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.
Many folks are tempted to take the FSBO Sellers route believing they’ll save a bundle by not paying an agent’s commission. They may imagine it’s a simple as sticking a sign in the ground and watching a qualified buyer magically appear. While that may happen occasionally, the vast majority of that time it doesn’t work like that. At all.
FSBO Sellers Pricing It Right
Coming up with the right asking price requires doing your due diligence. Researching what comparable homes in the area recently sold for is key. You may also want to hire an appraiser to be sure you’re not over-pricing or under-pricing your property, as both will end up costing you. Also, beware: Those who’ve gone the FSBO Sellers route note that very often buyers are hoping for a deep discount knowing sellers aren’t paying anyone a commission. So even if you’ve listed it for a fair price, be prepared to negotiate.
When a seller prepares to put their home on the market, they have one of two choices: working with a real estate professional to sell their home, or attempting to sell it on their own (aka “FSBO” – for sale by owner).
The reason most sellers decide to go the FSBO route is to avoid paying a commission to a real estate agent. But turns out, FSBO doesn’t save money at all. In fact, in the end, it may cost you.
FSBO Facts To Ponder
According to the 2017 National Association of Realtors Profile of Home Buyers and Sellers, homes sold using an agent sell for significantly more than FSBOs. In fact, the study found that the median price of a home sold by an agent was $250,000, compared to $190,000 for FSBOs—an astounding $60,000 difference.
Will you avoid paying a commission fee if you go the For Sale By Owner route? Yes. But if your home sells for $60,000 less than it would have with an agent, it’s not worth it. The math simply wouldn’t add up in your favor.
FSBO might help you avoid paying a commission to a real estate agent, but when you factor in the expertise an agent brings to the table and the higher price they’ll be able to get for your home, FSBO isn’t a way to save money. In fact, it’s the opposite.
An open house is a great tool for taking your home from “for sale” to “sold.” But not all open houses are created equal, and if you want your open house to drive buyer inquiries and offers, you need to do it the right way. Take these open house tips to get your home sold:
1. Make sure people show up
One of the first open house tips and a successful one is to make sure plenty of people show up. The more people that attend your open house, the higher the probability that one (or more) will fall in love with it and want to make an offer.
And how, exactly, do you make sure enough people show up? Marketing, marketing, marketing.
Effective marketing is the key to driving foot traffic to your open house. Your real estate agent should manage the marketing, but make sure your open house is listed on all the relevant real estate sites (like Zillow, Trulia and Redfin) as well as local-focused sites like Craigslist. The more places you list your open house, the more potential buyers you’ll get in the door is probably one of the most important of these open house tips.
2. Make the right first impression
You only get the opportunity to make a first impression on your potential buyers once, and you don’t want to lose them before they even get to the door. Open house note that the exterior of your home is the first thing potential buyers will see, and it’s going to be the determining factor into whether they decide your open house is worth attending.
Make sure your home looks attractive and inviting from the street. Make sure to landscape your yard, add a new coat of exterior paint and replace worn items, like an old mailbox or front door, to ensure you make a good impression on passerbys debating whether they want to attend your open house.
3. Get rid of clutter and personal items
Nothing kills an open house – or a potential buyer’s interest – than an overflow of clutter spilling out from every possible closet or drawer. You want to create an open feel for your open house, and too much clutter will leave the space feeling closed in and claustrophobic.
Before your open house, go through your home and put anything you don’t use on a daily basis into storage. Clear off countertops and underneath beds. Too much stuff is a turn off.
On the same note, you’ll also want to get rid of any personal items. If you have too many personal items (like family photos) around the house, it can be hard for potential buyers to envision themselves in the space, lowering your chances of selling at the open house.
4. Offer snacks-One of my favorite open house tips
When hosting an open house, you always want to have snacks and refreshments available. It seems like no big deal, but if potential buyers come into your home hungry or thirsty, they’re going to be less engaged in viewing the home – and as such, less likely to make any buying decisions. By having refreshments on hand, you can ensure that everyone who attends your open house is satiated and ready to give their full attention to your home.
When it comes to snacks, there’s no need to go overboard; a veggie tray, cheese and crackers, or cookies with water is plenty, these may be one of the open house tips potential buyers like best.
5. Have a place for pets
Pets are an irreplaceable part of the family. But if you have pets, they need to be an invisible part of the family come open house day.
Having your pets roam free at an open house is a potential disaster waiting to happen. People who don’t like or are afraid of animals might be scared off when they see your pet and leave the open house before fully touring the property. People with pet allergies might have a reaction. Or your pet might get upset by all the strangers in the home and act inappropriately.
Do yourself a favor and have your pet stay with a friend outside of the home during the open house. If there’s absolutely no one who can care for the pet during the open house, make sure you keep them in a secure, fenced-in area.
6. Clean like you’ve never cleaned before.
When you’re hosting an open house, it’s absolutely imperative that every inch of your house is spotless. A messy kitchen, shower mold or a collection of dust bunnies under the couch can have potential buyers running in the other direction.
Spend a solid day cleaning your home from top to bottom. If you’re not the cleaning type, hire a cleaning service to do it for you. Don’t lose potential buyers because you hosted an open house in a less-than-spotless home!
An open house is a great way to get your house sold and off the market. And with these tips, your next open house is sure to be a success!
Contact me TODAY! Realtor Tom Gilliam-RE/MAX Classic – 248-780-5594
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 Farmington 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
“Give me one good reason why selling now is better than waiting until next spring,” is a perfectly legitimate request. It’s a challenge to the traditional peak of Farmington Hills’s selling season. Why should right now, at the start of September, be the right time to sell your Farmington Hills home?
Statistics show that more homes are sold in the spring and summer, that—plus sheer inertia—can be powerful arguments to the contrary.
So here’s the “one good reason.” In fact, it could be the best reason. It’s the textbook Economics 101 basic rule about markets and pricing.
The Economics 101 Reason to Sell Your Farmington Hills Home Now
Simply put, the supply of housing all across the nation continues to be low. Really, really low. A few weeks ago, USA Today put inventories of homes for sale at “a 20-year low.” By the start of summer, that explained why the S&P CoreLogic Case-Shiller national home price index was up 5.6% from the year before—an all-time high.
Now, it could turn out that the supply of competing homes on the market remains low throughout the fall and winter—and even throughout 2018. But it’s also possible that conditions change, and that the housing inventory slump finally reverses. In fact, the economy, jobs reports, and consumer confidence are on the rise…
But until then, it’s what those Econ 101 introductory texts lay out: a basic truth that the price of an item is a reflection of supply and demand. Unless the annual pattern does a surprise about-face, come springtime, many more competing homes can be expected to enter the market. In other words, right now an already-constricted supply is likely to thin out even further. And most homeowners will wait for the traditional peak selling season to sell their Farmington Hills homes.
Textbook Argument for Selling Your Farmington Hills Home Now
The long and short of it is that listing now isn’t just a good time—it could be the good time. If you were looking for that “one good reason,” it’s also another reason, too—to give me a call me to discuss how best to sell your Farmington Hills home!
Read the Original Article Here: http://www.crainsdetroit.com/article/20170810/news/635951/low-housing-inventory-continues-to-drive-up-sale-prices-pace