(Pictured above: Gull Lake Living | Click Here to view Gull Lake Waterfront Property for sale)
What Keeps the Market Moving
What You Don't Know Could Slow You Down
There's more to the real estate market than what is seen from the curb and there is a LOT more to real estate agents that what you see on Zillow.
Did you know that the typical For Sale by OWNER home sold for $310,000 compared to an agent-listed home for $405,000? (2023 profile of home buyers/sellers NAR).
AND on average, 75% of For Sale By Owner Sellers still pay a commission to buyer's agents.
Our current real estate sector may feel restricted with a lack of inventory and higher interest rates but behind the scenes, Team Clancy REALTORs® are brokering buying and selling off the market in conjunction with the publicly listed sales. From "coming soon's" to homes not listed for sale at all, our real estate professionals have a constant finger on the pulse of SW Michigan's housing market.
This Year's Trends
Since the start of the year, the number of sold listings has been on a steady trend upward along with the number of new listings hitting the MLS. The average sold price of local houses has been holding steady so far and is up slightly from this time last year. The sale to list price ratio has climbed since January and is similar to April of 2023 at an average of about 98%.
Before the World Wide Web was born, agents helped people buy and sell through networks, phone calls, and professional colleagues. Our experience and years of success puts us ahead of most agents; we're simply getting back to the basics to take care of our clients.
If you are considering buying or selling, start with your local professionals. They know what you don't know.
Buying a Home in a Traditional Market
The lack of competition on both sides of the for sale sign offers a slight relief for buyers, creating a little more wiggle room to shop. Although finding a home that fits your needs and budget can still be a challenge (some price points and ready-to-move-into homes are moving quickly) higher interest rates are keeping some home buyers browsing online making the competition a little lighter. With the right real estate team behind you, you can find value in our current homes for sale.
Buying a home in a seller's market can be a frustrating process if you aren't prepared. The market may be shifting to a more traditional style but you still have to be prepared. Here are some tips to get you ready to buy in today's fast-moving seller's market:
Price: Be Ready to Make a Strong Offer
Chances are, you will already have a price range in mind when you start your home/property search. In a normal market, you leave room for negotiation, your initial offer is often at the bottom of that range. However, in a seller's market, one can’t expect to go about it that way. Since you’re going to have a lot of competition, the price you initially offer may be your only shot at that property. In a seller's market, we tell our clients to be prepared NOT to get a 2nd opportunity to make an offer or negotiate. Make certain your offer is a strong contender, free of unnecessary contingencies as well as risk & uncertainties that will make the sellers uncomfortable. MAKE YOUR OFFER EASY TO SAY YES TO!
Pre-Approval
If you don't want to miss out on a property you love, make sure you are pre-approved for a loan BEFORE beginning your home search. Seller's will take you, and your offer, more seriously if you are pre-approved.
Contingencies
Most offers have 3 contingencies: loan approval, appraisal acceptance and satisfactory inspection results. These contingencies, if not fulfilled, allow a buyer to terminate a contract to purchase and retain all of their deposit money. There’s nothing worse for a seller than having their property tied up for a long period only to have things fall apart. Not having additional or high risk contingencies, minimizes the seller’s exposure and makes your offer look all that much better.
Also, ensure that your offer is NOT contingent on selling your current home. With buyer competition strong and multiple offer situations prevalent, sellers will likely choose to pass on your offer (even if it is higher than the others).
Bridge Loans Available
A bridge loan can help ease the transition from one home to another.
