Grand Rapids Michigan Real Estate Blog

Another Amazing Real Estate Tale from Grand Rapids Michigan

I have a story to tell you, about a house that wouldn't sell.

This is a true story but the names and places will be omitted

so that no home sellers are injured.  This won't be a new story

for anyone in the real estate business for the last 4-5 years.

But apparently, people in the consumer selling arena  still

aren't familiar with the facts of home selling these days.

 

 

There was a VERY NICE home in a VERY NICE neighborhood

ina VERY NICE community near you.  The community has ex-

cellent schools, low home inventory, and lots of people who

would like to live there.  The home owners listed their VERY

NICE home with a local company and waited.

 

 BUT, the home didn't sell.

 

 And it didn't sell.

 

I am sure the original listing agent suggested a price decrease.

Well, wouldn't you?  But they got a different agent, a friend in their

church group had just enterd the real estate business.  They were 

sure that the new agent would be able to sell the home at 

their price. She was so nice. 

 

And it didn't sell.  

 

So they got a different real estate agent again.

The sellers knew that a really big company with lots of agents

to sell their home would make all the difference and they could

get the price they wanted.  The new agent was recommended by

a neighbor. But they had their price in mind, they were firm.

 

And it didn't sell.  

So they interviewed 3 agents and hired the one with the best

marketing program.  Their home was exposed to every venue

on the internet and to some they never had heard of.  This was

going to work this time, even with their original price.  They had 

a marketing genius!

 

And it didn't sell.

They had lots of showings.  In fact, when the phone rang, the 

lady of the house cringed because she was tired of preparing

their home for showings with no offer.  It was so discouraging.

But their agent said, "You just never know, this might be "the one"."

 

They got an offer.  It was below what they were asking by about 

12%.  Should they be insulted?  Should they consider this offer?

Their agent had been asking for a price decrease.  Was this a 

reasonable offer?  Their home had been on the market for 

almost 3 1/2 years at the same price.  But they had put so much

money into it.

 

To protect the innocent, and move the story along, the Listing Agent

was finally able to negotiate the offer acceptance.

 

And the home sold.

 

Moral of the Story: Home prices will flucuate on what buyers 

feel the home is worth.  Buy a home to live in and enjoy but 

when it is time to sell, the current market will dictate the price.

Sometimes you win, and sometimes you lose.

 

 Grand Rapids Michigan First Quarter 2012 East Suburban Real Estate Market Reports

 

 

The following suburban market reports cover the first quarter real estate

activity in each Grand Rapids area.  Some local areas are holding their value

better than others.  All areas are still seeing some price erosion, though a

much smaller percentage than previously.

 

If you are considering selling your home, we recommend listing as soon as

possible.  The nation's largest banks still have foreclosure inventory

that has not hit the marketplace.  These estimated 4 million homes will be 

put on the market sometime in 2012. 

 

We would be happy to give you an idea of what your home is worth today.

Give Terry a call at             1-888-240-1968       ext 0.

 

 

Lowell Michigan Real Estate Market Report Jan - Mar 2012

Rockford Michigan Real Estate Market Report Jan - Mar 2012

 

Caledonia Michigan Real Estate Market Report  Jan-Mar 2012

 

East Grand Rapids Michigan Real Estate Market Report 

 

Forest Hills Michigan Real Estate Market Report

Top 5 Things to Do Before You List Your Home

You have decided to move. Now, your focus turns to selling

your existing home.  Not easy in this economic climate and

with fussy buyers rejecting your home by online browsing,

before they even step a foot into it.

 

Your top priority should be to make your home look spotlessly

clean. Cleaning your home top to bottom will make the biggest return

in home selling price, a whopping 592% of the cost of cleaning,

according to HomeGain.  This means de-cluttering closets and storage

areas, carpeting, cleaning light fixtures, fans, and appliances until

they sparkle.  Animal odors, smoking, and food odors will turn off

potential buyers as soon as they walk in the door.  Those plug-in

fragrances won’t fool buyers, either.

 

Lightening and brightening your home is second on the list.

This means painting over dreary or stained walls with a fresh coat

of paint and replacing burnt out light bulbs.  If you have dark rooms

in your home, purchase some floor lamps to light up the area.

 

Home Staging is the third most important item you can do.

If you have too much furniture, or overly large furniture, it makes

your home look crowded.  If you have collections and

accumulations of stuff, it doesn’t look like there will room for the

new buyers furnishings.  Remember: Less is More, more room for

the new buyers home furnishings.

 

Landscaping in the yard is the fourth largest payback for sellers

compared to cost.  Take time to refresh bark in beds, trim overgrown

branches and foundation plantings; new buyers don’t want to move

in with a project list.  A pot of fresh flowers by the front door is also

a sign that you are proud of your home and take good care of it.

 

Electrical and plumbing repair is crucial to the new buyer. 

Take care of any issues because they will probably show up

on the inspection and that just gives buyers a chance to

bargain your home price down.  Most common is tub and shower

caulking that looks moldy.  Get it replaced with new caulk.  If

you have been considering upgrading your electrical system,

buyers will appreciate this as one more thing they don’t have

to do.

 

If you do these things, buyers will be more comfortable in

purchasing your home.  And why not enjoy the improvements

while you wait for the right buyer to come along?

 

SEARCH FOR GRAND RAPIDS HOMES

syndicated from  www.GrandRapids-RealEstate.com

 

We Do Not Want to List Your Over Priced Home

Some sellers don’t understand the current real estate market.

They have fuzzy visions of listing their home: flocks of eager buyers will

ascend to their level of home ownership and buy an overpriced house. 

They believe in the words of comic Judy Tenuta, “ It can happen! “

 

I hate to have to break the news to many optimistic sellers BUT

– it ain’t gonna happen!  Buyers with adequate funds have researched

their area market. They are probably working with a seasoned agent

who has helped to educate them about the local market.  If you are

overpriced by any amount, buyers just don’t look at your home seriously.

 

We recently made a listing presentation to a seller that had his home

for sale for over a year by another agent.  An overpriced year, overpriced

by about 1/3 of current value, so not even close.  Results: the seller  had

1 showing  in a year.

 

We had a heart-to-financial-heart talk and we gave him the facts. 

Even if he found someone dumb enough to pay what he was asking, it

would not close because the home would not appraise for even close to

his price.  He argued that someone with cash could buy it.  In our experience,

people with that kind of cash are not careless with their money. 

 

We encouraged this seller to get an appraisal so he could make a

decision about selling for market price.  This information came as a shock.

Sadly, the reality of a home’s worth today is a shock in many cases. 

The seller wanted to know why his former agent hadn’t explained this to him.

Yes, we were curious, too.

 

We do not want to list your over priced house.  We read industry experts

and they predict further price erosions later this year.  Whether this

happens or not, sellers should get an independent appraisal if there is any

question about their home’s value. 

Syndicated from Grand Rapids Real Estaet Blog

Foreclosures Costly for Your Neighborhood & Community

You might think that a foreclosure or short sale of a home in your

neighborhood doesn’t affect you.  It is a shame for those people but what

does it have to do with you?  Plenty, it turns out, if you plan on moving

in the next few years.  According to the U.S. government’s website about

the National Mortgage Settlement with major banks, it can affect your

bottom line tremendously.

 

When a house is subject to foreclosure, it creates a ripple effect

that lowers the value of nearby single-family homes and other properties.

  In 2009 the Center for Responsible Lending projected that homeowners

living near foreclosed properties, on average, would lose $7,200 in property

value, and projected a four-year increase in losses to $20,300 per household.

 

No one who owns a home is safe from this reversal of real estate values.

We have seen this play out in wealthy suburbia and lower priced homes, where

it hits financially vulnerable households.  Homes that were selling for $100,000

a  few years ago are now priced at $80,000 – $60,000, or considerably less. 

We have heard that investors are being offered homes grouped in tens in some

areas, that  are  priced below $10,000 each.  The effect on neighborhoods is

sobering.  In fact, it traps homeowners in homes that they can’t sell.  Their only

options are short sales or foreclosure to get out from under their mortgage on

a home that isn’t worth what they are paying for it.

 

Because we have been watching this train wreck in our local neighborhoods

for awhile now, we are optimistically awaiting the outcome of the National Mortgage

Settlement.  This could bring financial relief to millions of homeowners

by lowering their monthly payments.  Many Michigan households that teeter on

the edge of a financial precipice are waiting for relief……….Will they get it?

Originally published at Grand Rapids Real Estate.com

Don't Leave Home Without A Home Valuables Video

Recently I was reading about a rash of robberies in our area that were focusing

on grabbing jewelry and other small items that can be sold for quick cash.

Home invasions seem to be an easy way for criminals to get fast cash.

With the rise in precious metals and the cash for gold stores in every town

it makes it easy to convert jewelry to cash.  If you are planning an extended

time away from home, this gives thieves an open opportunity.

 

 

 

No one wants to think they might be robbed. But preparation for a home burglary

is key to helping police with descriptions of the items stolen.  You also will need

to prove your losses  to your insurance company. It makes sense to have some

kind of permanent record of valuables with a photo and brief description.

 

My suggestion is to pick a day and document your valuables. Then put the record

of your inventory in a safe place, such as a safe deposit box, a relative's home,

or off-site location. So if the worst happens and a home invasion or disaster

strikes, your record is not destroyed.

 

Police and insurance companies recommend a narrated video of each room in

the house, including the basement and garage, describing  individual items that

are of value. Next, still photos of valuable items such as china, silver, jewelry

collections, are invaluable proof to the insurance company of exactly what you

had. Once completed, add a brief description to the photo.   Many small items

can be forgotten until years later if you are just trusting your memory. 

 

This sounds like a big task.  But well worth the effort, especially if you have a loss

and have to prove ownership.  Now, to follow my own advice; Where is our video

camera?

 Forest Hills Michigan Neighborhood Real Estate Market Reports Jan-Dec 2011

 The 2011 Market Reports for Forest Hills suburbs of Grand Rapids

are linked below.  Some areas went down in activity, some went up, some

stayed relatively the same.

Which proves the maxim, all real estate is local.  These are local Forest Hills

neighborhood reports, so they will give an overall  picture of what has happened

in these spe cific Forest Hills areas.  If you want to know what is happening in your

neighborhood, just give us a call.

 

Adacroft Commons Market Report

Adatowne Market Report

Adawoods Market Report

Caravelle Village Market Report

Cascade Springs Market Report

Catamount Market Report

Centennial Park Condos Market Report

Clements Mill Market Report

East Village Market Report

Forest Hills Gardens Market Report

Greentree Estates Market Report

Thornapple River Dr/Burger Dr Market Report

HUD Good Neighbor Next Door Home Sales Program

This HUD program is available to a select group:

• Law enforcement officers
• Pre-Kindergarten through 12th grade teachers
• Firefighters
• Emergency medical technicians

These buyers are offered a discount of 50% from the list price of a HUD home.

The buyer must remain in the home for 36 months and be your sole residence.

The program is being offered in certain areas, revitalization areas, are listed

only for sales through the Good Neighbor Next Door Sales program for purchase

through the program for five days.

 

HUD requires that you sign a second mortgage and note for the discount amount.

No interest or payments are required on this "silent second" provided that you

fulfill the three-year occupancy requirement.

The number of properties available is limited and the list of available properties

changes weekly. To learn more, go to Good Neighbor Next Door.

 

Originally published at Grand Rapids Real Estate Blog

Grand Rapids Michigan November 2011 Sales Stats

The November home sales statistics are in and the news looks good.

Sales are up in November across the board in all price ranges.

The price range that has seen the most activity is $100,00 – $ 139,999;

almost 1 in 5 homes sold in November 2011 were in this price category,

with overall highs ranging over $1 million and lows under $ 19,000.

 

The Grand Rapids housing market has 24.6% fewer listings year-to-date

than last year.  This means shrinking inventory for buyers and good news for

sellers. 

 

The Average Home Sales Price is up from 2010 by about 3%; from $ 118,217

to $121,920.  In our opinion, this increase is caused by the REO’s and foreclosure

sales numbers are down and more banks are embracing short sales.

 

Please note these prices are averages for the whole Grand Rapids market.

If you would like to know what prices are in your neighborhood, give Terry a call.

 

SEARCH GRAND RAPIDS HOMES

Real Estate Myth #7: Waiting for Spring to Sell Your Home Will Get You More Money

The old adage that told sellers to wait until the improved spring market

to put their home up for sale is just that – an old saw.  And not true today.

Buyers tend to favor the spring and early summer market to move but this time

around, it could be costly for both buyers and sellers.

 

 

If you haven’t been following real estate news, yes, I know, it starts

to become blah, blah, blah, after awhile; then you might be unaware of the

shadow inventory.  All the experts agree, this 4 million+ housing inventory

of foreclosed and about-to-be foreclosed homes is weighing the market down

right now—and we have 45 more months of inventory to work through.

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