Michigan’s real estate market is currently a “hot topic”. Yes, we have seen better times. However, do not be swayed by the news media and delay investing in a new home. As in any market, there are advantages for both the buyers and the sellers if some key information and strategy is used. Below are some Real Estate Solutions to keep in mind whether you are buying or selling this year:
Sellers
1. Be Aware of Current Selling Prices. Supply is simply outweighing demand. With so many houses on the market right now, buyers have the edge by taking advantage of a more competitive price. Your house should not be the most expensive on the block. However, there is still value in upgrades and “extras”. Keep your expectations in line with current market conditions.
2. Enhance Curb Appeal. Even in strong selling markets, curb appeal is a key factor to get a buyer or agent to visit your home. First impressions are everything! Creating better curb appeal can be as simple as a fresh coat of paint on the shutters or trimming the shrubs. Invest in the appearance of the house. A little effort will go a long way!!
3. Eliminate Clutter. Make your home feel as open and spacious as possible. Too much furniture or poor room arrangement can make a house seem smaller than it actually is. Organized closets and neat basements will always win the heart of a buyer. Renting a storage unit is a great way to temporarily ‘remove’ items you can’t part with. Show off all the available space in your house!
4. Offer An Incentive. Home warranties, carpet or paint allowances, or even an offer to pay closing costs can significantly make your home more appealing. Incentives provide value to the buyer and assist the seller in receiving a higher price.
Buyers
1. Don’t Fall in Love! Appreciating and enjoying your home is obviously important. However, don’t make the mistake of making a house a “Must Have”. Your negotiating position is seriously jeopardized when you, the buyer, can’t walk away from a deal. In the end, falling in love with the property will cause you to over pay. Remember there are many houses to choose from. If the seller is not willing to bargain with you - then move on.
2. Beware of Foreclosures. It is a myth that foreclosures are a great deal. There are numerous things to consider with foreclosures. For example, the purchaser could be responsible for all the back taxes and lost interest to the bank! When considering all the necessary repairs before the property is in “move-in” condition, it often times isn’t worth the asking price. If you do purchase a foreclosed home, make sure a professional home inspector has provided a written evaluation of the house. Even then - BEWARE!
3. Get Value With Your Purchase. Sellers are more willing to negotiate by offering incentives rather than by negotiating on price. Although a seller may not be willing to reduce their price by 10%, they may be willing to pay for closing costs or offer a carpet allowance. Take advantage of the market - be willing to creatively negotiate for a home. With the ample supply of available homes, you can be very selective in choosing your new home. Would you like a new kitchen, a finished basement, or a larger yard? These homes are available. Take your time and look. Some real gems can be found.
Please Visit www.audia-group.com for the latest in Real Estate News throughout the country.
Monday, February 12, 2007
Friday, December 22, 2006
The Michigan Real Estate Roller Coaster!
Many people are experiencing the ride of their lives right now when it comes to real estate located in Michigan. Less then 10 years ago, the residents of Michigan were basking in the glory of appreciation. Real Estate Brokerages could not even put the sign on the lawn before the house was sold. Offers were coming in over the asking price and most of the time sellers had more then one offer to choose from. Wow, times have changed. I get asked everyday how is the real estate market is doing. To me, it is obvious! You can not drive down a residential street without seeing multiple signs stating FOR SALE. In the commercial districts, large amounts of spaces for lease, abandoned buildings waiting for a new tenant or business to occupy them. Michigan is third in the country when in comes to foreclosures.
So how is the real estate market doing? Great! As 2007 approaches, I can not imagine a better time for people looking to purchase real estate. Buyers now a days have so many options to choose from. These are the days that money is made! Investors, first time home buyers, or just people looking to upgrade to a larger home, can now get homes at bargain prices. Before buyers were paying top dollar prices for a house that needed work, now they can get all the upgrades that they are looking for and still receive them for a reasonable price. Finished basement, new kitchen, large backyard, no problem! The houses are out there and sellers are willing to make deals. Take advantage of this market. Michigan is a roller coaster, and we will bounce back to the good old days of 10-20% appreciation sometime soon. So if you are thinking about moving or investing, now is the time.
One of my first clients ever told me to "Buy Low, Sell High..." Here is our opportunity to buy low. Take advantage of it.
Darren Audia, GRI
Broker / President
Audia Group
Real Estate Solutions
Many people are experiencing the ride of their lives right now when it comes to real estate located in Michigan. Less then 10 years ago, the residents of Michigan were basking in the glory of appreciation. Real Estate Brokerages could not even put the sign on the lawn before the house was sold. Offers were coming in over the asking price and most of the time sellers had more then one offer to choose from. Wow, times have changed. I get asked everyday how is the real estate market is doing. To me, it is obvious! You can not drive down a residential street without seeing multiple signs stating FOR SALE. In the commercial districts, large amounts of spaces for lease, abandoned buildings waiting for a new tenant or business to occupy them. Michigan is third in the country when in comes to foreclosures.
So how is the real estate market doing? Great! As 2007 approaches, I can not imagine a better time for people looking to purchase real estate. Buyers now a days have so many options to choose from. These are the days that money is made! Investors, first time home buyers, or just people looking to upgrade to a larger home, can now get homes at bargain prices. Before buyers were paying top dollar prices for a house that needed work, now they can get all the upgrades that they are looking for and still receive them for a reasonable price. Finished basement, new kitchen, large backyard, no problem! The houses are out there and sellers are willing to make deals. Take advantage of this market. Michigan is a roller coaster, and we will bounce back to the good old days of 10-20% appreciation sometime soon. So if you are thinking about moving or investing, now is the time.
One of my first clients ever told me to "Buy Low, Sell High..." Here is our opportunity to buy low. Take advantage of it.
Darren Audia, GRI
Broker / President
Audia Group
Real Estate Solutions
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