Selling Your Farmington Hills Home During COVID-19 Crisis
Now more than ever, it’s important for home sellers to be flexible with shifting market dynamics. While some sellers are deciding to pull their homes off the market during the COVID-19 crisis and try to sell at a later date, that may not be an option for everyone.
If you are planning to move forward with selling your Farmington Hills home, there are some things you can do differently during this current market while keeping everyone involved as safe and healthy as possible.
Prepping Your Home to Sell
Rather than spend your time going stir crazy from isolation and social distancing, use this downtime as an ‘opportunity’ to prep your home to look its best. Organize, clean, declutter, and prepare the inside of your home for the showings that will come.
Also, finish any DIY jobs such as replacing broken tiles or fixing or replacing that leaking tap.
When it comes to the outside of your home, spend some time creating the ultimate curb appeal that will blow the competition out of the ballpark.
Paint the trim, clean the gutters, powerwash the driveway and walkways, trim the hedges, plant some flowers, and whatever else that you can do to make your home look its best.
Create A Video Tour of Your Home
Getting your home in front of as many buyers as possible and finding new and creative ways during this time to accomplish that is key to getting your property sold.
Unfortunately, even though open houses are typically an effective tool to show your home to many prospective buyers at once, they are just not advisable at this time, given the current restrictions around large gatherings.
There’s no easy way to regulate how many people come into your home at once during one of these events. Instead of open houses and physical tours, ask your listing agent to create a video tour of your home as part of their marketing plan.
Many websites allow agents to upload videos to listings in addition to photos. The number of 3D home tours created on Zillow went up 362% as of March 20th.
A detailed and compelling virtual tour using either smartphone videos or 3D cameras to create high-definition, 360-degree walk-throughs can help prospective buyers get a feel for the layout of your home and an idea of whether or not it’s the right fit for them.
This will also help limit the amount of traffic going through your home to only those buyers who are seriously interested in your property.
Adjusting To The New Norm – Remotely
Although home selling during the COVID-19 crisis has slowed down a bit, it hasn’t come to a screeching halt. Professionals in the real estate industry are adjusting the way in which homes are being sold.
A listing appointment, market analysis, or preparing the home can all be done safely with sellers, while buyers consultations, preapprovals, and online home searches can also be done remotely.
Once you get an offer on your Farmington Hills real estate property, there are many different e-signing programs that you can use to sign contracts without having to go into an office and meet with your agent.
Title companies and loan officers with banking institutions are also instituting safe methods for selling houses without having all parties huddled in an office conference room at closing.
Buyers and sellers who are looking to start the process can still do what is required without putting themselves and others at risk.
Partner with Top-Rated Farmington Hills REALTOR® – Tom Gilliam
Whether you are interested in Farmington Hills homes for sale or you are ready to list your current property, Tom Gilliam provides the kind of knowledge, skills, dedication, and personalized service you need and deserve. Tom will take the time to listen to your needs and concerns, keep you informed every step of the way, and will go above and beyond to ensure a smooth and successful transaction.
To find out more about buying or selling Farmington Hills real estate, please contact Tom today at 248-790-5594 or you can get in touch here.
Tom Gilliam, REALTOR®
29630 Orchard Lake Rd.
Farmington Hills 48334
Email: [email protected]
Asking Oakland County Michigan homeowners whether or not they feel it it is a good time to buy a house can lead to an imprecise way of measuring the interest in the Oakland County Michigan homeowners to enter the housing market. The reason being that there are a number of personal factors that are weighed in when deciding if it a good time to make a move in this Oakland County Michigan housing market.
The Fear of Oakland County Michigan Homeowners
Oakland County Michigan homeowners have seen such a drop in local housing inventory that keep them from putting their home on the market, fearing they will not be able to find a new home themselves. In a survey from the National Association of Realtors show one group of homeowners pessimistic with the hopes of selling their current Oakland County Michigan home, and other in the survey show much optimism in selling their home and taking advantage of the equity gains that have been rising and putting them into a new home. Lawrence Yun, NAR’s chief economist, says this may be good for the overall market. “There’s no question that a majority of homeowners have amassed considerable equity gains since the downturn,” Yun said. “Supply conditions would improve measurably, and ultimately lead to more sales, if a growing number of homeowners finally decide that this spring is the time to list their home for sale.” More here.
According to a recent report from the National Association of Realtors, home values are at an all-time high in 64% (or nearly two-thirds) of the markets across the United States. Single-family home prices increased in an astonishing 92% of markets, with 15% of metro areas seeing an increase of 10% or more.
While these price increases are clearly bad news for buyers, they’re excellent news for sellers—especially sellers who struggled with negative equity after the recession.
According to a recent CoreLogic report, Evaluating The Housing Market Since The Great Recession, the average house price is now 1% higher than it was at the peak of the real estate market in 2006, which means even homeowners who purchased at the peak of the pre-recession bubble have recovered their home value.
If you’ve been thinking about selling your Oakland County Michigan home, now is the time to do it. With home values at an all-time high and low inventory ramping up competition among buyers, there’s never been a better market to get the most value for your home.
Sellers Loose Lips Can Lose Leverage
When sellers decide to sell their home, they may find themselves justifying their choice to anyone who’ll listen. But, as the old saying goes, “Loose lips sink ships.”
In today’s world where sharing is the norm, sometimes keeping your rationale for making a move all to yourself is the right move. Though sellers would never intentionally want to harm their chances of securing the best deal possible, by being a little too honest, they can ultimately lose leverage when it comes to negotiating.
The following are 8 things home sellers should never reveal (except to their Realtor).
1. “These taxes are killing me!”
No one enjoys paying property taxes, but watching them spike over time can be a huge turnoff for some homeowners — particularly those who don’t take advantage of public school districts or other amenities funded by tax dollars. Still, sellers who share that they believe they’re grossly overpaying will cause buyers to think twice.
2. “I just want to live in a quiet neighborhood.”
Whether they’re surrounded by garage bands, screaming kids, or barking dogs, if sellers are moving to get a little peace and quiet, they’ll probably want to keep that info hush-hush. Even if would-be buyers seem like heavy metal head-bangers, sellers don’t want to let them know they haven’t had a good night’s sleep in months.
3. “The house needs a lot of work.”
Old roof? Rickety porch stairs? Outdated kitchen? If sellers believe their home needs more TLC than they can handle, they shouldn’t discourage potential investors with their constant complaining. To DIY enthusiasts, the chance to purchase a “fixer-upper” may be just what they’re looking for.
4. “My neighbors are crazy.”
Living alongside quirky neighbors can make life a little difficult. But just because sellers and the folks next door haven’t become BFFs, that doesn’t mean they won’t appeal to new residents.
5. “I’ve had some pest problems.”
From spider infestations to termite troubles, these issues will likely turn up during a home inspection anyway. So, either deal with the pest problems ahead of time or prepare to hear about it when that report comes back. Either way, announcing it isn’t going to make the situation any better.
6. “I no longer feel safe here.”
Safe can be a relative term. What feels like a dicey neighborhood to some may actually be a step up from where others lived previously. Buyers can do their due diligence by checking with local police departments for crime statistics.
7. “I have to move for work.”
When sellers let everyone know that they absolutely must move, it could inspire potential buyers to make a low-ball offer. When there’s a sense of urgency or panic in a seller’s tone, it’s tempting for buyers to take advantage.
8. “We’ve outgrown this house!”
Just because owners may feel as if their house has been shrinking over time, that doesn’t mean it won’t seem like a palace to someone else. Let the square footage speak for itself. That said, decluttering and staging can go a long way toward making even the most diminutive dwelling seem bigger.
Seller: Bottom line?
Deceiving potential buyers is never the goal (doing this can land you in legal trouble) — but there is such a thing as “saying too much.” Don’t be a victim of your own words. Instead, let your Realtor do the talking for you.
Much like attorneys, Realtors are skilled professionals who know what to say, and when to say it. There are moral and legal parameters that dictate what should be disclosed, and you should give full reign to your Realtor in this regard.