Howell Real Estate News Apr 20 2016

Here’s the latest.  Inventory is just starting to improve, but so are the sales, so we’re not seeing much of a net increase – yet.  There are still a lot of expired listings, too.  Hopefully they will be back on the market in the next month or so.

Year to date we’ve seen 268 units sold at an average price of $208,060, or $117 per square foot.  This is a pretty typical number for Howell, but remember that new construction, lakefront homes and homes on large acreage will fall well outside this value.

Homes are still selling reasonably fast, 73 days on average since the 1^st of the year.

What’s it all mean?

Buyers still have to move quickly when they find a property they like.  I had multiple offers on a really low end property last week and the purchaser that prevailed moved quickly compared to the other interested parties.

Sellers, you still have a strategic advantage to list now instead of waiting for a month or two.  Take advantage of the lower competition and the buyer demand that is there now.  Interested about your home’s value? https://youtu.be/QFNTOL-qtps

Watch this week’s video here for a few more nuggets of info.  Feel free to call me at 810-220-1478 with questions.  Download the presentation in pdf format here.  

South Lyon Real Estate News April 7 2016

I'm starting to feel somewhat like a time loop.  Over and over and over again.  South Lyon inventory is flat.  No significant difference since the first of the year with 211 units currently available.

New listings have also been flat since the middle of March with 25 new listings in the last 7 days.  Time on the market for the 14 solds last week has slightly lengthened, now at an average of 98 days, although the median time on market is a more reasonable 70 days.

The average sales price last week was $304,547 or $134/square foot, pretty typical for this market area.

Market insights?  Sellers, don't wait for the warmer weather to list unless you have exterior work to do on the house.  Buyer demand is healthy with lower inventory, especially in the $350,000 and under price points.

Buyers, please work with a full-time local agent that knows your market inside out and backwards.  Any licensee can complete a purchase agreement, but how many of them can help you with getting all the info you need to make the best decision possible?  

You can watch my video report here or get a copy of the full market statistics and last week's new listings here.

Bob Smith has 17 years experience working the South Lyon real estate market.  Call for a home valuation.

South Lyon Real Estate News 3-17-16

Our active inventory is 203 units.  We are still waiting for the Spring flood of listings to happen, but that can be a mistake if you're a seller.  There is less competition and a lot of pent up buyer demand out there right now. Homes are selling quickly.

In the last week there were 28 new listings, but that's not enough.  With solds, expired, and pending sales, we're at a deficit.

10 homes sold in the last 7 days with an average sales price of $289,289 and the price per square foot was $131.  These 10 homes sold in an average of 55 days.  Existing resale homes in the $250,000 and lower price points are going quite fast.

You can watch my weekly video report here, get a copy of the weekly breakdown AND new listings here.  If you're interested in this market area, please consider following and liking my facebook page at http://www.facebook.com/MichiganRE, where I post local reports, news, and general real estate items of interest. 

Buyers – work with a LOCAL, full-time agent to have your best chance of success.

Sellers – agents can look at stats all day long, but it helps to know the market history and local influences on the market that are not contained in the multilist system (MLS).  Your best opportunity at success is also a LOCAL agent.  Don’t waste 6 months of time because you chose an out of area agent that advertises himself instead of YOUR HOME.

How's The Market in Howell? Glad You Asked

Inventory continues to decline, but that should change soon.  Right now we're at a 2016 low with 210 units available.

Last week, 19 new listings hit the market.  We also had 19 sold listings.  But with expireds, pendings and withdrawn properties, we actually lost inventory.

For the 19 sold, the average price was $211,250 or $116/square foot.  Average time on the market was 84 days, but one listing had been on the market for over 800 days (!) and if that one is excluded, the average time on the market was only 42 days. Folks, that is very, very fast.

At the risk of sounding like a broken record, here's my analysis for consumers.  

Sellers - if you're waiting for 'Spring' (look outside today, by the way), DON'T.  There are motivated buyers looking for homes and your competition is at an extreme low right now. Need or want to sell fast?  List it now.

Buyers - I know many of you are committed to other agents, and that's fine.  But please work with a LOCAL, experienced, preferably full-time agent.  Why?  Because they know the area, they don't have to drive 45 minutes to get here and they'll add real value to your home purchase.

Last year I worked with two buyers that found me after working with what could be called 'mega agents'.  The buyer agents on those 'teams' couldn't get them into homes quick enough and they had trouble reaching them by phone.  They didn't feel as if they were being taken seriously while they were ready to make the biggest purchase of their life.

If interested, you can get a list of last week's 19 new listings here, or check out my video report here.

How's The Housing Market in Howell?

Like many other parts of the country, local demand is outpacing supply.  Even with some new construction in the area, there is still not enough inventory.

Last week, there were 14 homes sold at an average price of $208,486, or $114/sq ft.  These homes sold remarkably fast on average - just 45 days!  We also had 20 new homes come onto the market.  I know what you're thinking.  Hey!  14 sold and 20 new listings?  That sounds like inventory is replenishing itself to me. 

Au contraire.  When you take into account the expired listings, those that went pending (an off-market status), and the consumer-requested withdrawals, we're at a decided net loss.  You can download the weekly new listings here and watch this week's update video here.

If you're a seller that's waiting for spring and has the ability to adapt quickly, this is a great time to list.  Motivated buyers and far less competition than you'll see in another month or two.  Feel free to request a home valuation here.

Buyers, if you're looking for a home in Howell, please consider working with a local, full-time real estate professional (like me) :-).  Working with an out-of-area agent that doesn't know anything but the basic geography will not be able to add quality to your home search.  And I practice what I preach.

Last year I had 5 outbound referrals so clients could get the best possible service by an agent from the area in which they were interested.  Why would I do that?  Because I am committed to the best possible service - and because you deserve the best possible service.

photo credit R. Smith

Weekly Market Update - Howell – February 22, 2016

Inventory is at the lowest point of the year.  Since last week, time on market has increased a bit to 109 days, average price per square foot is $127.  There were 12 solds last week and 13 new listings, but there were also some expired and withdrawn listings that had a negative impact on overall inventory.

You can get a copy of last week's new listings and some Year To Date sales info for the Howell homes market here.  If you want to watch my video report on the Howell realestate market, click here.

If you would like me to determine your home's value, please visit here.

What’s My Home Worth?

What's My Howell Home Worth?

Everybody wonders about their home’s real value.  I have and I’ll bet you have, too.  So how do you find out? 

Let’s say you just want a number, no pesky real estate agents looking for a listing, something free, something easy.  Hmm, there’s a lot of free stuff on the internet, start there!  And yes, you can get a number without too much trouble, but what if it’s incorrect? (It often is, by the way.)

Too high and you’ll be disappointed if you try to sell it alone (for sale by owner), refinance (refi) or take out an equity loan.  Too low and you’ll feel sad, perhaps even depressed.  So what’s the answer?

Unless you’re in a really small neighborhood, you can keep track of the home listings and their sale prices.  That’s OK, but what if those properties are bigger, smaller, older, newer, a different architecture or on a better or worse lot?  What if your home has updates and the others don’t?  Or vice-versa.  That’s the problem with ‘free’ valuations from a large real estate aggregator site.  (Aggregator sites collect data from all over and put into one location.)  And there are plenty of them out there. They’re wildly inaccurate in many cases.

Real estate professionals have access to tools other than just the MLS.  Sadly, many agents ignore them, are afraid of them, don’t want to take the time and effort to learn them, or just think the old ways are still OK.  They don’t do their clients justice and they don’t do themselves justice, either.

Two Great Ways to Determine Your Home’s Worth

• ·      Have a LOCAL full-time real estate agent out to look at your house.  Do your homework, too.  Have a list of capital improvements for the last 10 years (think new roof, new furnace, additions, remodeled kitchen or bath – NOT carpet and paint). Energy saving improvements are also helpful to know.

• ·      The other way costs you.  Hire an appraiser. If you do this, please, again, use a local appraisal company. They are ‘invested’ in their own community. They know things that out of area appraisers won’t, and they’ll likely respond quicker. 

Whether it’s an agent or an appraiser, they should take the time to walk through your home and around the outside.  Hopefully, they’ll drive through the neighborhood, too, even if they’ve been there before.  All of these things are important to getting to the right value.

If you’re just curious, go the internet aggregator route (think “Z”, “T”, or any number that begin with “H”).  Just don’t lose sleep over a low number or max out your credit cards based on a high number.  If you’re thinking of selling you’ll definitely want to talk with an agent or an appraiser. That’s how you really find out what your house is worth.

If you’re local to me (Livingston, west Oakland, north Washtenaw Counties), I’d be happy to give you a well-explained and documented opinion that will tell you what your house is worth. You can reach me through email or my facebook page. And don’t forget to ask me about my ‘Marketing Edge’ plan.

Howell Home Photo Credit - Robert Smith

New South Lyon Real Estate Update 2-15-16

Here's the quick update for South Lyon real estate.  Check out my video, complete with a discussion of the median home sale, here.

Inventory remains low at 211 units.  In the last week there were 14 new listings (low, also) and 8 sales.  The sales were completed in an average of 41 days!  Folks, that's blistering fast. The average sales price was $253,262 or $132/sq ft, pretty much normal for the South Lyon area.  

You can download the pdf of the 14 new listings here if you wish.  And buyers, contact me for a free home buying workshop.  One-on-one service and you'll get a great ebook as reference, too.

Howell Real Estate Update - Valentine's Day Issue

It's Sunday, February 14th - Valentine's Day!  The current inventory is 244 units.  YTD in the Howell area we've had 80 properties sold and in the last 7 days, 8 have sold at an average price of $212,306. That's $100/sq ft. They were on the market for an average of only 41 days!

We saw 21  new properties come on the market in those same 7 days,  There are 9 rentals available via the MLS, but most rentals don't go in the MLS, so you'll have to do some leg work to find that perfect rental you're looking for.

Call me if you'd like a personalized, 1-1 Home Buying workshop. You get my free ebook at the end as a bonus.

Feel free to watch this week's video update here.  You can download this week's 21 new listings here.

Weekly South Lyon Real Estate Market Feb 09, 2016

The South Lyon area is mostly in Oakland County, but parts of it range into northeast Washtenaw and southeast Livingston Counties, too.

Inventory in the South Lyon area continue to decline, we're now at 216 units.

There were 17 new listings in the last 7 days (click here to get them in a pdf file). You can see my video report here.

In the last 7 days, there were 6 sold residential properties (detached homes and condominiums), averaging a sales price of $303,528, or $132/sq ft.  These 6 homes sold in an average of 51 days!  Remarkable when you consider that it takes 30-40 days to close a conventional or FHA mortgage. That means these homes are going under contract in the first 10 days on the market.

There is a lot of new construction in the South Lyon area, and builders often only place one model in the MLS, so there's likely more than what is showing for inventory.  But builders are still not putting up 'spec' houses, preferring to get buyers under contract before they start to build.

Buyers - don't hesitate. Be sure you're working with an agent that can get you into homes quickly or they will be gone.  If you're interested and not working with an agent yet, I have a great workshop that we can do one-on-one that will answer most of your questions.  Even 'experienced' buyers will learn a thing or two from this session.

Sellers - your competition will NEVER be lighter than right now.  DO NOT WAIT UNTIL SPRING to list unless it's absolutely necessary.  At this time of year there are fewer buyers that are 'tire kickers' and more that are SERIOUS.

Follow my facebook page to see local real estate news, tips on buying, selling, decorating and home maintenance and more!   http://www.facebook.com/MichiganRE

Howell Real Estate Update February 8, 2016

Near Downtown Howell

The active Howell inventory is 239 units (detached homes and condominiums).

In the last 7 days there were 17 new listings and 11 sold.  For the sold properties, the average price per square foot was $114, a typical number for Howell.  These homes were on the market for just 62 days from date of listing to date of closing, not very long when you consider the average closing takes 30-45 days.  The average sales price was $181,195.

Sellers - DON'T WAIT FOR SPRING UNLESS IT'S ABSOLUTELY NECESSARY.  Right now with the lower inventory your home will get noticed faster and at this time of year the buyers tend to be serious, not tire-kicking.  If you're thinking about selling, please interview me so I can tell you about my 'Buyer's Edge' program.  Just curious about your home's value?  Contact me anonymously and obligation free at http://goo.gl/LiQjYb.

Buyers - Work with a full-time real estate pro to get into these homes as quickly as you can or they may be under contract, especially in the $225,000 and under price ranges.  I offer a buyer's workshop that is great for first-time buyers, but is also useful as a refresher for folks that have purchased a home in the past.  Rules and regulations are changing even though you may not see it.  It's best to be prepared and not leave things to chance.  Want to get the newest listings immediately?  Contact me and let's chat for a few moments so I can set you up with a great search that will email you once a day, once a week, or every time a new listing hits the market that matches your search needs.

See this week's video report at:  http://goo.gl/WZzah0

photo credit - Robert Smith, Realtor

South Lyon Market Update Week of Feb 1, 2016

Here's this week's market update for the South Lyon area.

Inventory - 222 units

New Listings last 7 days - 24

Sold last 7 days - 11

For the 11 solds, the average sales price was $293,182 which turns out to be $150/sq ft.  This is higher than typical and the data is skewed by an $800,000 sale.  The 11 solds were on the market for an average of 86 days.

There are 12 rentals available in the multilist (MLS), but remember that apartments, property managers and many individual landlords/investors do not use the multilist, either.  There are more rentals out there, but you can't find them all in one place like you do with homes for sale.

My take on this week's South Lyon market update?  Sellers  - This is a good time to beat the competition and get that home listed. Don't wait until Spring.  South Lyon is a particularly good area for new construction, but existing homes sell well, too.

Buyers - be sure you have a solid pre-approval, then start working with a full-time real estate pro.  You'll want to get into new listings quickly, and be prepared to write that offer without delay, or risk being disappointed.  Inventory is lighter this time of year, especially in the lower priced homes ($250K and under).  Interest rates did not take the small 'bump' most industry observers expected after the Fed raised rates in December 2015, but this may be more due to a robust bond market as stocks have dropped.  Mortgage rates are much more affected by bonds than they are by the stock market.

I hope you find this week's South Lyon market update interesting.  If you have questions about the South Lyon area, or Michigan real estate in general, please give me a call at 810-220-1478.

January Is National Radon Action Month

Radon is an odorless and colorless radioactive gas.  It is the second leading cause of lung cancer in the United States.  It enters through cracks in basement or slab floors, sump pump openings and crawlspaces and can become concentrated enough to surpass safe levels.  The Michigan Department of Environmental Quality (MDEQ) estimates that 40% of Livingston County homes have elevated radon levels.

The good news is that it is easy to test for and not so hard to get rid of, either.  This month (right through 1/31/16) the Livingston County Department of Public Health (LCDPH) is offering free short-term testing kits,  You can pick them up at the Environmental Health Division office, 2300 East Grand River, Howell 48843, corner of Chilson and Grand River.   If you live in a county other than Livingston, call your local public health department to see if they're offering free kits this month, too.  If not, you can buy radon test kits at most hardware and home improvement stores.

When I work with home buyers, I always strongly recommend that they have a radon inspection, especially if the house has a finished basement. Take advantage of this great offer from the LCDPH and get your kit for free.  For more info about radon, go to www.Michigan.gov/deqradon.

To get great real estate news and information, home improvement tips, and some fun real estate articles, visit and like my facebook page at http://www.facebook.com/MichiganRE.

Howell Market Update Week of Jan 18 2016

The active inventory is down, at 261 units, not surprising for this time of year.  In the last 7 days 9 properties sold at an average of $106/sq ft.  That's a bit low, but still within the typical $100-$125/sq ft this market sees. Of course, new construction, lakefront properties and luxury homes will be more.  In the last 7 days, 20 new listings hit the market, pretty good for mid-January.

Rentals in the MLS are at 10, also a bit low. Remember that there's no central site for rental properties. Apartments and many property management companies do their own marketing, and some landlords do their own on craigslist, too.

There are plenty of rental units around Howell, and the apartment competition is pretty good.  See my short video here.  To see my regular updates, home maintenance and decorating tips, and other interesting real estate news, follow and like my facebook page at http://www.facebook.com/MichiganRE.

Howell Market Update Jan 04 2016

This week's report shows 265 units available through the MLS. Lower than typical, but not unexpected at this time of year.  In the last 7 days there were 8 new listings on the market and 15 sold - a little more than I expected.  I think there was a lot of push to get sales in for the 2015 tax season!

The 15 sales averaged $194,448 each, or $109/sq ft - right on target for Howell.  Note that lakefront homes, new construction and homes on larger parcels will command a premium from this figure.  Watch the market update video at:   https://youtu.be/026Tc3B3L34

The MLS shows 11 rental units (homes and condos), but Howell has a lot of apartments that are not reflected in this number. Generally, apartment rents are much more competitive and a great way for renters to save for that home down payment.

Analysis:  

Buyers - yes inventory is down, but work with a full-time real estate pro that can get you into properties quickly and you'll be successful.  The lower your price range, the shorter the inventory. $200,000 and under needs quicker action than $400,000 and higher.  Consult your LOCAL agent about these market dynamics.

Sellers - DO NOT WAIT FOR SPRING.  Let me repeat that.  DO NOT WAIT FOR SPRING.  You have much lower competition right now and buyers tend to be more motivated this time of year, too.  Call me to find out about my 'Marketing Edge' program to get your home sold quickly or watch my facebook page for regular real estate news, tips and updates.

South Lyon Real Estate Update 01-03-16

Here's a brief update on the South Lyon real estate market. The video is under 2 minutes in length,

Current inventory is 217 units (detached single family residences or SFRs, and condos).  In the last 7 days there were 6 new listings, and 10 solds.  The solds averaged out at around $125/sq ft of living space.

Understand that there is a lot of new construction in the townships surrounding the City of South Lyon and that new construction is going to be more expensive - especially if you want to build a ranch home.

The South Lyon area is primarily in Oakland County but also goes into southeast Livingston and northeast Washtenaw counties.  Right now there are 9 rentals in South Lyon recorded in the multilist system, but this won't include apartments or properties run by management companies or even private landlords using yard signs and craigslist.  Unfortunately, there's no single place to look for rentals as there is for homes.

Be careful if you're renting.  There are scams out there.  Be sure you're dealing with the property owner.

Exterior Home Improvements That Increase Resale Value

There’s no doubt that ‘curb appeal’ plays a big part in getting a home sold.  I’ve had buyers call me after I set up an appointment that they requested to say that they drove by a home and were no longer interested.  Something can either grab you and pull you in or turn you upside down and make you run away.  Here are a few ideas for making your home look better AND getting a good payback.

Replace Your Front Door.  This can be huge, even if it costs a bit more than $1,000.  If you judge your door to be alright, I’d like you to still take a critical view of it.  Remember that buyers will be standing there for a few moments while their agent deals with getting the keys out of the lockbox.  Clean it, repaint it, replace the tarnished doorknob and lock hardware with new, shiny stuff.  Don’t forget to look at the entire entryway to see if it needs power washing, a touch of paint or some bright flowers.

Landscape Update.  A good landscaping makeover will not only get you a higher sales price, it’ll help sell your house faster, too.  Consider talking with a local landscaping company to see what you can do that fits your budget.  Generally a company will get things done quicker than you can yourself, if your time frame is short.

Exterior Repaint.  This is a great time to inspect your siding, too.  Some composite sidings have had issues with product breakdown, so be sure to check it over, replace sections as needed and be sure the caulking is intact.  A home inspector will find the issues, so it’s better to head it off.  Vinyl siding?  Consider a good power wash to brighten things up.

Read the rest of the suggestions here.

More sellers come onto the market in the summer (60% of all homes sold in 2014 entered the market from May to August). If you're looking to buy - now's the time! Contact me for help with your search.

image courtesy of lawnstarter.com and RISMedia