Sellers: Considerations for 2023
Happy 2023! What’s the news for real estate in the Metro Detroit region?
What happened to the Seller's market ? Well--- prices went up for over 10 years which is longer than normal in any cycle. It had to hit a ceiling sometime and midway 2023 was it. Part of it was due to the rising interest rates and inflation and part was just that many buyers couldn't keep up with the rising prices. We are now in a stabilizing negotiable market.
Generally prices over $350k-$400k have been sitting longer waiting for offers and having to reduce. Although under $250,000 is still easier to move with more buyers available.
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. Interest rates and inflation also have influenced new builds as some builders costs increased so much that they couldn't sell for what it cost to build.
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.
The foreclosure moratorium ended in 2021, but because prices went so high most homeowners have equity even if they are in financial trouble.
Primarily, financial institutions that are foreclosing are including homes that were already in trouble prior to the moratorium that sat for 2 years.
They are catching up with those while simultaneously being good at working out loans with their borrowers instead of sending to foreclosure.
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!