, is another must-see. It hosts regular events and offers guided tours of the property.
Education and community services are well catered for in Farmington Hills. The Farmington Public Schools are highly regarded and provide students from kindergarten to high school with a quality education. The Farmington Community Library is another great resource, offering a wealth of programs and events for all ages.
Farmington Hills is a great place to live. With its diverse attractions, educational facilities, and historical sites, it offers something for everyone. The city’s commitment to education and preservation extends beyond its downtown area, making it a fulfilling and enriching place to call home.
Holocaust Memorial Center
Tucked away in Michigan lies a memorial to history’s darkest chapter: the Holocaust Memorial Center. Located in Farmington Hills, it is the only one of its kind in the state. Its mission is to educate the public about the tragedy and horrors of the Holocaust, ensuring that the stories of those who suffered and perished are never forgotten.
The Holocaust Memorial Center was originally located in West Bloomfield Township, but has since expanded and moved to its current facility in Farmington Hills. Visitors can explore exhibits which give a comprehensive understanding of the Holocaust, including artifacts, photographs, and personal testimonies. The center also offers educational programs, lectures, and events to further promote awareness and remembrance.
The Holocaust Memorial Center is significant, not only serving as a reminder of the past but as a beacon of hope.
Geography
Discover the breathtaking scenery and vibrant public parks that await you in the captivating city of Farmington Hills, Michigan. Located within Oakland County, Farmington Hills is renowned for its beautiful surroundings and vast green spaces. It spans 33.31 square miles, providing a range of geographical features to explore.
Farmington Hills has 33.28 square miles of land, allowing for plenty of outdoor activities and recreational opportunities. Its parks, such as Heritage Park, showcase its natural beauty, with picturesque trails, picnic areas, and tranquil ponds. Whether you’re an outdoor enthusiast, fitness fanatic, or just looking for peace and quiet, Farmington Hills offers something for everyone.
What’s more, Farmington Hills stands at an elevation of 860 feet, providing spectacular views and panoramic vistas. From these vantage points, you can admire the rolling hills and lush greenery that characterize the region.
Farmington Hills is not only a city of natural beauty but also a city of historical importance. Its historical sites, such as the Longacre House and the Governor Warner Mansion, give you an insight into its past and provide a better understanding of its culture.
Whether you’re looking for outdoor adventures or a tranquil escape from the hustle and bustle of everyday life, Farmington Hills has it all. Its stunning landscapes and vibrant public parks make it a place worth visiting. So, get ready to experience the breathtaking beauty that Farmington Hills has to offer.