Comments on: This is not a buyer’s market! http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/ Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Wed, 20 Aug 2008 13:16:21 +0000 http://wordpress.org/?v=2.6 By: Maureen Francis http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-41800 Maureen Francis Mon, 29 Oct 2007 15:44:49 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-41800 Monica, I really appreciate you taking the time to comment. Buyers should be and are looking for a deal right now. That is to be expected. What I was trying to articulate is that some homes are actually priced well. Case in point, I know of some buyer's right now who are paying OVER asking price because the home was underpriced for the market. The seller got 3 offers in one weekend. Each home has to be looked at individually. Even if 18% off is average for Washtenaw county, you still have to look at each house individually. There are a few realistic sellers out there. Not all, for sure. Make an offer. Move on if you can't get what you want. Whatever you end up paying is the new market value of the home and it impacts all the surrounding homes. You do not have to wait a whole year on the property taxes. Taxes are reassessed in February/March in Michigan. With a lower purchase price you have part of a very good case for a reduction in assessed value. Make sure you schedule an appointment with your board of review when the assessment comes in so you can take care of it for 2008. Next year's assessments should be interesting for everyone. Monica,

I really appreciate you taking the time to comment.

Buyers should be and are looking for a deal right now. That is to be expected. What I was trying to articulate is that some homes are actually priced well. Case in point, I know of some buyer’s right now who are paying OVER asking price because the home was underpriced for the market. The seller got 3 offers in one weekend. Each home has to be looked at individually.

Even if 18% off is average for Washtenaw county, you still have to look at each house individually. There are a few realistic sellers out there. Not all, for sure.

Make an offer. Move on if you can’t get what you want. Whatever you end up paying is the new market value of the home and it impacts all the surrounding homes.

You do not have to wait a whole year on the property taxes. Taxes are reassessed in February/March in Michigan. With a lower purchase price you have part of a very good case for a reduction in assessed value. Make sure you schedule an appointment with your board of review when the assessment comes in so you can take care of it for 2008.

Next year’s assessments should be interesting for everyone.

]]> By: Monica W http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-41797 Monica W Mon, 29 Oct 2007 15:27:12 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-41797 It's sad realtors speak of potential buyers looking for a deal as low-ballers who don't get it. I'm sure other potential buyers like me are paying very close attention to the volatile market. And all the data and statistics say we haven't hit bottom yet in Michigan, so why then would I pay sticker price? It's my feeling, as many economists have remarked, that sellers don't get it. Every house I investigate I do the math. Since the difference between list and sale price in Washtenaw county is 18 per cent, then why would I offer anything more? I actually live in Canton and am looking for a home either in Canton or Plymouth. In fact, the two or three homes my husband I have been watching keep falling in price. They've been on the market between three and six months and with competitive pricing they still aren't moving. The other thing that keeps us from upgrading (we live in a condo) is we need to rent our place as we don't see being able to sell it. And I think the taxes are nuts. nuts. nuts. As prices fall, the taxes haven't. And from what I've been able to tell, I can't get a tax adjustment by state law for more than a year after the property changes hands. So why do I want to pay $4,500 in taxes on a house that was once worth $300,000, but is now only going to fetch $230,000? I figure it's like this. You make an offer. If the seller hasn't received one offer in months, they'd be nuts not to at least look at it. It’s sad realtors speak of potential buyers looking for a deal as low-ballers who don’t get it.
I’m sure other potential buyers like me are paying very close attention to the volatile market. And all the data and statistics say we haven’t hit bottom yet in Michigan, so why then would I pay sticker price?
It’s my feeling, as many economists have remarked, that sellers don’t get it.
Every house I investigate I do the math.
Since the difference between list and sale price in Washtenaw county is 18 per cent, then why would I offer anything more? I actually live in Canton and am looking for a home either in Canton or Plymouth.
In fact, the two or three homes my husband I have been watching keep falling in price. They’ve been on the market between three and six months and with competitive pricing they still aren’t moving.
The other thing that keeps us from upgrading (we live in a condo) is we need to rent our place as we don’t see being able to sell it. And I think the taxes are nuts. nuts. nuts.
As prices fall, the taxes haven’t. And from what I’ve been able to tell, I can’t get a tax adjustment by state law for more than a year after the property changes hands. So why do I want to pay $4,500 in taxes on a house that was once worth $300,000, but is now only going to fetch $230,000?
I figure it’s like this. You make an offer. If the seller hasn’t received one offer in months, they’d be nuts not to at least look at it.

]]> By: Sparky http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40855 Sparky Tue, 16 Oct 2007 16:18:19 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40855 Well, afterall, it IS breast cancer awareness month, right? Well, afterall, it IS breast cancer awareness month, right?

]]> By: Paula Henry http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40617 Paula Henry Fri, 12 Oct 2007 12:44:30 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40617 I love this photo.....too funny! Some buyers just do not get it! If they want a house to low ball, they will need to look at the homes which have been on the market a while and picked over. The old adage, "You get what you pay for", is especially true in real estate. Same with sellers. If they want to sell they have to be competetively priced and their home in show condition from the start. I love this photo…..too funny!

Some buyers just do not get it! If they want a house to low ball, they will need to look at the homes which have been on the market a while and picked over. The old adage, “You get what you pay for”, is especially true in real estate.

Same with sellers. If they want to sell they have to be competetively priced and their home in show condition from the start.

]]> By: Jennifer Kirby http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40521 Jennifer Kirby Thu, 11 Oct 2007 03:37:11 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40521 Really got a laugh from the photo as I am trying to ween my current "demand". Seems we always have to have a label for everything. The market is what it is. If you want a house, buy it...if you need to sell, sell it...just don't be unrealistic about it. Really got a laugh from the photo as I am trying to ween my current “demand”.

Seems we always have to have a label for everything. The market is what it is. If you want a house, buy it…if you need to sell, sell it…just don’t be unrealistic about it.

]]> By: Sharon Simms http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40466 Sharon Simms Wed, 10 Oct 2007 03:58:52 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40466 Your expertise is showing - to the benefit of your buyers and sellers. Our market here in Florida is similar. Congratulations, too, on making the Top 12 Bloggers for 2007! That's yet another way you're serving your clients. Your expertise is showing - to the benefit of your buyers and sellers. Our market here in Florida is similar.

Congratulations, too, on making the Top 12 Bloggers for 2007! That’s yet another way you’re serving your clients.

]]> By: Marty Van Diest http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40423 Marty Van Diest Tue, 09 Oct 2007 04:40:34 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40423 Gulp...did you say $20,000 per month? $240,000 per year? Yikes. With money like that around you would think the buyer's market would dry up! Gulp…did you say $20,000 per month? $240,000 per year? Yikes.

With money like that around you would think the buyer’s market would dry up!

]]> By: Margaret Woda http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40407 Margaret Woda Tue, 09 Oct 2007 00:50:40 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40407 It's probably more of a buyer's market in the Detroit area, with the auto industry, than it is in my market, with 22,000 new jobs coming to Ft. Meade, outside of Washington, D.C. Everything is relative. Interesting concept about being a "landlord's market". It’s probably more of a buyer’s market in the Detroit area, with the auto industry, than it is in my market, with 22,000 new jobs coming to Ft. Meade, outside of Washington, D.C. Everything is relative. Interesting concept about being a “landlord’s market”.

]]> By: Ginger Wilcox http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40398 Ginger Wilcox Mon, 08 Oct 2007 22:14:23 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40398 That picture made me laugh! It is very true, just because we have more inventory on the market doesn't mean buyers can expect to low ball every house. Homes in my area are taking longer to sell, but they are still selling relatively close to list price. Each house is unique and a qualified professional is crucial to determine what should be offered. We are also seeing a lot more rents for $10,000 a month. That picture made me laugh! It is very true, just because we have more inventory on the market doesn’t mean buyers can expect to low ball every house. Homes in my area are taking longer to sell, but they are still selling relatively close to list price. Each house is unique and a qualified professional is crucial to determine what should be offered.

We are also seeing a lot more rents for $10,000 a month.

]]> By: Kristal Kraft http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40372 Kristal Kraft Mon, 08 Oct 2007 13:41:03 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40372 There will always be the bottom feeders in any market looking for the "steal of deal." Fortunately for the market there are the folks who understand a good deal when they see it and purchase. Your rental situation at $20k a month is mind boggling. Those renters must have cash to burn! There will always be the bottom feeders in any market looking for the “steal of deal.” Fortunately for the market there are the folks who understand a good deal when they see it and purchase.

Your rental situation at $20k a month is mind boggling. Those renters must have cash to burn!

]]> By: Debbie Cook http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40370 Debbie Cook Mon, 08 Oct 2007 13:03:15 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40370 The market here is similar to yours. I showed a house Friday, the house had been on the market for 3 weeks. When I called to make an appointment the listing agent said - Ok go ahead and show - but I have to let you know we have one offer in hand and another coming to us tonight. I have to say, I really loved hearing that!! It made the buyers I was with want to write an offer. It's the "herd mentality" type of marketing - once one or two people start buying, other people start following the "herd". It was nice to see a multiple offer situation again. BTW, the house was priced right, staged and immaculate. The market here is similar to yours.

I showed a house Friday, the house had been on the market for 3 weeks. When I called to make an appointment the listing agent said - Ok go ahead and show - but I have to let you know we have one offer in hand and another coming to us tonight. I have to say, I really loved hearing that!! It made the buyers I was with want to write an offer. It’s the “herd mentality” type of marketing - once one or two people start buying, other people start following the “herd”. It was nice to see a multiple offer situation again.

BTW, the house was priced right, staged and immaculate.

]]> By: Gena Riede http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40333 Gena Riede Mon, 08 Oct 2007 04:03:44 +0000 http://mioaklandcounty.com/blog/2007/10/04/this-is-not-a-buyers-market/#comment-40333 Sounds as though our markets are very similar. I love the photo of the mom and baby. Great article for Buyers and Sellers to read and follow. Sounds as though our markets are very similar. I love the photo of the mom and baby. Great article for Buyers and Sellers to read and follow.

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