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Oakland County, MI Real Estate News

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...
Comments 3
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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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
We’ve been in an unprecedented seller’s market for the better part of two years. But with talk of a looming recession, conversations around the real estate market are changing—and if you’re thinking about selling, it’s important to understand what that process will look like if a recession hits.So, as a homeowner, what, exactly, do you need to know about selling during a recession?A recent article from realtor.com outlined key tips sellers need to know to navigate the current market—and successfully sell their home in the case of an upcoming recession—including: List sooner rather than later. While a recession may be looming in the near future, we’re not there yet—and there could still be time to take advantage of the current market conditions. Many buyers are rushing to purchase proper...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
It’s an industry joke that some buyers request the seller to repair even the most minor issue found on a home inspection, like a leaky faucet for example. But over the past couple of years, most sellers could list their house and it would quickly sell for over asking price — and buyers would often waive the home inspection — so sellers wouldn’t have to worry about that at all. Even if the buyers did have an inspection, sellers could easily reply with a firm no, and the buyers would be fine with it.So if you’re about to put your house on the market, even if you’ve heard that the market is shifting, you may still be holding onto the hope that things will be the same for you.The good news is that you’re still in a great position to get a historically high price for your house. That’s despi...
Comments 6
By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Over the last couple of years, buyers have had to do everything they possibly could to compete. It wasn’t just about price; they also had to come in with as “clean” an offer as possible, which often meant waiving fairly standard contingencies.In case the term isn’t something you use in day to day life, a contingency is a clause in the contract that is in place to protect the buyer. The most common ones are: Mortgage contingency: If the buyer’s mortgage isn’t approved, they can back out of the contract. Appraisal contingency: If the house doesn’t appraise for as much as the buyer is offering, they can cancel the contract. Home inspection contingency: If the buyer finds major structural or operational issues with the house, they can request that repairs be made, or cancel the deal if the ...
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By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Listing photos are one of the most important elements when marketing your home. They’re often the first thing that prospective buyers take note of, and they can create a strong impression. High-quality photos make your home look warm, inviting, and spacious. Bad photos, on the other hand, can turn potential buyers away.Hiring a professional photographer can be a great way to ensure you get the best possible pictures for your real estate listing. However, you and your agent can take high-quality photos on your own if you’re willing to invest the time and energy. Here are 10 mistakes to avoid with your listing photos:1. Clutter and Personal ItemsYou can stage your home for pictures just like you’d stage it for an open house. Your goal is to help viewers imagine their own lives and familie...
Comments 13
By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
There are a lot of reasons why you might want to sell your house. Maybe you want a bigger one. Or perhaps you’d rather downsize to something smaller. Moving closer to work is always a solid reason. At least those are some pretty common and basic reasons real estate agents typically hear.Let’s spice things up a bit and get real!Here are 7 unusual reasons to sell your house that are actually pretty reasonable when you think about it!1) You’re not having enough sexIt’s one thing to have to hide your hook-ups when you’re under your parents’ roof, but not being able to Netflix and chill in your own house is another thing altogether. If you’re finding it hard for you and your significant other to find any time or place in the house that’s safe for a romp without risk, maybe you should sell yo...
Comments 7
By Tom Gilliam- RE/MAX Classic, Exceeding Your Expectations
(Re/Max Classic)
Even though mortgage rates dipped below 5% this past week, they’re still higher than they were just a few short months ago. This has priced some home buyers out of the market, and caused others to take a wait-and-see approach, hoping for rates to drop back down to historically low levels. It’s understandable why current buyers would want to hope and wait, but it’s impossible to say if rates will ever go back down to the 2% or 3% range, let alone soon. But if they do, it’s not likely to happen in the next few weeks or months, so the decision buyers have to make boils down to whether or not they’re willing to potentially wait years to buy a house. That said, based upon this Market Watch article, buyers could inadvertently be costing themselves more money by waiting for rates to come down...
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