The Michigan market is full of some fantastic buys right now! Bank repo's and corporate relocation homes galore! The great buys go fast so do not make haste if you come across one of these great buys. Can't sell, Lease it! Read on....
If your home isn't selling right now, rent it, lease it or consider lease with option to buy. We suggest this for a few reasons. It allows you to take advantage of this great buyers market yourself. The market in Michigan has no where to go but up. In a few years when the sales market is up. Then sell your home. In the meantime you have someone renting your home paying down it's mortgage while the value has been increasing. You can choose a lease with option to buy or a straight one to two year lease. We can walk you through this process feel free to call us for more information.
Many people are choosing to lease in Michigan instead of buying right now. Some of the reasons may include unstable job market, maybe their home is in foreclosure and they don't qualify to purchase, maybe they are simply "gun shy" due to how long it took them to sell their home they just got out of. For whatever reason many are choosing to rent so the rental market is still holding.
Home values here have declined greatly in the past two years. Don't expect to be able to get for your home for what you bought it for two years ago. Much of the problem in Michigan lies in the many bank foreclosures and the "value" factor. So what I'm saying is even if you price your home and you find a buyer who is prepared to pay what your selling it for, if they are not paying "cash" and need to take out a mortgage it may not appraise! If your neighbors lost their home in a bank foreclosure and the bank sold it for much less than your home, your homes value has just been cut drastically. They don't appraise value like they used to, the guidelines have tightened tremendously. If you want to know how to price your home we recommend going out and shopping the competition with your realtor before you price it. Don't go with the realtor that offers to sell your home for the highest price, you will be wasting your time and money when your home doesn't appraise out. If you are realistic in this Michigan market, understand your options and be flexible! Remember the more options you can offer the buyer, the more likely you will be in selling your home!
"Knowledge is power"
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