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Sellers: Considerations for 2017
Happy 2017! What’s the news for real estate in the Metro Detroit region ?
The market has been steadily recovering for the last five years and most homeowners are not underwater any longer on their mortgages. The market has been so good that many homeowners now have a good amount of equity in their homes and are able to sell at a profit. Many sellers don’t realize this and still think they can’t sell their home and walk away with any money when in fact they really can. If you’ve been waiting a long time to sell and still think you can’t please call me for a free no-pressure valuation of your home so that you can make an informed decision.
The biggest problem we have in the real estate market now is not having enough homes to sell ! The inventory has only been running 2-4 months for the last few years – compared with an 18 month inventory at the time of the bank bailout in 2009. This low inventory is keeping the builders busy as they’re able to sell a good number of new builds with so few used homes available.
2016 is finishing with average days on market of still only 44 days to sell your home in Oakland, Macomb and Wayne counties! That means if you're ready to sell, you also need to be ready to move and either buy or rent your new home.
What about all those foreclosures? GOOD QUESTION! As of mid-December, 2016, there were 20,023 homes in Oakland County recorded in the MLS as sold. Only 1,200 of those were foreclosures! That's down to 6%. There were 14,569 sold listings in Macomb County. Only 1,097 of these were identified as foreclosures. That's 7.5. And in Wayne County, there were 19,354 sold listings with 2,453 foreclosures (970 in the City of Detroit). That's 12.6%.
So if you're looking for a foreclosure and think they're easy to find like five years ago, you may have missed the boat! They are down to a much more normal level of the market. I'm in my 12th year of listing and selling foreclosures for banks, with an expert knowledge of the foreclosure market, and always have a few coming up.
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 to serve you for selling, American Dream of owning a home, or leasing. Call us today at (248) 229-8859 so that we can chat about, develop and achieve your real estate goals!
Are you retired and planning on downsizing, or going into assisted living? Do you need income to help pay for your retirement?
It may make more financial sense for you to move out and rent your home out, that it does to sell it. But, the last thing you need at this time in your life is to take on all the responsibilities that come with being a landlord. This is the perfect scenario to employ a professional, seasoned property manager who can handle all the aspects of getting your home ready to rent out, marketing it, screening prospective tenants, moving them in, collecting the rent, and dealing with everything that comes up about the house. In this scenario, you just receive the check every month.
Only an expert valuation of your home's selling and renting potential can help you decide the best option. We also have over 20 years of professional experience in property management, if you decide to rent out your home.
Prospective Homeowners and Investors
High demand from former, foreclosed homeowners, needing to rent in our area, coupled with a lack of quality rentals, have made the rental market stronger than ever. Rents are at the highest level in many years and the number of people needing to rent continues to be very high.
Contemplating your realty management options? Professional property management of select single family homes in Southeast Michigan is available. Connect today at tmirealty.mobi to learn more.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2017 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.
MiRealSource listings last updated May 26, 2017 1:32:pm.
Tricia Raymond | Licensed in the State of Michigan
Updated May 26, 2017 1:28:pm
IDX provided courtesy of Realcomp II Ltd. via Keller Williams Troy Market Center, ©2016 Realcomp II Ltd. Shareholders