Selling a Home

City of Plymouth Home Values Near Pre-Recession Highs

| BAKE REAL ESTATE

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As summer ends, this is a good time to add some perspective to what we’ve seen in the market so far this year. If you have bought or are trying to buy a house or condo in the City of Plymouth in 2013, this chart will not surprise you.  With homes selling quickly and often above asking price with multiple offers, values have been rising sharply this year. To see just how dramatic the increase has been, here is the price trend over past 10 years.  The data is just for the City of Plymouth (not the Township) and includes both homes and condos.  Not included are non-listed sales. But based on our knowledge of the market, the effect of non-listed data on the above chart would be negligible. csc_1972 As prices rise, we are seeing more people consider selling their homes which should ease the lack of available inventory. This however will be countered by the annual seasonal slowing of the market and higher and higher price expectations of sellers regardless of the location, condition, and layout of their home. Homes that have marginal locations, lack updates, and/or are priced too high will not sell quickly. So if you are trying to buy –  continue to expect some frustration as supply remains very limited in the City of Plymouth. I’ll be posting a similar chart for the City of Northville very soon.

Data Source: RealComp

The Plymouth and Northville Spring Real Estate Market Rush has Begun!

| Carrie

The Plymouth and Northville Real Estate markets have done better than most over the past several years.  And now with the local Automotive industry recording robust profits and paying out bonuses, combined with a more diversified local economic base, the residential Real Estate market has further strengthened in value.

Newly listed properties are often selling quickly while some properties are even receiving multiple offers. As usual, the homes with best locations, amenities, and updates will not only appeal to the most people, but also sell for the highest prices in the least amount of time.

Why is the recovery in Real Estate prices happening?  Low inventory and more buyers seems to be the answer or simply less supply and more demand. There just aren’t enough properties on the market to satisfy buyers who feel more financially secure or are moving to the area. Here’s how Plymouth and Northville active real estate listings in February compare to the same time last year.

There are clearly fewer homes available and we don’t see the trend changing appreciably in the near future.  The mild Winter kept buying traffic strong through the winter months and now with the Spring selling season kicking off, inventory is likely to remain limited.

So have Real Estate values really increased?  Many of you have seen your 2012 Tax assessment increase for the second year in a row.  This is a direct result of rising home prices.  Keep in mind that these Tax assessments are a ‘lagging indicator’ of your home’s value as the assessment period ended approximately 5 months prior to when you received your new assessment.  Here’s the year over year change (increase) in Real Estate prices for the month of February:

What does this mean for Plymouth and Northville Real Estate buyers and sellers?

For Buyers:  We recommend finding a local buyer’s agent who can identify new homes just listed or soon to be listed. You should also get a pre-approval letter from a lender.  And then you should educated yourself about the local market by seeing houses as they come on the market.  You may need to act quickly so the more you know now, the faster you’ll be able to make a decision when the right house does come along.

For Sellers:  If you’ve delayed putting your home on the market, this may be the time to sell.  While other areas of Southeast Michigan may not be as strong as ours and prices were lower a couple of years ago, things have definitely changed.  It’s a good time to sell right now in Plymouth and Northville. Of course, you’ll want the advice and assistance of an experienced local REALTOR since selling a home in today’s market can be a complicated and time-consuming process.

If you are planning to buy or sell a home in the Plymouth or Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process. You can reach me at 734-788-2398 or carrie@bobbake.com.

City of Northville Real Estate Values Increasing Year over Year

| BAKE REAL ESTATE

The City of Northville Real Estate market showed relative strength in 2010 vs. 2009 as the economy began to recover in western Wayne County. The resurgence of Automotive and the overall stabilization of the region, combined with the Federal Tax Credit in 2010, all contributed to stronger consumer confidence and better values.

For 2010 vs. 2009, we’ve seen approx. 9 % fewer homes sold (31 vs. 34) but the average selling price increased from $232,313 in 2009 to $277,532 in 2010. Given the relatively small number of sales in the City and the effect of a few high value sales in 2010, the data can be a little misleading. Nevertheless, the trend does show an increase in both average and median sales prices year over year.  During the early part of 2010, the Tax Credit seemed to drive an increase in buying activity although some of this can be explained as ‘pull ahead’ sales.  The City of Northville Real Estate market has always remained attractive due to the historic homes, downtown shopping and restaurants, school system, parks, and much, much more.

To see more homes available for sale in Northville, please visit www.bobbake.com or simply contact Carrie, Northville REALTOR, at 734-788-2398 –  carrie@bobbake.com or Patrick, Northville REALTOR,at  734-272-8375 – patrick@bobbake.com.  If you have a home to sell in the Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the Northville area with the experience and knowledge to assist you throughout your home buying and selling process.

Plymouth Township Real Estate Values Improving Year over Year

| BAKE REAL ESTATE
Plymouth Township continues to be a relatively strong real estate market as the economy begins to recover in western Wayne County. The resurgence of Automotive and the overall stabilization of the region, combined with the Federal Tax Credit in 2010, all contributed to stronger consumer confidence and better values. The area also offers a wide range of newer and older homes with plenty of space for growing families.

For 2010 vs. 2009, we’ve had approx. 8 % fewer homes sold (234 vs. 254) but the average selling price increased from $224,531 in 2009 to $239,116 in 2010.  During the early part of 2010, the Tax Credit seemed to drive an increase in buying activity although some of this can be explained as ‘pull ahead’ sales.  The Township of Plymouth Real Estate market has remained relatively strong throughout the economic downturn. The ‘pull factors’ that have kept Plymouth Township pricing strong includes the diversity in homes, proximity to downtown Plymouth as well as major roads and highways, school system, local parks and much, much more.

To see more homes available for sale in Plymouth Township, please visit www.bobbake.com or simply contact Carrie, Plymouth REALTOR, at 734-788-2398 –  carrie@bobbake.com or Patrick, Plymouth REALTOR,at  734-272-8375 – patrick@bobbake.com.  If you have a home to sell in the Plymouth area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the Plymouth area with the experience and knowledge to assist you throughout your home buying and selling process.

The Everlasting Mid-Century Tile Bathroom

| Carrie

If you’ve ever owned or searched for a mid-century era home, you probably have seen the ubiquitous tile bathroom I’m referring to.  A recent New York Times article: Bathrooms: Pretty in Pink, Again, discusses the virtues of these classic tile bathrooms from the 50’s and 60’s. Instead of demolishing them, homeowners are now seeing the beauty of the craftsmanship and the color. These tile bathrooms were also built very well and often require not just tile removal, but wall removal – so replacing them is not an easy nor low-cost job. 

According to the article, “Ceramic tile work done before the 1970s was usually of very high quality, according to architects and architectural historians. The tiles themselves were often more substantial and less prone to crack and the so-called mud job, or the way tiles are set in place, was more careful and adhesive.”

“The tiles back then were laid in real mortar, which is why so many of the pink and other wild-colored bathrooms survived,” said Jane Powell, a restoration consultant in Oakland, Calif., and the author of “Bungalow Bathrooms” (2001). “It’s extremely labor intensive and expensive to get rid of them.”

 Many were pink, beige, blue and green. For those of you who might have a pink example of the genre – there’s even a blog for you: www.savethepinkbathrooms.com.

While colors come and go with the season, one thing that never goes out of style is quality . So if you are lucky enough to have one of these bathrooms, think twice before renovating and look at the value in the tile work you have. Try changing different aspects of your bathroom while keeping the tile. You can also try painting or glazing the tile, but results can be mixed in terms of the final finish. Sometimes it’s best to just love the tile you have!

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Holiday Decorations Around Town

| BAKE REAL ESTATE

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It’s the season…  so I thought I’d share some December blizzard pics from around town.  Although there are fewer Real Estate transactions during the winter months, there is still a very active market. And often those buyers in the market are looking for a reason – they usually want or need to move and move quickly due to relocation or other reasons. If you are searching for your next home in Northville or Plymouth, please feel free to give us a call at 734-788-2398 (Carrie) or 734-272-8375 (Pat). Also, please check our company website at www.bobbake.com for more listings and information about Northville and Plymouth.  Thanks!

Shortage of Homes for Sale in the City of Plymouth!

| BAKE REAL ESTATE

 

According to the Realcomp (REALTOR’s Multiple Listing Service), there were only 82 new listings in Plymouth (48170) in August 2010 vs. 113 in 2009 or a 27% decrease. We’ve seen this decrease on the street with fewer quality homes for sale and a general lack of good inventory to show buyers. As a result, home prices (especially in the City) are doing well and Plymouth has remained an attractive destination for home buyers. If you are thinking of selling, now may be the time.

If you’d like to get a professional opinion on the value of your home and whether now might be the time to sell, please give us a call and we’d be happy to discuss  your situation with you and what we can do to help.  You can contact Carrie at 734-788-2398 / carrie@bobbake.com or Patrick at 734-272-8375 / patrick@bobbake.com.

Which Home Improvements will Return my Investment? 2009 Cost vs. Value Report: REALTOR® Magazine

| BAKE REAL ESTATE

One of the questions we get all the time is “which home improvements can I do that will increase my home’s selling price?” That’s not a simple question given all the variables involved with home improvement projects. But as a rule of thumb, we like to suggest that people perform improvements that they can enjoy while living in the home vs. waiting until it’s time to sell. Having said that, there are always small and large things that we recommend to sellers when selling their home that will improve home value. For another opinion, here’s an article from Realtor Magazine with some ideas on how to improve your home’s value – both for you to enjoy now and for when it comes time to sell: 2009 Cost vs. Value Report: REALTOR® Magazine. To see properties for sale in Plymouth and Northville, please visit our homepage at www.bobbake.com.  Thank you.

Why Do Some Homes Sell in a Week, While Others Take Months?

| BAKE REAL ESTATE

DSC_4705One of the most common questions we get asked is, “on average, how long do houses sit on the market before being sold?” The average right now for the last 12 months is north of 100 days in our area. So why do some houses sell in a few days while others take months? It depends on 3 factors: First is the “Desirability” of the home in terms of location, layout, specifications, updates, presentation, amenities, etc. Second, is the pricing of the home relative to what buyers are paying for comparable homes. Third, is the knowledge, skill, hardwork, and relationships that your Realtor must apply in order to maximize the value of and to sell your home.

All three factors are related and can be optimized by the homeowner and by us. Desirability is something that can be improved to help you sell your home faster and at a higher price. While you can’t change the location of  your home, you can improve the presentation of your home by emphasizing it’s strengths, addressing it’s weaknesses, and establishing a coherent ‘story’ for the home. We can work with you to make sure your home is poised and positioned to attract your target buyer at the highest price. And when it comes to price, obviously the closer the price is to the market, the faster it will sell – in general. Buyers today are less willing and certainly less able to overbuy based on impulse or emotion so transaction prices for homes are more predictable based on historical data. But with prices much lower than market highs, maximizing the Desirability of your home – combined with optimized pricing – combined with the third critical element – intensive marketing, selling, and plenty of hard work by everyone (including the homeowner) is the price of entry when selling your home.

If you want to learn more about this topic, submit a reply below or just email us at carrie@bobbake.com or patrick@bobbake.com. We’d be more than happy to meet with you and share what we know about buying and selling homes – specifically in Plymouth and Northville. As home and design enthusiasts and as local residents ourselves, we love to talk about anything related to homes and home design but most of all, we love to help our fellow neighbors and friends! Our ‘official’ homepage can be found at www.bobbake.com.

Where It All Began – Robert Bake Realtors

| BAKE REAL ESTATE

robertbakeRobert Bake Realtors of Plymouth on the corner of Ann Arbor Trail and S. Harvey was where it all began.  Bob (Robert) Bake started his business on this site in 1967 and later merged with Coldwell Banker Schweitzer-Bake on Main St.

Today, both Bob and his daughter Carrie are experts and specialists in the Plymouth and Northville communities. You can learn more about them at www.bobbbake.com. The building is no longer there unfortunately but their legacy and ongoing service to home buyers and sellers continues.

Preparing Your Home for Sale

| BAKE REAL ESTATE

dsc_1875Here’s a list of items you may want to consider doing when selling your home. Obviously, the more you do to prepare your home for sale, the more and higher offers you will get.  And even if you aren’t selling, some of these ideas will help you enjoy your home to the fullest.  One of life’s biggest regrets is updating a bathroom, kitchen, or basement, just before you sell it and never enjoying that new kitchen or finished basement!

  1. Remove clutter from basements, closets, extra bedrooms, garages, decks, and everywhere.  Get rid of the extra stuff through garage sales, charitable donations, or storage. Potential buyers should see vast open storage areas and closets when they go through your home – not shelves stuffed full of junk. You want buyers to notice how much storage your home offers vs. how much stuff you have.
  2. Use rooms for what they were designed for. Bedrooms should have beds in them and not extra computer or exercise equipment. Den’s should have desks and  books in them and not be a play room for the kids.  The more you can help buyers visualize how a space should be used – the better. For example, when there’s a pool in the backyard, buyers will have a hard time liking the size and privacy of the year.  Instead, they will remember the pool and that can work for you or more likely, against you.
  3. Clean, paint, and refinish as required.  Any cosmetic imperfections are easy eye-catchers and also easy to repair. Old and out-of-style wall paper should be removed and walls repainted a neutral color. Avoid bold colors unless you have a great sense for color.  Often, a bold color will have buyers commenting about your color sense vs. the size and functionality of the room. Walls, door handles, light switches should all be cleaned. Floors, furniture, wall hangings, everything inside and out should be spotless. Make sure to clean all your light fixtures and light bulbs. You’ll be surprised how much brighter your rooms will look!
  4. Neutralize the decor by removing personal items such as family pictures.  You want the potential buyer to see the home and picture themselves there.  You want to paint a picture where they buyer can easily imagine living there and not spend time noticing your personal belongings or what your kids look like. Imagine a nice upscale hotel lobby or a great model home. It’s ok obviously to keep a few things out – enough to add warmth and comfort.

There’s plenty of more things that can be done of course.  This list is just a start. When you list your home for sale, we’ll share more things you can do to really set your home apart from the competition. Contact Carrie at 734-788-2398 for more information.

Make Sure You Do This When Vacating Your House

| BAKE REAL ESTATE

Before leaving your house for an extended period of time, make sure you think about doing the following:

  1. Shut off the main water supply to the house.  It’s the lever or screw valve in the basement coming out of the floor near your water meter. If you do have a plumbing problem (bursts, leaks, freezes, etc.), this will help lessen the risk.  One time, I was in the basement turning off the water when I noticed a dripping sound.  It turned out that a water line supplying the fridge ice maker has sprung a leak.  The basement ceiling drywall was wet, sagging, and dripping water onto the carpet. I was very lucky to have caught this problem right away! 
  2. Turn down the heat but keep it around 60 or so. If you turn it down too much, pipes in exterior walls might freeze depending on the winds.
  3. Turn down your hot water tank heater. Why spend energy and money keeping 40 or more gallons of water hot and ready when you aren’t going to use it?
  4. Do a complete inspection of the house to make sure all your doors and windows are locked, electrical appliances and power strips are off, lights are off (except maybe a couple of timers), there are no signs of water leakage, and you haven’t forgotten any important documents or medicines.
  5. Have someone pick up your mail and any leaflets or newspapers left at your door or on your driveway.  You can also have the post office hold your mail or redirect it.
  6. If you have pets or plants in the house, makes sure someone is available to care for them while you are away.  You may want to leave the temperature in the house the same as well.
  7. Close windows shades, curtains, shutters, etc. to help insulate the house while you are away.