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What the Trifecta and Winter Means for Real Estate in 2017

Happy New Year! We’re excited for what 2017 has in store for both buyers and sellers. There are big advantages to be had on both sides of the closing table, despite the buyer ‘trifecta’. Read on to see what we mean and learn how you can benefit from current trends.

Metro Detroit Real Estate Overview

Serving Livingston, Macomb, Oakland, Washtenaw and Wayne counties

 

Buyers

What the Numbers Mean

Buyers are getting hit by a trifecta of rising interest rates, higher home values and inventory shortages. Don’t get discouraged, though. There are still some serious advantages to buying now, rather than waiting.

Tips from the Experts

  • Use winter to your advantage. Many buyers put their home search on hold during the winter months. This means you’ll have less competition from other buyers when you find that home you love. Plus, people who put their home up for sale during the winter need to sell quickly, which could give you a major edge in negotiations.
  • Strengthen your bid. That doesn’t necessarily mean just making a higher offer (although that does certainly help). A great way to make your offer more appealing is to make sure your mortgage banker has all the documents they need from you ASAP. Plenty of sellers will prefer an offer that has solid financing, even if it’s lower, over a higher one that’s less certain.

Sellers

What the Numbers Mean

Sellers who list their home now rather than waiting until spring could sell more quickly and for more money compared to November 2015. Four out of the five Metro Detroit counties had double-digit increases in home values over last year. In short, it’s a great time to sell your home.

Tips from the Experts

  • Set the right price from day one. Even though we’re in a strong seller’s market, don’t be tempted to ask for more than your home’s market value. Pricing high with the thought that you can reduce it later if it doesn’t sell is a common misconception that can end up hurting you in the long run.
  • Don’t let winter discourage you. It’s normal for the amount of showings you get to slow down during the winter. But remember, buyers on the market during this time are typically serious and highly motivated to find a good home.