Detroit Real Estate

I was going over what a Novi condo would sell for in this market with a client.   Selling a Novi home or a Novi condo isn't tough, but home values have fallen so far.  Many home sellers are upside down.  If you have bought since 2003 you may be underwater on your mortage.  Here is what I sometime have to tell them.

Here are the three Novi condos that sold in your complex in the last 6 months. They took an average of 62 days to sell.

All three of them sold at $124,000 or $125,000. So the price you most likely sell at is $125,000 BUT. Here is the other part of it. Most buyers need closing costs, so you probably would need to give the buyer help with closing costs in order to sell the condo.

Here is how they break down the last 3 sales
sold 124,900 minus 6000 in sellers paid closing costs
sold 124,900 minus 6000 in sellers paid closing costs
sold 125,000 minus 5267 in sellers paid closing costs

So all of the sellers really only netted about $119,000 after paying the buyers $6000 closing costs.

So if you sold the condo at $125,000 (which you most likely would) your costs would be.
$706.10 for an owners title insurance policy
1066.40 for Michigan state transfer taxes
$6000 for sellers concessions
+ commission for buyer and selling agent
So basically it would be about $15,000 in costs.

If you owe 120,000 you are going to need to bring about $10,000 to the table to close this deal.

The wish is that you could sell it for more but in this market it is unlikely. With those three sales at $125,000 it would be hard to get the bank to appraise it at $130,000. Even if you sold it higher to somebody the bank wouldn't give a mortgage of $130,000 or higher most likely.

This gives you an idea of how we sometimes have to bring clients down to earth on what their Novi Condo is worth.  So many times Novi home sellers have no clue what their property is worth.  So many times they think their home is the best and they can get over market value when the home is close in ammenities, size, and condition of the other homes that have sold.

Feel free to call me if you are looking to sell your Novi condo or home.  We can go over what you owe and what the homes and condos are selling for.  We can go over what you need to do to get ready to sell.

Russ Ravary  your Metro Detroit real estate agent serving Oakland and Wayne County

So you are getting ready to sell your Novi Condo and you know to:

• paint the walls neutral
• clean the carpet
• take down all your family pictures
• de-clutter counter tops, dressers, and shelves
• de - ordorize the house 
• get rid of excess furniture and "stuff"

but what about one of the most important things.  You need to get your condo associations by-laws.  EVERY METRO DETROIT CONDO BUYER will be requesting to see the condo association by-laws.  So take the time and gather up your condo's information. 

1. The name and phone number of the association management
2. The condo associations by-laws
3. What is included in your associations fees
4. What is covered by the association?  Windows, Deck
5. Pictures of the club house or the pool

So when Getting ready to sell your Novi condo this information about your condo will be needed.  So don't be scrambling at the last minute to gather this information.  It will help you sell your Novi condo.

It doesn't matter whether it is a Novi condo, a Canton condo, or any cities condo it's best to get the information early.

More information to help you sell your house.....

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My quote of the day:

 Remember, if you ever need a helping hand, you'll find one at the end of your arm ... As you grow older you will discover that you have two hands. One for helping yourself, the other for helping others.

                                          Audrey Hepburn

When I come into your home I can help you get ready to sell your Canton Township home!  It's not that I am perfect or a know it all.  But as a real estate agent I see a lot of homes in a week.  I have seen young kids walk into a home and say what's that smell?  I have seen shag carpet from the 1970's that could have been replaced for a few hundred dollars.  I have seen homes so cluttered you couldn't see the walls.  I have seen a lot of bad homes.  I honestly don't want to be the real estate agent for one of those homes.  

 It's not unusual for me to be on the road looking at homes all day with buyers or on listing appointments.  I have had many a day going 10 hours looking at Livonia real estate, Novi Condos, Farmington Hills real estate, and Oakland County water front property.

I see how home buyers react to wallpaper, smelly houses, stained carpeting, or cluttered homes.  Sure you may love your home's exterior painted peach, (Yes I saw one of those two weeks ago) but you are reducing the number of buyers that will even consider your home.  I see home buyers run out of houses, I see them cross off a house because of a simple correctable item.  The seller didn't take the time or spend the money to correct something simple and the buyer disliked it for the same reason.

Some Metro Detroit home sellers don't have the money to the repairs.  I have had a single mother that was barely scrapping by....she couldn't afford to do anything.  I have had older sellers in their 80's that could barely take care of themselves let alone deal with the stress of selling their life long  home.  They physically could not do any repairs, and it was beyond them to hire somebody.  Just too stressful.  But some people are capable of getting their home ready to sell.

It is a partnership between you and I to get your home sold for the highest price possible and as quick as possible.  I like to walk through your home and help you stage your home.  Sometimes it's a simple as repainting a room, making the house more spacious, but sometimes it's a list of 10 items.

The more you can do the better.  It will help you sell your Canton Twp home quicker and help you get a better price.  So don't get mad at me when I say you should do certain repairs.  I just want you to get the best possible price.  My goal is to get your home sold!

It doesn't matter whether it is Canton Township real estate, or West Bloomfield real estate getting your home ready to sell can be less stressful if you plan ahead.  So feel free to call me or email me to set up a time to walk through your home.

Russ Ravary your local Wayne and Oakland County real estate agent 

No you just don't put your home on the market, you need to plan the sale of your Metro Detroit home.  You need to plan ahead. And start before you think you need to.  So it's best to start today if you can 

Now that you have decided to sell your Metro Detroit home, chances are you are caught up in a host of emotions. You may be looking forward to moving up to a new dream house, or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever feelings you are experiencing right now, there are plenty of items that need your attention. You do want the the whole process go more smoothly don't you..

It is a good idea to place your West Bloomfield home or whatever Metro Detroit home on the market as far in advance as possible of purchasing a new one. The average time on the market for homes for sale in Metro Detroit in 2007 ( a buyers market) was over 6 months.  In 2009 it still is over 3 months.  Don't think that just because your home is nice that you will be the exception, and sell yours quickly. 

Everybody thinks their house is the best.  You need an outside opinion.  A neutral opinion.  That's where my job comes in.  It's part of my job to tell you what you need to do to help sell your house.  Sure you may love that wall paper, but it has to go.  It will pay to listen and do what we suggest.  I have seen thousands of Metro Detroit homes for sale.  I know what home buyers in Michigan are looking for.   

If you find a new Waterfront home in West Bloomfield first and then try to sell your present home, you may wind up with two mortgages. It is not a predicament that you want to get into.

Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. if you absolutely have to be moved by a certain date, put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.  Specify a certain dollar amount for failure to close, or failure to move out by a certain date.  Be sure the money is escrowed by the title company so you do not have to chase somebody for the money.

Also after closing give yourself a day or two before scheduling movers.  You would be surprised at how many people are stressed out when a closing is delayed or rescheduled.  Things happen, banks, mortgage companies, title companies, inspections sometimes get behind and closings have to be delayed.  Safe yourself the aggravation and schedule move in a few days later.  You will be less stressed when moving into your new West Bloomfield home, or whatever Michigan home you buy.

What ever you do start to plan and get your home ready to sell today!

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More Metro Detroit home selling tips

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Russ Ravary your Metro Detroit real estate agent

Here are 8 winter home selling tips for your selling your Metro Detroit home quicker and for more money.

1. Keep your Metro Detroit's home temperature comfortable.  If your home is too cold home buyers are going to rush out of the home.  Warm and cozy is the feeling you want to portray. 
2. Turn on the lights and open the shades.  Michigan's winters are already gloomy.  You don't want a dark dingy house.  So put in a little higher watt bulb, turn on all the lights.  Home buyers want cheery houses.  Remember dark is for scary movies not for selling your home.
3. Don't close off rooms and have them colder than the rest of the house.  The temperature should be even throughout the house.  You will be giving the home buyers something to worry about.  "Will they have to close off part of the house because it is hard to heat.
4. If you have added insulation or have low heating bills put out that information so the prospective home buyers can read it.  You can get a history of your heating bills from your utility company.
5. If you cover windows with plastic.... take it down.  It shows that the house is not well insulated.  It is better to spend the money on a few new windows that scare the buyers that the house is drafty.
6. Have a gas fireplace?  Turn it on.  Nothing like coming in out of the cold and seeing a fire going.  Again you are trying to give that warm cozy feeling.
7. Bake some cookies or light a chocolate chip cookie candle or cinnamon smelling candle.
8. Last but not least. SHOVEL YOUR SNOW!!!!! Make it easy and safe to get in and out of your home.  Trudging through the snow or slipping on the ice is not the way to give a good first impression.

I hope these 8 winter home selling tips for selling your Metro Detroit home quicker help you.  If you are thinking of selling your home give me a call or email me.  My cell is (313) 310-9855 or email is yesmyrealtor@gmail.com

Russ Ravary your Livonia real estate agent serving all of Livingston, Oakland, and Wayne County real estate needs

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We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called Opportunity and its first chapter is New Year's Day. -Edith Lovejoy Pierce