Selling your Novi condo

Selling your Novi condo

 

 

 

 

 

 

I was going over what a Novi condo would sell for in this market with a client.   Selling a Novi home or a Novi condo isn’t tough, but home values have fallen so far.  Many home sellers are upside down.  If you have bought since 2003 you may be underwater on your mortage.  Here is what I sometime have to tell them.

Check your home’s value ?

Here are the three Novi condos that sold in your complex in the last 6 months. They took an average of 62 days to sell.

All three of them sold at $124,000 or $125,000. So the price you most likely sell at is $125,000 BUT. Here is the other part of it. Most buyers need closing costs, so you probably would need to give the buyer help with closing costs in order to sell the condo.

Here is how they break down the last 3 sales
sold 124,900 minus 6000 in sellers paid closing costs
sold 124,900 minus 6000 in sellers paid closing costs
sold 125,000 minus 5267 in sellers paid closing costs

So all of the sellers really only netted about $119,000 after paying the buyers $6000 closing costs.

So if you sold the condo at $125,000 (which you most likely would) your costs would be.
$706.10 for an owners title insurance policy
1066.40 for Michigan state transfer taxes
$6000 for sellers concessions
+ commission for buyer and selling agent
So basically it would be about $15,000 in costs.

If you owe 120,000 you are going to need to bring about $10,000 to the table to close this deal.

16 years of experience and full time Russ Ravary

 

 

 

 

 

 

 

 

 

 

 

Homes for sale in Oakland County MI $500,000 - $550,000

Previous 1-40 of 180 Next
Previous 1-40 of 180 Next

The wish is that you could sell it for more but in this market it is unlikely. With those three sales at $125,000 it would be hard to get the bank to appraise it at $130,000. Even if you sold it higher to somebody the bank wouldn’t give a mortgage of $130,000 or higher most likely.

This gives you an idea of how we sometimes have to bring clients down to earth on what their Novi Condo is worth.  So many times Novi home sellers have no clue what their property is worth.  So many times they think their home is the best and they can get over market value when the home is close in ammenities, size, and condition of the other homes that have sold.

Feel free to call me if you are looking to sell your Novi condo or home.  We can go over what you owe and what the homes and condos are selling for.  We can go over what you need to do to get ready to sell.

Russ Ravary  your Metro Detroit real estate agent serving Oakland and Wayne County

Do not let somebody else get the best home deals.  Join my Foreclosure VIP club and get the newest lakefront foreclosures and the newest lakefront listings emailed to you daily.

Real estate in Farmington Hills Between $100-$200 thousand

THE FIRST ST. PATRICK’S DAY PARADE

Castle Gardens Subdivision Livonia MI

Voorheis Lake Orion Township MI

Lakefront properties for sale in White Lake Michigan

 

Sometimes the best lake homes sell in less than a week.  Click the button below to get the newest lake listings so you do not miss out on the great deals.

Lake Home VIP Club

 

Posted in Novi, Seller Tips Tagged with:

Search Homes

Untitled

 

The data relating to real estate for sale on this website comes in part from the IDX program of Realcomp. Real estate listings held by brokerage firms other than Keller Williams Realty Commerce Market Center are marked with the IDX logo and detailed information about them includes the name of the listing brokers.


All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Keller Williams Realty Commerce Market Center shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.