Category Archives: Selling a House

Oakland County Real Estate: Year End Market Update

We hope you have a happy and healthy 2016! Another year has come and gone..

For the most part, the market has begun to stabilize, the fast paced rise in values we’ve seen in years past is no more. Most area’s are only up a few dollars per SqFt as far as average sales price & the time it takes to sell a home has increased slightly. 

2016 will likely complete the shift from a sellers market to a balanced market. As the market balances we will probably see less and less multiple offer situations and bidding wars on the same property, especially as the sellers who have been holding onto their homes start putting them on the market. 

It is however, still a great time to buy and sell, because interest rates remain low. Keep in mind at the peak of the market before things crashed back in 2005/2006 interest rates we’re 2%+ higher then they are now. So while home values are back close to those 2005/2006 #’s – The interest rates are lower meaning buyers can afford more.

If rates rise back up to 2005/2006 levels, mortgage payments will go up about $125 per $100,000 – So what a buyer can afford today may not be realistic anymore. 

Here is a city by city breakdown of the sales in our immediate market area. Your city not listed? Feel free to Contact Me for a report. 
View past years #s by clicking on the city name

Berkley, Michigan
2014: 404 Homes Averaging $141/SqFt and 49 Days On Market
2015:  413 Homes Averaging $150/SqFt and 41 Days On Market

Beverly Hills, Michigan
2014: 175 Homes Averaging $160/SqFt and 42 Days On Market
2015: 191 Homes Averaging $168/SqFt and 46 Days On Market

Birmingham, Michigan
2014: 445 Homes Averaging $235/SqFt and 67 Days On Market
2015: 495 Homes Averaging $241/SqFt and 87 Days On Market

Bloomfield Township, Michigan
2014: 559 Homes Averaging $166/SqFt and 73 Days On Market
2015: 618 Homes Averaging $168/SqFt and 82 Days On Market

Commerce Township, Michigan
2014: 468 Homes Averaging $122/SqFt and 60 Days on Market
2015: 475 Homes Averaging $129/SqFt and 54 Days on Market

Farmington Hills, Michigan
2014: 785 Homes Averaging $106/SqFt and 52 Days on Market
2015: 826 Homes Averaging $110/SqFt and 55 Days on Market

Franklin, Michigan
2014: 50 Homes Averaging $165/SqFt and 85 Days On Market
2015: 52 Homes Averaging $158/SqFt and 88 Days On Market

Northville, Michigan
2014: 40 Homes Averaging $152/SqFt and 45 Days On Market
2015: 47 Homes Averaging $159/SqFt and 48 Days On Market

Novi, Michigan
2014: 496 Homes Averaging $140/SqFt and 41 Days On Market
2015:  533 Homes Averaging $142/SqFt and 51 Days On Market

Oak Park, Michigan
2014: 234 Homes Averaging $68/SqFt and 43 Days On Market
2015: 327 Homes Averaging $76/SqFt and 39 Days On Market

Royal Oak, Michigan
2014: 1293 Homes Averaging $151/SqFt and 46 Days on Market
2015: 1408 Homes Averaging $158/SqFt and 48 Days On Market

Southfield, Michigan
2014: 518 Homes Averaging $69/SqFt and 48 Days On Market
2015: 554 Homes Averaging $77/SqFt and 46 Days On Market

Walled Lake, Michigan
2014: 44 Homes Averaging $117/SqFt and 74 Days On Market
2015: 39 Homes Averaging $111/SqFt and 36 Days On Market

Waterford, Michigan
2014: 905 Homes Averaging $101/SqFt and 53 Days On Market
2015:1052 Homes Averaging $106/SqFt and 54 Days On Market

West Bloomfield, Michigan
2014: 683 Homes Averaging $121/SqFt and 63 Days On Market
2015: 741 Homes Averaging $125/Sqft and 71 Days On Market

White Lake, Michigan
2014: 384 Homes Averaging $117/SqFt and 61 Days On Market
2015: 394 Homes Averaging $128/Sqft and 75 Days On Market

Wixom, Michigan
2014: 114 Homes Averaging $114/SqFt and 44 Days On Market
2015: 153 Homes Averaging $124/Sqft and 57 Days On Market

Wolverine Lake, Michigan
2014: 49 Homes Sold Averaging $103/SqFt and 37 Days On Market
2015: 55 Homes Sold Averaging $125/SqFt and 55 Days On Market

 

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5 Deal Killers when Selling your Home

Sometimes when selling your home its good to take a step back and see if from a buyers perspective. A lot of time, since we live in our homes, we don’t see all the little things that may be big things to buyers. This is a good place to start;

Home Sale Deal Killers

1. Clean! Not just your weekly dust-up routing. Take everything off the counters and scrub. Get down on the floors and clean the baseboards so their nice and white. Make sure to vacuum up corners and trim. Believe it or not, buyers will open cabinets to see how spacious they are, if they are yucky in side, buyers will think you may not take such great care of the house. Silly I know, but they will probably open the fridge for a look too, make sure its spic and span. For a few hundred dollars you can hire a house-cleaner to come in and do a “sales clean” and we highly suggest this, as they see and know all the area’s we commonly miss in our routine cleaning.
The biggest problem area’s we see:
– White Light Switches covered in finger smudges
– White Appliances covered in finder smudges
– Pet Hair & Dust collecting around the moldings
– Crumbs behind appliances on counters
– Toothpaste splatters on mirrors
– Fido’s nose smudges on windows
– Dusty Ceiling Fans and Light Fixtures

2. Fix the Wear and Tear. While normal wear and tear is expected when buying a used house, you want to fix or clean as much as you can. One of the biggest things I see are rub/streaks on walls from shoes, kids toys, and what not. You know, the black lines that seem to accumulate on your walls. A buyers immediate reaction will be “I have to repaint this whole house” and they will move onto the next one. Outlet Covers, for a very small amount of money, you can replace all the outlet covers and light switch covers with shiny new white ones, it will make a huge difference. You want your house to look like you really love and take care of it.

3. Smells. This is a tricky one. Smoking in the house is an obvious no-no when you’re trying to sell, but there are two more big problems areas as well. Cooking and Pets. If your going to be making a delicious Italian feast full of garlic and herbs, first invite me over, but next, air out the house. You will get used to the smell because you’re there, but it will linger. Fish, Onions, and Garlic are huge nemeses. Pet odors are hard, make febreeze your best friend, and if you can have a professional come in to clean the carpets. Don’t go too crazy with air fresheners though. Walking into a house with strong air fresheners in every room is almost worst than the original odor and make it appear your covering something up. Stick to things labeled “odor eliminator” which are typically very gentle and made up of baking soda.

4. Poor Curb Appeal. More specifically your lawn and flower beds, seasonally permitting of course. Flower beds need to be clean and manicured regularly. Overgrown gardens and beds look like a lot of work to buyers, and in turn make it look like a lot of up keep. If they’re gorgeously manicured, it looks easy to maintain. Additionally, keep your lawn green and watered. It will make your home show much better.

5. Personalization. Not everyone has the same taste as you. If you’ve painted vibrant colors or put up wall paper, taking it down / re-painting will likely be cheaper than the hit you will take on the sales price of your home.  While a lot of buyers are going to repaint anyway, it makes the job look a lot more difficult if they have to cover up hot pink walls. Cut your decor and art down by half, packing it up now with save you time when you have to move, and make your house look larger. Keep your decor neutral and simple. “Pottery Barn Perfect” is a term frequently used in Real Estate.

I know a lot of this may seem like a challenge, and we do realize you still have to live in your house while selling, but these quick and simple steps WILL make a huge difference on both how fast your home sells and how much it sells for.

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
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Is your house saleable? Here’s 5 easy steps to get ready to list!

When its time to sell your house, there is likely only one thing on your mind, getting the most money possible. The easiest and most inexpensive ways to do this are mostly DIY and be completed in a weekend. But are crucially important for a quick sale at the highest price!

1. Deep Cleaning.
The little dust here and there that you might not even notice anymore, could be a turn off to buyers. Clean the baseboards around the whole house, the return air ducts that tend to collect dust, and do a thorough cleaning including moving and cleaning under furniture and appliances. Whiten grout lines and recaulk where needed.

2. Pack and Toss
Closets and Cabinet area’s show better if they are half empty and look spacious. Get rid of or pack up as much as you can live without while your selling. It will save you time in the end anyway, and will really appeal to buyers!

3. Don’t over-do the upgrades
If you make many custom to-your-taste updates, the buyers may not like your taste, and you may not see a return. The two cheapest investments you can make with the most return is paint and carpet. A neutral houses with fresh paint and carpet looks bright, open, and spacious! And crosses two things off the buyers to-do list. If you want to keep going, little things like new outlet covers, shined up door knobs, and updated faucets really turn buyers heads.

4. De-Personalize Your House
Buyers need to picture themselves in your house, and while I know how hard it is to put away all your families memorabilia and photos, it does tremendously help in the sale of a house, so lets start packing those items up. Now is also a good time to remove any fixtures you don’t intend to include in the sale. Light fixtures, mirrors, anything affixed to the property stays. If something has sentimental value, you should remove it now and replace it with something generic.

5. Organize Organize Organize
We realize you do have to keep some of your everyday stuff in the house while you sell 🙂 so anything that can’t be packed or toss should be neatly organized. It makes your home appear well cared for. Believe it or not, buyers will open all your closets and cupboards to picture their things in there. So make sure yours are as organized and as pretty as possible. Pinterest has loads of organization ideas you can use.

If your not sure where to start or what to tackle, feel free to have me or your own realtor come out and give you an outside opinion  before listing.

Margo Borkin

Real Estate One
$10,000,000 Sold in 2013

6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 | 1-248-419-0930 fax
2014 Hour Magazine Real Estate ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest