Metro Detroit Real Estate Market Update - May 2022!

Heading into May 2022 we are continuing to see some influencing changes taking place in both the real estate and financial markets. But will those changes be enough to cause the housing market to go up in smoke?

In this video I will update you on the latest changes happening with inflation, interest rates, and of course how they will impact the current and future real estate market.

INFLATION

Inflation continues to be the topic on most people's minds, and it continues to rise, for now. We’re now at a 8.5% inflation rate, being the highest seen in the past 41 years. This is being felt by Americans across the nation, whether at the gas pump, buying groceries, car shopping, and pretty much everywhere else you can name. However, this is…

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Increase Your Home's Value: 4 Easy Strategies for ROI on Your Home

When it comes time to sell your home, you likely want it to go for the highest possible price. On Local4News, Michael Perna spoke about easy ways to increase your home's value. Read below for steps that could increase your home's value by two to five percent.

Declutter to Make the Home Seem Larger and Welcoming

The first step in helping to maximize your home's value is to declutter. A good start is going through all the closets and organizing or removing 30 to 50 percent of the items. A half-full closet looks much bigger and will allow buyers to imagine their own clothes in the space. Decluttering is also an important piece of your own moving process.

Removing clutter from the rest of the home should come next. Doing so throughout the home…

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The Perna Team Accolades

Sadie Callegari Featured on WXYZ-TV

Sadie Callegari Discusses Time Management While Balancing Work & Family Life

A big THANK YOU to WXYZ-TV Channel 7 for featuring our very own Sadie Callegari on how the pandemic has affected working mothers and how to help overcome those obstacles. 

In her years as a Real Estate agent and now Director of Coaching & Training, Sadie has mastered the use of her calendar for effective time management, which has been a tremendous help with balancing personal and family time as well.

As a working mom herself, she advises staff and other working moms to "give yourself a bit of grace". Give 100% while you're working, but do the same thing for your family while at home - "Put your phone to the side, be 100…

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How to Evaluate the Right Offer for Your Home

Here are the things that sellers (and buyers) should be paying attention to.

Today I’m coming to you with a couple of tips about how to evaluate an offer when you’re selling in this market and how to make a winning offer if you’re buying. I’ll talk about important factors in multiple-offer situations, including price, contingencies, and occupancy.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your leisure:

0:25 — Why contingency dates and time frames are so important in this market

1:02 — How financing details play a role in determining the strength of an offer

1:55 — Pay special…

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May 2021 Market Update: The Numbers Are In!

The real estate market is still on fire with 51% of homes closed in May of 2021 selling ABOVE asking price!

This is the first time we have seen the closed sales above the asking price go above the 50% mark. Additionally, the average time on the market has dropped to a record low of just 17 Days across the board.

In Metro Detroit, we saw average sales prices increase to $262,500, up to $10,500 from the April 2021 average of $252,000. This is an incredible jump. On a national level over the past 12 months, we have seen the average sales price increase 13.2%, with the increase in Metro Detroit just a bit higher at 14%.

The number of sales we are seeing month over month is holding steady with just a slight increase of 100 homes between…

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3 Reasons the Market Could Crash but Won’t

Here’s why there’s no reason to worry about an impending market crash.

Will the Real Estate Market Crash?

I have had a ton of questions along these lines in recent weeks, so I wanted to take a few minutes to take a good look at 3 reasons that it could, and 3 reasons why I don't foresee this happening.

Google has had a significant spike in the number of searches for "When will the real estate market crash," with a 2,400% increase over the last 30 days. This is definitely a topic on a lot of people's minds. There has also been a 350% increase in searches for "How much above asking price should I bid on a home". Most people seem to be very cognizant of the current real estate market, but I believe there is a certain amount of fear of the…

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April 2021 Market Update: Are We FINALLY Seeing the Market Turn?

Are we finally seeing the market turn? Is the bubble bursting or is this the new norm? Let's take a look at some facts and stats in your April Real Estate Market Report and see what's been happening and likely to happen moving forward.

We had an outstanding April with the first two weeks taking off like a rocket and seeing a jump of 20-25% increase of new properties hitting the market. In the second half we did slow down just a touch. In March we saw roughly 12,500 new homes come to market. In April we were looking to exceed 15,000 new homes but ended up at 13,517. So a slight increase of 1,098 new homes in comparison to last month, with the largest increase being in the $250-$300K and $500-$600K brackets.

For homes sold, we had 9,438…

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Sold in 1 Day? You’re Leaving Money On The Table

Selling your home in one day means leaving a lot of money on the table.

Recently, I’ve seen agents and sellers alike sharing stories about how they were able to sell a home within a day. Well, there’s a problem here: If you’re going with a buyer within the first day, you’re probably leaving a lot of money on the table. With so much demand, it pays to let multiple offers roll in, choose the best one, or create a counteroffer. You simply can’t do that in a single day, and today I’ll be explaining why.

For your convenience, I’ve included timestamps for today’s video topic. Feel free to navigate to the section(s) you’re most interested in viewing:

0:05—Introduction on why selling in one day is the wrong route to take

0:51—The average…

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What is Your Agents Primary Source of Income

I typically get this question about once per month, but I've asked about it twice this past weekend, so I thought it would be great to address it in a video.

Before we get to that, just a couple of quick updates on the market - over the past 30 days we have seen the number of homes on the market jump almost 50%. We aren't quite back to a balanced market yet and are still experiencing a strong seller's market for the time being, but BUYERS this is your time to act if you have lost out on a couple of homes and/or are struggling to find the right home for you and your family. Interest rates are remaining low, so if you have been thinking about making a move, act now to take advantage of these rates while they are still available!

On with the…

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March 2021 Market Update: Are there REALLY no homes for sale?

March 2021 Market Update - Are there REALLY no homes for sale? Is the market getting ever crazier, or starting to cool off?

March was an extremely exciting month in the real estate market and very much so here at The Perna Team. 

We've been hearing over and over that there are no homes on the market, but we have some great data around this to share. Taking a look back at the numbers in the Metro Detroit and Ann Arbor area, in February of this year we saw 4,573 new homes go on the market. In March that number grew to 6,160 new homes, providing a 26% increase in the number of properties on the market. Looking back at the inventory from year over year, we were down in 2021, but only by 487 homes. Also, we do anticipate seeing the number of…

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