5 Reasons Why Cash is King in Real Estate
You may have heard that term before, ‘Cash is King’ when referring to a whole host of things. But it’s never been more true than in today’s real estate market. With such a lack of inventory, especially in the Ann Arbor area, as soon as a home comes to the market for sale, it’s not uncommon for it to receive multiple offers. Here are a few reasons why a cash offer is more appealing to the seller.
With a Cash Offer:
- There is no question that the buyer will be able to secure a loan for the purchase price.
- A lot of potential problems with financing are avoided.
- Since no bank appraisal is required, there is no worry that the home won’t appraise.
- The seller has more confidence in the buyer.
- It makes for a smoother transaction throughout the closing process.
While requiring financing isn’t a bad thing when making an offer on a home, in fact it’s the norm, if a buyer does have cash, the offer can be more appealing to the seller. To learn more about purchasing a home in today’s real estate market and the best way to make an offer, contact us at 734-761-3060 or firstname.lastname@example.org. With over 27 years in the real estate business, we have the experience to help guide you through the process!
7225 Roxbury, Ypsilanti MI
New Listing! 7225 Roxbury, Ypsilanti is a beautiful, move-in ready home located in the popular Greene Farms subdivision. Details include:
- 1972 square feet with 4 bedrooms and 2.1 baths
- Formal dining room with elegant wainscoting
- Family room has cozy fireplace
- Private bath in the vaulted master suite
- More photos and features
- MLS# 3220693
- Listed for $204,900
For more information or to schedule a showing for 7225 Roxbury, Ypsilanti contact The Bouma Group, Realtors at 734-761-3060 or email@example.com. Don’t wait, this great house won’t last on the market long!
2087 Whispering Woods Court, Ann Arbor MI
Just Listed! The Bouma Group just listed 2087 Whispering Woods Court, an Ann Arbor luxury real estate listing at Walnut Ridge. This stunning ‘Somerset’ model offers:
- 4076 square feet with 4 bedrooms and 3.1 baths
- Almost 3/4 acre lot on a cul-de-sac
- Soaring 2 story great room with fireplace and wall of windows
- Huge kitchen with all of the extras
- More photos and amenities
- Virtual tour
- MLS# 3220780
- Listed for $878,000
The Bouma Group, luxury real estate specialists, sell more Walnut Ridge homes than any other agent. To request your private showing or to learn more about 2087 Whispering Woods Court, contact us today at 734-761-3060 or email firstname.lastname@example.org.
1237 Corral Lane, South Lyon MI
New Listing! The Bouma Group just listed 1237 Corral Lane, South Lyon, a Toll Brothers built home in the Trotters Pointe neighborhood. Features include:
- 2650 square feet, plus 1000 in the finished lower level, 4 bedrooms and 3.1 baths
- Spectacular upgrades and finishes throughout
- Kitchen just remodeled with granite counters, stainless appliances, 42″ cabinets and tile backsplash
- Lower level offers huge family room with wet bar, study, and full bath with rain shower
- More photos & features
- MLS# 3220625
- Listed for $379,900
To request more information or a private showing for 1237 Corral Lane, contact us, The Bouma Group Realtors at 734-761-3060 or email email@example.com today!
Home Inspection vs. Home Appraisal
When purchasing a new home, an appraisal and an inspection will be performed before you are able to close and call it your own. You may be wondering what the difference is and why either needs to be performed.
- Performed by a licensed appraiser that is hired by the bank you are securing your loan through.
- Will assess the current value of the home based on a variety of factors, including: square footage, amenities, and values of recently sold homes in the neighborhood or area.
- It is used to find the value of the property in order to be sure it does not exceed the desired loan amount.
- Performed by a licensed home inspector, typically hired by the buyer.
- Will assess the current condition of the property, including structural and system issues, and uncover any problems not immediately visible.
- A well and septic, radon, and/or pest inspection may be performed at this time as well.
- It is typically written into a real estate purchase agreement as a condition of the sale.
Having been in the real estate business for more than two decades, The Bouma Group has worked with most of the local inspectors and bank appraisers. We can help find the best fit for you, so contact us at firstname.lastname@example.org or 734-761-3060 for a list of our preferred partners or if you have any questions about the home sale process!
The national real estate market is dealing with an issue of supply and demand right now and it’s impacting both buyers and sellers.
Specifically, the national housing market has too few people selling their homes compared with the number of people who want to buy homes, according to a recent report from Standard & Poor’s/Case Shiller.
This is consequently driving home prices up, which in some cases is making available homes for sale unaffordable to buyers.
It’s certainly a unique situation and one that both home buyers and home sellers are going to need to learn how to navigate in the coming months.
Recent National Housing Market Activity Explained
Here’s what we know based on the recent Standard & Poor’s/Case-Shiller 20-city index:
- Last year saw a 13.4 percent jump in the average price of a home sold.
- Average prices nationally are expected to increase by single digits this year.
- The gains are expected to be the strongest in those cities with strong job growth, including Seattle and Austin.
- Meanwhile, lenders are beginning to ease barriers for those with less-than-ideal credit, meaning that these home buyers could find it easier to qualify for a mortgage and buy a home.
- Currently there are about five months worth of homes on the market, compared with 5.9 months in 2012 and 8.3 months in 2011.
- Part of the explanation of low housing inventory is the fact that about 19 percent of home owners remain underwater on their mortgages, which may deter some sellers from listing because their sales price may be less than what they owe.
- And an additional 37 percent are “effectively underwater,” which means that their sale would not be enough to cover the cost of listing their home as well as putting a down payment on a new home.
- But luckily, warmer weather, job growth and a more robust economy are expected to help encourage more home owners to list their properties this spring.
Experts also believe that the rise in home prices will help the problem correct itself. After all, as sales prices continue to rise, it will lure more home owners to list their properties.
This in turn could lead to more listings, which might ease the bidding wars among buyers and help lower sales prices to make them more affordable. Continue reading
5004 Birkdale, Ann Arbor MI
Just Listed! 5004 Birkdale, Ann Arbor situated in the desirable golf course community at the Polo Fields. This custom home offers:
- 3430 square feet with 6 bedrooms, a study, and 4.1 baths
- Additional 1215 sq. ft. in finished, view-out lower level
- Stunning vaulted family room with cozy fireplace
- Large yard with natural gardens that backs to woods
- More photos & features
- Virtual tour
- MLS# 3220765
- Listed for $649,900
To learn more about the amenities available at 5004 Birkdale Drive, contact the Ann Arbor Real Estate specialists with The Bouma Group today at 734-761-3060 or email us at email@example.com. Find out more about the Polo Fields here!
2053 Rouse Creek Ct., Ann Arbor MI
The Bouma Group just listed this impeccable home at 2053 Rouse Creek Ct. Located on a cul-de-sac in the upscale Lake Forest subdivision, features include:
- 3707 square feet with 4 bedrooms and 3.1 baths
- Kitchen just updated with cherry cabinets, granite counters, and stainless appliances
- Soaring great room with fireplace flanked by south facing windows
- First floor master suite with lavish master bath
- View virtual tour
- MLS# 3220002
- Offered at $560,000
For immediate information on 2053 Rouse Creek Ct. or to learn more about property values at Lake Forest, contact us, the Ann Arbor Real Estate specialists at 734-761-3060 or email firstname.lastname@example.org.
1606 Charlton Ave., Ann Arbor MI
Just listed: 1606 Charlton, located on the desirable west side of Ann Arbor. This charming, well maintained home offers:
- 780 square feet with 360 in the finished lower level, 2 bedrooms and 1 full bath
- Lower level has large windows and a family room
- Delightful screened front porch has multiple uses
- Walk or bike to downtown Ann Arbor
- More photos & features
- MLS# 3220426
- Listed for $199,900
This adorable home won’t last for sale on the market long, so request your private showing today for 1606 Charlton Ave. by contacting the Ann Arbor Real Estate specialists with The Bouma Group at 734-761-3060 or email email@example.com.
If you’re currently trying to sell your home on the local housing market, great news: it’s about to get very, very busy for you.
That’s because national real estate experts are projecting that this spring will see even more home buying activity than is already expected for this time of year.
Why? Because of pent-up home buyer demand from the unusually cold winter we had. Home buyers who might have navigated the market in late 2013 and early 2014 ended up holding off because of the bad winter weather. Can you blame them? House hunting in frigid temperatures while trudging around in the snow and bad weather is no fun at all.
So now that it’s warming up outside, these home buyers – along with those who would have normally entered the market in spring – are flooding the real estate market.
More Trends to Expect This Spring on the National Housing Market
According to a recent Bloomberg article, the spring home buying market (which usually runs from March to June) was delayed because of the unusually bad winter we’ve had across the country.