Real Estate Round Table

Four local realtors give their expert insight into the current market.

Meredith Colburn

What are you most frequently asked about the Birmingham/Bloomfield market?

A question I am frequently asked is ifthe Birmingham/Bloomfield market is going to continue to appreciate and if purchasing in the area is a wise investment.

My answer is the Birmingham/Bloomfield area is certainly not immune to the impact of fluctuations in the economy and overall real estate trends. However, the Birmingham/Bloomfield market has historically performed better than surrounding areas when it comes to retaining value and has also "bounced back" more rapidly following periods of recession and economic decline. 

Any tips?

1. Whether buying or selling, engage a knowledgeable real estate professional to best represent your interests and achieve your goals.

2. Buyers: Get "pre-approved" before entering the market! In this competitive environment, it's essential to demonstrate your qualifications to sellers, to know your buying power and to have a full understanding of what you can do to best position your offer.

3. Sellers: Even with limited inventory, proper pricing within market acceptance remains essential. When homes are priced appropriately and presented well, they transact quickly – often at values that exceed the listing price.

About Meredith

Meredith believes that every client deserves to have a luxury experience, no matter the price of the purchase or sale. As a result, she promotes a culture that prioritizes relationships, integrity and an unfaltering commitment to her individual clients’ desired outcome.

Her philosophy embraces the principles of client service excellence, reaching beyond the sale or purchase of homes for the benefit of her clientele. Meredith’s extensive experience has empowered her with a keen understanding of how to precisely navigate every transaction, guide each real estate decision and effectively problem solve for time pressed clients.

Candice Rich

What luxury real estate trends are you currently seeing?

Three trends I currently see arethe market for luxury homes is expected to expand, millennial homebuyers are growing within the market and luxury amenities have become necessities.

Millennials (ages 25-39) now command larger representation in the luxury real estate market as they’ve seen their average incomes increase tenfold and now account for a third of luxurygoods sales.

They are looking for properties that align with their interests and values. That means exerting greater pressure on the need for sustainable, eco-friendly green homes that are compliant with environmental certifications. If a home is move-in ready, environmentally conscious and has a Tesla charger installed in the garage, it will generate a premium as the buyer competition is fierce.

In general, the upgrade to super-luxury is trending for all luxury consumers.Current must-haves are properties with view. Buyers are focusing on areas with outstanding natural beauty, more space, greater privacy and waterfront homes. They are paying larger premiums on luxury features like pools, home offices, home gyms, lower-level renovations and outdoor entertaining backyards.

Overall, the luxury real estate market is ripe for continued growth.

Any tips?

1. Remove the appraisal contingency.

If you want to win a bidding war on a home and make your offer as close to a cash offer as possible, removing the lender’s appraisal contingency is paramount to increasing your odds of success.

For example, if you are bidding tens of thousands over the asking price, there is a distinct possibility the house may not appraise for your offer price. Making the appraisal results your risk and not the seller’s keeps you in the game.

2. Shorten your home inspection timeframe. Keep it within 2-5 days.

When the seller accepts an offer, their home is taken off the market. In a strong seller’s market, the last thing an owner wants is to wait for an extended period for the inspection to happen.

3. Close as quickly as possible.

Find out when the seller’s desired closing date is and give it to them. Every contingency in a real estate contract is a potential roadblock to a seller.

About Candice

Candice Rich is a top producing realtor, a former private practice accountant and a skilled negotiator. Her many years in the financial industry sets her apart and allows her the ability to navigate any market. She expertly advises her clients at every stage in the transaction and consistently delivers an unparalleled experience with a high-level of integrity that all clients should expect and deserve.

Organically building her business from 100% referrals to multi-million-dollar levels, Candice has become a valued go to real estate advisor with an outstanding reputation for representing top executives, athletes and many successful families.

Chris Pero

Where do you see the market heading in 2022?  

Generally, I try to avoid making predictions about the future. Ultimately, a decision about a home purchase is more than near term ebbs and flows of the market. We've had a very strong 12 months, but I wouldn't expect that level of appreciation to continue. Moving forward over the next year I would expect to see continued strength in the market with lower inventory and strong buyer demand, but the rate of appreciation to slow. There are reasons to believe the inventory shortage could be here for a while, which in turn would keep prices stable.

Any tips?

Invest some money in your home before you sell. A couple hundred to a few thousand dollars can go a long way in how a house shows. Cleaning up the yard, touching up the paint, completing a few handyman fixes and having attractive light staging is very important.

About Chris

Chris grew up in Bloomfield and has been a full-time realtor in Birmingham since 1999. He’s been married to his wife Therese for 23 years and they’ve lived in Birmingham since 2005. They have three children together ages 18, 16 and 12. In 2020, he was ranked as the #1 Individual Agent in the state of Michigan, and year to date in 2021 has approximately $60 million in sales volume closed or under contract.

Sheel Sohal

When to sell?
The traditional home-buying season does not exist anymore. The housing demand will be consistent all year round, so if you're prepared to sell today, be prepared to experience a fast-paced process that will involve a few crucial and essential steps to prepare your home for the market.

Where to look?
Oakland County has always been a prime location for housing needs. Still, cities of the Woodward Corridor, such as Birmingham and Bloomfield Hills, have constantly held their home values and been a central area to other nearby towns that include excellent amenities. 

Any tips?

When looking to sell, some of essential tasks you will need to prepare for your home sale are decluttering as much as possible, clearing as much as possible off your countertops and making sure to touch up your landscaping/exterior as that is the first impression for those looking to purchase.

If you're looking to purchase, it is essential to make sure you have your financing in order before viewing homes. You will want to get pre-approved with a trusted lender if you plan to obtain a mortgage. Also, be prepared to aggressively offer on homes in this market.

About Sheel
With more than $30,000,000+ million in sales in 2021, Sheel Sohal is Keller Williams Domain Ranked #1 Individual Realtor. Sheel's unique approach is supported by an extensive background that spans multiple real estate industry sectors, including selling, new construction, investor and buyer representation. He showcases his sharp negotiation skills, consistent leading-record-breaking sales and loyalty amongst his clientele with his multifaceted knowledge.

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