Home Selling in Ferndale>Question Details

Dan Bock, Both Buyer and Seller in Ferndale, MI

I am going to put my home up for sale in a few months. How early should I start talking with agents, and?

Asked by Dan Bock, Ferndale, MI Tue Mar 4, 2008

mortgage companies?

Help the community by answering this question:


Dan, I am not an expert in Ferndale but, like most agents answering your question have access to sales data. This is the information available since September 1, 2007.

Sales Count : 10
Avg. Sales Price : $83,083
Min. Sales Price : $32,000
Max. Sales Price : $162,500
Avg. Sale/SEV Ratio : 1.35
Avg. Sale/Sqft Ratio : $80.53

Property Statistics:

Avg. Current SEV : $60,456
Avg. Sqft : 1,031

Of course the lower end sales would be those homes in poor condition and/or sheriff deeds. The highest sale price was built in 2003 and would not be a comparable home. When I eliminate those homes that are not comparable, the sale price to SEV comes out to 2.13. The highest bungalow sale was 114,000.

You should take this into consideration before placing your home on the market. With your refinance in 2004 there may not be enough equity in the home to sell without bringing money to the table. Another reason you should speak with some lenders first.

Good luck with your business decision. Please make it based upon facts.
Web Reference: http://www.mi-living.com
1 vote Thank Flag Link Sun Mar 9, 2008
Dan, In this market, I suggest getting as many facts as possible before considering placing your home on the market. The previous answers are correct, for Ferndale, some homes are taking more than a year to sell. Which year would you like to sell your home?

I suggest you invite several agents to view your home and provide comparable sales. Please ask them to review ALL sales of homes not just 3 or 4. When choosing an agent, make sure you ask for everything in writing including their marketing budget. Any agent can place a sign in your yard, place it in the MLS, and run a few ads. Do you believe your home deserves more?

Speaking with a lender is a good idea. Recent tightening of lending guidelines may actually disqualify you from purchasing a home at this time. It's better to know ahead of time rather than once your home is on the market. Better safe than sorry.
Web Reference: http://mi-living.com
1 vote Thank Flag Link Tue Mar 4, 2008
Hi Dan,

Wondering how it went? Did you put your house up for sale, or are you considering doing so this year? I would like the opportunity to be considered for the job if you are going to be in the market this year.

Maureen Francis
SKBK Sotheby's
0 votes Thank Flag Link Thu Feb 19, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
Dan, unless you have a place to move in to you may want to consider a mortgage loan pre-approval so you'll be certain that once your home is under contract you can move quickly on the purchase of another.
0 votes Thank Flag Link Thu Oct 30, 2008
Sooner is always better than later (to give you time to interview and gather all facts as it pertains to the agents credentials and their expertise in the market.) It does not seem that it is too soon based on your information. It is also a great time to get a jump on the market. The closer we get to Spring, the more homes that will be on the market which will create more competition for sellers and this could water down prices even further. It is best to sell when you have the least amount of competition. There are very few buyers out there with all the new about the bad economy. Give yourself a fair chance to get good exposure!
Web Reference: http://www.CarloGobba.com
0 votes Thank Flag Link Sun Mar 9, 2008
Hi Dan. The first of spring is the best time. Buyers start getting that "spring fever" and are anxious to check out the market. If I can help in any way, let me know. Our office is centrally located where we can pull in buyers from Wayne and Oakland County. There's no time like the spring to list your home!

Laurie Schwandt
Century 21 Hartford South
0 votes Thank Flag Link Thu Mar 6, 2008

As many have stated, the sooner the better. Check out Active Rain, where you can find profiles and blogs from local real estate agents and loan officers. Selling your home can be a positive or negative experience, depending on the team you choose. Make sure you find the agent to help make the process as smooth as possible!

All the best,

Web Reference: http://www.activerain.com
0 votes Thank Flag Link Wed Mar 5, 2008
Yes, it is best to start early in the year to allow time to research the market and prepare your home for sale. Be sure your house is in good condition for showing. Clean the closets, clear out the clutter and take care of any deferred maintenance. A fresh coat of paint may be advisable to provide "move in" appeal. It is not necessary to make major improvements or renovations immediately prior to selling. Curb appeal is very important and can sway a buyer as to whether or not to even bother viewing the interior of your home. Make sure your front door is clean and in good condition with locks that work. Shoveled walkways and trimmed landscaping once the snow melts make a positive first impression. Once the temperatures permit, you can plan a few annuals for color and pots for attraction. Best of luck!
0 votes Thank Flag Link Tue Mar 4, 2008
Dan, I would also suggest that you start now. I love it when I have sellers call me ahead of time! That way I can have the conversation about the market so that my sellers are prepared from day one of the house hitting the market. That also gives myself and my team time to come in give you suggestions of what to do and assist in staging your home to make you a successful seller! It is a brutal market and you want to be prepared as possible!

Having an agent and/ or agents in prior to you listing is a fantastic idea and will put you in the direction of success! I hope this information helps! Best wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Tue Mar 4, 2008
Hi Dan -

I agree with Cindy. The spring market starts before the weather does.

Agents also have experience knowing what buyers want. A good agent can meet with you now and offer suggestions to get your home in the best showing condition. I have a checklist I can email you too.

I have also seen an increase in activity for the past month. In this market, the homes that are priced right and show well are selling. Start interviewing agents now so you have some time to think about who is going to take care of your needs the best. I would love the opportunity to talk with you.

Good luck!

Nicole Sleeva
Web Reference: http://www.NicoleSleeva.com
0 votes Thank Flag Link Tue Mar 4, 2008
NOW, is the time, the marketing time is so much longer in MI you have to give yourself every opportunity.
Web Reference: http://MissyCaulkTeam.com
0 votes Thank Flag Link Tue Mar 4, 2008
You don't really need to speak to mortgage companies to put your home up for sale, unless I am missing something about your situation. As for talking to Realtors, the process should not take more than a couple of weeks depending on your availability. It is not too soon to start now though. That way you and the agent you select can have a game plan for moving forward. He or she might have some recommendations of things you do to prepare the home for sale.
Web Reference: http://mioaklandcounty.com
0 votes Thank Flag Link Tue Mar 4, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
I would recommend you start talking to agents now. I always tell clients that the Spring Market starts as early as the first of March. If you wait until June , like many people do, there is even more competition in the Market. We are seeing an increase in activity in the past week or so.
0 votes Thank Flag Link Tue Mar 4, 2008
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