Selling Your Farmington Hills MI Home? Avoid These Mistakes

Selling Your Farmington Hills MI Home? Avoid These Mistakes

Selling Your Farmington Hills MI Home? Avoid These Mistakes 

Selling your Farmington Hills MI home can be surprisingly time-consuming and emotionally challenging, especially if it’s your very first time. With no experience and a complex, emotional transaction on your hands, it’s easy for first-time home sellers to make mistakes. However, with a little know-how, you can avoid many of these pitfalls. Read on to find out how to sell your house while getting the highest market price within a reasonable time frame – and without losing your mind.

Not keeping your emotions in check

Once you decide to sell your Farmington Hills home, start thinking of the transaction from a purely financial perspective. That way you can distance yourself from the emotional aspects of selling it. While your home is full of sentimentality and memories for you, a potential buyer will be looking at it quite differently.

Try to put yourself in the buyer’s shoes and examine the house’s attributes and imperfections. If you can remember that you are selling a piece of property as well as an image and a lifestyle, you’ll be more likely to put in the extra effort of staging and doing some minor remodeling to get top dollar for your home.

An agent can also help tone down the emotion of the process by interacting with potential buyers and eliminating those who only want to look at your property but have no real intention of making an offer. It may be hard to believe right now, but you’ll soon become just as attached to your new home as you were to your old one.

Not hiring a Farmington Hills MI REALTOR® 

An experienced real estate agent can help you at every stage of the home selling process. They are better-qualified to set the right price for the homes they list, better-equipped to market those homes, and likely to find a buyer in a shorter period of time than if you try to sell on your own. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on.

In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Real estate agents often use these cooperative relationships to benefit their clients. In addition, an agent will know when, where, and how to advertise, which medium, format, and frequency will work best for your home and your market.  Without an agent, you are the one responsible for showing the house and negotiating the sale with the buyer’s agent, which can be time-consuming, stressful, and emotional for a lot of people.

Not setting the right price  

The selling process generally begins with a determination of a reasonable asking price. One of the biggest mistakes to avoid when selling your Farmington Hills MI is overpricing it. A higher list price will not translate to more money in your wallet. In fact, the National Association of REALTORS® reported in 2020 that sellers typically sold their homes for 99% of the listing price while 38% reduced the asking price at least once.

Listing your home above market value can cause it to linger on the market and make buyers wonder why it hasn’t sold. Buyers see comparable homes in your area online every day and they know how long a house typically lasts on the market. Don’t worry too much about setting a price that’s on the low side, because in theory this will generate multiple offers and bid the price up to the home’s actual market value.

Underpricing your home can actually be a strategy to generate extra interest in your listing, and you can always refuse an offer that’s too low. Your real estate agent can give you up-to-date information on what is happening in your local market as well as the price, financing, terms, and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can also recommend repairs or cosmetic work that will significantly enhance the salability of your property. 

Not being willing to negotiate on the asking price  

Any smart homebuyer will negotiate, and if you want to complete the sale, you may have to as well. Most sellers want to list their homes at a price that will attract buyers but still leaving some wiggle room for negotiations. The buyer then feels like they are getting good value while allowing you to get the amount of money you need out of the sale.

Be prepared to receive multiple offers if your home is priced right and don’t ignore any offers, even if it seems too low. Negotiate by making a counteroffer. Don’t be afraid to make a full-price counter offer if your price is competitive and it’s backed up by comparable sales. Whether you end up with more or less than your asking price will likely depend on whether you are in a buyer’s market or a seller’s market and how well you have prepared your home to sell.

Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position and also help you write a legally binding, win-win agreement that will be more likely to make it through the process.

Not investing in quality listing photos  

Since most buyers look for homes online these days, and many of those homes have photos, you’ll be doing yourself a disservice if you don’t have quality visuals of your home. If you do a good job, it will set your listing apart and help generate extra interest. Good photos should be crisp and clear and taken during the day when there is plenty of natural light available. They should showcase your home’s best assets. Consider using a wide-angle lens if possible—this allows you to give potential buyers a better idea of what entire rooms look like.

Ideally, hire a professional real estate photographer to get top quality results instead of just letting your agent take snapshots on a phone. And don’t just stop at photos. Consider adding a video tour or 360-degree view to further enhance your listing. This can be easily done with any smartphone. You can certainly entice more potential buyers into walking through your doors for showings. You may even get more offers if you give them an introductory walk-through of your property. 

Not disclosing problems with your property

You really can’t get away with hiding problems with your property because they will get uncovered during the buyer’s inspection. Basically, you have three options to deal with any issues: fix the problem ahead of time, price the property below market value to account for it, or list the property at a normal price and offer a credit for the issue. Not fixing the problem ahead of time, however, could eliminate a number of potential buyers who are looking for a turnkey home.

Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract. Many states have disclosure rules and some require sellers to disclose known problems about their homes if buyers ask directly, while others require that sellers must voluntarily disclose certain issues.

Not preparing your Farmington Hills MI home for sale

Sellers who do not clean and prepare their homes for sale will have a harder time getting them sold fast for the best price. You want your home to be in the best condition possible. Take care of major defects like broken windows or a leaky roof that could discourage buyers.  If you haven’t attended to minor issues, such as a dripping faucet or broken doorknob, a potential buyer may wonder whether the house has other, more expensive issues that haven’t been addressed either.  Anything that’s obviously broken gives potential buyers a reason to submit a lower offer.

Thoroughly cleaning, decluttering, putting a fresh coat of paint on the walls, and getting rid of any odors (litter box) will help you make a great impression on buyers. In addition, you might consider hiring a professional to stage your home for showings or ask your real estate agent for help or ideas. According to the Real Estate Staging Association, homes that are staged before going on the market sell 73% faster, on average, than their non-staged counterparts.

Virtual staging apps such as Ro0omy, VisualStager, BoxBrownie allow you to stage a home digitally, then use the photos in your listings or other marketing material. Remember, you only get one chance, and sometimes only three seconds or so to make a great first impression, so make it count.  

Not estimating your costs to sell

Depending on the price range of the home, be ready to spend 9% – 10% of the sale price on selling costs, including the real estate agent commission and closing costs. Be sure to budget ahead of time for the additional costs involved with selling your home so that you will be ready when the time comes to close the deal. The main types of fees to plan for include:

  • Staging and prep fees (anywhere from a couple hundred to a couple of thousand dollars)
  • Real estate agent commissions (5.8% national average)
  • Inspections and repairs (varies)
  • Closing fees (1% – 3% of the sale price)
    • Title fees
    • Transfer or excise taxes
    • Escrow fees
    • Reconveyance fee
    • Recording fees
    • Prorated property taxes
  • Seller concessions (2% – 6%)
  • Overlap costs (1% – 2%)
  • Moving and relocation costs (varies)
  • Mortgage payoff (varies)

Your real estate agent deals with transactions every day and will be able to give you a very close estimate of seller closing costs.

Not selling to qualified buyers  

It’s more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender or proof of funds(POF) for cash purchases to show that they have the money to buy the home. Signing a contract with a buyer may be contingent on the sale of their own property, which may put you in a serious bind if you need to close by a particular date. An unconditional offer is when the buyer does not place any conditions on their offer. This is often preferred by sellers as it is an easier option and the sale can proceed quickly.

The takeaway

Selling your home will likely be one of the biggest transactions of your lifetime. An experienced Farmington Hills MI REALTOR like Tom Gilliam can get broader exposure for your property, help you negotiate a better deal, dedicate time to your sale, and prevent your emotions from sabotaging it. An agent brings expertise to a complex transaction with many potential financial and legal pitfalls.  

Partner with award-winning Farmington Hills MI REALTOR® – Tom Gilliam   

Tom Gilliam is proud to be a trusted REALTOR® in Farmington Hills MI for the past 20 years – offering his guidance and expertise to home buyers and sellers. He understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust. As your agent, Tom will protect your interests, advocate for you, negotiate on your behalf, and do whatever it takes to ensure a smooth transaction and the best results possible. 

Tom works hard for his clients and provides the kind of knowledge, skills, commitment, and personalized service you need and deserve when buying or selling a home. Get the process started today by reaching out to Tom Gilliam directly at (248) 790-5594 or you can get in touch here.

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

Factors That Influence Your Farmington Hills MI Home Value

Factors That Influence Your Farmington Hills MI Home Value

Factors That Influence Your Farmington Hills MI Home Value – When selling your Farmington Hills MI home, setting the right list price requires both assessing nationwide housing market trends and knowing what’s going on in your local market.

The truth is that no matter how highly you value your own home, there’s no guarantee that it’s actually worth as much as you may want to get for it.

That is why you want the assistance of a qualified Farmington Hills MI real estate agent who not only keeps their finger on the pulse of the market at all times but is actively selling homes in your local area.

Get A Free Comparative Market Analysis of Your Home

An experienced and skilled agent like top Farmington Hills MI REALTOR® – Tom Gilliam understands how to gather and evaluate all of the hard data that’s key to getting your home sold fast and for the highest market price.  

Here are three important macro factors that influence the value of your Farmington Hills MI home:

1). Inventory, or months of supply

Inventory, or months of supply, is the calculation of how long it would take for currently listed homes to sell out. For example, 100 homes sell every month and there are 600 homes on the market, which equals a six-month supply of inventory.

In most markets, a six-month supply is considered a balanced market, meaning that there is an equal ratio of buyers to homes for sale. Markets with a below six-month supply are considered low inventory, meaning there are more buyers than available homes, making for seller’s market conditions.

Above a six-month supply and you’ve got buyer’s market conditions, where there are more homes listed than there are buyers house hunting. So what does inventory or monthly supply have to do with home values? It’s simple.

High demand and low supply push prices up. Low demand and high supply puts downward pressure on prices, and vice-versa in a seller’s market when homes are in tight supply.  

Even if your home is in excellent condition, situated in the best location, and filled with premium upgrades, the number of other properties for sale in your area, and the number of buyers in the market can impact your home value.  

Home buyer’s in a buyer’s market will likely have more wiggle room to negotiate on the home’s price, timeline, and contract contingencies.  Sellers in a buyer’s market may have to adjust the price to attract more offers or be willing to make concessions to a buyer, like covering repairs, paying closing costs, or being more flexible with the timeline. 

2). Interest rates 

It might appear on the surface that interest rates would matter more to home buyers, but interest rates can also impact sellers when it comes to home values. If interest rates increase, fewer people may be able to afford homes, and this can impact how much you can sell your home for. 

The easiest way to understand this is through the basic principle of supply and demand. A lower interest rate allows more of the buyer’s monthly payment to go toward the principal, which means they can afford to buy a higher value home. A higher rate means a higher mortgage payment, which reduces the purchase price they can afford. 

For example, a buyer can afford a $500,000 home at a 4% interest rate. If they can only get a 5% mortgage rate, that’s an extra $50,000 going toward interest instead. That means that the buyer can only actually afford a $450,000 home at that 5% rate.

A 1% rate increase will up the cost of the house by 10%. The higher interest rates rise, the fewer buyers there are who can afford to buy a house. If buyers drop out of the market, inventory levels rise and home values fall.

3). Market cycles and consumer behavior 

Staying on top of current market trends can help in predicting the future of home values. The Federal Housing Finance Agency tracks these trends among single-family house prices with the House Price Index. And while home values historically trend upward, they’re known to fluctuate or fall in the short term.

When home prices start to fall, many buyers will wait out the market and watch the downward trend. When home buyers wait out the market there are fewer active buyers, which leads to higher inventory and lower home values.

That is why you want to partner with a reputable Farmington Hills MI REALTOR® and local expert who really understands the trends in your area. Recent trends within the last four to five months can greatly impact your home’s value. What goes down, must come up when it comes to real estate. And if your home value has recently decreased, analyzing home value trends can indicate how long it could take for it to rise again.

The takeaway

It’s easier to avoid common home-selling mistakes and price your home correctly from the get-go by being aware of the factors that impact your home’s value such as interest rates, supply and demand, and market cycles. Consider these important macro factors when pricing your home to help attract serious buyers and prevent your home from lingering on the market and becoming a stale listing, which ultimately comes at a cost.  

Partner with top-rated Farmington Hills MI REALTOR® – Tom Gilliam

Whether you are interested in buying a home in Farmington Hills, MI, or its time to list your current property, experience matters most in a changing market. Top-rated Farmington Hills REALTOR® – Tom Gilliam offers over 20 years of local experience, in-depth market knowledge, and access to the most up-to-date listings for Farmington Hill MI homes for sale.

Known for his professionalism and care for every detail, Tom is an expert at uncovering the perfect home for his clients’ lifestyle needs in the right neighborhood or community. 2020 Best of Farmington Hills REALTOR - Tom Gilliam

If you are ready to sell your home, Tom will create a comprehensive marketing plan that exposes your home to the public as well as to other real estate agents through the Multiple Listing Service (MLS), other cooperative marketing networks, open houses for agents, etc.

Your listing will appear on all the most popular real estate sites where buyers spend hours a day looking at homes such as Realtor.com, Zillow, Trulia, REMAX, Redfin, and dozens of others.

Your property will also be featured on Tom’s own highly-trafficked website Homes2moveyou.com. You can be assured that your home will get sold quickly and for the highest market price.

Farmington Hill MI Homes for Sale

Tom works very hard for his clients. He will be there to protect your interests, advocate for you, negotiate on your behalf, and do whatever it takes to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give top-rated Farmington Hills MI REALTOR® – Tom Gilliam a call today at (248) 790-5594 or you can reach him here.

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

 

Why You need a Farmington Hills MI Real Estate Agent When Selling Your Home

Why You need a Farmington Hills MI Real Estate Agent When Selling Your Home

Why You need a Farmington Hills MI Real Estate Agent When Selling Your Home – Selling your Farmington Hills home will likely be one of the biggest transactions of your life. That’s why hiring an experienced and skilled Farmington Hills MI real estate agent should be the first step you take once you’ve decided to put your home on the market. A qualified agent can get broader exposure for your property, help you negotiate a better deal, dedicate more time to your sale, and help keep your emotions from sabotaging the deal. 

An agent brings expertise, which few home sellers have, to a complex transaction with many financial and legal pitfalls. Anyone who has ever attempted to sell a home on their own without an agent will tell you that it’s hard work, time-consuming, and also risky if you don’t know what you’re doing. You can easily set yourself at a huge disadvantage. 

A qualified Farmington Hills MI real estate agent will be able to give you up-to-date information on what is happening in your marketplace, as well as the price, financing, terms, and condition of competing properties in your area – all key factors in marketing your home and selling it at the best price. Your agent can also recommend repairs or cosmetic work that will significantly enhance the salability of your home.

Getting The Best Price for Your Home

Pricing your home correctly from the beginning is important and knowing the right value of your home can help you secure the best price. Your Farmington Hills MI real estate agent can help you evaluate the market and resist the temptation to overprice your home or give in to your fears that it won’t sell fast enough and underprice it.

According to the National Association of REALTORS®, if a home doesn’t sell within 30 days, it’s a good indication that it’s not priced right. Research also suggests that the longer a house stays on the market, the lower its final selling price will be. Sellers may end up making less money than if they would have priced their property correctly when it first listed.  

One of the best indicators of your home’s value is the sale prices of similar homes in your neighborhood that have recently sold. These comparable homes are often referred to as comps. Experienced real estate agents rely on comps and will consider ballpark parameters such as homes in the same location, homes that are the same size, homes with the same number of bedrooms/bathrooms, the sale price of similar homes that were sold within the past six months to a year, and similar home styles, views, and other details.

Marketing Your Home

A skilled and experienced Farmington Hills MI real estate agent will create an aggressive marketing strategy that exposes your home to the public as well as to other real estate agents through the MLS or Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on.

In many markets, a substantial portion of real estate sales is cooperative sales where a real estate agent other than yours brings in the actual buyer. Even if you have a large personal or professional network, those people will likely have little interest in spreading the word that your house is for sale.

You don’t have relationships with clients, other agents, or a real-estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate to waiting longer to sell your home and possibly not getting as much money as your house is worth.

Seller’s Disclosures

A lot of legal paperwork is involved in selling a home, which needs to be completed correctly by an expert. One of the most important items is the seller’s disclosures. “A seller of real estate has an affirmative duty to disclose any fact that materially affects the value or desirability of the property,” says Matthew Reischer, an attorney and CEO of LegalAdvice.com. The seller can be held liable for fraud, negligence, or breach of contract if he/she does not disclose properly.  

Unless you are a real estate attorney, your Farmington Hills MI real estate agent probably knows a lot more about disclosure laws than you do. If you fail to disclose a hazard, nuisance, or defect and the buyer comes back to you after moving in, the buyer could potentially sue you. Yes, agents do sometimes make mistakes, but they have professional errors-and-omissions insurance to protect themselves and to give the buyer recourse, so the buyer may not need to pursue the seller for damages.

Resolving Issues  

Between the initial sales agreement and closing, issues may come up that may prevent buyers from closing the deal during this period. Pest damage, low appraisals, claims to title, and defects in the home inspection may slow down closing. There may be cases where the buyer or seller may get cold feet or financing may fall through. 

Other issues that can delay closing include homes in high-risk areas or uninsurability. There may be problems with the good faith estimate, or other errors may prevent closing. The required paperwork alone can be quite overwhelming for most sellers. Your Farmington Hills MI real estate agent is the best person to help you resolve these issues and move the transaction to settlement. 

The Takeaway

When selling your Farmington Hills MI home, you need to partner with a qualified real estate agent who knows the area, processes a vast network of local connections, and has the skills and experience to negotiate like a pro. Considering the relatively small cost of hiring a professional agent and the potential risks and pitfalls of not hiring one, it only makes good sense to work with a highly-skilled Farmington Hills MI real estate agent like Tom Gilliam to sell your home fast and for the best price. 

Partner With Top-rated Farmington Hills MI Real Estate Agent – Tom Gilliam

For over a decade, Tom has been helping his seller clients with their real estate goals in Farmington Hills and Oakland County, MI. After listening to your concerns and goals, Tom will start with a comparative market analysis to establish the correct price for your home. He will then execute a comprehensive marketing plan to get your home in front of as many qualified buyers as possible.

Your listing will be on all the most popular real estate sites where buyers spend hours a day looking at homes such as Realtor.com, Zillow, Trulia, REMAX, Redfin, and dozens of others. Your home will also be featured on Tom’s highly-trafficked website:  homes2moveyou.com.

Tom provides the kind of knowledge, skills, dedication, and personalized service you need and deserve when selling a home. He understands that frequent and open communication is paramount to a smooth and successful transaction and is always available to his clients. Tom will be there to protect your best interests, advocate for you, negotiate on our behalf, and will go the extra mile to ensure the best possible outcome – leaving no money on the table.    

If you or someone you know is interested in buying or selling real estate in Farmington Hills MI or in surrounding Oakland County, please give Tom Gilliam a call today at (248) 790-5594. 

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

How Much is My Farmington Hill MI Home Worth? 6 Factors That Influence Home Value

How Much is My Farmington Hill MI Home Worth? 6 Factors That Influence Home Value

How Much is My Farmington Hill MI Home Worth? 6 Factors That Influence Home Value: Determining the appropriate asking price for your Farmington Hills MI home is vital for a successful sale. Even if you have experience in the Farmington Hills / Oakland County MI real estate market, home prices can differ substantially from initial evaluations. Effective home valuations make the home selling process faster and less stressful, and knowing the right value of your home can help you secure a better deal. 

 Get a Free Home Valuation Now!

It’s easier to avoid common home selling mistakes when you are aware of the factors that influence your home’s value, and pricing your Farmington Hills MI property correctly from the beginning is key. If you overprice your home, you could lose potential buyers that are actually in your price range. Your home will not be attractive to buyers in the higher price range compared to other similarly priced homes they are viewing.

The last thing you want is to have your property linger on the market and can create the vibe among buyers that there’s something wrong with it, otherwise known as a “stale listing.” Pricing your home too low may cause it to sell fast, but for less money than you would have received if priced at market value.  

Six key factors to consider when pricing or valuing Farmington Hills home for sale include comparable homes (comps), quality of the neighborhood, the market, nearby features, size and appeal, and age and condition of the home: 

1). Comparable Homes or “Comps”

One of the best indicators of your home’s value is the sale prices of similar homes in your neighborhood that have sold recently. These comparable homes are often referred to as “comps.” Most real estate experts will rely on comps to estimate a home’s value and will consider recency, similarity, distance, and location: 

  • Recency – homes that were sold recently or within the last 90 days
  • Similarity – homes that are most similar to your property in terms of features such as year built, two-story vs. ranch, number of bedrooms, bathrooms, basement, square footage   
  • Distance – homes in the same subdivision or sold within a one-mile radius of your property
  • Location – homes with the same placement such as on a busy street, cul-de-sac, golf course, or waterfront.

Agents will look into the difference between each comp’s listing price, and the price it sold for. Your agent will also rely on inside knowledge of housing inventory and the local market. That nuanced understanding is invaluable, particularly when measuring the unique aspects of your home with raw data about comps. They find these homes using the multiple listing service (MLS), a regional database of homes that agents pay dues to access. 

2). The Neighborhood

The neighborhood where the house is located will have an impact on a home’s value, responsible for both qualitative and quantifiable aspects of a home’s appeal. For example, school quality significantly affects home values and families often choose the location of their next home by where their children will go to school.

According to the National Bureau of Economic Research, there is a definite correlation between school expenditures and home values in any given neighborhood. A report titled, “Using Market Valuation to Assess Public School Spending,” found that for every dollar spent on public schools in a community, home values increased $20.  

On the other hand, if your property is the only house on the block that’s in great condition, or there are neighbors that have unkempt lawns, or other visual disturbances, then the value of your home could decrease. According to the Appraisal Institute, a bad neighbor could potentially reduce your home’s value by up to 10%. This sort of effect is referred to as external obsolescence, where external factors have an effect on your home’s value, instead of factors on your property that can cause a decrease.

3). The Local Market

The current state of the housing market will have an impact on your home’s value. Home prices are shaped by supply and demand and may fluctuate based on subtle changes in your area’s economy. Even if your home is in excellent condition and in a stellar location, the number of other properties for sale in your area and the number of buyers in the market can impact your home’s value.

If you’re buying in a buyer’s market, you’ll likely have more room to negotiate on the home’s price. If you’re selling in a buyer’s market, you may have to adjust the price to attract more offers or be willing to make concessions to a seller, like paying closing costs, covering repairs, or being more flexible with the timeline.

4). Home Size and Appeal

When estimating a home’s market value, size is an important element to consider, since a bigger home can positively impact its valuation. The value of a home is roughly estimated by price per square foot  (the sales price divided by the square footage of the home). For example, a 2,000 square foot house that sold for $200,000, the price per square foot would be $100. However, the price buyers will pay per square foot can vary greatly depending on the location of the home.

Usable space also matters when determining a home’s value. Garages, attics, and unfinished basements are generally not counted in usable square footage. Bedrooms and bathrooms are most highly valued, and the more beds and baths your home has, the more it will typically increase in value.

5). Home Age and Condition

In addition to size and appeal, you’ll need to think about the home’s age and condition. Typically, homes that are newer will sell for more than older homes because they will typically require less maintenance. Critical components like electrical, plumbing, appliances, and roofing are less likely to need repairs or replacement and can translate to savings for a buyer.

However, an older home that’s been well-maintained may sell for just as much as a newer home. Condition matters. A home’s foundation, structural integrity, electrical work, plumbing, and fixtures are all items worth considering.  

6).  Location in Relation to Nearby Features

Location can be more important than even the size and condition of the house when determining how much value to assign based on the location of the property. According to Inman, there are three primary indicators when assigning value: the quality of local schools, proximity to employment opportunities, and proximity to shopping, entertainment, and recreational centers.

These factors can influence why some neighborhoods command steep prices and why others that are only a few miles away don’t. In addition, a location’s proximity to highways, utility lines, and public transit can also impact a property’s overall value. 

Keep the above factors in mind when pricing your home to help attract serious buyers and to prevent long days on market, which ultimately come at a cost. Even after the listing date, price should be an ongoing discussion between you and your agent. Markets are fluid, so you may have to make some tweaks when all is said and done.

Ready to Sell Your Farmington Hills MI Home? Partner with Top-rated Farmington Hills MI REALTOR – Tom Gilliam

Top-rated Farmington Hills REALTOR® – Tom Gilliam has over two decades of experience helping home buyers and sellers realize their dreams in Farmington Hills MI and the surrounding Oakland County area. Tom offers in-depth local market knowledge and employs the latest technology and the most cutting-edge approaches to marketing your home to get it in front of as many qualified buyers as possible.

You can be assured that Tom is 100% committed to getting your home sold as quickly as possible and for the highest market price. For more information about buying or selling Farmington Hills MI real estateplease contact Tom directly at (248) 790-5594 or get in touch with him here!  

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

 

SOLD! Checklist For Selling Your Farmington Hills Home

SOLD! Checklist For Selling Your Farmington Hills Home

As a Farmington Hills homeowner, the selling process can be an overwhelming experience – especially for first timers. Since they’ve never been through the experience of selling a home, many homeowners feel a bit lost as to what they need to do before they can pass their keys over to the next owners. But not to worry! Here’s a checklist for selling your Farmington hills home that covers all the essentials for homeowners getting ready to sell their first property:

Sprucing Things Up

Before homeowners list their home, they will want to handle any minor fixes that might keep them from getting top dollar for their property and spruce things up to make the home more attractive to potential buyers. Some of the important things on the checklist for selling your farmington hills home are:
While every home is different, some areas that homeowners will want to revamp before listing their home include:

Painting

Painting is a relatively easy and inexpensive fix, but it can really make a difference in how a home presents. Before listing, homeowners should plan to refresh both the exterior and interior paint.It also helps to use neutral colors when repainting a house that’s about to go on the market. Bold colors can be off-putting or distracting to potential buyers. Using neutral colors like white, beige, or gray, will help potential buyers see the property, not the paint.

Checklist For Selling Your Farmington Hills Home (Landscaping)

The first thing potential buyers will notice when viewing a home is the landscaping. If the yard is in shambles or there are human-sized weeds sprouting from every corner, it can be a deal breaker so follow this short checklist for selling your Farmington Hills Home based on landscaping.

Investing in landscaping upgrades will add to a property’s curb appeal and can help land a higher selling price. If the outdoor area hasn’t been landscaped, adding flowers, small trees and greenery can go a long way. If the property already has a garden, cleaning the area up (including raking, pruning and adding additional plants to fill in any visible gaps) will suffice.
Cosmetic Repairs
If there are minor and/or inexpensive repairs that need to be done to the property, it can be helpful for the homeowners to take care of them prior to listing. Small repairs, like steam cleaning the carpets or fixing a leaky shower, are quick, easy and inexpensive fixes, but can make a big difference when showing the home.
While homeowners will want to leave more major repairs and remodels for the potential buyers, cleaning up small problems will yield big results when they put their home on the market.

Staging

It’s important for homeowners to stage their home in a way that’s appealing to potential buyers and is part of the checklist for selling your Farmington Hills home. Staging can either be done with the help of a checklist for selling your farmington hills home-staggingprofessional organizer and decorator or independently, but proper staging should include:

      • Decluttering the home
      • Removing any personal items
      • Reorganizing, rearranging and/or removing furniture to make the home feel more open and spacious
      • Thoroughly cleaning the home

Arranging the home to highlight the property’s best features (for example, pulling back curtains to showcase a gorgeous view or moving any furniture that blocks interesting architectural details)
Adding decorative items to enhance the space

Staging a home in a way that appeals to buyers can have a huge impact on the selling process. Professional stagers typically cost a few thousand dollars, but if homeowners want to save the extra cash, HGTV has some great tips on how to best stage a home for maximum impact

Choosing An Farmington Hills Agent

Once the property is ready to be shown to potential buyers, it’s time to find an agent.Choosing the right real estate agent in Farmington Hills is HUGELY important, particularly for first time sellers. Having the right real estate agent representing the property can mean the difference between a quick, painless and positive selling process and a long, drawn out nightmare.When choosing a real estate homeowners should consider:

Does this agent specialize in this type of property and in this area?
Whenever possible, homeowners should work with an agent who possesses a wealth of knowledge and experience selling the type of property they’re looking to sell within their market.

Different types of properties and different markets have different nuances, and working with an agent who understands those nuances can help homeowners sell their home quicker and for a higher price than working with an agent who isn’t as knowledgeable.

What’s the agent’s track record?
One of the best predictors of future success is past success. When choosing a real estate agent, homeowners should ask what their track record of success is. How many homes have they sold in the past year? What’s the average time their properties stay on their market? What percentage of their deals come in at the asking price or above?

Understanding a real estate agent’s past performance can help homeowners understand what they might expect during the selling process and helps to set up proper expectations for both the homeowners and the agent.

What’s the agent’s plan for selling the property?
Homeowners should also ask what their Farmington Hills agent’s plan is for selling the property. What marketing channels will they leverage to make sure the property gets in front of the right people? How aggressively do they plan to market the property? What’s their backup plan should they not be successful with their typical marketing strategies?

It’s an agent’s job to sell a property, but there are many ways to do that. Homeowners will want to find out upfront what their agent’s plan is to make sure it’s in line with what they’re looking for.

Selling a property can be overwhelming for first time sellers. But by following the steps in this checklist for selling your Farmington Hills home, homeowners can benefit from these steps to help in selling their home quickly, easily and with as little stress as possible.

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Timing Your Farmington Hills Home Sale

Timing Your Farmington Hills Home Sale

Hardly anyone decides to put their own Farmington Hills house up for sale without wondering whether there wouldn’t be a better time to do so. There are a couple of different ways to look at the timing your Timing Your Farmington Hills Home Sale clockFarmington Hills home sale—but only one of them is controversial. Timing your Farmington Hills home sale is very important in this tight market when inventory is low and prices are soaring, the process should begin as soon as your ready.

Timing Your Farmington Hills Home Sale Can Be Controversial

Controversial: timing by the calendar. A good number of real estate commentators think that the optimal timing your Farmington Hills home sale is during the spring/summer season. In the residential real estate lexicon that’s the “peak selling season.” Statistics validate their point. Since the majority of transactions are in fact initiated during the good weather months when the sun shines the longest, it might seem to make the most sense.

The controversy arises when it’s pointed out that this notion is so commonly held that timing your home sale to list it during the peak puts you in competition with many more sellers. Peak season proponents don’t think that’s a problem since there are also more buyers in the market. Naysayers counter that house-hunters in poorer weather are demonstrating that they are more committed—by definition, they are better prospects. And so on—and on. The argument isn’t likely to be settled any time soon.

Non-Controversial: timing by your personal calendar. This argues for disregarding the wall calendar in favor of letting your personal situation dictate the timing your Farmington Hills home sale. Financial commentators make the argument that when your home no longer fits your lifestyle, that’s all the timing you need to pay attention to…if your financial ducks are in a row. The seasonal timing debate can be argued either way, but almost everyone agrees that the underlying economics should dictate the final word on timing.

Once your debt situation is in control, and you’re confident that you can afford the move to your next house, the only timing issue remaining is allowing enough of it to bring your current Farmington Hills home up to prime showing condition. Whenever your personal situation aligns to suggests it’s time to start thinking about selling, one timing element I can heartily suggest is to give me a call. We’ll have a no-obligation discussion about if and when to get the ball rolling

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