Oakland County, MI Real Estate News

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 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 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 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)
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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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)
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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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
As we prepare for our Thanksgiving gatherings this Thursday, I had a thought on how convenient  it is to have such great grocery stores in my Oakland County, Michigan area and not needing to travel long distances to shop for groceries. Shopping for me is not one of my favorite things to do on a normal day, but on Thanksgiving it seems to something that I enjoy and look forward to. As I was in the check-out and my real estate mind started pondering the benefits of having great grocery stores in the Oakland County Michigan area and how it affects home values in the area.It's nice to have a grocery store in the Oakland County Michigan area. After all, you're going to need groceries. So having a store nearby that you can quickly run to when you run out of something is a coveted convenience....
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Are you ready to buy a home? Becoming a homeowner is not that easy! There are a lot of factors you need to think about before moving further in the process in buying a home.This Q & A session will help you find out whether you are ready to face the challenges in the home-buying process or not.Let’s begin:Q1. You finally found the dream of your house. Are you ready to place an offer?Yes – It’s the reason why I’m reading this blog.No – Was looking for something to read and found this blog’s title interesting. (This indicates that you are not mentally prepared to buy a home for sale in Oakland County, Michigan. It would be better to go with a rental property for now.) Q2. The area in which you are currently living in, do you plan to settle here?Yes – I plan to live in this area for quite a...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
When you buy a home in Oakland County, Michigan, you want it to retain (and, ideally, grow) its value over time, but how exactly do you determine if a home you’re considering purchasing will deliver a return on investment (ROI)—or lose its value in the coming years? In this short article you will learn some of the best ways to keep your home's value on track for the future.Retaining Yor Homes ValueA recent article from realtor.com outlined elements that typically help homes retain their value in the long-term, including: Classic home design. Homes with a classic, niche design style—like a Colonial, Victorian, or American Craftsman—are timeless. Thanks to their unique design, quality, and high-end craftsmanship, these types of homes are more likely to retain their value over time (partic...
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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 have been increasing a lot recently. But what you might not know is that your landlord may be using a tool that helps them do it. According to a recent article published by The Real Deal, some landlords have been using software with an algorithm designed to help them set rents.At face value, that’s not a bad thing. There are tools to help homeowners get a sense of how much their home is worth, so what’s the big deal with landlords having something to help them figure out how much rent they can get?Overall, the platform is meant to give landlords insight into what other landlords are getting for their rental units, so it’s really just showing them the market rates. The landlords don’t even have to use the recommended pricing that ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Pets are part of the family; many people even consider them their children. And like children, they come with costs that you’ll have to deal with, like: Food Grooming A walker or pet sitter Unexpected vet bills But higher rent isn’t something you’d have to expect if you had an actual child. Sure, it may cost you more to rent a place that has enough room for the amount of children you have, but no landlord is going to tack on an extra monthly fee or deposit for every kid you have.However, there’s a good chance that a pet will cost you more in monthly rent and require that you give the landlord an additional deposit (perhaps even non-refundable) to cover any damage they may do while you live there. This isn’t a new thing by any means, but according to this Market Watch article, it’s somet...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Everyone thinks spring is the best time to sell a house. But the truth is, any time of year is a great time of year to sell a house — for varying reasons. Every season has a host of reasons and benefits for sellers to put their house on the market.But October offers up some truly unique advantages for homeowners looking to sell! Here are 5 lighthearted (yet solid) reasons for you to sell your house around Halloween!1) You’ll eat less candyIt’s easy to pack on a few pounds in the weeks running up to trick-or-treat night! That bowl full of snack-sized candy is hard to resist every time you walk by.House hunters aren’t immune to the lure of the candy bowl either! So each buyer that comes to see your house is at least one less piece of candy you’ll consume.Pro tip: the more appealing your p...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
According to this Housing Wire article, 75% of people recently polled by Fannie Mae felt pessimistic about the real estate market, and that it’s not a good time to buy a house. So, if you’re among the many who feel that way, and you’re thinking about holding off for prices to come down, you’re not alone.Considering that interest rates are up and prices haven’t dropped as much as buyers would like, it isn’t surprising to hear that news. Some marginally qualified potential homebuyers have legitimately been priced out of the market. But many others are simply being cautious, not wanting to make a mistake by buying in this market, especially when so many other buyers don’t seem to think it’s a good time to buy.But that still leaves 25% of people who don’t think it’s a bad time to buy real e...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Closing a real estate deal takes a lot of time, energy, and resources—and after investing that time, energy, and resources, the last thing you want is for the deal to fall through.So why, exactly, do real estate deals fall through—and how can you make sure your deal ultimately closes?A recent article from realtor.com outlined some of the most common reasons real estate deals fall through in today’s market—and, more importantly, how to avoid them—including: Rising interest rates. Smart buyers know to get pre-approved for a mortgage before they start looking for homes; that way, they know how much house they can afford. But interest rates are rising rapidly, nearly doubling in the past years—so even buyers that were pre-approved a few months ago may find that they’re not able to secure th...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
The value of your home is one of the most important factors when selling the property. Your prospective buyers may propose a sale amount, but you’ll need to undergo an appraisal to confirm that the home is really worth that much. Homeowners often wonder whether they can control the appraised value of their home by deep cleaning or making other cosmetic upgrades to the property.The answer to whether or not a sparkling clean home fetches more money is unclear. Appraisers are not supposed to take cleanliness into consideration, but some homeowners and real estate agents swear that deep cleaning before the appraisal worked in their favor.Appealing to Buyers With a Clean HomeRegardless of the appraised value of your home, a clean and staged house may get you more offers from prospective buye...
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