Monday, October 28, 2013

Why is the buyer doing a final walk through?

Miller Real Estate was recently asked by a seller "Why is the buyer doing a final walk through?" The question surprised us, because it seems so obvious. After all -- We are in the real estate business. But hey, if this seller asked, that means that there are others out there that are asking this same question!

Some items left behind. The seller's excuse? "Nobody cleaned out the house when we bought it." Two wrongs do not make a right.Unfortunately, not all sellers are thoughtful toward their buyers. There have been times when sellers would leave junk in the home for the new buyer to get rid of. There have been times that the home was damaged during the moving process and the seller did not make the necessary repairs.

One of the most common things a seller will agree to in the sales contract, is to leave certain non realty items, and then they take one of the items with them. 

A final walk through insures that the property was left in acceptable condition to the buyers, and that the terms of the contract have been fulfilled. For example, if the contract states that the refrigerator stays, the buyers will look to make sure the refrigerator is still there.

So if your buyers schedule an appointment right before closing, don't take it personally, they are just doing exactly what they should do. As long as you, the seller,  have done what you are supposed to do, you should have nothing to worry about!

Happy Buyers and Happy Sellers. That is the goal of the Final Walk Through!

Monday, October 21, 2013

3 Month Barry County Market Update

This data is for all of Barry County and only includes Residential Single Family Homes as reported in the SWMRIC System.

From April 1st - June 30th 2010 there were 183 Homes sold at an Average Sale Price of $104,439.

From April 1st - June 30th 2011 there were 161 Homes sold at an Average Sale Price of $119,283.

From April 1st - June 30th 2012 there were 157 Homes sold at an Average Sale Price of $130,080.

From April 1st - June 30th 2013 there were 215 Homes sold at an Average Sale Price of $147,517.

*You can see that this period in 2013 has been fantastic for home sales in Barry County. This period of time is usually the very busy buying season with more buyers out looking in the market.

*We have averaged a 12% increase in Average Price since this time in 2010. The market is in rebound mode and we are still feeling this continue into the end of 2013. Their of still lots of buyers, but very few quality listings to choose from. With the lack of discount "foreclosure" listings on the market, many buyers are having to move up in price to purchase their future home. The lack of discount listings obviously increases the average sold price due to this move up activity.

*Recently our National Association of Realtors released statistics on pent up demand from Young Adults. This demand shows that in the next 2-5 years more and more new buyers will be flooding to the market. The basis of their report shows that the share of adults under the age of 35 living at home or renting is the highest since 1981. Obviously they go on to say this is due to the lack of job opportunities in the past 5-10 years and uncertainty about future property investment return. Home values are on the increase and these Young Adults are now realizing this. Rates are on the slow but steady increase and they realize that it is one of the best times to still buy a home.

*Another bonus to the increase in activity is buyers coming to the market that have recently went through Foreclosure / Short Sale. Rental vacancy is the lowest it has been in 10 years. Read the report by clicking here. The main reason for this low rental vacancy is many homeowners that had their home foreclosed on could not buy and have rented what was available. Depending on the type of loan they had and how they have structured their Credit Worthiness, a home owner that has gone through Foreclosure or Short Sale can usually buy another home within 2-5 years. The significant amount of Foreclosure activity in 2009 and 2010 is now bringing some of those past owners back into the market.

*Their has been a slight decrease in activity and confidence due to the Government Shutdown. While most of the home buying experience has not been affected, some of the programs and required documentation has been:

1. Their is an IRS form you sign at time of Mortgage Application. This form is then forwarded to the IRS for verification of income. The IRS is no longer approving these and lenders are turning to different methods to verify income.
2. FHA backed loans have slowed a bit, but are still processing applications.
3. Rural Development (USDA) is at a standstill. RD employees are on furloughs and are not currently working on any outstanding or new deals.
- Their are always ways to deal with these types of issues, so make sure you contact an Agent with Miller Real Estate today!

*Miller Real Estate and our Agents see 2013 ending as a fantastic year. We hope you make the decision to buy or sell and in doing so, call one of us today. We pride ourselves on our years of service and Full Time Real Estate attitude. Miller Real Estate has the knowledge and skills to make your experience one that you will never forget.

Tuesday, June 25, 2013

3 Month Market Update

This data is for all of Barry County and only includes Residential Single Family Homes as reported in the SWMRIC System.

January 1st - March 31st 2012 there were 136 Homes Sold at an Average Sale Price of $111,164.

January 1st - March 31st 2013 there were 144 Homes Sold at an Average Sale Price of $108,562.

This data shows a slight decrease in Average Sold Price from 2012 to 2013. In looking further into the data, there were 3 homes in 2012 that sold over 1 Million. During that same time period in 2013, there was no home sold past the $550,000 mark. This has greatly influenced the Average Sold Price value.

There were also slightly more sales in 2013. Many of the sales in early 2013 were of homes that had been on the market for a significant amount of time in 2012. Ultimately those sellers made a decision to complete a price decrease to end up obtaining a ready, willing and able buyer.

Miller Real Estate is currently experiencing a decrease in listing activity and in some cases are having a real issue finding listings for our current buyers. Many buyers are having to expand their search based on location, price, or excluded details they may have wanted in a home. This activity has turned the market into a Sellers Market. While that activity is great for Sellers, they must still realize that the correct price will ultimately produce a sale.

There are still many homes that are holding on the market for long periods of time. We have seen this type of activity in the Lakefront, $200,000 + Market and the Under $100,000 Market (if not priced properly). Those buyers looking in the Lakefront and $200,000 + Market tend to use Conventional means of financing and put 20% or more down. Lots of times these buyers may be second home or "final" home buyers. These buyers are still concerned with the overall economy and are holding on tightly to those hard earned dollars. They are keeping those funds in easily accessible, safe and secure types of markets like Money Markets, CD's, Savings accounts.

We are seeing a real upswing in overall selling prices from the past 6 years. 2013 is certainly turning into the "swing" year for Barry County Real Estate. Miller Real Estate and its Agents are seeing a decrease in Foreclosure activity, a significant increase in Buyer activity, a slow down in Listing Activity, which the laws of Supply and Demand dictate is a Sellers Market.

Buyers are now in a market where Multiple Offers, Offering over Listing Price and not finding many listings to choose from is becoming the new normal.

If you are currently in the market for buying Real Estate, make sure you talk to a Miller Real Estate Agent today for the quickest, smartest, most knowledgeable experience in purchasing Real Estate.

In the market to Sell? Miller Real Estate and its Agents are ready to take on your listing. Our top of the line approach to finding the right way to list your property, dedicated persistence to see the deal through to closing and requirement that our agents are Full Time make it a wise choice to call us today!!

Wednesday, February 20, 2013

3 Month & Year End 2012 Market Update

It was a very busy and productive 2012 for Miller Real Estate and its Agents. We were happy with what we saw in 2012 and are seeing a valued increase in overall values of property. Miller Real Estate looks for 2013 to be a fantastic year.

This data is for all of Barry County and only includes Residential Single Family Homes. - Provided by www.swmric.com

From October 1st of 2011 - December 31st of 2011 there were 144 Homes sold at an Average Price of $114,147.

From October 1st of 2012 - December 31st of 2012 there were 159 Homes sold at an Average Price of $123,799.

* This above data shows a fantastic increase in years end from 2011 to 2012.

* Activity was certainly very strong and steady through 2012 year end. Miller Real Estate was delighted with this activity and still has many pending deals from 2012 going into the first quarter of 2013. Homeowners should be extremely satisfied as well, as this activity shows a solid increase in Property Value.

This data is for all of Barry County and only includes Residential Single Family Homes. - Provided by www.swmric.com

From January 1st of 2011 - December 31st of 2011 there were 601 Homes sold at an Average Price of $113,743.

From January 1st of 2012 - December 31st of 2012 there were 685 Homes sold at an Average Price of $123,033.

* This above data shows that overall average price increased 8% in 2012.

* There is still a lot of this activity swayed by the lack of Discounted Foreclosure sales. This lack of Foreclosure activity has required buyers to look for non-discounted "normal" homes listed by the Barry County citizen. Instead of finding the discounted $39,000 Foreclosure, that same buyer is now looking at the "normal" owner listed $65,000 listing. This type of activity increases the average sale price.

* Interest Rates are still at historic lows and values are still "discounted" based off years past. Buyers are still finding this market a great one to purchase a property in. What has changed is the current active listing activity. Miller Real Estate has multiple buyers in various price ranges. The problem we are encountering is the lack of good listing inventory. With this happening we are seeing the market return to a sellers market. Properties are selling quickly and with multiple offers if sellers take our advise, list at the true market value, have a desirable located home and make it "show room" ready. Markets in the West Michigan area have become similar and are returning to Sellers Markets. Read News Release.

* Rental Vacancies are at historic lows, Rental Rates are at historic highs, Property Values are on the steady increase and the Interest Rates are projected to rise. It is the perfect time to buy! While there may not be much to choose from we are seeing signs of an increase in listing activity. Coming into the spring "buying season" always increases listings offered to prospective buyers.

* 2013 looks to be a banner year for our Real Estate Market of Barry County. The facts of 2013 should show us true gains in actual Property Value. Watch for future Market Updates throughout 2013 to track this data. Miller Real Estate and it's Agents are ready to take 2013 head on and provide the excellence the County has come to find since 1940!

Looking to sell? Call a Miller Real Estate Agent today for a FREE, NO STRINGS ATTACHED Market Analysis.

Looking to buy? Call a Miller Real Estate Agent today for Quality, Efficient Service with Top of the Line Current Research Technologies for finding your perfect home.
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