Steve Meyers
Answers To Real Estate Questions.com
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| Steve Meyers Agent/REALTOR®, ABR View Profile |
49433 Hayes Rd., Suite A
Shelby Twp, MI 48315
Phone: 586-997-5480
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Answers To Real Estate Questions.com
"Your Local Real Estate Expert"
Being the Best for my Clients...
Home Buyers and Sellers have their money on the line and I don't take that lightly. I make sure my clients have all the pertinent facts; that they understand the legalese contained in their contracts and disclosures and that they know their options. I won't sugar-coat the truth and always point out both the positive and negative in a potential decision. No one likes surprises in a real estate transaction; so I ensure that my clients know what to expect each step of the way from initial consult to closing.
I personally assist my clients from start to finish, and never hand them off to an assistant. I will be with you every step of the way.
Steve Meyers
| Steve's Real Estate Market Update | |
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Market Update: May’s market update for Macomb County and Oakland County’s housing market (House and Condo Sales) is as follows. In Macomb County Average Sales price was up by almost 7% and Oakland County Average Sales price was up by more than 2%. Macomb County’s on market inventory was down by almost 4% and Oakland County’s on market inventory was up by more than 3%. Macomb County average days on market was 28 days and Oakland County average days on market was 23 days. Closed sales in Macomb County were up by more than 3% and closed sales in Oakland County were up by less than 1%. (All comparisons are month to month, year to year.) By the long-standing historical definition from the National Association of Realtors (NAR) which has been in existence since 1908; a buyer’s market is when there is a 7-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a 6-month supply of inventory. A seller’s market is when there is a 5-month or less supply of inventory. Inventory has continued to stay low. In May the State of Michigan inventory was at 2.6 months of supply. Macomb County's inventory was at 2.2 months of supply and Oakland County's inventory was at 2.4 months of supply. By definition it’s still not close to a buyer’s market. Steve Meyers
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Answers To Real Estate Questions
Question: I am a co-trustee of my late parent’s estate and am in the process of selling their house. My question is how I should price the house? There are multiple heirs and I am getting a lot of different opinions. They owned it free and clear. Some want to price it high (too high in my opinion) to get the most money and some want to price it low to sell fast and be over and done with it. In your experience with dealing with estates which is the best way to go?
Answer: In today’s market I would price it at market value based on location, age, condition, comparable sales etc... to get it sold in a timely fashion and for the most money. With a lower asking price, it might sell a little faster but you will also be getting less money even if someone pays you more than asking. Pricing it too high will cause it to sit on the market longer and then Buyers will think something is wrong with it. Eventually it will sell but at a lower price than if you priced it at market value to begin with. Although the house has no mortgage the estate is still incurring expenses such as property taxes, insurance, utilities, maintenance, and possibly homeowner’s association dues. There are also a lot of what ifs; what if the furnace or air conditioner goes bad, how about the water heater? What if the vacant property is vandalized? What if the basement floods and the homeowner’s insurance doesn’t cover flooding or turns down the claim because the property is vacant? Pricing it at market value where it should be will give you the best results. Remember, Buyers will gladly under pay and get a bargain or pay fair market value but rarely do they overpay.
©Steve Meyers
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Buying a Home? Not every home for sale in the area can be found on the Internet. Let my direct access to all the listings help you locate your dream home in the most efficient way possible. |
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Relocating to the Area? If you are moving to this area, I can provide you with helpful information so that your move is as worry free as possible. Feel free to contact me for local information like the best schools and communities. |
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