The housing inventory in and around Oakland County, Michigan has been a struggle for most buyers the last few years causing higher prices and less inventory for eligible home buyers. Although the housing inventory in Oakland County, Michigan increased in January 2019, the inventory remained averagely lower dropping by 381 homes from 3,629 in December to 3,248 in January.
Housing Inventory Getting Better For Buyers
While the current inventory remains dependent on affordability in 2019 as far as housing inventory and the housing market, there are signs that some areas are showing signs of an improving housing inventory situation, with year after year increases in inventory percentages and the low inventory situation in Oakland County, Michigan according to Realcomp II Ltd.
For the past few years, historically low housing inventory has been driving up competition (and prices) for real estate in markets across the country including Oakland County, Michigan. But it looks like 2019 is going to see that (finally!) start to shift in a different direction, which is great news for home buyers. While gains are expected to be modest, housing inventory is at least going to be heading in the right direction in the upcoming year.
According to Realtor.com’s 2019 Housing Forecast, national inventory increases are projected to hover right under 7% for 2019 (which is in stark contrast to last winter when inventory hit the lowest level in recorded history). Some types of properties will see more growth than others—while entry-level buyers will see only modest changes in inventory, higher-priced properties (and higher-priced markets) should see a more notable change in available inventory in the upcoming year.
The Inventory Improvement Takeaway
If you’ve been thinking about buying a home but haven’t been able to find a property in this competitive market, it looks like things are finally starting to shift in your favor—and (hopefully!) finding a home in 2019 is about to get a lot easier.
Buying and selling a home is a huge life event, and the right real estate agent is the most important person you’ll work with during the transition.
Choosing the right real estate agent is an important resource; they can help break down complex real estate concepts, walk you through the logistics of buying or selling a home and can help move the process along, saving you time, money and energy in the process.
But unfortunately, not all real estate agents are created equal. And while the right real estate agent can make the buying or selling process a breeze, the wrong agent can leave you feeling frustrated with a far too long, expensive and overwhelming real estate experience.
Here are four signs it’s time to cut your current real estate agent loose and find the right real estate agent:
1. You just don’t vibe
Just because a real estate agent is competent and capable of helping you buy or sell your home doesn’t mean they’re the right real estate agent for you. Sometimes, no matter how experienced or skilled they are, you just don’t vibe with your agent.
During the buying or selling process, you’re going to be extremely involved with the right real estate agent. Between showings and contract negotiations and phone conferences, you’ll spend more time with your real estate agent than pretty much anyone else in your life until your home is bought or sold. Which is why it’s important that your personalities work well together.
You don’t have to be best friends with the right real estate agent, but it’s ideal to have some sort of personal connection. You’re entrusting them with one of the biggest purchases or sales of your life, and it’s important that you trust them and believe they have your best interest at heart. You also have to at least be able to tolerate their personality; as mentioned, you’re going to be spending a lot of time with them, and if their personality clashes with yours, it’s going to make the whole process less enjoyable.
If you find that your personality is just not a good match for your real estate agent, do yourself (and them!) a favor and find a new agent.
2. Your real estate agent is slow to respond
Things in the real estate world happen quickly, and in order to maximize your time, effort and money, you need the right real estate agent who’s on top of things. And with today’s easy access to technology, there’s no reason your agent should be out of touch for long.
While it’s unrealistic to expect your real estate agent to drop everything every time you reach out, they should respond to all requests (whether through phone, text or email) within a reasonable time frame – which, in the real estate world, is a few hours max. Even if the response is a simple “I’m with another client and will get in touch at X time,” a good real estate agent will make sure to give you the attention you need to successfully buy or sell your home.
If you find that your emails or calls go unanswered for an entire day or longer, you should have a conversation with your real estate agent to establish communication expectations. If things don’t improve, it’s time to look for a new agent.
3. Sellers: Your house has been on the market too long
There’s no magic number for how long your house should be on the market before it sells. But a good real estate agent should be able to sell your home in a similar timeframe of other homes in your area. If your neighbors sold their home in 30 days and your house has been sitting on the market, it’s time to start asking questions.
There are many reasons your home might not be selling, like being priced too high. But your real estate agent should advise you on the reasons your home isn’t selling and make suggestions as to how to get the house sold. If your house has been sitting on the market longer than other homes in your area and your real estate agent doesn’t have any insight or suggestions, it’s probably time to move on.
4. Buyers: You’re finding more properties on your own than through your agent
If you’re buying a home, a huge part of your real estate agent’s job is to send you properties they think would match what you’re looking for. Depending on your market, your agent should be sending you new listings on at least a weekly basis. If you’re consistently finding more properties on your own by combing through listings on real estate sites than you are through your real estate agent, it’s time to find someone new.
Your real estate agent can make or break the process of buying or selling your house. And if you’re not happy with your agent, you owe it to yourself to find someone you feel is the best fit for you and your real estate goals.
I would love to be your right real estate agent her in the Oakland County, Michigan area! Please feel free to call me anytime 248-790-5594
Winter in Farmington Hills is the perfect time of year for plenty of things: making snow angels, going ice skating, and drinking hot cocoa by the fire are all things that come to mind.
Do you know what else winter is the perfect time of year for winter home buying.
There’s no better time to find your dream home than the winter months. Here are five reasons why winter is the perfect time to find a home:
1. There’s less competition for winter buying
One of the best reasons to purchase a home during the winter is that there’s typically less competition.
Winter isn’t the most popular time of the year to move; kids are still in school and potential buyers with children tend to wait until spring or summer to start looking to avoid having to pull their children out of school. And because there’s less buyers on the market, you’ll face less competition on the homes you’re interested in.
You’re also less likely to face multiple offer situations when the market is less competitive — which means that when you find a home you love and put in an offer, you’re not going to be up against anyone else, which greatly increases the chance of your offer being accepted.
2. Prices are more competitive in winter
Another major benefit of buying a home in the winter is that the pricing is more competitive.
This means that in the winter, you’re far more likely to get a deal on your home than spring or summer. In fact, recent research shows that while buyers paid $1500 more than the sale price of the average US home during the peak spring season. But in the winter? They paid $3100 less.
3. You’ll deal with more motivated sellers
Another plus of buying in the winter?
Because there aren’t as many buyers on the market, sellers are much more motivated to sell — which means they’ll be much more willing to negotiate with you.
That can mean anything from coming down on the price, covering some (or all) of your closing costs, working with you on the closing date, or even throwing in extra appliances to sweeten the deal.
If you buy during the peak season, sellers don’t have as much incentive to negotiate since there’s a lot of competition, so do yourself a favor and buy in the winter when sellers are much more motivated to get their home sold.
4. You get to see how your new home holds up in the cold
If you live in an area with harsh winters, another benefit of buying a home in the winter is that you get to see how your potential new home will hold up in the cold — while it’s actually cold outside.
If you buy during the warmer months, your new home may look great. But when winter rolls around you might find that the chill in the air travels from outside to inside, or that your home is properly insulated to keep ice from building up on the exterior.
Bottom line: When you buy in the winter, you get to see your potential new home’s winter performance before you buy. You can make sure that your house has proper heating and insulation instead of buying in summer and hoping for the best — which can be an expensive mistake.
5. You get to take advantage of your real estate agent’s slow season
Because the winter months are typically slower in the real estate industry, your agent likely doesn’t have as many clients as they would in the peak season — which logically means you’ll probably get more of their attention.
A great real estate agent will always take care of you — no matter how busy they are. But there are only so many hours in the day, and during the peak season, he/she will likely have multiple clients they need to split their attention between.
But less real estate activity in the winter means less clients for your real estate agent, which means they have more time and energy to devote to you and your home search. They’ll be more available to research potential homes, show you new properties, and answer your questions — which will make your home search easier, faster, and more enjoyable.
As you can see, winter just might be the perfect time to buy a home. So bundle up, call your agent, and get out there and find your new home!
Sign, sign everywhere a sign
We all know this song, and it couldn’t be more accurate and appropriate this time of year in the Greater Oakland County area. As a Realtor the signs are not only an annoyance but also make it very hard for my buyers to find the property as the yard signs are buried around in the mass of political signs. I’m not clear if the home buyers are offended or if the political signs have any impact on their choice of neighborhoods in the Greater Oakland County area, but some ask me more details about the neighborhoods than usual and others aren’t shy about sharing their political views.
Growing up I was told never to discuss politics with anyone, now as a relator trying to avoid my political views with my home buyers and sellers is a task, for some reason this year seems especially heated so I avoid at all cost. This political season seems to resemble the Bush and Kerry election time when that was quite heated to some. The question that bothers me is “why do some home buyers choose a neighborhood based on a political view?” some buyers not wanting to live near republican’s or others that don’t want to live near democrats. Areas in Greater Oakland County such as Novi, Northville, Plymouth, West Bloomfield and Farmington Hills seem to be diverse and reserved, but something seems to be a little different this go around.
Do the signs influence the home buyers? Do the home sellers even care?
When discussing this with my home sellers they don’t seem to care much about what the buyer thinks of their signs or political views this time around, but they don’t realize that this could be detrimental to getting their home sold in some cases but their political views are so strong it’s useless to try and convince them otherwise about their signs. Some home buyers on the other hand don’t seem to care either, once they see the signs and feel that based on the signs they are not interested in the neighborhood. A seller cannot discriminate against a buyer and it isn’t even about that, it’s about political views and not getting or finding the right home based how strongly their views are either way.
It’s important for neighbors to have common values, and for the next couple of weeks at least, values and voting preferences seem to be one in the same, but in my opinion it shouldn’t matter to either Buyer or Seller. It is their choice to have a political sign In their yard and to support any candidate they wish, home buyers if they wish can also make their decision based on any reason they wish, but as Realtor s it is a fine line to walk and can be detrimental to our hard work every day to get caught up in politics when it comes to both buyers and sellers. Me for one will be happy when this political season is over and things get back to normal for a short time, but please don’t let the signs be up all winter till spring.
Greater Oakland County Home Buyers BUY OR WAIT?…
Check The Answer That’s Right For You
There’s no right or wrong answer when you ask: “Is it the right time to buy a home in the Greater Oakland County area ?” For some, it’s a great time to buy—while for others, the answer is not as clear cut. There are lots of check marks that make buying favorable, but some unknowns as well. We’re here to help you sort out the right answer for you.
Today’s real estate market in Greater Oakland County is affordable for many. Interest rates are still near historic lows, which means your money buys more home than it will when rates rise. With stable employment, a decent down payment and a good credit history, you’re likely to qualify for a mortgage.
The selection of homes available locally in greater Oakland County is improving because the overall economy has encouraged more owners to sell. Because of this, your odds of finding the right home for you are higher today. Also, home buyers now have many financing options because lenders offer a variety of loan programs that allow buyers to choose their mortgage term and interest rate to ensure the loan is affordable today—and tomorrow.
Should you buy a home today?
There are many reasons why it might be a good time for you, personally, to buy real estate today. How many reasons can you check off?
☑ I need a tax break.
Paying mortgage interest and real estate taxes may provide you with a sizable deduction on your income taxes. Consult a financial professional to review your tax return and see the impact owning a home (or a larger home) could have on your tax bill.
☑ My household income is likely to grow.
Up for a raise in the not-too-distant future? In line for a promotion? If your career—or your partner’s career—is on an upward trajectory, your growing income will offset any increases in real estate taxes, insurance or interest rate down the road.
☑ I’m ready to put down some roots.
You may feel ready to sink deeper roots in one location and become more vested in our community. If you’re looking to call our area home for five years or more, it may make sense to buy a home or move up to a larger one.
☑ I have been saving for a rainy day.
If you’ve been stashing away money for a down payment for some time, consult a mortgage lender to determine how much home you can comfortably afford to buy (ask us for lender recommendations). Calculate if your savings cushion is enough to cover unexpected maintenance costs or other emergencies after the down payment is paid.
☑ I need a home that will grow with my family.
If the home you can afford today has enough bedrooms to accommodate future children, children who are returning home, elderly family members or a work-at-home situation, it may be the right time for you to buy.
☑ I’ll be receiving some money.
If you are receiving a large legal settlement or a family member has presented you or your partner with a sizable monetary gift or inheritance, you might be able to buy that home you’ve only dreamed of before now.
☑ I follow a budget.
With your finances in order and personal spending in check, you likely have a realistic budget to know how much you can safely spend on housing.
☑ My debt situation is under control.
If you had student loans and they’re nearly paid off, college-age kids that are close to graduation or credit card debt that is near a zero balance, it might be time for you to think about buying a home.
☑ I’m just ready.
If you’re ready to buy a home, it’s time to contact us. We can show you local homes that fit your finances and your family. We can work with you to determine which one meets your needs best. We look forward to hearing from you soon!
Cell : 248-790-5594