Here’s an interesting update from the Oakland area near Detroit, Michigan.
Click here to read the article.
Some interesting quotes from the article include,’ “In such a competitive market, the key for sellers is to present a home that doesn’t need immediate maintenance or updates, Elya said. “The houses that are 20 years old that have never been touched are not selling no matter how low you go,” Elya said. “Buyers want to get in and do nothing to them.” ‘
Even if buyers WERE interested in older homes, there are so many of them on the market that they can cherry-pick the ones that have already been remodeled.
Other salient points include: paying specific attention to curb appeal because you want to entice home buyers into the home, if you are preparing a house to sell. Also, buyers know within 30 seconds whether they are interested in a home or not, so staging a house to sell is critical and you need to pay attention to those very first rooms that create an overall impression of your house.
The article was bittersweet in saying that sales are about the same as last year, but prices are definitely coming down, particularly in the upper end. I guess house fluffing will continue to become a powerful tool as this buyer’s market continues to grow.
Rebecca