Tuesday, November 4, 2014

3 Month Market Update

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

April 1st - June 30th 2013 there were 215 Homes Sold at an Average Sale Price of $147,517.
April 1st - June 30th 2014 there were 157 Homes Sold at an Average Sale Price of $162,943.

Miller Real Estate and it's team of Agents have felt a significant increase in overall selling values!

This data again shows an overall increase in average sale price year for year. While the number of homes sold is lower in 2014 compared to 2013, the law of Supply and Demand are at work here. The supply of decent / move-in-ready homes has dwindled. With this and the lack of discounted listings, the sale price obviously increases. More and more buyers are having to look in higher price ranges just to find a home worth purchasing.

While the above data is strongly encouraging, we are still below the pre-crash (2009) numbers.

The below data is from the same timeline as above data.

2005 - 235 Homes Sold @ $145,289
2006 - 199 Homes Sold @ $164,515
2007 - 183 Homes Sold @ $172,635
2008 - 182 Homes Sold @ $123,733
2009 - 138 Homes Sold @ $99,474

You can clearly see that in 2007 we were at a 10 year high, then in 2008 the overall market dropped significantly (Pre-Crash) and even more in 2009 (Full Crash). We are getting much closer to a stabilized market and with the FED's announcement of their Qualitative Easement ending, we see signs that continue to show our economy is strengthening. Read the FED article by clicking HERE!

The law of Supply and Demand continues to dominate pricing strategy. Miller Real Estate still is seeing abundant demand with little quality supply. This factor may not be as much of an influence with properties in the City of Hastings or Village limits, but properties with 1+ Acres and a dwelling, are much harder to find. This type of property of course being the "Bread and Butter" of Barry County Real Estate.

If your thinking of Buying or Selling give Miller Real Estate and its Agents a call today! We will guide you through the current market and provide options that best help you achieve your Real Estate goals!

Wednesday, May 7, 2014

3 Month Market Update

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

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

January 1st - March 31st 2014 there were 117 Homes Sold at an Average Sale Price of $119,016.

Miller Real Estate and it's team of Agents have felt a significant increase in overall selling values!

We want to be sure to not rush to any conclusions and look at the actual data. While the above may lead you to believe your homes value may of increased by 9% since this time last year, we would like to point out a couple of key details.

1. There were 27 fewer homes sold in this period compared to 2013. In 2013 there was an average of 373 homes for sale in January to March. In 2014 there was an average of 311 homes for sale in those same months. The law of Supply and Demand has buyers looking and buying at higher priced ranged homes due to this lack of inventory.

2. There are fewer discounted (foreclosure) homes on the market. January to March of 2013 saw an average list price of $184,000. January to March of 2014 saw an average list price of $219,500. 2014's higher average list price can be attributed to the shortage of listings under that famous $100,00 price point.

This data clearly shows a lack of inventory that creates an higher overall average selling price. While property values are on the increase, don't be totally fooled by the upfront data.

Miller Real Estate and our Agents feel that 2014 will be our starting point to a better determination of property value increases! As we transform out of a discount (foreclosure) based market, we will truly gain an understanding of the full inflation of a properties value.

Monday, January 27, 2014

Selling your home in the Winter? 10 Ways to get the best of it!

When selling your home this winter, remember there are important seasonal issues to master even if there non-existent at other times of the year. It is best to have your home presented in the best possible light at all times! Which brings us to our number 1 tip.....

1. Let those lights shine! - Winter brings short and cloudy days. The best way to combat this is to have every light on during a showing. The closet, den, bedroom, basement lights all should be on prior to the buyer viewing the home. Most buyers / agents may get frustrated trying to find the light switch in the dark and this may influence their opinion on the home. Along with this, make sure there are no burned out light bulbs. Keep plenty of bulbs on hand in case you find one that has stopped working.

2. Open all drapes, curtains, blinds and take down "blanket blinds". These are important for keeping the cold winter from seeping through your windows, but it is MORE important to have the window coverings open for lighting and so the buyer can enjoy your views!

3. Provide Convenient Parking! - Those pesky snow storms will have you outside for a 3rd time in one week working away the hardy snow from your drive and walkways. Make sure this is always done prior to any showing. If a buyer has to trudge through loads of snow or worse, gets stuck in your driveway, you better believe this will leave a bad taste in their mouth even if they like everything else. Along with this, make sure the buyer has an easy spot inside the house to remove their shoes. Some homes may have tight entrance areas, but get creative with shoe racks, rugs and etc.

4. Keep Odors under control! - In the winter your home tends to get stuffy as you hopefully rarely ever open a window. This allows odors to build up which can be a huge draw back to a buyer. Use a fragrance when needed and clean the house more often. This is especially important if animals are a part of the household.

5. Don't ignore the outdoors! - Curb appeal is still equally important in the winter. Make sure the exterior of the home is in tip top shape, decks / porch is cleared of snow, dead limbs are taken care of, the fence isn't leaning because of your large plowed snow piles and etc. While the buyer can't get a good feel of everything outside, it is also a good tip to have summer pictures laid out on the counter for all showings. "Hopefully your agent will have already recommended this or put them online!"

6. Don't Roast the Buyers! - More often than not the buyer will keep their coats on as they stroll about the house. If you are used to a higher temperature, make sure your thermostat is set at a comfortable 65-67 degrees.

7. Keep Winter Clothing under control! - One major challenge of selling a home in the winter is the overabundance of cold weather gear that must be stored. The buyer doesn't want to find the mudroom or entryway filled with heavy boots and hooks piled with winter coats. Shift coats and boots to other closets so the buyer can get a good sense of how the space feels with less clutter!

8. Encourage Daytime Showings! - Your home shows to its best advantage during daylight hours, which are scarce in the winter. Try to encourage your showings before 6 PM. There will be circumstances where this may not work, so revert to tip 1!

9. Outdoor Buildings / Sheds. - If you have an outdoor structure that will more than likely be viewed during the showing, make sure there is an easy way to get  to that structure. Shovel a path and make sure they can easily enter.

10. Light a couple candles! - In the winter season the warm glow and scent of a candle will calm the senses of any buyer. Miller Real Estate will provide you with our own Unique Candle at time of listing. Make sure to use it in a safe way!

Despite these unique challenges to selling a home in the winter, there is one big advantage! Buyers out looking in the winter months are, as a group, quite serious about buying. Sellers tend to benefit because each showing is more productive and fewer showings are needed to sell the property!

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