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Q: Should You Believe These COVID-19 Real Estate Myths?
Here’s the truth behind five common real estate myths in the age of COVID-19.
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COVID-19 has impacted nearly every industry in America and the real estate market has experienced a series of notable changes. Here are the five most common real estate myths that I’ve been hearing from clients, along with what you should know about each:
1. There is less competition with buying a home. You may be inclined to think that with so many people forced to stay at home and put major life changes on hold, buying a home is a less competitive experience. However, with motivating factors such as lower interest rates, there has been an increase in buyer demand. Buyers who are shopping for homes are more likely financially secure and able to make strong offers. We have a lot of multiple offer situations. Many current homeowners are also looking to capitalize on low interest rates for mortgages and opting to refinance. This has overwhelmed lenders and increased the average closing time. I recommend getting pre-approved before home shopping to have a clear idea of what you can afford. It can help your offer stand out, and many sellers are requiring pre-approvals before allowing showings.
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As long as there is demand for homes, prices will remain stable.
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2. People aren’t selling their homes during a pandemic. While recent data suggests that 77% of potential sellers are planning to sell their properties once stay-at-home orders are lifted, many people are not waiting. With safer self-service options available, more sellers have re-entered the market. Realtor.com has found that our inventory shortage has declined and is improving dramatically.
3. The economy and real estate market are going to crash. While we don’t yet know the full effects of the crisis, it’s clear that the real estate market is in a much better place than it was in 2008 because of strong equity positions. It’s common practice for today’s homebuyers to put 20% down so they immediately have equity built up in their investment. That way, even if they have to sell quickly because of an emergency, they would likely still walk away with cash in their pockets.
4. Home prices have dropped dramatically. Although I’ve heard a lot of conversation about buyers waiting for prices to drop, it hasn’t been the case, and expecting to see a dramatic change isn’t realistic. People always need homes to live in and as long as there is demand, prices will remain stable or increase slightly. Overall, whether prices increase or decrease will vary market to market, but I don’t predict a drastic change.
5. It’s unwise to buy a home without visiting it in person. It may seem strange to think about buying a home without ever stepping inside, but technology has allowed us to get a sense of space in a home without being there and with health and safety top of mind for homebuyers, the real estate industry has innovative ways to visit through Facebook, Zoom chats, and other digital visits. More people are taking online tours.
If you have any questions for us about what’s really going on in the market or about real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
Q: What Is a Variable Commission Structure?
A variable commission structure is a commission based on what you need.
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Like anything else, fee for service in real estate is based on value and what can be delivered. A real estate commission is a fee typically paid by the seller for the services of the listing agent (aka the seller’s agent) and the buyer’s agent. This commission is usually a percentage of the sales price, and it’s paid once the deal has been closed.
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A menu for services delivered that meets your needs is a smart offer for our valued clients.
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A variable commission structure, then, is a commission based on what you need. For example, if you want the Toth Team to repair your house, stage it, and finance the entire operation, we can talk about that. If you want to use our proven resources and coordination and do some of the work yourself (and pay for it), we can look at that option too. If you want to find a buyer for a predetermined time frame and have us manage the transaction up until closing, we can help with that as well.
A variable commission structure doesn’t mean what the split is for the co-op agent. Rather, it indicates what elevated services can mean for you. Everyone’s situation is unique, and a menu for services delivered that meets your needs is a smart offer for our valued clients. If you choose to work with us, just ask in the beginning to explore these options!
Remember, we’re here to help and add value to you. If you have questions about this or any real estate topic, don’t hesitate to give us a call. If you’re out of area, we’d be happy to connect you with another agent anywhere in the world.
Q: Is Now a Good Time to Buy or Sell?
It’s a great time to buy or sell, and here’s the data to prove it.
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Is this a good time to buy or sell a home in the Ann Arbor area? I’m sharing all of our market’s relevant data.
Overall, home prices have been unaffected year over year. Year to date, the average sale price is $256,000—completely unchanged. At 0:45 in the video above, see the chart that shows all the data comparing April 2019 to April 2020. The average single-family home sale price has increased by 1.1%, and condo prices are up 11%.
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Interest rates are still low, and inventory will only rise.
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The number of new single-family homes listed has decreased by 69%, and listings are down 67% for condos. Year to date, the average days on market increased from 43 to 57 days for single-family homes and decreased slightly from 50 to 47 for condos. Overall, fewer units were sold year over year, but it’s still a strong market. Houses that are priced properly are selling. Interest rates are still low, and inventory will only rise.
Now is a wonderful time to take advantage of our market, even amid the new normal. We’re here for you, and we’re ready to search for and sell properties safely.
If you have further questions about our market or real estate in general, reach out to us via phone or email. If you’re out of our area, we can connect you to a top agent anywhere in the world! We’re here to help and add value.
👀🏡 A New Toth Team Exclusive Listing! 👀🏡
New Listing!
6760 North Meadows Way Dexter MI 48130
4 bed // 2.1 bath // 1.5 acres // Dexter Schools // 2754 sq. ft
Click the Pic for virtual Tour!
This listing is presented by:
TOTH TEAM – Worldwide Network
Keller Williams Realty
For more info call:
734-669-0337
New Toth Team Listing in Canton
41100 Maplewood Canton MI 48187
Exclusively listed by The Toth Team of Keller Williams Ann Arbor. Call for your private showing! 734-669-0337. Beautiful Canton Condo in Chelsea Square with wood floors on the first level. This pristine condo offers a study, 2 car attached garage, and a full finished basement along with 2 full bath and 2 half bath. Located close to I-275 off Haggerty and Ford Rd making your commute a breeze. Mentionable qualities include Open Floor Plan, 1,510 Sq. Ft., 2 bedrooms, 2 full bath & 2 half baths, 2 car attached garage Study, Finished basement.
Coming Soon! 5879 Tyler Crt. Dexter MI 48130
A Message to Our Clients Regarding COVID-19
What a crazy Spring it has been!
Our main concern is the health and wellbeing of our staff and clients. Thus, we are adhering to the CDC’s recommendations regarding social distancing and other precautions.
For all of our clients, it means we are prequalifying in a much different way by:
• Asking all parties if they have traveled prior to making an appointment
• Asking if they have had any illness or symptoms before we meet with them or show any homes
• Asking buyers to limit showings to a group of two
• All parties entering shall wear gloves, masks, and booties to minimize contact and maintain distance – complying with legal requirements.
• Asking the sellers to turn lights on & leave them on so this limits touching switches, etc.
• Disinfecting the office once a day so staff can work in a safe environment
• Conducting our team meetings & trainings virtually so the number of employees at the office is limited
• Offering all virtual tours online (our agents are happy to do a video prior to a personal showing)
• Reminding clients that closings will take longer as lenders are having issues keeping up due to refinances. We now have a limited number of appraisers wanting to continue to go in & out of homes across the country. Many offices are currently limiting their staffing
• Conducting most closings digitally at the client’s request (See more about Your Virtual Home Buying Process below.)
We are not sticking our head in the sand, but we are also not creating panic
Housing – buying, selling, and renting – is still a necessity. We still have clients who are moving to or from our market area. Despite all of the uncertainty, real estate as a whole is one industry that has not experienced a 30% drop.
Additionally, given that the real estate industry as a whole was much stronger at the onset of our current crisis than before the 2008 recession, we will emerge from this economic downturn stronger. Interest rates are at historic lows. There are still plenty of buyers looking to purchase. Until the government mandates a temporary cessation of business, we are 100% operational.
That said, we have seen a slowdown. This will likely continue for our industry, as well as other sectors of the economy. But, we will continue to support small businesses and our community to the best of our ability.
Please reach out to us with questions, concerns, or any needs that you might have.
Together, we will arise from this crisis stronger.
See below for more resources to help you through this time.
Resources:
SBA– Offering very low rates for businesses now in need
United Way (Washtenaw County)
Deferment on Student Loan Payments
Government Monies for Those Who Qualify
National Mortgage Payment Relief Efforts
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Together, we will arise from this crisis stronger
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If you have any other real estate-related questions, feel free to reach out to our team via phone or email. We look forward to serving you.
Toth Team Worldwide Network Welcomes Ann Arbor Area Real Estate Expert Buyers’ Agent Lauren Kartje
Toth Team Worldwide Network of REALTORS® announced the addition of a new member, Lauren Kartje, to the Ann Arbor Area Real Estate Experts team.
Lauren Kartje is a University of Michigan alum that has lived in the Ann Arbor area for over 25 years. Her previous experience gives her a great advantage to think creatively and approach situations from multiple perspectives. Her number one goal is to take the time to learn about her clients and then expertly guide them through the home buying process—she doesn’t settle for giving anything less than an A+ experience. Outside of work, you will find Lauren kayaking, completing a new DIY project, or on long walks with her golden retriever. Lauren has always called the greater Ann Arbor area home and is excited to help you do the same.
For over 30 years, Toth Team Worldwide Network has served South Eastern Michigan including Washtenaw, Livingston, Oakland, Lenawee, Jackson and Wayne Counties, including clients in Dexter, Ann Arbor, Chelsea and Saline.
Today, Toth Team Worldwide Network has global aspirations and a growth strategy to meet the modern needs of clients around the world.
Toth Team Worldwide Network is among the top one percent of REALTORS® nationally. They have been featured on House Hunters HGTV, and are proud to be endorsed by country sensation Gary LeVox of Rascal Flats as well as the only trusted agent endorsed by local celebrity Martin Bandyke on radio 107.
Toth Team Worldwide Network exceeds client expectations while delivering top performance in the purchase or sale of residential real estate worldwide. To learn more, please visit www.KathyToth.com, email [email protected].
How to Ensure Your AC Works When You Need It
Air conditioning season is coming up—what do you need to do to prepare?
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Today’s guest, Eric Kreuger from Koch & White, is an expert in all things air conditioning. Koch & White has serviced all of Washtenaw County since 1934. He joined me to give you some tips on how to make sure your AC unit works when you need it to—the summer will be here before you know it!
- Check your air filters. Depending on what type of air filter you have, it’ll last anywhere from 30 to 90 days—some even up to six months. Eric recommends checking your filters every 30 days and replacing them as needed.
- Check your outdoor condenser coils. Make sure that the top of the unit is clear and that there’s no cottonwood, maple tree helicopters, or debris in the coil. If there is, it can be very carefully washed with a hose. Koch & White can provide not only minimal maintenance and cleaning services, but also full-service coverage for the year.
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Get the testing and charging of an outdoor condenser done before you truly need it to save yourself time and discomfort.
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- Give your condenser a two-foot clearance. Keep shrubs and weeds from growing too close to it so that the maximal amount of air can flow through it and your unit can operate at full capacity.
- Start the AC before the season begins. When the weather reaches 60 degrees consistently, turn on the unit to make sure it operates. That way, you don’t have to scramble during the hot seasons to get it to work; get the testing and charging of an outdoor condenser done before you truly need it to save yourself time and discomfort.
For more tips and access to Koch & White’s experience and resources, call (734) 663-0204 or visit www.koch-white.com.
For your real estate needs, reach out to your real estate experts at the Toth Team Worldwide Network. We’re here to serve.
We want to thank you for buying or selling your home with our team! Our promise is simple: To communicate with you to ensure you have the best experience with your transaction. We always hope that our clients experience wonderful service during and after the buying or selling of a house. We hope we have lived up to those expectations.
Over the coming years, as your homeownership needs or those of your friends and family change, we would like to make sure all of you have the same excellent real estate experience. So please remember: The best compliment you can give us is to recommend our team and services to your family, friends, or coworkers, even if they live in another country. We would be grateful to work with you again or anyone you know who is looking to buy or sell a property.
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Our promise is simple: To communicate with you to ensure you have the best experience with your transaction.
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To make this easy, just call, text, or email us with a name and contact information. We’ll take it from there; it’s that simple. We are honored to have earned your five-star reviews and referrals. We promise to deliver the same or better experience in the future.
We thank you for being a part of our real estate family!
To see all our team members give our promise (and see some of our family and pets), watch the video above.
If you ever have any questions concerning real estate, reach out to us. We would be more than happy to help you.