by tom | Feb 27, 2019 | Blog, buying a home, home sellers, Oakland County, Uncategorized
As a homebuyer looking for homes in the Oakland County, Michigan area you may find yourself asking what property is included in the sale of the home, so this is to give some clarification on the topic of personal verse included property. Although your realtor would know exactly what is included and excluded with the sale of the home, but you should be aware as well when searching for a new home especially if you are a first-time homebuyer. Keep in mind attention to the details is a must to prevent a disagreement between the home seller and home buyer at time of the final walk-through and what was included in the sale of the home.
Knowing the difference between what’s included in the sale of the home and what’s excluded
First things first, when a homebuyer receives the listing ticket or reads the description it should state what is included in the sale of the home and also it should state exclusions as well to prevent any misconception of the buyer’s expectations of what included in the sale of the home. Many times, the issue or confusion can be addressed before or after the showing by the homebuyer, but can still arise after seeing the home days later. Basically, anything that is fixed to the property is included in the sale of the home unless otherwise stated in the description or directly from the home seller.
What are examples of fixed items that are included in the sale of the home
As a homebuyer you may need examples on what property is included with the sale of the home in order to make a homebuying decision. Some Include:
- Built-In Dishwashers
- Built-In Stoves
- Built-In Microwaves
- Garbage Disposals
- Drapes
- Light Fixtures
- Plumbing Fixtures
- Blinds
- Dressers Built-In
These are just some examples of things that are “Nailed Down” or attached to the home that in most cases are property that is included in the sale of the home, but as I mentioned their may be some exclusions to some of these items if stated by the home seller. It is best to discuss this with your Realtor as each home is different.
What if I wanted something in the home that is excluded and not attached?
Normally if something is excluded and not included in the sale of the home means the home seller is not willing to part from it, but your Realtor at time of writing offer could ask on your behalf to include it in the sell. An example would be something like a hanging mirror that you think looks great with the home and you as a homebuyer would like to have it. The best option is for the home seller to avoid property that is not included in the sale of the home be removed and replace the property before starting to show the home for sale.
It is my hopes that this helps with both homebuyers and home sellers understand what property is included in the sale of the home. Remember that I’m always here to help in all of your real estate needs and services. You can call or email me anytime [email protected] or 248-790-5594
by tom | Feb 25, 2019 | Blog, buying a home, home owner, home sellers, homes for sale, Oakland County, Uncategorized
In today’s Oakland County Michigan housing market it is important now more than ever for home seller offers to respond to a buyers offer for purchase of their home, usually the time frame would be within twenty four hours which allows for the home seller offer to have plenty of time to be reviewed,considered and possibly allow time for the listing agent to review with their home seller as well. Although the twenty four hours is the standard, there are times that this is not possible as some home sellers are out of town,family issues or other events that may prevent them from being able to respond within the time frame which would require your real estate agent to write an extension which would allow more time for the review of the home sellers offer.
Although the timing may change for your sellers offer to get reviewed and the home buyer will most of the time understand that this is a process and their offer may take a little longer to get an answer, there are other issues to look out for. Unfortunately we have home sellers that have multiple offers in hand and seem not to be in any hurry to accept and of the seller offers that they have and you may wind up as a home buyer getting into a highest and best offer situation, its always best if your buyers agent ask beforehand if their are other offers on the particular home your trying to purchase. Most realtors will tell you if they have multiple seller offers on a particular property. As your realtor we will inform you on the best ways to handle this situation if it arises while presenting your offer the the sellers agent.
Lets Breakdown The Sellers Offer Process
When a home owner receives a legitimate home seller offer in writing, the seller can accept the offer, reject it, make a counteroffer, or do nothing. While the home owner is not legally bound to respond, if a seller doesn’t respond in a timely fashion, the buyer might become irritated and lose interest in the property.
Protection For Home Buyer and Seller Offers
Most real estate contracts contain an expiration date. If the seller doesn’t respond to the seller offer by the specified date, the agreement becomes null and void, unless the buyer agrees to reopen negotiations
Advice For Both Home Buyer and Home Seller With Offers
As a seller, your response time might defer depending on market conditions. Responding quickly makes sense in a down market, whereas responding slower in a thriving market could give the seller more time to receive multiple offers. A good practice for both buyers and sellers is to respond to any offer or counteroffer quickly and decisively unless circumstances warrant otherwise.
Remember buying or selling a home is one of the most important financial decisions you can make in a lifetime. It would be my pleasure to assist you in all of your home buying and home selling needs here in Oakland County, Michigan, please feel free to call me anytime 248-790-5594
by tom | Oct 29, 2018 | Blog, comparables, home sellers, Oakland County, sell your home, Uncategorized
Setting The Asking Price For Your Home-Whats It Worth
As the seller, you are often going to have trouble with setting the asking price for your home. If it’s over priced, it will sit on the market for too long and if it is under priced, you might not get any money back on the renovations you just made.
This is why it is important to consult a real estate agent before proceeding with any sort of real estate decisions. They have all the resources, which you don’t have access to and they can easily find any information they need. There are many factors that you need to consider before setting the asking price for your home and you can do so easily with a real estate agent by your side. You see… the first thing buyers notice when they see the listing is the price of the house. If they find it too high, they don’t even bother to look at the pictures of the house.
Following are two things that you need to do before posting an ad online of your home for sale in Oakland County, Michigan:
Get Free Evaluation
There are hundreds of websites that will give you an accurate estimate of your house based on its details such as square footage, number of rooms, location and more. A free evaluation gives you an idea what your home for sale in Oakland County, Michigan is worth. You can get as many evaluations as you like and then compare the prices. This will give you a solid idea regarding the prices in your neighborhood .
Let’s assume that your neighbor just sold his house. The location and the square footage of the neighbor’s house put your house at equal footing. So, you decided to sell your house at the same price. Months go by and many buyers tour the house. However, none of them come back with an offer. Why?
This brings us to our second point:
Look at the Comps
Comps refer to comparable houses that you can look at to set the asking price that suits your home for sale in Oakland County, Michigan. House that have been sold last month and were identical to yours with no additions can be used as compass. The good news is, a real estate agent has a whole database of comps, which makes it easy for him to help you set the asking price. You can find information on your own too by taking with the locals and other neighbors in your area. In the end, regardless of what the real estate agent recommends, you will have the last say on the asking price. However, it is better to trust the agent because they have sold dozens of houses, which is what makes them experts at their job.
Sometimes, your house might be valued at a lower price than you expected. It’s hard to not get emotional in such a case, but it is also important to think practically in such situations. This is where a real estate agent comes in because they have an unbiased perspective. Looking for a real estate agent to help with your house sale? Visit my website Homes2MoveYou now and contact me for a free evaluation of your home to get an appropriate asking price for your home.
by tom | Oct 7, 2018 | agent, agents, Blog, halloween, home buyers, home sellers, real estate agents, scary things
When you’re in the business of helping people buy and sell homes — arguably the largest investment of their lives — it goes without saying that there’s a lot at stake. While real estate agents are typically unflappable pros who, in many cases, have experienced just about every scenario you can imagine, there are still some things that strike fear into their hearts.
by tom | May 22, 2018 | Blog, equity gains, home prices, home sellers, Oakland County
The Great Recession was one of the most challenging times in US history and in the Oakland County area. The US lost nearly 9 million jobs, unemployment nationwide hit an astounding 10%, and housing prices fell a whopping 33%, causing American households to lose of $16 trillion dollars in net worth also losing their homes value.
After the housing crisis of 2008, many homeowners found themselves “upside down” on their properties, with their mortgage balances significantly higher than their homes value. According to Zillow, negative equity in the US peaked 31.4% in Q1 of 2012, meaning nearly one-third of all mortgage holders in the US owed more on their homes than it was valued.
But luckily, the economy started improving in 2010. The GDP grew an impressive 19% from 2010 to 2017, and the economy added jobs for a record-breaking 88 consecutive months, recovering all the jobs lost during the recession. Not to mention, unemployment fell to 4%.
But one area that was a bit slower to recover was peoples home values. Many homeowners who lost a significant portion of their home’s value in the recession have been hesitant to sell—especially if they purchased their home when prices were high.
But according to Evaluating The Housing Market Since The Great Recession, a recent report from CoreLogic, homeowners who lost value in their homes during the recession finally have something to celebrate. According to the report, the average house price is now 1% higher than it was at the peak of the real estate market in 2006, growing 51% since bottoming out in 2008.
The Homes Value Takeaway
If you’ve been waiting to sell your home for it to recover its pre-recession value, now is the time to make a move. Not only have housing prices recovered to their peak values, but the inventory crisis is driving up prices, making it the perfect market to finally sell your home.
by tom | May 19, 2018 | Blog, equity, home sellers, housing confidence
The Housing Confidence is at an all time high, this is great for home sellers that are looking to sell or downsize or cash in on their equity. With plenty of reasons to buy a home, but one of the main reasons is to build wealth. And if you own a home, chances are good that your wealth has gone up a few notches in the past year.
According to the most recent Home Price Index Report from CoreLogic, home prices nationwide increased by 7% from March 2017 to March 2018. According to an April 2017 article from the National Association of Realtors, the median home price in March 2017 was $236,400. This means the average homeowner has gained nearly $17,000 in wealth from their homes over the past year.
Housing Confidence Cause and Affect
The major increases in home values are due, in large part, to the national inventory shortage which is creating serious competition and driving up home prices. But this seller’s market can’t last forever, and most experts predict the increase in home values will slow in the upcoming year.
Feeling pretty confident in the housing market? You’re not alone.
Fannie Mae’s Home Purchase Sentiment Index (HPSI), which draws from their National Housing Survey data to assign a number to consumer’s home purchase sentiment, rose 3.4 points in April 2018 to 91.7—up 5 points from April 2017 and an all-time high for the survey.
The survey saw five out of six HPSI components rise in April, with an especially strong increase in people reporting that now is a good time to sell (up 6% from March). Other factors that play into consumer confidence in the housing market include the share of Americans who report not being concerned about losing their jobs (76%, an increase of 5% over March) and people reporting a significant higher household income over the previous year (18%, up 1% over March).
The Takeaway
You’re not likely to find more confidence in the market then we’re experiencing at this moment in history. So if you’ve been thinking about making a move to buy or sell, now’s the time.
