Are you thinking of placing your home in Ann Arbor, Saline, Dexter or another local community on the market? If so, you’ve probably wondered what it’s worth and how much equity you might be able to get out of your home when you sell. Below we’ll share a few tips on how to establish the value of your home and why this is a key part of the sales process.

Professional Appraisal is the Best Starting Point

Determining the value of what is likely your most valuable possession is something that should be handled by a team of experts with experience in this field. The real estate market here in Ann Arbor can be a bit choppy at times, and the value of your home will fluctuate based on what the market is willing to bear. For example, the median sales price for a home in the city from April to July was about $240,000 – a figure that increased by nearly six percent over the previous three months of 2014. If you are unaware of the market’s trends and how they’re changing, you could leave a significant amount of money on the table.

Don’t Get Caught in the Asking vs. Selling Price Trap

A common mistake that homeowners make when trying to determine their home’s value is making assessments based on the listing prices of other homes for sale in the neighborhood. You can browse through our Ann Arbor real estate listings pages to find similar homes and to see what they are listed for, but be sure to take these figures with the proverbial grain of salt. A far better metric to use is the actual selling prices of recently completed sales in the area, which is a barometer of what buyers are willing to pay and how much is being given up during the negotiation process.

Avoid Overpricing and ‘Waiting It Out’

One of the worst possible tactics when selling a home is to overprice the listing with the idea that you can simply wait it out until a buyer who is willing to pay that price arrives. This rarely works for a number of reasons; if the Ann Arbor real estate market cools off or you can’t sell by the time winter arrives, you’ll be stuck having to discount your home. Even if the market heats up a bit and prices rise, you’ll just end up on the same playing field as other sellers in the local area. Determine a fair price for your home that reflects its true value and you’ll find that your sale happens much quicker.

Buyers Will Compromise, but There’s a Limit

To better understand how your home is viewed, try to place yourself in a buyer’s shoes as you tour through your home. Are there numerous upgrades that they might make, such as replacing older carpets or putting in new granite counters? Keep in mind that you’re competing with brand new construction for every buyer’s attention, and these individuals will only compromise so far in the negotiation process before calling it quits and moving on.

Are you ready to learn the true value of your home and property? Contact the professional real estate sales team at Keller Williams Ann Arbor Market Center today and we’ll be happy to share our expertise to ensure you price your home for a quick, efficient sale.

The Comparative Market Analysis (CMA) is a method used by real estate agents to establish the market value of a home or commercial property. The CMA consists of evaluation of market and other economic variables to determine listing price.

Distinct from original mortgage loan appraisal of a property, the CMA combines a number of factors not restricted by market rates. When a real estate agent performs a CMA analysis, presentation of a property value is based on comparison of local listings. Types of listings involved in CMA reporting: active, pending, sold and expired.

The CMA report offers potential buyers and lenders a recommended selling price range. The pricing continuum accounts for some deviation from the estimated price and it is of utmost importance that you pay close attention to this report since it can largely determine how your selling process continues.

How the CMA is Prepared

Agent preparation of the CMA requires evaluation of information from the Multiple Listing System (MLS), as well as county records of property title. Comparison of square footage, amenities and upgrades, age, and location are all included in the estimated list price. Location has a significant effect on total price. Listing prices of adjacent and nearby properties establishes a baseline for estimated CMA final price.

The property price comparison is comprised of three or more properties located in the same neighborhood as the CMA property. Some agents run a cross-comparison of up to six properties to evidence a more reliable pricing structure. If a comparable property is not available in the neighborhood, other similar properties throughout a city may be sourced for the listing estimate.

Selecting a Real Estate Agent

Many property owners select a real estate agent based on CMA reporting. When a homeowner or commercial property owner initiates resale of a property, request of CMA from multiple agents is common in order to make a point of contact and decide which agent you feel most comfortable pursuing your sale with. If an agent exhibits expertise in the area of CMA and the area where your property is located, they should definitely be considered. The CMA reflects an agent’s knowledge of the real estate market, valuation in the area, and pricing criteria to obtaining the best possible price on a listing. Experienced agents will report CMA value close to market appraisal.

CMA Benefits for Property Owners

The CMA offers potential buyers comparative listings in a neighborhoods of interest. Reasonably priced listings are the most likely to sell quickly. The CMA on a home or property provides prospective buyers with a good idea of the value for money on a real estate investment, including resale return on investment according to current market values.

If you are seeking refinancing or selling a property in Ann Arbor, MI, an unbiased opinion of a property’s value can serve as leverage in sourcing a better interest rate and payment arrangement on an existing title. If the results to a CMA are good, it is time to put a property up for sale since now really is the time to sell in Ann Arbor.

If you have any further questions about selling your home, or the market in and around Ann Arbor, please don’t hesitate to contact us.  

It is a prime time to sell a home in Ann Arbor since the real estate market in the area is currently booming and an influx of people are moving into the area. With numerous motivated buyers in Ann Arbor and surrounding cities, most homeowners are able to successfully sell their homes within a 30-day period. However, with inventory quite low, compared to the amount of buyers waiting to purchase their dream homes, it can make selling a home somewhat challenging if your home is not move-in ready. If you currently have a house on the market yet it hasn’t sold, then you might need to change your strategy or reevaluate your selling process. 

Do You Need to Take a Step Back?

If your home has been on the market for more than 30 days and has not sold, then the listing may need to be revisited. A listing that is considered “stale” is a home that is repeatedly overlooked, or potential buyers make extremely low offers, substantially less than the listing price or what the home is worth. This happens usually because a home is listed with a high asking price.

Changing Gears

If your listing has in fact gone stale, then there is no reason to lose hope, because by changing gears, you can turn things around and finally get your home sold. You might need to do some homework which will help you take the best course of action. Have you been hearing potential buyers commenting on the same imperfection over and over? If so, then you may need to take your home off the market temporarily to allow time for you to make the necessary renovations.

Overpriced?

Have you recently had your home properly appraised? Is your asking price closer to comparable houses for sale in the area? You might seriously want to think about lowering your asking price, because it could make a big difference and possibly turn your luck around in no time.

Are You Working with the Right Agent?

In order to sell a home with ease, the real estate agent who has been hired to market it must possess knowledge, skill and drive. If your agent lacks these attributes, then you might seriously want to consider hiring a new, more experienced agent with a good track record in your area.

It can be very distressing to place your home on the market in a prime area and it fails to sell after a certain period of time. Despite your distress, there is hope to get your home sold quickly, and for a fair price. You might need to make a few changes, strategically lower your asking price, or even switch to a more experienced and aggressive real estate agent. You might also want to consider offering incentives like including brand new appliances with the sale, or offering to pay closing costs. As long as you carefully analyze your situation ahead of time and then proceed to make the necessary changes, then your house will likely sell as expected.

For more information on selling your home, please do not hesitate to contact us!

When things get hot, people spend money on everything from lemonade to real estate. The summertime is the perfect time to sell in Ann Arbor, especially because the area is filled with families who are looking to close on a home before the more uncomfortable weather of the fall and winter hit. In order to make your home look and feel its best in order to sell before the end of the summer season, a few small touches go a long way. There are, however, some tips that are well known to real estate pros that may give you an edge on the market.

Move-In Ready or Bust

People do not want to spend their summer months waiting for a home. They want to enjoy it. Make the investment that will ensure that your home is move-in ready. Have it sprayed for bugs if need be, fix the plumbing and infrastructure, and paint or strip old wallpaper and outdated decor. Any small fix you can do in order to make your home better prepared for buyers is a good way to go.

Put Your Best Foot Forward

Keep the air up slightly higher than normal in order to make your visitors as comfortable as they can be. Stage the house with neutral colors that complement both the natural light your home has along with facilitating future homebuyers’ tastes. Make sure that the house is dusted so that when you open it up, everything will shine like it is brand new.

Your curb appeal is essential. Perhaps one of the best investments that you can make in a real estate sale is in professional lawn service that maintains the yard consistently until the place is sold. If your neighbors have messy yards consider offering to mow their lawn as well because future home buyers are looking at the total package, not just your home.

Maintain Good Relationships

It is important to make people feel welcome in their search. Have a cold drink ready for the people who will be visiting your home. You may think that this does not say anything about your house directly, but it never hurts to give off a welcoming vibe.

There is no reason to gloss over the inevitable shortcomings of the house if you have performed your due diligence by making the proper improvements, or included a maintenance allowance within the price. Let people know what they will be getting for the price. There are certain truths about a home you can let people know, especially if you have done your research in the local area. Owning your property’s shortcomings is much more effective than hiding them.

Your home will sell if you make it look its best for your potential buyers. A little bit of hospitality goes a long way; let your buyers know that you care about your home, their comfort and the process, and you should have no trouble at all moving property in Ann Arbor. For more information and help in selling your property by the end of the summer, please do not hesitate to contact us.

Staging a home is a basic necessity and important component of the real estate business. Potential buyers need to envision themselves and loved ones enjoying a life in the home. First impressions for your home count just as much as meeting a person in real life. This means well-kept lawns, updated fixtures and neutral paint. This article will focus on how to avoid common mistakes that will make you lose a buyer in much less than ten days if you are’t careful. Don’t make the easiest mistakes in the book below: 

Messy Spaces

The worst mistake sellers make is not cleaning the home. No matter how appealing a listing may be, if the home is filthy, it will not sell easily. Properly cleaning a home increases buying potential exponentially.

Intrusive Pets

While many people enjoy animals, they can be an instant way to turn off potential homebuyers. Some animals are intimidating to people. They can also be a distraction while your agent is trying to show the home. Additionally, it can be difficult to mask the odors from animals and to control where animal fur goes. Make a plan for your pets during the sale so when there is an unexpected showing you know exactly where your pups can go for a bit.

Lingering Odors

Odors are one of the major turn-offs for potential homebuyers. If buyers smell anything out of place, it will make them wonder about potential issues with the home. Make sure to have all of your drapery and carpets professionally cleaned before you sell.

Poor Landscaping

Also known as poor curb appeal, poor landscaping is enough to make potential buyers not even bother getting out of their car. Landscaping is important because it is one of the first things buyers see and a clear indicator of whether or not the house is well taken care of.

Overpricing

Pricing a home higher than it’s worth is a mistake that will cost money and time. People shop around for prime real estate so they will know how your pricing compares with other options in the market. Overpricing a home can take you out of the competition immediately leaving with you with no showings and no offers.

Outdated Decor

When potential buyers see fixtures that are outdated, they see dollar signs. Searching for a new home is difficult enough. No one wants to think about additional money and work they will have to put toward a new place.

False Representation

The majority of the time buyers use photos and info from websites to determine whether they want to view a house in person. This is why it is crucial that your photos are an accurate representation of what the listing will look like in person or better. Even though sellers want to paint the best picture they can for potential buyers, it’s important to paint an accurate one that doesn’t leave people feeling mislead.

Busy Walls

Bright wallpaper or busy paint colors can turn people off a home immediately. A wrong color can dominate a room, so neutrality is key. Make sure to remove any outdated or busy wallpaper, along with bold paint colors, in favor of a neutral paint color. This way a future homeowner can imagine themselves making the house their own.

Personal Items Galor

How can someone properly envision living in a home when it looks sufficiently lived in? Family portraits, knick-knacks and personal items need to exit the home before a showing.

Hovering Homeowners

There is almost nothing more awkward for potential homebuyers than to deal with hovering homeowners at a showing. A buyer needs to be comfortable inspecting every nook and cranny in a home. It’s important to give potential buyers space to do the observation they need. Buyers need to be 100% confident with a home before they make an offer.

Selling a home is no easy task. In any market, real estate professionals need to be at the top of their game in order to make listings more appealing. Hiring a real estate agent can help most homeowners looking to sell avoid these easy mistakes. For more information about selling your home, please don’t hesitate to contact us.

The growing population in Ann Arbor is filled with a large influx of tech-savvy consumers relocating for tech-based positions in innovative technology companies. Many homes in the area are not yet equipped with the technological amenities most desired by this growing demographic. To make your Ann Arbor home as appealing to the buying market as possible, you must incorporate the latest in home technology. 

Home Theater

A home theater is a must for many technology-driven homeowners. These rooms are often lined with soundproofing materials and designed to appear like the most modern movie theaters. And, like most modern movie theaters, home theaters should be equipped with the latest digital and video technology in conjunction with a well decorated and comfortable viewing environment.

Digital Security Systems

A technologically advanced home cannot be complete without a digital security system. As part of additional security measures, most systems include wireless digital video recordings that are saved on an outside network rather than the system of the homeowner. These systems are designed to provide maximum protection and to allow homeowners to view their home from anywhere and at anytime.

Digital Kitchen

If you wish to impress this clientele, you should create the ultimate digital kitchen. This kitchen should feature digital appliances from the oven to the coffee maker. Most digital kitchens can be accessed by remote. These busy individuals can start their oven, stovetop and microwave from work and have dinner ready by the time they arrive home.

Keyless Entry

Keyless entry is another selling point to this demographic. Keyless entry is often highly appealing for a number of reasons such as to reduce the number of keys required to use on any given day, additional security for guests and residents alike and the convenience is unprecedented.

Smart House

Creating the ultimate smart house will attract any homebuyer, but especially those drawn to the tech home options. These homes feature lighting, heating and cooling, blinds, ceiling fans and much more that is all integrated within one digital system. Another smart feature is to optimize empty space such as to include storage in areas typically left unused such as underneath stairs and in walls. These homes sell because they have proven to save money and maximize efficiency.

As a growing number of sophisticated workers move to the city for innovative jobs, the demand for smart homes will continue to rise. To appeal to the tech-savvy home buyers in Ann Arbor, create a home filled with technological advances. For more information on selling your Ann Arbor property, please don’t hesitate to contact us for more information.

In Ann Arbor today, new construction is booming for both businesses and residential real estate. The entirety of Washtenaw County has had an increase all spring of residential building permits. In turn, these booms in construction pose challenges to homeowners hoping to sell their pre-owned homes. Even though there are challenges, there are also several downsides to buying new construction. The key is to appeal to buyers through your pricing and charm of your existing home. 

New Home Construction Helps Existing Home Sales

Although it seems like new home construction would take first place in the Ann Arbor home sales market, it is actually great news for sellers of existing homes. According to Ann Arbor New Construction News, new home building permits are still only a fraction of what they were in the years 2004 through 2006. The numbers say new home construction is in the midst of recovering as opposed to a construction boom. This activity is also delivering jobs and paying consumers. Still, for sellers of resale homes, the perceived competition is frustrating when home sales are just getting back on their feet.

Advantages of Resale Homes

An existing home is preferred by many home buyers over new construction. Home sellers have success by promoting the qualities of resale homes that cannot be matched by newly constructed homes such as established landscaping, proximity to downtown areas and pricing.

• Established neighborhoods are more inviting. The mature trees in both public and private areas provide shade and beauty.
• Resale homes are sometimes more move-in ready. Landscaping, window coverings, patios and fencing are in place and ready to be enjoyed. Brand new homes often require a wait time before you can move-in or the neighborhoods still have quite some time before the landscaping matures.
• There is a higher chance of established homes to be in closer proximity to amenities or near parks and schools that are sometimes in walking distance.
• There are no unexpected costs from upgrades or add-ons throughout the building process.

The Best Real Estate Agent for a Resale Home

Experienced real estate professionals sell more existing homes than new homes because there are many more resale homes available almost everywhere. Ann Arbor is known for friendly neighborhood communities with happy long-time residents. It is not unusual for Ann Arbor home buyers to be on the watch for “for sale” signs in familiar communities. The most important thing to keep in mind when choosing an agent for your home is that they are an expert in your area and your neighborhood. Those agents with proven track records and recent sales numbers are more reliable than those who are recommended by friends, but working outside of their expertise.

For more information about marketing and selling your home in and around Ann Arbor, give us a call!