Category Archives: Selling

A “Must Do” if You Plan to Sell Your Home in the Next Six Months

As the Summer home selling season fades away, it is hard to believe that we will more than likely have our first snow fall in the next few months.
 
A service I offer to my prospective clients this time of the year that are thinking of selling over the next six months is to take pictures of the exterior of their home before the green grass, lush landscaping and flowers go away for the Winter.
 
When listing your home for sale over the Winter months, it is important to give buyers a true vision of what your home looks like on the exterior when it looks it best. The exterior picture is the first picture any buyer will see of your home when looking on line.
 
If your are considering selling your home, or know of anyone who may be over the next six months, please feel free to call me at (248) 939-9393 to set up this free, no obligation appointment. There is no contract needed when your home is photographed. Another benefit of doing this is you will have a leg up on any competing homes that decide to list during the Winter months that have not taken Summer/Fall exterior pictures.
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Hour Detroit Real Estate All Star

I am proud to announce that our team, Duneske Real Estate Advisors was named to Hour Detroit “Best Of” in the Real Estate category for the sixth consecutive year. Hour Detroit has been publishing this category over the past six years.

To earn the opportunity to make this distinguished list, our team was in the top 5 percent of all Realtors in Metro Detroit for closed sales volume in 2016.

The source for the accurate data comes from MiRealSource.com which maintains a database of real estate listings throughout Michigan.

 

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Supply and Demand

3 Charts That Scream ‘List Your Home Today’ | Keeping Current Matters

In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market.

DEMAND

Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As of April, buyer demand has significantly outpaced the inventory over the last six months. 

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home (if they even are able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their home. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their home. In reality, CoreLogic’s latest Equity Report tells us that 72.6% actually do!

3 Charts That Scream ‘List Your Home Today’ | Keeping Current Matters

Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, our team of expert advisors can evaluate the equity you have in your home and the opportunities available in your market. It is important you know that we are here to help.

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What is the Best Day and Month to Sell Your Home?

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After 18 years of selling homes in Northville, Novi, South Lyon and surrounding Metro Detroit communities, I meet with dozens of home owners throughout the year and I am asked this question at almost every seller consultation.

Historically, your Summer months (May, June and July) are the busiest months of the year for transactions however we have a few other seasons in our marketplace. For the past three years, the month of October has been the second busiest month for real estate closings for our team and July has been the busiest. The weather plays a very big role in the early part of the year as we have experienced this past January with the unseasonably warm temperatures and this was the busiest month I have had in my professional career with almost 5 million dollars of sales. Before the peak selling season arrives in May, we always experience a “Pre-Selling Season” and this typically arrives in mid to late March as the snow tends to move out of the area and Spring begins to arrive.

I have always been a big advocate for beating the rush of home owners putting their home on the market in the peak season based on the supply and demand principle. We have been experiencing a sellers market for the past few years and the demand has been fairly consistent and when there is less inventory, and demand is high, I encourage home owners to list their home now to maximize their profit. Many of our sellers have been experiencing quick sales under one week and getting top dollar.

When it comes to the best day of the week to list your home for sale, I have seen that Thursday’s have been the best day of the week to list your home. Many home buyers, due to their schedule can’t get in to see a home till the weekend and by listing on Thursday, this allows your home to be distributed throughout the web and multiple listing system while saving a few days on the market giving an increased sense of urgency to buyers wanting to get in right away.

The bottom line is if your thinking of selling your home this year, please feel free to contact me for a no-obligation, private home selling consultation at (248) 939-9393. If your curious to get an estimate on what your current home value is, please visit http://www.HomeValueMI.com . It is important you know that I am here to help and look forward to putting 18 years of experience with over 150 million dollars of successful real estate transactions to your benefit.

 

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10 Reasons Selling Your Home By Owner is a Bad Idea

In this current real estate market, specifically in Northville, Novi and South Lyon, Michigan, I have discussions with some home owners considering selling by themselves and with no professional representation. Here are ten important reasons how I let home owners know how I can save them time, money, liability and downright hassle.

1. Liability is all on the seller

Everyone makes mistakes. A seller who doesn’t have the representation of a licensed agent pays for those mistakes. Attorneys can close a real estate transaction, but they don’t carry errors and omissions (E&O) insurance.

For an example, if homeowner Sandy lists “hardwood floors” as a feature and the buyer discovers it’s just a wood veneer, chances are Sandy is going to pay for that mistake.

An agent would have either caught the mistake or covered it with E&O insurance. Let’s face it: this is a litigious society, so what homeowner wants to be a target for lawsuits?

This is a litigious society, so what homeowner wants to be a target for lawsuits?

2. Paperwork is daunting

The 2016 National Association of Realtors’ Profile of Home Buyers and Sellers showed that understanding paperwork was one of the most difficult tasks for FSBO’s.

Depending on the state, there are a variety of legal forms that are needed, including but not limited to a sales contract, property disclosures, occupancy agreements and lead paint records.

Sure, ready-made contracts can be downloaded easily enough. But does an untrained seller understand what all that means? Would the seller know how to customize that one-size-fits-all contract?

Understanding paperwork is one of themes daunting tasks when selling by owner.

3. Do you really know who your inviting into your home

Unfortunately we do live in a world that there are criminals who prey on FSBO’s. Do you really know who your letting into your home? I have heard of too many situations of items being stolen or broken during a showing of a FSBO’s home. I have even heard of home owners being held at gunpoint and robbed.

For every showing we schedule for our clients, we verify that the buyers agent is licensed with the State of Michigan and in good standing with our local real estate board. Can you put a price on having piece of mind knowing your home is being shown by a professional.

4. FSBO’s sell for less

In 2016, FSBO’s lost about 16 percent of the sales price with a median selling price of $210,000 (agent-assisted homes sold for $249,000).

Homeowners selling by themselves simply don’t have the time to devote to the process, don’t know the market value, don’t understand market reports and don’t properly market the property.

If the FSBO seller sold to someone he or she knew, the median dropped to $151,900 (because cousin Sue is doing them a favor and expects a deal).

5. FSBO’s spend more time on the market

Unless the seller knows someone who wants to buy the home, FSBO’s take longer to sell than homes listed with an agent. For the same reasons, they can’t get the right selling price.

No one is “behind the curtain” running the marketing show. On average, 18 percent of FSBO’s were unable to sell within their chosen time frame last year.

6. FSBO’s lack representation

There’s no one looking out for the homeowners who sell on their own. They have no one to call if they have a problem or a question. A homeowner with no representation could be out thousands of dollars unnecessarily if not prepared for the many contingencies involved in a transaction.

7. inspections are problematic

Sellers who don’t know the rules can get stuck with unnecessary and costly repairs. Some inspectors will state items need to be repaired or replaced because the code had changed. The truth is if the home was up to code when the house was built, the seller may not be responsible for these changes.

8. Marketing is limited

FSBO’s have limited resources to market their home. The 2016 NAR Profile of Home Sellers showed 42 percent rely on a yard sign, 32 percent rely on friends and family, and about 15 percent use social media.

Relying on the neighbors and Uncle Bob’s second cousin has its limitations. Even paying for the MLS listing won’t be enough because there’s no incentive for an agent to bring a buyer to a FSBO.

9. Hidden costs add up

The mindset for most FSBO’s is saving money. Chances are, these sellers are being nickeled and dimed into a pretty big chunk of change.

They’re paying for a lot of extras: signage, flyers, photography, MLS listing, attorney, home warranty (optional but hard to sell without one), home inspection, a wood destroying pest inspection, credit report for buyers (if applicable), contracts and the list goes on.

10. Time costs the seller money

The biggest cost to a homeowner is their time. You might hear the argument that it doesn’t take an agent that much time to sell a house. And honestly, given the technology at our disposal, that’s true — to an extent.

But it will take a homeowner a whole lot longer. They don’t have the expertise or the access to the resources agents have. What is their own time worth to them? How much time will the seller spend researching the market and contracts? Is the seller going to leave work to unlock the house each time there’s a showing?

FSBO’s don’t have the expertise or the access to the resources agents have. When you add up everything, and way out the pros and cons, I would hope you agree it is worth hiring a professional.

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