WHAT DOES THE REASON RASH OF PRICE REDUCTIONS MEAN TO THE REAL ESTATE MARKET

What Does the Recent Rash of Price Reductions Mean to the Real Estate Market?

Last week, in a new report from Zillow, it was revealed that there has been a rash  of price  reductions across the country. According to the report: There are more price cuts now than a year ago in over two-thirds of the  nation’s largest metros  About 14% of all listings had a price cut in June  Since the beginning of the year, the share of listings with a price cut  increased 1.2%  This is the greatest January-to-June increase ever reported, and more than  double the January-to-June increase last year  Senior Economist Aaron Terrazas further explained: “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.” What this DOESN’T MEAN for the real estate market… This doesn’t mean home values have depreciated or are about to depreciate. A seller may put a home worth $300,000 on the market for $325,000 hoping a bidding war will occur and an overanxious buyer will pay more than its actual value. That has happened often over the last few years. If the seller gets no offers and reduces the  price to $300,000, it doesn’t mean the home dropped in value. It is still worth $300,000. Home prices will continue to appreciate over the next 12 months. In this same  report, Terrazas remarks: “It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward  a more normal trend.” What this DOES MEAN for the real estate market… This does mean that sellers should be more conservative when it comes to the  price at which they list their homes – especially sellers in the upper end of each market. Sellers have been listing their homes at inflated prices hoping a super-hot market will deliver a buyer willing to pay virtually any price to ensure they don’t lose the house. That strategy has worked somewhat successfully over the last two  years. However, the time that strategy would have worked may have passed. Again, quoting Aaron Terrazas in the report: “The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly.” Bottom Line Prices are not depreciating. However, if you want to sell your house quickly and with the least amount of hassles, pricing it correctly from the beginning makes the most sense. Holly Hurd ~ Berkshire Hathaway HomeServices HWWB, REALTORS.......your source for all your real estate. We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor #realestate #realestatemarket#realestateforsalemi #hometown #hollyhurd #home#homesforsale #historicnorthville #buy #buyingahome#buildingahome #buyrealestate #condo #northvillemi#sellyourhome #sellingyourhome #smalltown #shop #bhhs#berkshirehathaway #moveinmichigan #greattimetobuy#puremichigan #SOLD

The Most Important Quality in a Listing Agent

The Most Important Quality in a Listing Agent

This weekend I met with a family member of a past client.   Referrals from folks who have seen me in action are the best.  And even better is the fact that the referring past client used to hold a real estate license.  This past client knows what's involved in getting a home under contract and then to closing.  It's no small task.  So the ground work laid before I ever spoke with the home seller was strong.

My former client let me know that her family member Sarah, was also talking with an agent very much pushing the "local expert" line.  I do the same thing in my neighborhood, but I have an extensive sales record to back it up.  It turns out, that was not the biggest strength the local expert was pushing.  That agent was pushing that she had local contractor contacts.  Jane was beside herself.  She had heard tons of great things about how I work and what a great agent I am, but she was ultra concerned that I would not have local contractor contacts.  She kept fretting, "The other agent is a local expert."

During our appointment, Sarah was telling me all the things that the local expert was telling her to do prior to listing.  Some of the suggestions were downright odd.   "Make sure you get paintable switchplate covers.  No one wants a house where the switchplate covers aren't the same color as the wall."  WHAT?  Isn't a white switchplate cover easier to wipe off?  And it goes with white trim and happens to be the norm in the area.  Local expert was also suggesting very stylized lighting fixtures, that may not be plain enough to appeal to a broad range of buyers.  She was also suggesting the darkest hardwood flooring Jane could find to replace the well worn floors.  Great idea in a big open floor plan.  Not so much in a very compartmentalized home where that will make the space feel even smaller.  Had this local expert ever sold a home?

When I finally asked Sarah, a day later, who the other agent was, she wouldn't tell me.  I knew her first name so I Googled her first name, the name of the community and listing agent.  Nothing.  Was I being unreasonable to think the local expert should be showing up as such online?  After all, there's a lot more to being a local expert than having contractor connections.  In this day and age, with resources like Angie's List, it's easy to find a great contractor, or four!   So I Googled myself, Holly Hurd put in the name of my community (Northville) and listing agent.  BAM!  Results one, two, three four and so on.  So this agent had no online presence.  Not a great marketing tactic in this day and age.

With the first name only, I ran a year's worth of sales in the neighborhood and sorted them by the first name of the listing agents.  There was one sale by this expert.  That was it. Well, that explains a lot.  In total, her sales history is in many different places, making her no more an expert than me.  

Sarah is about to hire a local expert with no online presence, giving her advice on prep work that is an absolute waste of money and sporting one sale in the neighborhood.  Hey!  Local expert's got the local contractor angle handled though.  Not sure you should make your sole hiring criteria based on the contractor someone knows.  It's never been why I've been hired.  I've been hired because I market extensively online, I know the contract inside and out, I am a fierce negotiator and I don't have appraisal problems on my listing sales.  That's not to say I can't recommend, or find contractors for you.  I can.  And when I do, I can help you negotiate the lowest rates you can get.  Finding resources and negotiating is what I do and why I keep getting referred by past clients. 

Odds are, I won't win Sarah over.  Her mind seems made up and that's fine.  I truly wish her the best.  However, if you are looking for a fantastic real estate agent from Northville, Mi.  to Novi, Mi. and beyond, give me a call.  I'm happy to let you know what exactly I will do to sell your home.  If you need help finding contractors, I'll help you with that too.

Holly Hurd ~ Berkshire Hathaway HomeServices HWWB, REALTORS....... your source for all your real estate. We are one of the Largest brokerage firms in Michigan, we have proven we can stand the test of time in this ever changing market place a proven leader for you and all your real estate needs. In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in the Wayne/Oakland co. area with my New Listings Notification. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 #realtor #realestate #realestatemarket#realestateforsalemi #hometown #hollyhurd #home#homesforsale #historicnorthville #buy #buyingahome#buildingahome #buyrealestate #condo #northvillemi#sellyourhome #sellingyourhome #smalltown #shop #bhhs#berkshirehathaway #moveinmichigan #greattimetobuy#puremichigan #SOLD

5 WAYS HOME BUYERS MAKE THEIR AGENT'S JOB HARDER

Buying a home can be a long and challenging process. It’s a big, expensive and infrequent transaction that can cause lots of stress and anxiety.

Some buyers take years to complete a purchase, and they require a lot of hand-holding and make lots of requests. Others are more self-sufficient, and only bring in the agent from time to time.

Good real estate agents can accommodate any buyer at any time – as they should. We’re in the service business, and I always say the customer is always right.

But let’s face it: All buyers (and all agents) are not created equal, and since buyers don’t pay for the agent’s time, there can sometimes be a disconnect.

Here are five buyer behaviors that can make life tough for agents.

Making unjustified lowball offers

The seller’s property is on the market for $400,000, and it’s worth close to that, based on recent comparable sales. And yet, a potential buyer offers $300,000 and won’t budge on the price.

It’s not because the home is grossly overpriced or there’s something seriously wrong with it, but simply because the buyer wants a bargain.

Unjustified lowball offers can be a waste of time for everyone involved. The seller isn’t going to swallow $100,000 for no reason, even if the property has been on the market a while.

In fact, a lowball offer will likely just help the listing agent get a small price reduction, thus opening the window of opportunity to another buyer.

It’s certainly okay to offer less than the asking price, but be realistic.

Planning a (secret) price swap

It’s one thing for a buyer to ask a seller for a credit if the final home inspection uncovers a problem. But after you have a deal, planning to negotiate the price down without telling your agent is a big no-no. It adds stress and ill will among all parties involved, during what could already be a difficult transaction.

It’s better to be upfront about your intentions. If the deal is not meant to be, it’s better to not go down the path at all.

Demanding loads of attention early on

Some people are just beginning to think about buying a home. That’s fine; buyers have to start somewhere.

Unfortunately, sometimes buyers are a year or two away from being ready to pull the trigger, yet they make a lot of demands on the agent’s time.

Asking an agent to research city building permits on a house just because you’re curious – and even though the property doesn’t fit your requirements – is probably not a fair request.

Agents can’t be as effective with their active clients if they’re spending lots of time researching tax records or city permits for clients who are years away from being ready to purchase.

Requiring too much during the showing

It’s typical for a potential buyer to view a property during an open house, then ask for a private showing – even two or three times. That’s par for the course.

However, it’s frustrating when a buyer arrives to a showing with a designer, architect, contractor or just some friends, then spends an hour or two at the home checking out and measuring each room. This is counterproductive, particularly if you do it at one home after another and never make an offer.

Some buyers have even been known to bring their psychic, who, after making a big splash with tarot cards and numerology charts, declares that the property has “negative energy” and isn’t a good fit, mainly based on the numbers in the property address. Did the psychic really need to see the property in person to figure that out?

Buyers typically give themselves an opportunity to gauge their own reactions to a property before bringing in friends, family or hired consultants. To go over a home inch-by-inch on the first or second visit is often a waste of everyone’s time.

Changing your mind repeatedly

It’s fine to shift course based on what you learn during the home shopping process. This is a common part of the buyer evolution process.

Many buyers set out for X but end up with Y after learning the market and seeing where their dollar goes. By the time you’re ready to start making offers and moving in the direction of acquiring a home, you will be laser focused.

But if you find yourself moving around and you’re uncertain about the object of your search, it’s possible you just aren’t ready to buy. That’s fine. Take your time and learn the market.

The home-buying process is a journey, and a good local agent, brought in at the right time, can add so much value. Be mindful that agents work for free until a buyer or seller closes. Agents should be leveraged as a huge resource – when the right time comes.

Holly Hurd~
Is a REALTOR with Coldwell Banker Weir Manuel
Northville, Michigan 48167
#1 Firm in MICHIGAN
hollyhurd@hotmail.com
Sell / Buy a home in Northville,Michigan register today at:
www.Northvillehomes4sale.net
Holly Hurd ~
Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well.
Please feel free to contact her for all your real estate needs ‪#‎homerocks‬‪#‎YourHomeNorthville‬ Michigan Real Estate Homes for sale in Northville Michigan Northville, Mi. 48167 ‪#‎realtor‬ ‪#‎realestate‬ ‪#‎realestatemarket‬‪#‎realestateforsalemi‬ ‪#‎hometown‬ ‪#‎hollyhurd‬ ‪#‎home‬ ‪#‎homesforsale‬‪#‎historicnorthville‬ ‪#‎buy‬ ‪#‎buyingahome‬ ‪#‎buildingahome‬ ‪#‎buyrealestate‬‪#‎condo‬ ‪#‎coldwellbanker‬ ‪#‎northvillemi‬ ‪#‎sellyourhome‬ ‪#‎sellingyourhome‬‪#‎smalltown‬ ‪#‎shop‬ ‪#‎cbwm‬ ‪#‎cbbelieves‬ ‪#‎moveinmichigan‬ ‪#‎greattimetobuy‬‪#‎puremichigan‬ ‪#‎SOLD‬
Coldwell Banker Weir Manuel Blue Matter / The part of the brain that thinks about real estate

DOWNTOWN NORTHVILLE SAVE THE DATE

Save the date! Coming up next Friday, June 5 the summer fun continues in Downtown Northville. The First Friday Experience takes place from 5-9 p.m. at the shops­and Robin Horlock performs in Town Square at 7 p.m. for the Friday Night Concert. While you're in town, don't forget to grab a bite to eat or enjoy a sweet treat.

Holly Hurd~
Is a REALTOR with Coldwell Banker Weir Manuel­
Northville, Michigan 48167
#1 Firm in MICHIGAN
hollyhurd@hotmail.com
Sell / Buy a home in Northville,Michigan register today at
www.Northvillehomes4sale.net
Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs­?#‎homerocks?­?#‎YourHomeNorthville?­Michigan Real EstateHomes for sale in Northville Michigan Northville, Mi. 48167­?#‎realtor??#‎realestate?­?#‎reaestatemarket?­?#‎realestateforsalemi?­?#‎hometown?­?#‎hollyhurd??#‎home?­?#‎homesforsale?­?#‎historicnorthville?­?#‎buy?­?#‎buyingahome??#‎buildingahome?­?#‎buyrealestate?­?#‎condo?­?#‎coldwellbanker?­?#‎northvillemi??#‎sellyourhome?­?#‎sellingyourhome?­?#‎smalltown?­?#‎shop?­?#‎cbwm?­?#‎cbbelieves??#‎moveinmichigan?­?#‎greattimetobuy?­?#‎purenorthville?
Coldwell Banker Weir Manuel Blue Matter / The part of the brain that thinks about real estate

~NOTEWORTHY~

~NOTEWORTHY~          

TREE PERMITS REQUIRED
A permit from the Building Department is REQUIRED for any tree cut down in the City of Northville.  The City will be enforcing this ordinance if trees are cut down without a permit.  To avoid enforcement action, please contact the City of Northville Building Department at 248-449-9902.  Tree cutting is regulated by Section 90 of the City of Northville Code

Holly Hurd~

Is a REALTOR with Coldwell Banker Weir Manuel
in Northville, Michigan 48167

#1 Firm in MICHIGAN

hollyhurd@hotmail.com

Sell / Buy a home in Northville,Michigan register today at

www.Northvillehomes4sale.net

Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs #homerocks #YourHome
Northville Michigan Real Estate
Homes for sale in Northville, Michigan 48167
#realtor #realestate #reaestatemarket #realestateforsalemi #hometown #hollyhurd #home #homesforsale #historicnorthville #buy #buyingahome #buildingahome #buyrealestate #condo #coldwellbanker #northvillemi #sellyourhome #sellingyourhome #smalltown #shop #cbwm #cbbelieves #moveinmichigan #greattimetobuy

Change the Toilet Seats When You Change the Locks!

by HOLLY HURD

Change the Toilet Seats When You Change the Locks 

I've almost written this post several times over the years and just never did.  A recent post in one of my Facebook groups reminded me of it. 

I've wondered if I'm the only buyer in the world that wants those toilet seats changed out when I buy a home, an office, etc. 

I've had this discussion with a few buyers kind of in jest, when we give them their keys but remind them that they really should change out the locks instead of staying with the current ones..

When you buy a home, what do you automatically want changed that has nothing to do with decor? 

 

Holly Hurd~ 

Is a REALTOR with Coldwell Banker Weir Manuel
in Northville, Michigan 48167
#1 Firm in MICHIGAN

hollyhurd@hotmail.com

Sell / Buy a home in Northville,Michigan register today at

www.Northvillehomes4sale.net

Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs #homerocks #YourHome

Northville Michigan Real Estate
Homes for sale in Northville Michigan Northville, Mi. 48167
#bombogenesis #realtor #realestate #reaestatemarket #realestateforsalemi#hometown #hollyhurd #home #homesforsale #historicnorthville #buy#buyingahome #buildingahome #buyrealestate #condo #coldwellbanker#northville #northvillemi #sellyourhome #sellingyourhome #smalltown #shop#cbwm #cbbelieves #moveinmichigan #greattimetobuy #greattimetosell#sold

Coldwell Banker Weir Manuel Blue Matter / The part of the brain that thinks about real estate