Selling Michigan real estate is a complex process with many different moving parts. From market conditions to property tax laws, there are many factors that can impact the outcome of your sale. The key is working with a skilled, knowledgeable real estate agent who can provide you with an objective perspective and help you navigate the process from start to finish.
The real estate market in Michigan has been picking up steam as of late. According to real estate data company Realcomp, existing home sales in the state spiked 28% in March compared to February. This marks a break in the Michigan housing market’s recent plateau and could signal a positive trend for home sellers.
Currently, there’s a two-month supply of homes in Michigan, which is well below the five-to-six months needed for a balanced market and puts sellers in a favorable position. However, rising mortgage rates and uncertainty about the economy could dampen momentum if it doesn’t pick up again soon. A qualified real estate agent can help you price your home accurately to capture as much interest as possible.
Michigan has a high property tax, so it’s important to understand the tax laws and how they may affect your sale. Sellers are typically responsible for paying their property taxes up to the closing date of the sale. Additionally, you’ll have to pay a transfer tax to the state and county when you sell your house. This is usually around 1% of the home’s value.
Before listing your home, it’s a good idea to take professional photographs. These photos will make a big difference when potential buyers see your home online. A professional photographer can create stunning images that will attract more attention to your listing.
If you’re going to hire a professional, be sure to read reviews and compare prices. Some photographers charge more than others, but the quality of the work is worth it. Investing in a professional photographer can increase the likelihood of your home selling quickly.
During the home buying and selling process, buyers often ask for seller concessions. This can include anything from home warranty fees to HOA dues. Try to view their requests as requests rather than demands and think about whether you would accept them if you were in their shoes.
At the close of escrow, you’ll sign the docs to transfer legal ownership of the property from you to the buyer. Then, you’ll receive a wire transfer or check for the final home sale amount.
The closing is a final step in the real estate sales process that takes place when both parties have agreed on the terms of the purchase. During the closing, you’ll also sign the buyer’s mortgage documents and final settlement statement. Make sure you bring two valid ID proofs to the closing. It’s a good idea to have an attorney or notary present at the closing. This ensures that all documents are properly executed and completed.