All About Michigan Real Estate

By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Every industry has jargon an outsider wouldn’t understand, and probably doesn’t need to know. But real estate is a field where almost every “outsider” needs a bit of insider knowledge in order to successfully buy, sell, or rent a place to live a few times in their lives.For instance, you could go your entire life without hearing the term “comp” once, but the minute you decide to buy or sell a house you’ll hear agents say it like it’s a word you probably already know. It’s not nuclear physics, so you can probably figure out what they’re talking about, especially in the context they’re bringing it up. But just in case you’ve never heard the term before, “comp” is short for “comparable.”Okay, but what exactly is a comparable?Comparables are houses that are currently on the market, under co...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
If you’re a renter, you’re probably well aware that rents went up more than 20% over the past few years, but your income most likely didn’t increase by nearly as much. So this realtor.com article probably sounds like promising news when the headline claims that rent prices are finally falling in some areas.However, the article actually says that economists are predicting rental prices to keep increasing in the coming year. When they say “falling” they’re referring to the fact that they just won’t be increasing as much per year as they have been over the past few years.Considering home prices are reportedly coming down for the first time in a number of years, it might not seem fair that rents don’t as well.Unfortunately, it doesn’t typically work that way. While home values fluctuate up ...
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By Wendy & Greg Kime, Plymouth MI Real Estate Experts
(Kime Realty)
Real Estate Recession? What Past Recessions Tell Us About the Housing MarketWelcome to our blog where today we'll be discussing what to expect during a real estate recession. If you're looking for the best up-to-the-minute real estate material, you've landed in the right place!  It doesn’t matter if you’re someone who closely follows the economy or not, chances are you’ve heard whispers of an upcoming real estate recession. Economic conditions are determined by a broad range of factors, so rather than explaining each in-depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Bankrate, says:“Two-in-three economists are forecasting a real estate recession in 2023 . . .”As talk about a potential recession grows, yo...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
People were flocking to buy a house when it was possibly one of the most difficult times in history to do so. Sure, interest rates were super low, but that’s about the only thing buyers had in their favor.Competition was fierce, since there were so many buyers and not enough houses to satisfy demand, making it almost impossible to get your offer accepted. Prices were going higher and higher. And if you even wanted your offer to get a second glance, you pretty much had to give up your rights to typical inspections. Forget about asking for any concessions from a seller! Yet buyers were still lining up (literally) to buy houses.Then mortgage rates went up, and many buyers felt like it was an awful time to buy a house. Consumer confidence plummeted to a low of 16% back in October and Novemb...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
People have a lot of preconceived ideas about what it means to buy a new construction home, and whether buying a new construction home is a good investment.But the problem is, many of those preconceived ideas simply aren’t true, and those myths are holding back buyers from exploring buying new construction, even if it might be the best move for their home purchase.So what, exactly, are those preconceived ideas—and why are they not true? A recent article from realtor.com debunked common myths about buying new-construction homes, including: New construction homes are more expensive. Will new construction homes have a higher price tag than previously owned homes? Most likely. But because everything in a new construction home is new (like the roof, appliances, HVAC equipment, and other majo...
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By Jules Yates, I Guarantee Results
(Re/Max Bayshore)
 Downtown Traverse City, Michigan is a vibrant and lively area that offers something for everyone. Located on the shores of Grand Traverse Bay, this charming town is home to a variety of shops, restaurants, and activities that are sure to keep you entertained.One of the best things about downtown Traverse City is the abundance of local stores and boutiques. From artisanal jewelry and clothing to handmade crafts and home decor, there's no shortage of unique items to discover. Be sure to check out the Cherry Republic for all your cherry-themed souvenir needs, or the City Opera House for locally made gifts and goods.If you're looking for a bite to eat, downtown Traverse City has you covered. From casual cafes and coffee shops to fine dining restaurants, there's something for every taste an...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
It’s natural for people to be concerned that they’re buying a house when prices are at their peak, and people worry about that in almost any market. So when you start hearing news about the market shifting, and home prices coming down, you might wonder if your house is worth less than you paid for it (if you bought it in the past couple of years).It can (and does) happen. Real estate values aren’t on a constant upward trend; they do take a dip here and there. But overall, the value of your house will appreciate over the years, despite some dips. So, unless you have to sell when prices are lower than you paid for your house, you can always just wait for the market to bounce back before selling.The good news is that while prices have been adjusting down in some areas, they haven’t been fa...
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By Richard Stewart, REO Realtor-RDCpro, CDPE Free list of Foreclosures
(REO Specialists llc)
For Immediate Release Contact: Richard Stewart              REO Specialists Llc              269-345-7000 Local Real Estate Broker, Richard Stewart Earns e-PRO® Certification9/16/07 – Richard Stewart of REO Specialists Llc has successfully completed NAR’s e-PROÒ Certification Program and has been awarded the e-PRO® certification, the official technology certification program offered by the National Association of REALTORS®. Richard Stewart joins nearly 40,000 real estate professionals who have earned NAR’s e-PRO® certification and dedicated their time and effort towards learning how to use the latest social media technologies to create an online presence and reach today’s hyper-connected consumers. NAR redesigned the e-PRO® curriculum to better meet the challenges of today’s real estate...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
If you’ve been thinking about selling soon, you’re probably leaning toward doing so when the spring market rolls around, since it’s often considered the best time of year to sell a house. However, you might want to reconsider what constitutes the “best” time for you to sell your house.It’s hard to qualify any specific time of year as the best time to sell, but spring probably gets ranked highest more so because it’s when more people tend to list their homes, and more buyers tend to look for a home. But that doesn’t mean it’s the most strategic time to sell yours.In fact, listing your house well ahead of the official start to the spring market could be the most strategic thing you do in any market, but even more so given the current market conditions. Let’s take a look at 8 reasons you s...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Many members of the Millennial and Gen Z generations would love to buy a house of their own. But according to this CNBC article, they simply can’t afford to do so.Not only can they not afford to buy a house, many are moving back in with their parents, as Forbes recently reported, due to inflation, low-paying jobs, college debt, high rents, and the general monthly costs of living on your own. Given the current economy, it’s a smart, sensible move to stash away some cash and pay off their debts, even if it isn’t where they’d like to be at this point in their lives.None of that is all that surprising, since it’s been all over the news for quite a while now.But what might be surprising is how some of them are spending the money they’re saving by living with family, considering they’d like t...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Plenty of people are trying to take a stab at real estate predictions and what the real estate market will do in 2023. Is there a bubble waiting to pop? Will prices crash? How much higher will mortgage rates get?Real Estate Predictions   So far, if you read through all of the real estate predictions out there, it sounds like we should expect home prices to go down. Some say they’ll take a steep dive, while others say to expect slightly lower prices. But then again, there are people saying prices may go up.Probably the most accurate real estate predictions that can be made is that nobody will be able to accurately predict what will happen to the real estate market, and whoever is closest just happened to make a lucky guess. The real estate market has a mind of its own, and only time will...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
A lot of prospective buyers aren’t feeling like now is a great time to buy real estate and are either hoping for a major crash, or a huge price correction.Only time will tell if either of those will happen to the extent some buyers are hoping for, but while they’re waiting it out, it might be the perfect time for real estate investors to get themselves a deal on a rental property.Investors Great Timing to Buy Real EstateIt’s never a good time to buy real estate for everybody, and over the past few years it wasn’t ideal for investors. A seasoned real estate investor can typically find a deal, regardless of the current real estate market, but the extremely low mortgage rates caused a lot of buyer competition for the limited number of houses for sale, which made it virtually impossible for...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
You want to get the best price for your house – and you want it to happen fast! But the competition out there can be stiff…especially if there are lots of great properties for sale in your area that don’t have bad smells. So how do you give your home the edge?When it comes to selling your home, you’ve got to think beyond how pretty it looks, how nice the shrubs are outside, and whether the paint color on the front door is a turn on, or a turn off.It’s no secret that you’ve got to appeal to their sense of sight – after all, we perceive up to 80% of our information through vision.If you want to sell your home fast (and at the best possible price, of course), you also need to pay attention to is smell.It’s true… stinky homes sell slowly. Sweet-smelling homes are much more desirable!Even th...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
It was a great year in the local Oakland County, Michigan real estate market for home sellers but home buyers had a different experience when purchasing a new home with many paying thousands over asking, forgoing inspections and contingencies of all kinds to nail down the perfect home. Forward to todays housing market with rising interest rates, a slowing economy and the uncertainty of the housing market shows that the homebuyer and seller advantages are at a stalemate favoring neither at this time, bringing in the new year with more uncertainty of which side will be on top for the spring market in the new year.Buyers and Sellers AnalysisA new analysis finds the national housing market favors neither buyers or sellers right now. It's the first time the market has been in neutral territo...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
New numbers from S&P Case-Shiller show home prices slow down, though prices remain 10.6 percent higher than they were last year at the same time. What does this mean to you as a home seller and how does it affect the many homebuyers out looking at purchasing a new home?  If you’re a home seller and still in the frame of mind that your home will receive multiple offers, no contingencies and above asking price by thousands of dollars you may be in for a bit of a surprise. Although home prices remain at record highs there are signs of a cooling sellers’ market as home prices slow to increase in the near future. On the other hand if your a homebuyer that was struggling to purchase the perfect home this summer with over-bidding, highest and best offers and plan out of reach prices, this migh...
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When you’re in the market to buy a house, of course you want to find a great deal, but it probably seems like most houses are priced higher than they’re worth. That happens a lot; many homeowners initially list their house for more than they should. And sometimes they get it!In the past few years, when the rates were super low, and there were more buyers clamoring for a house than there were houses for sale, sellers could get away with listing their house a little on the higher side.But, as the market shifts, you have more breathing room to look for and find a deal. If only there was a sign that the owner was negotiable…Well, there is—a price reduction! And apparently, the best day to look for price reductions is on Thursdays, according to this Lifehacker article. Research shows that 18...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
A new survey of home sellers found 86 percent of them preferred a buyer who's been pre-approved for a mortgage over one who's pre-qualified. That's the overwhelming majority and a clear indication that home shoppers should first get pre-approved for a loan before proceeding on their house hunt. But what's the difference anyway? Well, pre-approval requires a more thorough check of your finances than pre-qualification does. That means, you'll be asked to provide some documentation confirming your income, assets, debts, etc. It also includes a credit check. In other words, it's a more detailed look at your financial situation and gives home sellers confidence that you'll be able to close on time and without issue.That's why the overwhelming majority of those surveyed chose a pre-approved b...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
There are some repairs that are worth tackling before you decide to sell your home. For example, if your home hasn’t been painted in years—and the paint is worn and peeling—a fresh coat of paint can make the space feel more updated and modern and can help it appeal to more buyers and help you sell the property faster and for a higher price tag.But you don’t have to tackle every repair your home may need before you put your home on the market.So, the question is, if you’re planning to sell your home, what repairs can you skip?Your Home Repairs That Shouldn’t Worry YouA recent article from realtor.com outlined repairs homeowners shouldn’t worry about doing before they list their home, including: Updating the kitchen or bathrooms. If your kitchen and/or bathrooms are outdated, you might th...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
The holiday season is fast approaching, so it’s almost time to start planning your decor. If you love decorating for Christmas, you probably already have some ideas for the interior and exterior of your Oakland County home. If you’re in search of inspiration, though, you can look to the 2022 trends. Here are 15 of this year’s best Christmas decorations:1. Gingerbread DecorationsOne of the biggest trends for Christmas decorations in 2022 will be homey and cozy decor. Gingerbread is the perfect Christmas decoration to fit this theme. You could bake gingerbread cookies or put together a gingerbread house, or you could opt for artificial gingerbread decorations throughout your home.2. Flocked TreesFlocked Christmas trees will be a major trend in 2022. These trees are dusted with white as if...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Home buyers in Oakland County, Michigan have had a time trying to purchase a new home earlier in the year with all the competition, then the mortgage rate increases made things even harder for home buyers,  Mortgage rates were at their recent peak in October, despite elevated rates, new home buyers were active, pushing sales of newly built single-family homes higher than the month before. This improvement was well over expectations as economists polled by Reuters predicted a month-over-month decline in October.Buying a Home and PredictionsDespite the prediction of a month-over-month decline home buyers have been active in purchasing new homes n fact, according to recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales ros...
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