Seller Concessions Explained- Southeast Michigan Real Estate

Seller Concessions Explained- Southeast Michigan Real Estate

This is my attempt at a very simplified explanation of what seller concessions are.

Example: You want to buy the house you just looked at and want to make an offer of $200,000. You need $5000 in seller concessions (seller paying all or part of your closing costs). Your offer will be $205,000 asking the seller to pay $5000 in concessions. If you offer $200K and ask for $5K in concessions, your offer is really $195,000.

The seller isn’t really paying your closing costs- you are mortgaging them.

Sellers- you really aren’t paying those closing costs. The buyer is mortgaging them.

Buyers- sellers have a bottom line. They don’t tend to come down to that bottom line AND pay concessions. The concessions are rolled into the purchase price.

Sellers- don’t question the amount of the concessions. If the buyer’s loan officer is over charging them that is their business. You only need to be concerned about your bottom line.

Compliments of Jackie Hawley, Realtor of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

Cell: (248)736-6407

Jackie@JackieHawley.com

www.SearchMichiganMLSListings.com

Lower Straits Lake

www.OaklandCountyMichiganLakes.com

Waterford MI Lakefront Homes For Sale

Clarkston MI Lakefront Homes For Sale

White Lake/Highland MI Lakefront Homes For Sale

Lake Orion/Oxford/Addison MI Lakefront Homes For Sale

Lapeer MI Lakefront Homes For Sale

www.LakeOaklandHomes.com

www.MacedayLake.com

Sylvan and Otter Lake

www.LakeOrionLakeFrontRealEstate.com

For Sellers- www.JHawleyAndAssoc.com

For Sellers- www.AreaRealEstateExperts.com

www.ClarkstonMichiganRealEstate.com

www.MiRelocation.com

Home Staging- Highjacked Term? Does it Help?

Home staging your Oakland County or Lapeer County MI home for sale.

At one time it was just part of a Realtor’s job to “stage” a home they were listing- at least in the North Oakland and Lapeer areas that I work in. In those days staging had a bit of a different meaning. I typically will tell a seller if they need to de-clutter, clean, paint, repair…. I have no taste, so I don’t normally suggest colors. I may suggest taking down some of your “art work” or removing bushes that are too big and too close to the house. This was called “staging.”

Now there is a whole new industry for home staging. Home Stagers have their own associations, training, certifications, etc. This is a “good thing.” Staging your Oakland County or Lapeer home MAY help you sell it faster and for more money. But since Home Staging has become its own industry, home stagers really don’t like Realtors calling what we do home staging.

It’s kind of like Kleenex which is a brand of tissue, but is used for all brands of tissue. Jacuzzi is a brand name that is used for all jetted tubs, and so on.

When it comes to the term home staging or home stager, certified home stagers think they own this term. Who had it first? Realtors used it long before home stagers were in existence. If you contact a Realtor who offers free home staging services, find out exactly what they are offering. Some may have a professional stager on their payroll. Some may just be coming in and suggesting ways to make  your home show better.

There’s nothing wrong with the second scenario; most houses in Oakland and Lapeer County will NOT benefit from professional home staging services. Some will. The first call should be to your Realtor who can help you determine if you need professional staging services or not.

www.SearchMichiganMLSListings.com

www.OaklandCountyMichiganLakes.com

www.ClarkstonMichiganRealEstate.com

www.JHawleyAndAssoc.com

www.AreaRealEstateExperts.com

www.LakeOaklandHomes.com

www.MacedayLake.com

www.LakeOrionLakeFrontRealEstate.com

Jackie Hawley, Realtor
ReMax Encore, Clarkston

cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

Showing Times Are Just Approximations

Now your Southeast Michgan house is on the market- beautifully described in the MLS with 25 photos and a virtual tour, sign in the yard with color flyers in the box (again- beautifully described), full color ads all over the internet. Everything is going along just like your Realtor told you it would.

And now the first call.

Someone wants to show your house tomorrow between 1 and 2. That doesn’t mean they show up and leave in that hour. It doesn’t mean they won’t be running early and possibly show up at 5 to 1. Or quarter to one. They may get there at 1:55 and not be done until 2:30 or 2:45.

Please have the house ready early. And if an agent with client in tow shows up a bit early, be prepared to leave immediately. If you get home at 2:05 and they are still there, keep driving! Circle around the block a few times, or go get a coffee.

The goal is to get the house sold- not point out they’re early or make them feel rushed by coming home while they’re still there. Scheduling isn’t a science. Some buyers are faster lookers than others. We don’t know what houses they looked at previous to yours- they may have been dumps and they spent little time on them and arrived early to yours. Whatever.

Just remember- the times you are given for the showing are just approximations.

Marketing Your Southeast Michigan Home

Why You Should List Your Home With Me

Preparing Your Home For Sale

Search The MLS

Southeast Michigan Homes For Sale

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI
Cell: 248-736-640
Jackie@JackieHawley.com

www.MiRelocation.com

www.OaklandCountyMichiganLakes.com

www.ClarkstonMichiganRealEstate.com

Lake Oakland Lakefront Real Estate- Rising Prices- Low Inventory

Lake Oakland Lakefront Real Estate- Rising Prices- Low Inventory

So far there have been 4 closed sales this year on Lake Oakland in Clarkston and Waterford MI with prices ranging from $245,000-$751,871 with an average sales price of $414,218.

Last year the average sales price on Lake Oakland was $223,320 and in 2010 the average sales price was $194,677.

3 of the 4 sales this year were “normal” sales with only one bank owned home compared to last year when half the sales on lake Oakland were distressed sales and 64% of the sales in 2010 were distressed sales.

Houses are selling quickly and close to asking price. I had a buyer client get into a bidding war a couple weeks ago and our over asking price offer with a very strong buyer lost out.

There are currently 8 sales pending and 8 active listings on Lake Oakland.

For More Information About Lake Oakland

Oakland County Lakes

Search The MLS

Selling Your Lake Oakland Home

Jackie Hawley

Keller Williams Realty, Clarkston

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

What Does BATVI Mean? Clarkston MI Real Estate

What Does BATVI Mean? Clarkston MI Real Estate

Simply- Buyer Agent To Verify Information.

This is also known as an ass covering, or in my opinion, a waste of precious space in the limited space allotted in the MLS.

If you are buying a Clarkston MI short sale listing, beware of listings where the listing agent fills out the listing in a shoddy manner, such as wasting space in the comments, not filling out the remarks section at all, inaccurate listing information, etc. Remember, the listing agent is the person we are relying on to complete the short sale to the banks’ and seller’s approval. If he can’t fill out the listing, how successful will his short sale negotiations be?

If you are selling a Clarkston MI home, check your MLS sheet to make sure it is complete and accurate and all 25 photos included. The MLS is in place to sell your listing to the buyers’ agents. If I am going to show 5 houses to someone and 10 show up in the MLS search, I will not show the listings that are incomplete or indicate laziness on the part of the listing agent.

Often times BATVI gets replaced by CHP or EXP (price change or expired listing).

Jackie Hawley Keller Williams Realty, Clarkston
Jackie@JackieHawley.com

Cell: 248-736-6407

Marketing Your Clarkston MI Home

Choosing An Agent To Market Your Clarkston MI Home

Choosing A Buyer’s Agent

Search The MLS

Clarkston MI Home Sales Up- AGAIN!! Can we stop calling this a declining market?

Clarkston MI Home Sales Up- AGAIN!! Can we stop calling this a declining market?

I’ve been hearing on the news lately how foreclosure filings are up in the Detroit area. I wish the media would separate Oakland County from the Detroit area. What exactly is the “Detroit Area” anyway? When listening to the news it seems to range from anywhere in Southeast Michigan to all of Michigan. Sometimes I think they just make stuff up.

The “true” housing stats are as follows- at least for the Clarkston area.

Sales are up from last year. Sales are up from 2010 and 2009.

The first quarter sales for the “Clarkston area” which I define by searching the MLS for Clarkston schools with sales over $10,000 to weed out the lease sales are as follows:

2012: 129 units sold 2011: 101 units sold 2010: 106 units sold 2009: 65 units sold

The average sales price in 2012 was $180,975 The average sales price in 2011 was $178,612 The average sales price in 2010 was $170,918 The average sales price in 2009 was $164,820

The amount of bank owned sales and short sales were about the same each year but considering the total unit sales have been up, the per cent of distressed sales are down. The average sales price for the distressed sales are also down.

In 2012 bank owned sales made up 33% of the total sales and short sales made up 16% of the total sales. In 2011 bank owned sales made up 47% of the total sales and short sales made up 23% of the total sales.

The average sales price of the bank owned sale in 2012 was down to $97,745 opposed to $134,139 in 2011.

As of yesterday (May1) there were only 164 active listings in the Clarkston school district. On Jan 5, 2009 there were 359 active listings in the Clarkston school district.

So basically unit sales are up 22% from last year and up 50% from 2009. The average sales price is up 1.3% from last year and up 9% from 2009. Distressed sales are down from last year and there is a huge shortage of homes for sale. Cash sales made up 23% of the total sales in the first quarter of 2012 and 9% of non-distressed sales were cash sales.

Thinking of selling? This is a great time- we have buyers and no houses to sell them. I’ve been showing a LOT of crap. Just because the inventory is low does NOT mean you can ask any price. Properly priced homes sell quickly – the trick is to price in a manner that you can get top dollar for this market and still sell quickly.

If you are thinking of selling your Clarkston MI home, please don’t hesitate to call.

Marketing Your Home

Why Choose Me to Sell Your Home

Preparing Your Home for Sale

Jackie Hawley
Keller Williams Realty
Jackie@JackieHawley.com
Cell: 248-736-6407
www.MiRelocation.com

If Your Short Sale Agent Has A 90%+ Success Rate, Are They Really Looking Out For Your Best Interests?

If Your Short Sale Agent Has A 90%+ Success Rate, Are They Really Looking Out For Your Best Interests?

It seems like every broker has one- a “company” or “group” who will handle short sales for their agents’ clients. I’m contacted a couple times a week with the common pitch: “All you have to do is list them and we take care of the rest. We have a 90% (or 95% or 98%) success rate. We are the best thing since sliced bread and it’s easy money for you! It’s a WIN-WIN.”

First, I hate the term win-win.

Second, if a short sale company has a 90% or better success rate are they (and by extension YOU) really looking out for the best interest of your seller. Your client. You know- the person whose best interests you are supposed to be looking out for.

Are these companies claiming they NEVER have a listing that sells at sheriff’s sale for the mortgage amount or more, relieving the seller of the deficiency? 90% or more of the time they get all deficiencies forgiven? Are we as agents just looking for an easy way to make money and to hell with our sellers- our clients, the people we are supposed to represent?

Is a Short Sale the Right Course of Action for You?

Sellers- The Short Sale is Subject to YOUR Approval Too

Why I Don’t List Short Sales

Jackie Hawley
Keller Williams Realty

Cell: (248) 736-6407

Jackie@JackieHawley.com

www.MiRelocation.com