Keller Williams - Somerset

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Sellers: Considerations for 2022

Happy 2022! What’s the news for real estate in the Metro Detroit region?

The Metro-Detroit housing market, like so much of the country, had a very low inventory and high demand 2021. The average appreciation rate last year was an unheard of 15% which has given us all a lot of increased equity.  The demand will continue to be high this year but the upper price ranges will likely start hitting a ceiling as not everyone can keep over bidding forever.  Many would be sellers still are not coming to market because they can’t find what they want with the shortage of homes.

There are many seniors who are opting to stay in their larger homes because they’re unable to find a smaller retirement ranch without moving 2-3 hours away from where they currently live.  This is contributing to the lack of larger family homes and plays into the overbidding when they do hit the market.  The more rural areas have seen a lot of new construction and higher demand as buyers push the outer limits of the suburbs as they are no longer tied to a downtown commute every day and are instead working from home.

The foreclosure moratorium ended in the late summer.  However about 60 % of homeowners who had entered a forbearance continued to pay their loans and never went into default.  They had just used forbearance as a backup in case things went bad.  Also, many of the lenders did not report late payments to the credit bureaus during the pandemic to avoid credit scores being wrecked since they knew that most people will be back on their feet after the pandemic and they don’t want a replay of 2010.  I’m in my 18th year of listing and selling foreclosures for banks, with an expert knowledge of the foreclosure market.  It will be very mitigated in the coming years because of lessons learned from the great recession on how to re-work existing loans.  And because prices have gone up so much most owners have equity and are not underwater like they were 10 years ago.  This means that if you’re in trouble and cannot make your house payment you should be able to sell before you get too far behind and still walk away with money in your pocket.

So please call me for an expert valuation of your home if you cannot make your house payment.  I am here to HELP YOU first and foremost – and to help you not be taken advantage of.

If you really want a fixer upper you are better off looking for deals in bankruptcy, probate and estate sales, which I can also help  you with.

OF SPECIAL INTEREST:  Do you have a parent who needs to move into assisted living and need to make decisions on what to do with their home?  My team has over 30 years of experience as landlords with many hundreds of leases under our belts and currently managing over 100 rental homes.  Assisted living is very expensive – anywhere between $3500 - $8000 per month.  Your parent’s home could be worth $750 to $2,500 per month cash flow to offset their new living space.  You can always sell the house – but then you’ll have a finite amount of money from it.  Why not have professional landlords take care of renting it out for you and handling all the issues and you can just enjoy the monthly deposit to mom or dad’s bank account and sell the house later when its appropriate.  If you have questions about this, we have several such clients who would love to share with you how its working for them.

Call me now at (248) 229-8859 for a free no-pressure valuation of your home, and then make your informed decision.  

My multicultural team is based in the heart of Oakland county, and reflects the diversity of the area. My team speaks many languages, making them ready and able to serve you for selling, American Dream of owning a home, or leasing.  

Moving out of the area?  Different state or country?   Call me to get in touch with the right agent to help you wherever you’re going.

Call us today at (248) 229-8859 so that we can chat about, develop and achieve your real estate goals!

"Tricia helped us sell our home as well as purchase a new one. When it came to selling Tricia was extremely helpful, offering her expertise in the local market. She took the photos, helped us come up with a very accurate listing price and helped manage the listing. We got an offer within 3 days and plenty of web traffic on the listing. Throughout the negotiations and closing process she was very good at communicating with us and represented us well with the buyers!" - Alex J – Berkley Nov 2020

"My home was put on the market just a few days before Covid-19 shut down the real estate market. Tricia made a virtual video of the property, which eased my mind that we were doing everything possible to market the property, even thought it could not be seen. My home sold within a few weeks of reopening and Tricia made the process smooth and took care of items needed in an efficient and quick order! I benefited from her years of experience and would highly recommend her as a realtor!" -  Shannon B – Romeo – Aug 2020