Is There a Buyers Market Creeping Up? – Realtor Tom Giliam

Is There a Buyers Market Creeping Up? – Realtor Tom Giliam

We all know that this sellers market would not last too much longer and it seems to be coming to an end sooner than later. The turn towards a more favorable buyers market seems to be taking place with 14% of all listings taking a price reduction in June of this year which is up from just 11% in 2016. Everywhere you turned you heard nothing but, It’s a sellers market and a great time to sell! which was true and still is in some areas of Oakland County Michigan like Farmington Hills, West Bloomfield and others, but are the sellers realizing that things are changing in the opposite direction now that we are approaching fall of 2018?

In my business here in Oakland County Michigan, things seem to have been in a stalemate between home sellers and home buyers resulting in many homes staying on the market for longer periods of time then expected, even surprising us professional Realtors. The potential home buyers seem to know that the buyers market will soon be upon them, with the home sellers still bent on getting top dollar or even more. In Farmington Hills where I have several listings that get many showings, but no one is presenting or moving on them which leaves the sellers thinking “why isn’t my home selling” which leaves us to have to try and explain what is happening when we know the market trends seem to be pointing to a buyers market in many areas.

Part of this can be explained by rising interest rates, builders not meeting demand and foreclosed homes being bought in the past and are now rentals. The simple explanation is supply and demand in which was never reached that housing demand when prices were rising upward. The trend now seems to be on the downward swing especially on the high end housing communities in which rising housing prices benefitted those areas more favorably (which lately have seen close to 20% in their inventory price reductions). A buyers market is not a bad market but getting home sellers to realize and be more realistic in pricing their home may keep us in the black for the meantime while the housing market adjust to the coming changes.

The market changes will happen and it will correct itself as I feel this is exactly what this shift means. The supply and demand aspect of this years upswing left the market unable to respond to the needs of the home buyers, so a slight buyers market may correct the voids that this years home buying and home selling season missed out on. The market will shift back and forth but this home selling and buying season seemed to have ended with a slighter advantage headed toward a buyers market.

Your Farmington Hills Michigan Real Estate Agent Benefits

Your Farmington Hills Michigan Real Estate Agent Benefits

Are you planning to take the FSBO route for your Farmington Hills Michigan real estate? Before you put up that sale sign, there’s one thing that we would like to ask:

Can you handle this deal “ALL ON YOUR OWN”?

Your Farmington Hills Michigan Real Estate Agent Benefits You

Let’s not be too hasty by saying “yes”. If you are thinking about saving that commission, which you have to pay to the real estate agent, then we would like to tell you a small fact:

You might not have those savvy negotiations skills that are required to cut a profitable deal… which means that you will be losing money on the sale price.

The one thing that real estate agents excel at is bringing you multiple buyers and selling your house at a price that is higher than you expected. They take care of everything involved in the process such as staging, online marketing, open houses, mortgage advice, closing, deed transfer, etc.

Are you confident you can handle this by yourself?

This is why we believe that hiring a real estate agent is in your and your house’s best interest. Following are five reasons why you should hire a real estate agent when putting up your home for sale:

1. The Right Listing Price

When it comes to real estate, agents have in-depth knowledge about the current market. The price is not simply set but the agent makes evaluations by comparing your home to the comps and then lists your house at the right asking price. This gives you a guarantee that you will get offers from serious buyers.

2. More Buyer Exposure

The moment your Farmington Hills Michigan real estate will go on the market, rest assured, you will receive an offer or three in just a week. Real estate agents have amazing listening and marketing skills. During an open house, they keep their eyes and ears open to gauge the expressions of the visitors, so that they can make the necessary changes to the house.

3. Higher Offers

When yours and the buyer’s real estate agent come together, they think of the house objectively. This allows them to come to a negotiation that benefits both parties.

4. Better Negotiation Skills

Let’s say that during the inspection, your home for sale revealed a nasty repair. There’s a possibility that the buyer might back out of the deal. However, with a real estate agent by your side, you will be able to better tackle this problem. In cases such as these, the real estate agent assesses the situation and then includes incentives in the deal to keep the buyer satisfied.

5. Speedy Closing Process

The closing process involves a lot of paperwork that needs to be stamped, signed and checked at the county’s record office. You need to have connections with the right people, who can move this process along fast. This is where the real estate agent comes in. They make sure that all documents are signed and the deal is closed within the 60 days window.

If you think about it, a real estate agent sort of has magical powers that can help you sell your house for top dollar. If you are looking for such a competent real estate agent who will help you sell your Farmington Hills Michigan real estate then visit Homes2MoveYou and get your house listed now on the website.

Farmington Hills Home Shoppers & Home Sellers Love Photos

Farmington Hills Home Shoppers & Home Sellers Love Photos

In today’s increasing technology through smart phones, tablets and other devices that make life easier for Farmington Hills residents, everything from shopping, local secretary of state appointments and driving directions can be done with assistance through a smartphone app. It is really no surprise that even Farmington Hills home shoppers & home sellers can go on their smartphones to determine where, when and what home to look for that meets their needs when buying or selling a home.

We all know that the first thing that Farmington Hills home shoppers & home sellers will see is a photograph of either a their home or one that catches their eye as they scroll through their smartphone or device, this is why it is vital that the first impression for Farmington Hills home shoppers and home sellers be the best photography as possible, and yes, be optimal for smartphone use.

In a recent National Association of Realtors study showed that 89 percent of buyers who searched the internet for homes stated that the photographs of the homes were the most important feature to them. This makes sense as the new Farmington Hills home shoppers & home sellers are constantly discovering new apps that make their lives easier especially during a new home search. Read More Here

Give Farmington Hills Home Shoppers & Home Sellers Your Best Shot

Although technology is always changing and challenging to realtors, it is vital that we stay in step with the technology in order to give our Farmington Hills home shoppers & home sellers the ability to see the best that a property can look like photography wise and truly represent our clients with the best listings as possible, but yet we still see some pretty bad photos of homes that would make any potential homebuyer or home sellers scroll right past it not to ever be looked at it again.

For the best results for your Farmington Hills home marketing, I take pride in the photography that I provide to my clients so that they have the best chance of getting a buyer to fall in love with their home. Give me a call 248-790-5594

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Advice On Comparing Multiple Offers On Farmington Hills Real Estate

Advice On Comparing Multiple Offers On Farmington Hills Real Estate

Considering multiple offers may be a difficult undertaking for homeowners. The typical reaction is to focus on solely offer price, but that may cause issues. There are a variety of different terms in an Advice On Comparing Multiple Offers On Farmington Hills Real Estate money houseoffer that sellers should consider in order to identify which offer to accept. This blog details advice on comparing multiple offers on Farmington Hills real estate.

Advice On Comparing Multiple Offers On Farmington Hills Real Estate

Home Buyer Financing

There is a significant difference between a pre-qualification and a pre-approval, particularly when considering multiple offers. A pre-approval is traditionally given after a loan officer confirms the credit history of a buyer. There is no such verification for pre-qualifications. Pre-approved people are, naturally, better positioned to obtain commitment on a loan. Sellers will risk valuable time when the other party cannot get a loan and must therefore cancel the transaction. Due to this risk, sellers do not usually rely on pre-qualifications.

Contract Components

It is typical for conditions such as an inspection to be included in an offer. Sometimes special contingencies are added by home buyers, such as a home sale clause. More contingencies mean higher uncertainty. Some contingencies are more risky than others and may be effected by the condition of the market.

Escrow Money

Earnest money reflect the seriousness of a buyer. It also covers a seller when the buyer backing out from a deal for a reason not related to contingencies. Also, the amount of deposits could reflect financial stability. For the above reasons, the dollar value of deposits should be carefully considered in multiple offer situations.

Sale Price is Relative

Avoid making price the single consideration when comparing multiple offers, especially if a fast closing is a concern. Problems may be expensive and therefore can affect the amount of money a seller will obtain from the sale. Furthermore, a property that returns to the market after a deal falls through will likely sell for less due to loss of time. An experienced real estate professional can help you closely consider all the terms of offers and properly compare them. This article with advice on comparing multiple offers on Farmington Hills real estate was prepared by Tom Gilliam at RE/MAX Classic.

Farmington Hills First Time Buyer Guidance

Farmington Hills First Time Buyer Guidance

Buying real estate may be somewhat scary. The Farmington Hills first time buyer guidance in this blog will clarify certain things. Homes are a big financial investment and buyers should become well educated.

The First Steps                                                                                                                                                                     Farmington Hills First Time Buyer Guidance

Find a Reputable Lender

Contact a local mortgage provider and obtain a pre-approval. Keep in mind that banks may offer varying alternatives than mortgage brokers. Review the services and applicable charges to identify the best option. Get an estimate of up-front costs and recurring expenses. This also helps identify your budget.

Hire a Real Estate Expert

Find a real estate professional to assist you through the home purchase process. Choose someone that best fits your needs. Knowledgeable Realtors will help explain the options, negotiate contracts, and facilitate a less stressful purchase. This can make a huge difference for first time buyers.

Buying Process Information

Real Estate Viewings

Only see real estate that fit your price range. This avoids the disappointment of wanting real estate that is not feasible for you to buy. Home showings are time consuming, so staying within your limits will also minimize wasting of time.

Legal Paperwork

Real estate professionals can provide tips on contracts and negotiating them, but they can not provide legal advice. If you would like a legal opinion, ask about hiring a real estate attorney to explain legal jargon and make any necessary edits to them. Do not sign any paperwork that you do not entirely understand.

Inspections

Do not use inspections to lower price or alter contract terms as they sometimes do not find any issues at all. Also avoid negotiating known problems. Such strategies often fail and lead you to lose the inspection costs. In cases where defects are found, homeowners can offer to repair defects, offer concessions towards closing expenses, or do nothing at all. Try to be fair with your negotiations and the other party will be more willing to accommodate them.

Walk-Thru Prior to Closing

Shortly before the closing, you normally have a chance to walk thru the property one final time. Try and make this after the sellers have moved out. If any issues are present at the walk-thru, you can address them before signing closing paperwork.

Real Estate Closings

All buyers signing any documents must bring legal identification. Any fees owed must be in the form of a certified check or money order. Have your checkbook ready in case there are any unpredictable corrections. Upon closing, the property is officially yours!

More Farmington Hills First Time Buyer Guidance

The property purchase process can be less intimidating if you maintain an introductory knowledge of what may take place. For more comprehensive Farmington Hills first time buyer guidance, contact Tom Gilliam at RE/MAX Classic by calling 248-790-5594 or by emailing [email protected]

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