The Benefits of A Virtual House Tour When Selling Your Farmington Hills MI Home

The Benefits of A Virtual House Tour When Selling Your Farmington Hills MI Home

The Benefits of a Virtual House Tour When Selling Your Farmington Hills MI Home – Most traditional open houses are on hold, and in-person home showings are limited, as people practice social distancing to help stop the spread of COVID-19.

The pandemic has accelerated the demand for remote accessibility as home sellers have had to pivot to technology and virtual methods in order to sell their Farmington Hills MI homes and properties. 

With gatherings of more than 10 people prohibited across most of the U.S., real estate agents have been forced to cancel open houses. But many are using tools like FaceTime or Zoom to host live virtual open houses so they can show potential buyers around a home.

Virtual tours in real estate are nothing new. For at least a decade now, some form of the technology has existed to help agents break away from the usual static photos, drive traffic to a listing, and cater to long-distance buyers.

Virtual tours are recommended by the National Association of Realtors® as a way to avoid face-to-face contact while marketing homes during the coronavirus crisis.

As a home seller, you want to sell your home quickly and efficiently. Virtual and video tours have become essential tools for buying and selling homes. A virtual tour allows potential buyers to view properties completely online using 3-D and 360-degree photography and video.

Home sellers can give buyers an in-depth look at their property without having to actually open their doors – risking the buyers’ health (or their own).  A virtual tour allows your home to be on display around the clock.  

The Difference Between a Virtual Showing and a Virtual Open House  

A virtual showing is a video walkthrough that allows an online buyer to feel like they are touring the house in person. The virtual showing is prominently featured in the online house listing and can also be promoted via social media. Homebuyers can then view and share the video at their convenience.

A virtual open house is an innovative alternative to the traditional open house, as the threat of COVID-19 can be an obstacle for homebuyers who don’t want to view homes in person as well as sellers who don’t want a lot of people walking through their home. 

An agent can guide prospective buyers through the home virtually at a specific time and date as if they were physically present and can answer questions in real-time, providing a more interactive experience.

 

 

The agent can advertise a virtual open house by contacting potential buyers and their agents and promoting the event just as they would a traditional open house. 

Here are the advantages of choosing an agent who can add a virtual showing or a virtual open house tour to your home marketing plan:

  • According to a Housing Trends Report by Zillow, 79% of buyers shop for homes online. A virtual open house gives your listing an immediate advantage.
  • Virtual open house tours allow homebuyers to view your property when it works for their schedule. Plus, for buyers relocating from another area, it eliminates the need for multiple trips, saving them time and money.
  • From bad weather to unprecedented events like the global coronavirus pandemic, physical open houses can be canceled, wasting a lot of time and effort. With a virtual showing, you don’t have to worry about the unexpected.
  • A virtual showing makes it possible for people across the world to view your property in greater detail, expanding the potential buyer pool.
  • Traditional open houses can attract people who aren’t actually in the market for a new home. When your open house is virtual, this won’t be an issue.
  • Potential buyers have a better sense of whether the home is a good fit before they even contact you, so you’ll get more serious inquiries.

An innovative and experienced Farmington Hills MI REALTOR® like Tom Gilliam, who is ahead of the curve and already using this technology, provides a clear advantage for his clients. If you’re planning on selling your Farmington Hills MI home sooner than later, a high-tech approach to marketing your home is a must. 

Partner with Top-rated Farmington Hills and Oakland County MI REALTOR® -Tom Gilliam for Unmatched Expertise in Buying and Selling

 2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the best possible results. Tom employs the latest technology to deliver massive exposure and drive maximum response from qualified buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities. With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling real estate in Farmington Hills or Oakland County MI, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Good News For The Economy On The Home Buying Front – May 27, 2020

Good News For The Economy On The Home Buying Front – May 27, 2020

Good News for The Economy on The Home Buying Front – May 27, 2020: Demand for housing was strong at the start of 2020 but pulled back sharply at the onset of the coronavirus pandemic. The unexpectedly quick recovery, however, has surprised many forecasters. Home prices have remained the same, and given the lack of supply, they are not likely to fall in any significant way. 

States are beginning to reopen and buyers are rushing into the new home market, as the supply of existing homes keeps falling to new record lows. Some analysts also believe there is now an exodus from urban downtowns, where people have been forced to shelter in place in small spaces, to more suburban markets where they can get more space and even a backyard.

A Rise in Mortgage Applications

As buyers are resuming their home search, mortgage applications have seen a rise for the sixth straight week. New data from the MBA’s Weekly Mortgage Applications Survey shows mortgage applications ticking up 2.7 percent for the week ending May 22 compared to the previous week.  

Buyers were also helped by near-record-low mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less increased to 3.42% from 3.41%. Points, including the origination fee, remained unchanged at 0.33 for loans with a 20% down payment.

“The purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.

The gain mirrors an unexpectedly strong sales pace just reported for new construction homes in April – forecasted to fall 22% but instead rose nearly 1% for the month, according to the U.S. Census.  

Mortgage Refinancing Down 

Despite mortgage rates hovering near MBA’s all-time survey low, refinance activity was essentially flat but still 176 percent higher than this time last year. Conventional refinance applications increased 2 percent, while government refinancing was down almost 7 percent.

  • FHA share of total applications decreased to 11.2 percent from 11.5 percent the week prior.  
  • VA share of total applications decreased to 12.4 percent from 13.4 percent the week prior.
  • USDA share of total applications decreased to 0.6 percent from 0.7 percent the week prior.

Adding refinances and purchase applications together, total mortgage application volume was up 2.7% for the week ending May 22.

 Mortgage Forbearance Requests Are Leveling Off

Forbearance requests by homeowners nearly leveled off in the first half of May. Given job losses and record unemployment, many servicers were fearful that requests to skip mortgage payments would hit 20% to 30%.

“Servicers were relieved when the pace of forbearance requests fell to 93,000 borrowers in the third week of May, compared with 1.4 million requests in the first week of April,” according to Black Knight, a mortgage analytics firm.

“What has brought back confidence the most may be the slowing of forbearance activity just shy of 10%,” said Tom Millon, CEO of Computershare Loan Services, a third-party mortgage provider that services more than $100 billion in loans globally. “Forbearance activity is mimicking the coronavirus curve, and the curve is flattening and forbearances are flattening.”

One of the big challenges as the U.S. reopens the economy is consumers’ lack of willingness to plunge back into public life. According to PYMNTS’ ongoing survey of 10,000 consumers, many consumers will require a vaccine in order to alleviate fears of catching COVID-19 – making it difficult for the economy to recover in the months ahead.   

Partner with Top-rated Farmington Hills and Oakland County MI REALTOR® -Tom Gilliam for Unmatched Expertise in Buying and Selling 

 2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the best possible results. Tom employs the latest technology to deliver massive exposure and drive maximum response from qualified buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities. With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling real estate in Farmington Hills or Oakland County MI, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Latest Update On The Current Housing Market – May 21, 2020

Latest Update On The Current Housing Market – May 21, 2020

Latest Update On The Current Housing Market – May 21, 2020Since the onset of COVID-19, forecasts on the housing market run the gamut from optimistic to pessimistic as things continue to change from week-to-week.  

In the early stages of the outbreak in February of this year, the market was cruising along at a steady pace with sellers continuing to gain leverage, and buyers benefiting from lower mortgage rates. The month of February showed some early signs of coronavirus outbreak, especially in those markets that were hit early and hard. 

 

Days on The Market – 15 Days Longer

Now, with states just beginning to open up, days on market is a half a month longer than this time last year, according to REALTOR.com’s current weekly housing trends report. This is the biggest increase in time on the market since 2013.

“Days on the market” is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract. It can also be referred to as “time on market” or “market time.”

New listings were also down 28% with declines continuing nationwide. This trend is visible in local data as well as the national figures, with 69 of the largest 100 metros showing similar double-digit percent increases in time on market from one year ago.

“Mid-May is normally the time of year when homes sell the fastest,” as it’s in the thick of the busy spring home-buying season, says realtor.com Chief Economist Danielle Hale. 

Median listing prices are still growing at a slower pace than before the COVID-19 situation, but according to REALTOR.com, it’s expected that time on market figures will improve in late summer, especially as buyers try to make up for the missed spring season.

 

Home Prices Still Remain Strong

Although home sales have declined due to social distancing & economic unpredictability, home prices are still strong across the nation.

According to the National Association of Realtors® the median existing-home price for all housing types in March was $280,600 – up 8.0% from March 2019 ($259,700), as prices increased in every region.

The median home price gains mark 97 straight months of year-over-year gains (nationally). In March, the unsold inventory was equal to a 3.4-month supply at the current sales pace, up from three months in February and down from the 3.8-month figure (from a year ago).

According to Realtor.com, in April 2020, the median national listing price grew by only 0.6 percent year-over-year, to $320,000. 

Of the largest 50 metros, now only 30 still saw year-over-year gains in median listing prices, down from 45 last month. Forty-seven of the 50 largest metros saw their year-over-year listing price growth decrease compared to last month.

 

Market Data Summary 

Week ending

May 16

Week ending May 9 Week ending May 2 First Two Weeks March
Time on Market 15 days slower YOY 13 days slower YOY 11 days slower YOY 4 days faster

YOY

New Listings  -28% YOY -29% YOY -39% YOY +5% YOY
Total Listings  -20% YOY -19% YOY -19% YOY -16% YOY
Median Listing Prices 1.5% YOY 1.4% YOY 1.6% YOY 4% YOY

 

Partner with Top-rated Farmington Hills and Oakland County MI REALTOR® -Tom Gilliam

 2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hill and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands when you buy a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the best possible results. Tom employs the latest technology to deliver massive exposure for your home to drive responses from buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities in the best possible light.

With over 25 years of local real estate experience, Tom will always protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills or Oakland County real estate, please give Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

What Oakland County Home Buyers & Sellers Can Expect in 2020 Due To COVID-19 

What Oakland County Home Buyers & Sellers Can Expect in 2020 Due To COVID-19 

What Oakland County Home Buyers & Sellers Can Expect in 2020 Due to COVID-19Before the pandemic hit this year, we were heading toward a busy spring season with strong economic indicators and buyers vying for a limited supply of homes. But with the pandemic sweeping across the country, we are now forced to reassess the year ahead.

According to realtor.com’s Chief Economist Danielle Hale, “COVID-19 has really dramatically changed the way the housing market is going to perform this year. We started off with the potential for the best year in more than a decade for sales. But we’re going to see ups and downs as the market grapples with an unsteady economy. This will affect buyers and sellers across the board.”

The amount of home sales has fallen over the past couple of months as the pandemic has caused many people to reevaluate their original plans to buy, sell, or potentially even move with the threat of COVID-19 looming over their heads. 

That being said, a revised forecast for 2020 by realtor.com® economists says home sales will rebound in the late summer and fall due largely to millennials eager to own a home of their own.

Real estate experts are also predicting that smaller markets, more affordable cities, and surrounding suburbs could be particularly active as people reconsider their attraction to city life during a pandemic. 

Those following stay-in-place orders while stuck in small-confined living spaces in pricey cities may seek out smaller cities and suburbs where they can get more bang for their buck such as more square footage and possibly even a backyard.

What Oakland County Home Buyers & Sellers Can Expect in 2020 Due to COVID-19

“The experience of being at home for a long period of time has everyone rethinking their priorities,” says Hale. “People are recognizing space is more important, so they’re looking for more affordable areas where they can have more space at the same price.”

The market will experience another downturn toward the end of 2020, according to Realtor.com. Sales of existing homes are expected to drop by around 15% this year compared with the previous year.

Realtor.com is anticipating 4.5 million sales this year, compared with 5.34 million the previous year. Their economic team had originally forecast in the latter part of 2019, that 5.25 million sales would take place in 2020.

For home sellers, there is one statistic that should give some comfort – home prices still appear to be on the rise according to recent data from Realtor.com. In the week ending April 25, the median home list price increased by 1.6% annually – compared to the previous year.

The data comes from the country’s largest metro areas. Given the turmoil in other segments of the economy, this is a positive sign and could provide reassurance regarding the stability of the housing market for those considering buying or selling real estate.

While many buyers have been eagerly anticipating massive falling prices due to the pandemic, and unlike anything we’ve seen since the Great Recession, history isn’t likely to repeat itself this time around.

The reason for this is the number of homes on the market has fallen by about 45% in April along with the demand from buyers. The current market is not experiencing an excessively abundant supply of homes for sale driving prices down, as sellers have been pulling their homes off the market. “Sellers don’t like to reduce their prices. So they decide not to sell,” says Hale.  

Home construction is also expected to slow – fueling the housing shortage. The number of homes on which construction has begun is expected to drop by 11% in 2020. Before COVID-19 stalled construction sites in certain states, realtor.com had expected starts to increase by 10% in 2020.

Partner with Top-rated Oakland County MI REALTOR® – Tom Gilliam

A top-rated Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands when you buy a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro. 

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the best possible results. Tom employs the latest technology to deliver massive exposure for your home to drive responses from buyers.

He also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities in the best possible light.

With over 25 years of local real estate experience, Tom will always protect your interests, advocate for you, and go above and beyond to ensure a smooth and successful transaction. 

If you or someone you know is interested in buying or selling Oakland County MI real estate, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Why Home Prices are Still Rising Despite the Global Pandemic | Realtor Tom Gilliam

Why Home Prices are Still Rising Despite the Global Pandemic | Realtor Tom Gilliam

To say the economic news coming out lately has been disconcerting would be an understatement. Statistics concerning job losses, furloughs, and unemployment figures have pointed to upheaval in the global economy as a result of social distancing measures, which were put in place by governments to contain the global COVID-19 pandemic.

But according to recent data from Realtor.com, there is one statistic that should give homeowners (especially potential sellers) some comfort—home prices still appear to be on the rise. In the week ending April 25, the median home list price ticked up by 1.6% annually, compared to one year ago. The data comes from the 99 largest metropolitan areas.

To be sure, price growth was higher a few months ago, when prices were rising by over 4% prior to the lockdown. But this is still a positive sign given the turmoil in other segments of the economy, and could provide reassurance about the stability of the housing market for those considering buying or selling their property.

So why do housing prices appear to be holding steady despite uncertainty in the broader economy?

First, it could be that prices are “sticky”, according to Realtor.com Chief Economist, Danielle Hale:

“The slight increase this week is because prices are sticky. Home sellers are strongly resistant to lowering prices, and they’d gotten really close to declining, so we see a bounce-back. I don’t think this is a return to big price increases.”

The second reason might have to do with the reduction in inventory. The number of homes for sale has been on the decline for years, leading to a much publicized housing shortage in many parts of the country. Low inventory and high demand tends to drive prices up as more buyers compete for fewer houses.

And, after the pandemic hit, available inventory has plummeted. Some estimates put the decline of annual inventory at upwards of 17% compared to last year. Meanwhile, according to the Realtor.com data, the number of new listings has plummeted by a whopping 43.1%.

People are pulling their homes off the market, or waiting to list them because they’re worried about their own economic prospects, concerned with moving during such an uncertain time, or believe that the health risk of having strangers visiting their property isn’t worth it. In any event, listings have slowed, which has helped keep prices of homes that are on the market fairly high.

So, despite the constant deluge of health and economic news, home prices appear to be holding steady. This is good news for anyone who is considering selling, or wants confidence that they’ll be buying a home that has value. It might also give buyers and sellers an edge in a market where many others are choosing a “wait and see approach.”

As always, if you’re thinking about buying or selling a property, or have any real estate questions at all, don’t hesitate to reach out. Even during these difficult times, there are still great opportunities for sellers and buyers.

If you or someone you know is interested in buying or selling Oakland County MI real estate, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

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