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Lisa Tam

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It's personal!

2/9/2017

How's the market? Well, after 20+ years in the real estate industry, it's personal! The broad real estate market in Michigan is much different than understanding your personal market when considering selling your home.  The broad market at the end of 2016 looked like this: Michigan Association of Realtors year end stats .

When considering a move, your numbers are personal.  Not even a general "zestimate" click will take into account all of the nuances that are personal to your particular home. Location, Style, Condition all play an important role in understanding value. Am I comparing homes in a similar municipality, similar condition, similar style? Do I understand that a ranch style home may have a different value than a two story or tri-level? If my comparable on the street is a foreclosure, how does that affect value? How does a home with lake privileges differ in value on a particular lake? In a golf course community how does being on the green differ than being off the green? Only when you have specific data before you can you make an informed decision on list price and potential sales price.

 

2016 Annual report and housing forecast

1/17/2017
As we look back on 2016, according to the 2016 ANNUAL REPORT ON SE MICHIGAN HOUSING MARKET provided by REALCOMP REALTORS®, it is great to see the tri-counties making the TOP 5 lists:
Genesee County top 5 in change in median price range, up 10.8% over 2015! Awesome!
Livingston County you can find yourself in the bottom 5 (good for this category!) days on market are down 14.5% (averaging 47 days)
Oakland County ended up in the bottom 5 for change in average sales price, but it is still up 5.1% over 2015! Well done!
It is also hopeful to look back and see the strides we have made since 2012:  historical median prices
The economic forecast, according to this report, shows a slight gain in the average sales price in 2017. However, inventory remains low.
If you would like to consider a move in 2017, reach out to me for your particular numbers and marketing strategy!

 

 

Interest Rates

12/27/2016

Both buyers and sellers discuss the impact of interest rates on a regular basis. A buyer is concerned what their mortgage payment will look like and what the expected trend is for the coming year. "What will 3.75% vs 4.35% look like in my payment?" A seller is also concerned with how that information will ultimately impact their bottom line.

Our interest rates have remained relatively steady for many years. Is it wrong to remember 18% back in the early 80's? Yuk!

I want to share a couple of links. The first is understanding what impacts your interest rate, beyond the type of mortgage that best suits your needs:  7 factors that determine your mortgage interest rate

The second link will show a general trend of mortgage interest rates as published in Mortgage News Daily

The bottom line is that we are still in a good market with regard to mortgage interest rates. If this is the year to "make your move" and you still need to discuss the best mortgage options, let me know. I have a couple of great lenders who are competitive and trusted!

 

 

Christmas Break

12/20/2016

Real Estate continues, but you can tell by the hustle and bustle that the holidays are getting closer! As you take time to enjoy family and friends, there are so many opportunities to explore all that Michigan has to offer.  If you have not had the experience, I want to share one of our very favorite things to do; feeding the chickadee's at Kensington.  My brother David, and now Deputy Director at "the park system," has introduced this magical moment for many years to kids, grandkids and adults alike. It is a beloved gift in our family.

So, while you are perusing Facebook for activities nearby or googling for activities, don't forget about this wonderful offering in our own back yard! Most importantly, wishing you all treasured memories, whatever you do!

Merry Christmas!

Chickadee Chowdown http://www.metroparks.com/events/

Is winter a good time to sell?

12/12/2016

For sellers wondering if winter is a good time to list and market their home for sale, I would offer the following; There is less competition in the winter months.

In Oakland, Livingston and Genesee Counties the difference between the numbers of new listings on the market in December vs the number of pending sales in December (according to the Realcomp MLS) is approximately 17%. We have more new listings on the market than we have sales by a margin of 17%.

At the height of the market, April thru June, the difference is approximately 37%. We have 37% more new listings on the market than we have new pending sales. Competition is greater.

I often get asked, “When is the best time to list my home for sale?” My answer is always – when you are ready. When we sit down and assess your needs and goals, the calendar usually takes care of itself.  However, don’t discount the winter months! Homes in Michigan sell to the qualified buyers who trek the snow to find their dream home!

 

Considering an out of area home

6/24/2014

Does a home purchase or sale take you out of this area? As your "Realtor for Life", let me take the stress out interviewing agents! I will partner you with a Realtor to best suit your needs in communication, education and negotiation! 

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