Michigan cities such as Lathrup Village, Farmington Hills, Bloomfield Hills and Oak Park are seeing active real estate markets with some areas still in a buyer's market, says local Realtor Rodmon Jackson.
Lathrup Village
"Lathrup Village is an upscale city with an excellent school district, good appreciation value, strong communities, and is near major expressways and shopping," says Jackson. "The property values are appreciating at a "normal" rate from year to year and are sold relatively quickly if marketed at the correct price."
Jackson advises, "Buyers, you have the luxury of taking your time to make a decision (in most cases), however you will need to put your best foot forward and make a strong first offer. They are not going to give it away!"
Farmington Hills
"There is a fairly active market in Farmington Hills," says Jackson. "Sellers who are accurately priced are selling at or near asking price. If your home is not accurately priced then it will be on the market longer, and it will seem as if it is taking forever. If you are not an aggressive buyer, the home you are thinking about may have just been sold."
Bloomfield Hills
"The market in Bloomfield Hills is currently a buyer's market," says Jackson, "with many of the homes needing a longer marketing period to sale. The average buyer is touring an average of 10-12 homes before making a decision, and then negotiating the best price.
Suggests Jackson, "As a seller there are three ways to ensure your home sells as quickly as possible:1.) price it competitively, 2.) improve curb appeal, 3.) be willing to negotiate, and 4.) use a lockbox for showing ease.
"As a buyer there are three things you can do to ensure you get the home you really want: 1.) Know what you want, 2.) When you find it, ask your professional to give you the accurate market value, with comparables to support it, and 3.) offer what it is worth. You do not want to lose your dream house because you wanted a deal!"
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Published: May 15, 2003
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