The latest statistics that have come from the local MLS show that 50% of all sales are REO and Short Sale. This has been the case in the Metro-Detroit market for the past several years. I know other markets around the country have just recently joined our misery party, welcome to it. One of the effects that I have observed, out of the many, is that this has drastically changed the mind set of the Buyers.
With the dominance of REO and Short Sales, this has cemented the idea that all homes are vacant and should have immediate access. All REO's, most Short Sales along with many other homes on the market are all vacant. This has established the idea that when a buyer wants to see a house, whether they are driving down the street, or making an appointment an hour from now... the Buyer EXPECTS to get in.
I was explaining this psychology while on a listing appointment this week. I would still agree that pricing is still the #1 challenge to selling in this market, but #2 is access. If a seller limits the hours a home can be shown, demands to be present when the home is shown, or requires large lead times to show the home these access limitations will probably deter many buyers. I am challenging my buyers to allow as much access as quickly as possible to compete with the piles of vacant homes that are on the market.
The statistics from the MLS also showed that sale on Non-Distressed homes are also increasing. As non-distressed sellers compete with REO's and Shorts on price, if they allow liberal access I believe they can beat out the other properties with ease.
When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estateneeds, you choose a Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.
We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in Wayne County , Oakland County, Livingston County, and Washetenaw Countywe specialize in Canton, Plymouth, Northville, Livonia and Novi.
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Scott A. Petersen
Remerica Country Place
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