News

Great properties in popular neighborhoods are going quickly these days. If priced right, many homes receive multiple offers. How can you make yours stand out to the seller? Here are a few tips.

1. Make sure you are Pre-Approved or have proof of funds – Proving to the seller that you can actually afford to purchase the home is not optional.

2. Do Not Low-Ball – The quickest way to turn off a seller and guarantee you don’t get the house is to make a low-ball offer. Make your offer price reasonable, possibly well over the list price. Your agent can advise you on price based on market knowledge.

3. Increase the Earnest Money – Earnest Money Deposits (EMD) or good faith money shows that you are willing to put your money where your mouth is. If you plan on putting 20% down when you close on the home, why not put the whole amount down with the offer.

4. Remove Contingencies – Making the offer contingent on too many items may but you at a competitive disadvantage. Sometimes leaving contingencies out of the initial offer can get you a leg up on your competition. Before waiving your rights to inspections, make sure you consult your agent, and possibly your attorney.

Having a plan before starting to look at houses will make your decision-making easier, and you’ll be prepared to make an offer quickly.

I like to start each listing appointment with what appears on the surface to be a simple question. “Where are you going?”. I ask this question to gauge the preparedness of the seller. If they don’t have an immediate answer, I ask what they will do if we list today and get an offer tomorrow. Do they have some place to go? Are they going to buy another home? Are they going to rent or live with family or friends until they find a place?

Having an answer to this question is critical when selling your home. If you wait until you list your home, or get an offer, before planning, your stress level will go through the roof. This adds unnecessary complications to the selling process that may even affect your bottom line. You might be totally freaked out when you get that offer that you unintentionally (or intentionally) sabotage the deal to buy more time. I’m pretty sure this wasn’t the way you pictured things when you decided to sell.

Maybe the seller has a clear idea and we can go ahead and get their house sold. If not, maybe we hold off for just a while to allow the seller to make the needed arrangements.

I told you it sounded simple enough. So, where are you going?

Following a slow start due to the extreme cold at the beginning of the year, 2014 real estate sales activity ramped up to meet and exceed sales for the previous year, according to data released by the Ann Arbor Area Board of REALTORS®. Although the increase was small (14 transactions out of a total 4,550), the numbers reflect a positive trend in market growth and stabilization. The trends for both listings and sales are remarkably similar for the past two years.

Listing prices were up 6 percent for the year. The average list price was $269,775, compared to $254,260 in 2013. The average sale price was also up close to 6 percent, at $263,029, compared to $248,601 at the end of 2013.Predictions for 2015 from the National Association of REALTORS® forecast an increase of 7 percent in home sales as a strengthening economy and job growth lead to a healthier market. Home prices are expected to increase 4 to 5 percent in 2015. Increases in home prices for the last three years have boosted confidence in the market and give current homeowners the ability to use their equity buildup as a down payment towards their next home purchase. First-time buyers are expected to slowly return to the market as the economy improves and new mortgage products are made available in the marketplace with low down payments and private mortgage insurance.