All About Michigan Real Estate

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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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)
If you’re having any real estate agents over at the Thanksgiving table, you’re missing an opportunity if you ask them how the market is or talk about current mortgage rates. While it’s tempting to pick their brain about how much your house is worth, and they’ll gladly talk with you about all thing’s real estate, you have no idea what kind of jaw-dropping stories they have to share!But unless you’re in the real estate business, you’d never know what to ask to get them talking about these things, and they probably wouldn’t think to bring them up. So here are 6 things to ask the real estate agents in your life if you want to take the holiday conversation up a notch:1) What’s the most awkward things real estate agents have walked in on when showing a house?Homeowners should be well-aware th...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
When you’re hearing news about home prices remaining high, and mortgage rates skyrocketing, you might wonder how a real estate agent can possibly claim it’s a great time to buy. Or, on the other hand, you read that sales prices are coming down and it’s taking longer to sell because rates have gone up, it may make you question how agents can claim that it’s a great time to sell.You might feel like agents always seem to be constantly putting a positive spin on the current real estate market and think they’re doing it out of self-interest. After all, they only make money if and when someone buys or sells a house, so of course they’d want people to feel like it’s always a great time to buy or sell real estate.While there’s likely some truth to that—because agents wouldn’t be human if they w...
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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 David Elya, ABR, CRS, e-PRO, GRI, SFR - Associate Broker
(BROOKVIEW REALTY)
Good news for buyers! The number of active listings in Macomb County Michigan is up to 1,620 in October 2022 from October 2021 totals of 1,475.Data per Realcomp II Ltd., Michigan's largest REALTOR®-owned Multiple Listing Service (MLS). If you would like more detailed information about the current market value of your property, in Metro Detroit Michigan, feel free to call or contact David Elya with 31+ years of full time experience.Thanks!David Elya ABR, CRS, GRI, e-PRO, SFRAssociate BrokerBROOKVIEW REALTY248-652-7000 Office586-286-3283 Direct Line Like us on Facebook  
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By David Elya, ABR, CRS, e-PRO, GRI, SFR - Associate Broker
(BROOKVIEW REALTY)
Good news for buyers! The number of active listings in Macomb County Michigan is up to 1,620 in October 2022 from October 2021 totals of 1,475.Data per Realcomp II Ltd., Michigan's largest REALTOR®-owned Multiple Listing Service (MLS). If you would like more detailed information about the current market value of your property, in Metro Detroit Michigan, feel free to call or contact David Elya with 31+ years of full time experience.Thanks!David Elya ABR, CRS, GRI, e-PRO, SFRAssociate BrokerBROOKVIEW REALTY248-652-7000 Office586-286-3283 Direct Line Like us on Facebook  
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
There is a lot of paperwork associated with buying a home. But out of all that paperwork, which documents do you actually have to keep?A recent article from realtor.com outlined key documents you’ll want to keep on hand during and after your home purchase, including:Buyer’s agent agreement. Your buyer’s agent agreement outlines the details of your working relationship with your real estate agent, including details like the length of your engagement and who is responsible for paying the buyer’s fees—and you’ll want to have this document on hand in case you run into any agent-related issues once you’ve officially purchased a home.Seller disclosures. Sellers are legally required to disclose certain home-related issues that could impact the sale of a property, like renovations that were don...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
With mortgage rates having gone up, and home prices not seeming to come down much, some buyers are choosing to wait it out and see how much prices come down.But there’s not a lot of consensus on whether or not prices will come down, or how much they will if they do. According to this Market Watch article, some predictions are that they’ll be coming down quite a bit in the near future, while others say that they’ll remain stable, if not go even higher. So, waiting may or may not pay off.Besides, not everyone can wait it out. People buy and sell houses when they need to; it isn’t always driven by mere want. Which is kind of a key point to this whole article…While prospective buyers can casually be looking and may or may not need to buy right now, if someone has their house on the market i...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
The market is changing. While bidding wars, sky-high prices, and homes flying off the market were a reality just a few months ago, rising mortgage rates, changing economic conditions, and increasing inventory have caused a serious shift in some areas.And if you’re selling your home, it’s important to operate under the conditions of the market the way it is now, not the way it was last year or a few months ago.So what, exactly, does that look like?A recent article from realtor.com outlined some of the widely believed rules about selling a home in today’s market that are no longer true (and that you’ll definitely want to consider breaking!), including: Pricing your home as high as you’d like. There was a time when sellers could virtually put any price tag on their home and it would sell, ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Some people feel like it’s not a good time to sell their house right now because they’ve heard that prices are dropping, it’s taking longer to sell, and the number of home sales have drastically dropped.That’s all true in many areas and price ranges, but it isn’t across the board. A lot depends upon where you live and the price range of the house you’re selling. Your specific house could also be immune to all of that if it’s nice enough, or unique enough for buyers to beat a path to your door in droves. (Caveat: almost every homeowner feels their house is better, and worth more than every other house around in any market, let alone a more competitive one. Try to be objective…)The problem for some homeowners is they look at the market pessimistically, feeling like they missed their chanc...
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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)
Some people swear that the warm, inviting smell of freshly baked cookies is the secret scent to use when selling your home. Others say you can just burn a cookie scented candle if you don’t have the time to bake up a fresh batch.But sometimes a house needs more than the wafting scent of a couple dozen cookies to overcome things that’ll turn off a potential buyer.So we came up with 6 creative candle scents that don’t actually exist, but would be great to help sellers overcome some common issues if someone could craft the perfect paraffin!1) Caramel Clutter ButterNo matter the condition, price range, or size of your house, a general rule of thumb is that you should declutter your house and make sure it’s clean before having buyers come through. But some sellers just can’t be bothered with...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Some people feel like they missed the opportunity of a lifetime to buy a house when rates were really low over the past couple of years. And with mortgage rates now in the 6-7% range, many buyers feel punished for waiting and regret not buying sooner.Well, if you’ve been feeling that way, it may make you feel better to know that many people who did buy when rates were lower probably wish they could switch places with you.According to this Yahoo article, three-quarters of the people who bought between 2021-2022 have regrets, such as: They didn’t have many houses to choose from Prices were constantly rising Paying over asking price There was extreme pressure to make quick decisions Not able to thoroughly research the house they were buying, or do inspections So while lower mortgage rates ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Between low inventory, fierce competition, and all-time high home prices, there’s no denying that the past few years have been tough on buyers.But things are changing—and in many ways, the real estate market is starting to shift towards buyers.So what, exactly, are those shifts? A recent video from realtor.com outlined some of the more positive realities of buying a home in today’s real estate market, including: Many markets are cooling down. Just about every market across the US has been red-hot for the past few years. But in many markets, things are starting to cool off—and that cooling off presents a serious opportunity for buyers. If you’re not sure where your desired market stands, talk to your real estate agent; they can give you insight into what’s happening in your market—and wh...
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