Sellers: Considerations for 2024

Happy 2024! What’s the news for real estate in the Metro Detroit region?

Is it a sellers’ or a buyers’ market now ?? It depends on the location and price range.  Higher interest rates are still taking their toll on affordability and a lot of homes over $300,000 have definitely become negotiable.  Investors keep looking for anything under $200,000 and doing their best to add to their rental portfolio.

However rents got pretty maxed out by the end of last year and potential tenants started offering less due to high cost of living. Many owners who bought short term rentals and did great for awhile are now asking property managers to rent them for year leases instead because they can’t make enough cash flow with the vacation market any longer.

Inventory will still be short of what is needed this year due to sellers not being able to find a new place.  Many of them will continue to stick it out in their homes even though they want to move. The more rural areas have seen a lot of new construction the last few years and higher demand as buyers push the outer limits of the suburbs as they are no longer tied to a downtown commute every day and are instead working from home.

Please call me for an expert valuation of your home, especially if you cannot make your house payment.  I am here to HELP YOU first and foremost - and to help you not be taken advantage of. If you really want a fixer upper you are better off looking for deals in bankruptcy, probate and estate sales, which I can also help  you with.

OF SPECIAL INTEREST:  Do you have a parent who needs to move into assisted living and need to make decisions on what to do with their home?  My team has over 30 years of experience as landlords with many hundreds of leases under our belts and currently managing over 100 rental homes.  Assisted living is very expensive - anywhere between $3500 - $8000 per month.  Your parent's home could be worth $750 to $2,500 per month cash flow to offset their new living space.  You can always sell the house - but then you'll have a finite amount of money from it.  Why not have professional landlords take care of renting it out for you and handling all the issues and you can just enjoy the monthly deposit to mom or dad's bank account and sell the house later when its appropriate.  If you have questions about this, we have several such clients who would love to share with you how its working for them.

Call me now at (248) 229-8859 for a free no-pressure valuation of your home, and then make your informed decision. 

My multicultural team is based in the heart of Oakland county, and reflects the diversity of the area. My team speaks many languages, making them ready and able to serve you for selling, American Dream of owning a home, or leasing. 

Moving out of the area?  Different state or country?   Call me to get in touch with the right agent to help you wherever you're going.

Call us today at (248) 229-8859 so that we can chat about, develop and achieve your real estate goals!