Market Update

Market is still hot! Not quite as hot as a couple months ago, but still quite active.

Most Homes are selling within days.

Homes are getting many viewings and sellers are usually getting offers over list price.

Remember,  "List Price," is what the comparables (similar homes that sold) show.

Buyers who qualify for over the homes List Price, are offering over list price to increase their chances of the sellers accepting their contract. We warn the sellers that the property sales price may not be acceptable to the appraiser. Most Sellers are willing to take the chance.

We have a system that we use, that has helped us convince the appraiser that the home is worth what the buyer is willing to pay.  It's not 100% effective, but it is effective.

You may ask, why not just price the home $20,000 over what the comparables indicate?

If we did this, the number of showings would fall greatly. We have seen this in listings where the seller did just that. Showings were way down, the home sat longer on the market and the buyers noticed this. This actually created a situation where buyers were offering below List Price.

By pricing the home at market value, it creates a competition among buyers. This is what starts the bidding war!

Only Humans would do this

 

Home Appreciation Hits 30-Year High

The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices rose 14.6% year over year in April. 

This is a 30-year high and even stronger than the already hot 13.3% annual appreciation reported in March. The 20-city index rose from 13.4% to 14.9% year over year, with almost all the cities showing strong gains. 

Phoenix (+22.3%), San Diego (+21.6%), and Seattle (+20.2%) continued to report the highest annual gains among the 20 cities. 

The Federal Housing Finance Agency (FHFA) also released their House Price Index, which measures home price appreciation on single-family homes with conforming loan amounts. 

While you can have a million-dollar home with a conforming loan amount, the report most likely represents lower-priced homes, where supply is tightest and demand is strongest. 

Click on Link.

18302 DeJong Ln, Lansing. New Listing

This is one of the Nicest Homes in Lansing! Beautiful and Updated Forester Quad Level in Excellent Condition. All you have to do is Move In! Formal Dining room Overlooks the Living room which has a Bow Window and Cathedral Ceiling. Spacious and Updated Eat In Kitchen with Garden Window, Ceramic backsplash and Appliances included. Kitchen overlooks the Family room with Brick fireplace. Finished Laundry room. 3 Large Bedrooms including the Master Bedroom with 2 Closets and a Private Bath. Bedrooms have Ceiling Fans. Main Bath has a New Skylight and Ceramic Tile. Finished Basement with a 2nd Family room. There are 2 Crawl spaces, approx 5 ft in height. Carpeted, well lit with Abundant Storage. 2 Car attached Garage. In Ground Sprinkling System. New Interior and Exterior Doors. Attic Fan. Brand New Roof, Gutters and Downspouts (2021). Picturesque back yard with newly Stained Deck, Pergola, Shed and an abundance of Beauty! It is Beautiful! Home is close to Schools, Shopping and Major Highways for an Easier Commute.

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