Figures from the U.S. Census Bureau show that the population in Michigan has jumped steadily every year recently. This means that the demand for real estate is going up, so there’s never been a better time to sell your Michigan home. However, if you don’t know the steps to sell a house in Michigan, you could lose out on your piece of this boom.
Here are the 8 steps to follow when it’s time to sell your Michigan home.
1. Choose a Great, Local Michigan Listing Agent
When it comes time to sell your home, you might think you know your region well enough to list your home properly. However, unless you’re following all of the changes to tax codes, land use law, and which companies have been investing in your region, you might miss out on some glaring details.
A local, experienced real estate agent knows more than how to sell a house. They have market expertise that extends to the local job market, which industries are growing, and where outside investments are trending.
At Clever, we’ve got the connection to top-rated, full-service agents wherever you are in Michigan. If you want to ensure you get the top dollar for your home at a fraction of the price you’d normally pay, contact us now.
Learn More: How to Choose the Right Realtor to Sell Your Home
2. Get a Comparative Market Analysis and Price Your Michigan Home Competitively
Prevailing knowledge among consumers is that when you’re looking to sell anything, pricing it low allows you to sell it fast. However, when you’re selling a home, that’s not always the way to go. Pricing too low could actually scare your investors away.
You need to price competitively based on what your market is currently willing to bear if you want to sell within a reasonable amount of time. If your home is priced too high, it will sit on the market for too long, which can also scare away buyers.
Choosing one of our Clever Partner Agents means that you’ll get expert insight into the performance of homes like yours in Michigan with a comparative market analysis. This analysis will come to you as a free service from Clever Partner Agents and include all of the active, pending, and sold homes that match your profile.
Learn More: How to Estimate a Home Value Correctly & Sell for Top Dollar
3. Time the Market for a Better Price
Before you decide to sell your home, you need to look at trends over the course of several years. While you might be itching to go, listing your home at the wrong time can ensure that your home sits on the market collecting dust while you wait for buying season to roll around.
Every state is different but in Michigan, summer is the best time to sell. May, June, and July are times when the market is hot. However, a poor economic outlook, a dip in the job market, or a change to the tax code could change everything.
For example, the market is hot in Detroit, but part of the reason is that all of the city-owned property is sitting dormant. There’s plenty of demand, but the supply isn’t being sold.
Learn More: Will It Be a Seller’s or Buyer’s Market in 2019?
4. Prepare, Market, and Show Your Home to Attract Offers from Local Buyers
Before you list your home, you need to prepare it to be seen. A clean and tidy home with no major need for repairs will sell faster than one that doesn’t look cared for. Staging your home with furniture is a great way to get it to sell, even if you’re no longer living there.
Learn More: 6 Low-Cost, High-Value Renovations & Repairs
A few low-cost repairs can yield a higher value for your home at the end of the day. Double-paned windows can attract buyers in a state like Michigan where the winters shake the faith of even the most die-hard Michigander.
Don’t rely on your smartphone to give you the best photos to market your home. Once you’ve got it clean and staged, hire a professional photographer. It will make all the difference when it comes to a speedy sale. Add these photos to a social media posting and on other listing websites to show off the great value that you have to offer.
Learn More: 4 Cool Real Estate Technology Trends That Help Sell Homes
Use all of the technology at your disposal to help sell your home. Beyond just the open houses and showings that you book, you need to be flexible to the schedules of potential buyers. Remote door locking apps, lock boxes, and using scheduling software for private showings can help you give buyers every opportunity to view.
Learn More: Real Estate Open Houses: Do They Sell Homes Faster?
5. Offers, Negotiations, and Purchase Agreements
Once your home has been listed, you’re going to end up with some initial offers. If they feel serious, you have the option to counteroffer or to decline when they don’t. Expect a few counteroffers as a normal part of doing business in real estate.
If they agree to your counteroffer, both parties have 72 hours to sign off on the agreement when selling a home in Michigan.
While offers can be made and negotiated in person, legal purchase agreements fall under the framework of being legally binding. After they’ve agreed, they have 30 days to show you proof of financing before you can start looking for someone else to buy your home.
Learn More: What Is a Real Estate Purchase Agreement?
6. Appraisals, Home Inspections, and (More) Negotiations
After the initial offer process has been completed, the inspection and appraisal process begins. Depending on the findings of inspectors and appraisers, negotiations could continue and price adjustments could be applied.
If it turns out that the roof needs to be repaired, then you could have to choose to either repair the roof or to lower the asking price of the home relative to the cost of repair. In a state like Michigan, harsh winters can cause untold damage to roofing that might go unnoticed for several seasons. When an inspector sees the state of the roof, they might enlighten both you and the buyer to problems neither of you would have noticed.
Learn More: Home Inspection Tips for Sellers: How to Prepare
7. Make Any and All Disclosures Required By the State of Michigan
Every state has different laws regarding what needs to be disclosed to buyers by sellers. Generally, all of the physical issues related to the house that the seller is aware of must be shared with the buyer.
In some states, it’s necessary to let buyers know if the house is “stigmatized” by a tragedy, disease, or any major newsworthy event. This isn’t the case in Michigan.
Fill out your seller disclosure statement and you’ll offer the buyer peace of mind that you’ve disclosed what you need to. Your Clever Partner Agent will let you know everything else that you need to disclose.
Learn More: What Does & Doesn’t Have to Be Disclosed When You Sell a House?
8. Close the Deal
Michigan is unique compared to many other states in that you’re not required to have an attorney present to complete a home sale. Whether or not your buyer has one, you should get a lawyer when selling a house in Michigan. While in some states, the closing is an event where everyone sits around the table for a close, this whole process can be done individually or remotely in Michigan.
Many buyers in Michigan fail to look at what they’re signing when they turn things over in the state. Your buyer could have slipped in a clause that keeps you on the hook longer than you plan to be.
While you can save money on an attorney, expect to pay additional fees, like commission fees to your agent. Your title policy could cost you nearly $700 for every $100k that your home costs. Expect to pay another $1,000 on the Michigan Transfer tax as well.
Learn More: The Ultimate Checklist for Closing on a House
Follow the Steps To Selling a House In Michigan Carefully
While there are steps to selling a house in Michigan that feel a lot like selling a house anywhere else, there are some details that are a little different. Failure to sign the disclosure form or to pay your transfer tax could throw a wrench in the whole operation.
For help finding a discount real estate agent to save on final costs, check out our guide.