Are people buying homes right now? We get asked that question daily, and the resounding answer is yes. Our Clarkston real estate market, and really all of southeast Michigan, is doing very well. Our team is listing on average two homes a week, and most are under contract at (or very near) list price, and some are receiving multiple offers, the first weekend. Depending on the area, the home, and the pricing, we see homes in very competitive bidding situations. The number of calls we are getting daily gives it a feel of 2020 and 2021, but time will certainly tell as the spring continues to unfold. That was a time none of us had experienced before, and honestly, I hope we never do again. That market made me nervous, having worked through 2008 and 2009, as feelings of a real estate bubble were pouring down on me like our recent rainfalls. Fortunately, the market cooled and leveled, and interest rates plus homeowner equity also eased the concerns of another bubble. With two thirds of homeowners having paid off their homes, or have at least 50% equity currently (according to ATTOM and Census 2026 estimates), that also eases concerns of a market crash.
What are best practices for sellers and buyers in the current market climate? That is another question we get asked every day, so let’s dive into that. Of course, space is limited here, so here are just a few points to consider. This is normally an hour consultation or more for us, depending on a home’s needs, conditions, and size. That same consultation for buyers is about the same, as this is a huge decision and requires great strategy.
If you are considering selling your home, homes that are priced appropriately, updated, clean, well maintained, and move in ready, are performing extremely well. Let me clarify that “updated” does not necessarily mean HGTV shiny and new. Some new lighting, carpet, and paint can go a long way. Homes that have great bones, and are meticulously maintained perform well in any market, and while they may not get top dollar compared to newly updated homes, they perform well just the same. Buyers know they can move in and start updating at their pace. Up to date mechanicals, windows, and roofs are the big-ticket items that get flagged at home inspections, leaving buyers feeling confident they won’t have to replace those in the near future. Think of it this way, which car are most probable to be interested in buying? The one that is dirty inside with obvious signs of deferred maintenance, and neglect is obvious, or the one that is clean and obviously well cared for. I will add that the strategy of “let’s list high, we can always come down” is simply not a good strategy in our current market. Those typically are the homes you see still available on the market, and the listing becomes stale, attracting less activity.
For home buyers, first and foremost, it is imperative that you have a strong mortgage preapproval when you start home shopping. Strong means the lender has already collected their necessary documentation, verified employment & income, and verified your necessary funds. A purchaser that has already been approved through underwriting is a big plus. Using a lender that will “go to bat” for you, call the listing agent on your and your Realtor’s behalf, is a must. Many offers are submitted on weekends, so a lender that will answer or return a call on weekends is another huge plus, because many Realtors will make the mistake of calling for a “highest & best deadline” on a Sunday, and your lender going to bat for you is imperative. Our offer deadlines are always on a Monday, allowing me the opportunity to be able to reach every lender, verify all preapprovals (and proof of funds for cash offers) if they don’t work on weekends (big bank lenders are the best example), and compile my spreadsheet to discuss offers with our sellers. A very important step in the home buying process is sitting down for an in depth “buyer consultation” where we discuss the buyer’s wants & needs in a home, clarify the entire process, and let them get to know us. Since every buyer MUST have a written contract with their Realtor, this is the time we explain everything we will do for them, including how we present offers to the listing agent, our team concept which allows them to never miss an opportunity, and communication. I cannot tell you how many buyers come to our open houses that can’t reach their agent, who is on vacation, not reachable, and there is no one covering their business. Having contingency plans in place is imperative in this market, and these are responsibilities concerning a purchase worth several hundred thousand dollars, so this topic you MUST discuss with your perspective real estate professional, no matter who it is.
This could be a multi-part article, but I hope this information helps. Working with a real estate professional should carry the same screening process as a financial advisor, attorney, or medical practitioner. This is an enormous decision, and should be treated as such, because the wrong decisions could cost you thousands of dollars, or keep you from getting your dream home.
Happy selling and house hunting, enjoy our wonderful Michigan spring, and MAKE IT memorable!
