Are you a proud homeowner in Saline, Michigan, contemplating selling your property? If so, you’re in luck! The real estate market in Saline is thriving, and with the right team by your side, you can maximize your property’s value and ensure a smooth and successful sale. Look no further than the Arbor Move Team, the experts you can trust to market, list, and sell your home for top dollar. Let’s dive into why the Arbor Move Team is your go-to resource for selling your home in Saline.
Unmatched Local Knowledge:
The Arbor Move Team has an in-depth understanding of the Saline real estate market, as well as the surrounding communities. Their knowledge of local trends, property values, and market fluctuations allows them to price your home competitively to attract potential buyers while ensuring you get the most out of your investment.
Effective Marketing Strategies:
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Comprehensive Home Evaluation:
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Sell Your Home Now with Arbor Move:
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Originally published on: August 16, 2022 by Lily Katz and Sebastian Sandoval-Olascoaga from REDFIN. Original article here: https://www.redfin.com/news/home-purchases-fall-through-july-2022/
About 63,000 home-purchase agreements were called off in July, equal to 16% of homes that went under contract that month. That’s the highest rate in more than two years.
Nationwide, roughly 63,000 home-purchase agreements fell through in July, equal to 16.1% of homes that went under contract that month. That’s the highest percentage on record with the exception of March and April 2020, when the onset of the coronavirus pandemic brought the housing market to a near standstill. It’s up from a revised rate of 15% one month earlier and 12.5% one year earlier.
This is according to a Redfin analysis of MLS data going back through 2017. Please note that homes that fell out of contract during a given month didn’t necessarily go under contract the same month. For example, a home that fell out of contract in July could have gone under contract in June. This data is subject to revision.
The housing market is slowing as higher mortgage rates sideline many prospective homebuyers. With competition declining, the house hunters who are still in the market are enjoying newfound bargaining power—a stark contrast from last year, when they often had to pull out every stop in order to win. Today’s buyers are more likely to utilize contract contingencies that allow them to back out without financial penalty if something goes wrong. And with an increasing number of homes to choose from, they’re also more likely to call a deal off if a seller refuses to bring the price down or make requested repairs—a situation that has become increasingly common given that sellers are still adjusting to the cooling market.
“Homes are sitting on the market longer now, so buyers realize they have more options and more room to negotiate. They’re asking for repairs, concessions and contingencies, and if sellers say no, they’re backing out and moving on because they’re confident they can find something better,” said Heather Kruayai, a Redfin real estate agent in Jacksonville, FL. “Buyers are also skittish because they’re afraid a potential recession could cause home prices to drop. They don’t want to end up in a situation where they purchase a home and it’s worth $200,000 less in two years, so some are opting to wait in hopes of buying when prices are lower.”
Alexis Malin, another Redfin agent in Jacksonville, warns that there’s no guarantee buyers will be able to find better deals in the future. Annual home-price growth has started to slow—to 8% today from 17% a year ago—but prices are still on the rise and Redfin economists don’t expect them to crash.
“Some buyers who are backing out of deals have this mindset that the market is crashing and they’ll be able to get a home for $100,000 less in six months. That’s not necessarily the case,” she said. “Homes in many parts of Florida are still selling for a pretty penny, so I warn my buyers that the grass might not actually be greener on the other side.”
Some buyers may also be backing out due to 5%-plus mortgage rates. Those who started their search months ago, when rates were closer to 3%, may be realizing the type of home they wanted before is now out of budget since monthly mortgage payments have soared nearly 40% year over year.
“Home-purchase cancellations may begin to taper off as sellers get used to a slower-paced market,” said Redfin Deputy Chief Economist Taylor Marr. “Sellers have already begun to lower their prices after putting their homes on the market. They’ll likely start pricing their properties lower from the get-go and become increasingly open to negotiations.”
Jacksonville and Las Vegas Have Highest Rate of Home-Purchase Cancellations
In Jacksonville, roughly 800 home-purchase agreements were called off in July, equal to 29.3% of homes that went under contract that month. That’s the highest percentage among the 93 U.S. metropolitan areas Redfin analyzed. Next came Las Vegas (27.4%), Lakeland, FL (26.2%), New Orleans (25.9%), San Antonio (25%), Orlando, FL (24.5%), Palm Bay, FL (24.5%), Deltona, FL (24%), Atlanta (23.7%) and Pensacola, FL (23.6%). Metros must have had at least 1,000 pending home sales in July to be included. Scroll down for a table including data on all 93 metros.
Six of the top 10 metros are in Florida. Florida exploded in popularity among homebuyers during the pandemic, and has also seen among the highest price growth in the nation. That’s causing competition to slow, meaning more buyers are negotiating—and backing out if sellers aren’t giving them what they want. In Orlando, 37.4% of home offers written by Redfin agents faced competition in July, down from 81.4% a year earlier—the largest year-over-year decline among metros analyzed by Redfin.
“The last four buyers I’ve worked with have all backed out of deals,” Malin said. “One of my clients asked the seller for money to cover the home being repainted. The seller said no at first, so my buyer canceled the contract, but the seller then changed their mind and repainted the whole house. My buyer still walked away because he decided he didn’t love the home that much after all and he knew he had other options.”
Malin continued: “Another one of my buyers recently backed out of a deal because the home needed a new roof and the listing agent said they weren’t sure that was possible. My buyer didn’t want to deal with the trouble and decided they preferred a move-in ready home.”
Kruayai, the other Jacksonville agent, advises her sellers to make sure their homes are in tip-top condition and stand out from the crowd given the increased likelihood of buyers backing out. That means fixing missing shingles, faulty electrical boxes and other issues buyers might catch, and being open to negotiations.
Newark, NJ had the lowest rate of deal cancellations. About 75 home-purchase agreements fell through in July, equal to 2.7% of homes that went under contract that month. It was followed by Omaha, NE (4.9%), Nassau County, NY (5.9%), Rochester, NY (6.9%) and New York, NY (7.1%).
Metro-Level Summary: July 2022
The table below measures pending sales that fell out of contract as a percentage of overall pending sales, and is sorted from highest to lowest. A metro must have had at least 1,000 pending home sales in July 2022 to be included. Search:
U.S. Metro Area
Pending Sales that Fell Out of Contract, as % of Overall Pending Sales
Note from Middy: This headline is deceiving. I believe, from my experience in the field, the buyers were buying quickly and forcibly, then second guessed their decision, as the dust cleared. It felt like, and was, panic buying, and they backed out of the contracts before the inspection period was over. This happened more than we have ever seen it happen, but the buyers were offering everything but their first born and finding themselves very exposed, and with that it was understandable that this would be the outcome.
With a continuing hot real estate market, many contracts are written with an appraisal bridge, or appraisal gap, written in. As a buyer this may be confusing and get overlooked when you agree to write this in. Let’s explain what this means and how it will affect your bottom line, or what you bring to the closing table in terms of funds to close.
Your realtor will add a line to the contract that may look like this:
“In the event the property does not appraise for at least the sales price, the purchaser hereby agrees to pay $_______________ over appraised value up to the sales price.”
Depending on the sale price of the property and the amount of money the buyer may have to contribute that blank will vary a lot. What does this mean to you, as the buyer. Well, this amount is the amount above your down payment and closing costs. The bank will only lend on the appraised value, and that’s minus your down payment. Again, the bank will ONLY lend on the appraised value, no matter what you’re willing to pay. This is to protect them, as they are the guarantor of the loan, so if you should be unable to pay, they will be able to recoup their money. I know, seems a little grim, but that’s just business.
So, let’s look at an example of what this might look like. Remember, you’re up against 2 or three others that might be offering contracts on this same property so you’ll want to put your best foot forward if this is the house you really want. Here’s an example of what you might have as a contract and what that looks like at the closing table:
The house lists at $250,000 and it’s fully updated and has everything you wanted, so you’re in love and ready to fight for this one. You offer $275,000 with 10% down and an appraisal bridge of $15,000 (hoping it appraises for $260,000 at least). There are many scenarios here that could happen, for one, it could appraise ‘at value’ meaning $275,000 and you have to come to the table with your original 10% down and closing costs, here’s what that looks like:
This estimate is without lenders fees, as they vary and without your appraisal fee, that you paid for and does not acount for taxes that the seller may have pre paid for and from date of closing forward, you will pay them for.
Now, lets say that appraised at $260,000 and you had to bring the $15,000 that you promised to cover that cost. That’s $15,000 above the almost $30,000 you are wiring to close, so that’s $45,000 instead of $30,000.
Make sure you understand this before agreeing to it on the contract. That being said, this is the #1 line in the contracts right now that will get you that sale, so don’t omit it in hopes of paying less for the house, as it’s what’s winning in my market today. If $5000 is what you can bring to the closing table, of $2000, make sure you write it down and commit to it, that amount might win you that contract and get you into that house.
If you have any questions please feel free to reach out to me at middy@arbormove.com and I’m happy to help.
The appraiser is the person who evaluates your property to determine its value. If you want a higher appraisal, you’re going to need some expert help. Here are five strategies that will increase your success rate when it comes time for an appraisal review:
Audit your house’s interior to see what needs improvement and make it something that an appraiser would notice. This will also help you save money on future upgrades by knowing which repairs need doing first.
Get quotes from professionals for any work needed, as well as the costs of a contractor for having them do it – rearrange your furniture if it looks cluttered or messy. An appraiser will want to see how much room is in the house, and can’t do that when everything’s piled up on top of each other.
Clean thoroughly before an appraisal review, paying special attention to surfaces like counters and appliances where grease might be built up.
Have a professional clean your carpets so the appraiser can see what they really look like. An appraised home value will be lower if the house seems worn.
Make sure all of your appliances are in good working order, as an appraisers will want to know how well maintained it is.
Your realtor, or the listing agent, should attend the appraisal and come with comps that support the sale price, the listing and the sales contract.
If your appraisal comes in low, you will have to negotiate the sale price, get a different lender, or come up with the difference, or risk losing the house.
Your realtor should be able to explain any of this with you but if you’re still confused, please reach out, we are here to help.
