Now you can get information on new or existing listings faster, smarter and more personalized by receiving info on only what you ask for and accessing it wherever you are with any of our 1st to Know tools: email, text, phone, mobile web, & iPhone. To see a quick video overview, click here.
1st to Know email is a service that searches properties from any company in all our MLSs each day and provides you with e-mail updates if there are any new listngs, open houses, or price reductions meeting your search criteria...making you the 1st to Know. 1st to Know puts you at an advantage in this competitive buyer's market. This information is the most current, complete and accurate since it's never more than 24 hours old and it's letting you know via email right away of any new opportunities. If you are new to 1st to Know email service, CLICK HERE TO REGISTER.
NEW! 1st to Know tools to use when on the road to search and view properties on your MOBILE phone:
1st to Know phone:
Listen to details about any home and receive text messages and pictures on your phone: Dial 800-840-5555 -- Press 1 -- Enter the HOUSE NUMBER (even if listed by another company)
1st to Know text:
Text the word MYINFO to 59559 and get the details on any home of interest sent directly to your phone.
1st to Know mobile web:
Access any of our Web sites from your phone's internet browser where you'll be directed to our mobile friendly site: www.mihome.mobi. You can view property details from the text messages sent from the 1st to Know: text & phone programs by just clicking the link provided in text message.
1st to Know iPhone: To use our property search app designed for your iPhone: Go to iTunes Apps and search for "Real Estate One" to download our app or click here.
If you are already using 1st to Know email and working with one our agents, you can register for 1st to Know text & phone after logging into your account. Registering allows your agent to help you when you have questions about any property you are viewing. If you are not registered for 1st to Know email, CLICK HERE TO REGISTER for all of the 1st to Know tools.
Friday, June 25, 2010
Friday, June 11, 2010
May Market Update
As expected, the Michigan real estate market Market did react to the combined loss of the homebuyer tax credit and end of the Homestead deadline. The good news is the reaction was less than expected. Adjusting for seasonality, the Detroit metro area pending sales fell 30% compared to the feeding frenzy of February - April (which equaled the peak activity levels of 2004/05). We expected closer to a 50% drop. The sales activity was equal to the pace in both May of 09' and 08,' when bank owned properties were fueling the Michigan real estate market. The direction of economic news, even locally, is generally good so Buyers are gaining confidence. This won't be a flood, but if it continues, will be a strong offset for the increase in bank owned homes and potential rise in interest rates that will hit the market later this year and next.
The market has improved at all price points in terms of months supply of For Sale inventory, the most in the under $100,000 market.
Under $100,000: May 08' - 9 months supply vs. 4 months today - 55% improvement $100,000 to $400,000: May 08' - 16 months vs. 7.5 months today - 53% improvement
Over 400,000: May 08' - 24 months vs. 15.5 months today - 35% improvement
In terms of market activity, financial distressed sales still make up nearly 80% of all transactions, it is just that the mix has shifted from mainly bank owned to an even mix of bank, short sales and leases. As banks learn the importance of avoiding foreclosure, Short Sales may move to as high as 50% of all transactions. It is important for Sellers to keep in mind that Traditional Retail properties make up over 50% of all listings, yet 20% of all sales, highlighting the importance of getting your price to a level that will draw attention competing with the financially stressed sales. As a Seller, If your home has been on the market during the past four months and has not received an offer (in the most active time in the past 6 years) then it is pretty clear your price/condition is out of balance.
For homes under $100,000, if priced right, on average, you can expect an offer in less than 60 days at 96% of asking price. Home that don't, are most likely over priced by over 20% and will remain on the market for another 100+ days. For the $100,000-$400,000 market if the home does not sell in 80 days it is on average over priced by 13% and will stay on the market an additional 100 days as well. The $400,000 market on average will take 5 months to sell for 90% of asking price. If it missed that market, then it will likely remain on the market for another 7 months and will be over priced by 27%. The overall conclusion regardless of price range is if a Seller is not getting offers within the "No Price Reduction" market times, a fast price adjustment is in order.
The market has improved at all price points in terms of months supply of For Sale inventory, the most in the under $100,000 market.
Under $100,000: May 08' - 9 months supply vs. 4 months today - 55% improvement $100,000 to $400,000: May 08' - 16 months vs. 7.5 months today - 53% improvement
Over 400,000: May 08' - 24 months vs. 15.5 months today - 35% improvement
In terms of market activity, financial distressed sales still make up nearly 80% of all transactions, it is just that the mix has shifted from mainly bank owned to an even mix of bank, short sales and leases. As banks learn the importance of avoiding foreclosure, Short Sales may move to as high as 50% of all transactions. It is important for Sellers to keep in mind that Traditional Retail properties make up over 50% of all listings, yet 20% of all sales, highlighting the importance of getting your price to a level that will draw attention competing with the financially stressed sales. As a Seller, If your home has been on the market during the past four months and has not received an offer (in the most active time in the past 6 years) then it is pretty clear your price/condition is out of balance.
For homes under $100,000, if priced right, on average, you can expect an offer in less than 60 days at 96% of asking price. Home that don't, are most likely over priced by over 20% and will remain on the market for another 100+ days. For the $100,000-$400,000 market if the home does not sell in 80 days it is on average over priced by 13% and will stay on the market an additional 100 days as well. The $400,000 market on average will take 5 months to sell for 90% of asking price. If it missed that market, then it will likely remain on the market for another 7 months and will be over priced by 27%. The overall conclusion regardless of price range is if a Seller is not getting offers within the "No Price Reduction" market times, a fast price adjustment is in order.
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