Take Advantage of Housing Drought
The time is right for divorcing/divorced couples to take advantage of what has been called the “worst housing drought ever” to get top dollar from their home sales.
According to a blog posted by local realtor Norm Werner in Real Estate News from the Milford Team, “The number of homes for sale is at the lowest level on record, according to the National Association of REALTORS, who began tracking inventory 18 years ago.”
The low inventory could mean quick sales and bidding wars resulting in more equity for the seller.
Norm Werner reported in a recent Huron Valley Chamber Networking Meeting that he is looking for houses to sell in Milford, Michigan and the surrounding areas.
Anecdotal reports abound of home sellers that have received multiple above-asking offers within 24 hours of listing their properties. With all of these factors in the seller’s favor, RIGHT NOW might be the right time to list a home – especially for divorced or divorcing couples who are looking for more equity to move on and start two households.
“For some couples who have not previously been in a financial position to split,” says Milford Divorce Attorney Kathryn Wayne-Spindler, “the current housing prices might enable them opportunities that were not formerly available.”
We have also seen some situations where divorced couples wrote into their settlements a requirement that they would put the house on the market within 2/5/10 years or whatever they agreed upon. Some may have been underwater with their mortgage and just waiting for housing prices to rebound.
In the recent past, buyers had the upper-hand and could make pie-in-the-sky demands and weak offers. Times have changed according to the “Worst Housing Drought Ever” article, “Buyers instead need to make strong offers; offers with a good Earnest Money Deposit; a good down payment and few, if any contingencies, other than the normal inspection and financing terms and conditions in the Purchase Agreement.”
Norm Werner is a well-regarded realtor in Oakland County. He wrote on his website, “I specialize in working with first-time buyers and with people making life transitions due to events like retirement, deaths, or divorces. I’m also an active blogger with several blogs at a local and national level.” He also provides great real estate advice for divorced or divorcing couples on his website: movetomilford.com
For more information about selling your home in the current real estate market, contact Norm Werner at 248-763-2497. For more information about divorced real estate matters, contact the Oakland County law office of Kathryn Wayne-Spindler & Associates at 248-676-1000. The experienced divorce and family law attorneys handle cases throughout Southeastern Michigan including Oakland, Wayne, Washtenaw, Genesee and Livingston counties. We help clients in Milford, Michigan: Highland; Hartland; White Lake; Walled Lake; Commerce; Waterford; West Bloomfield; South Lyon; New Hudson; Howell; Holly; Grand Blanc; and many more local communities.
Written and Posted by Christine Donlon Long, Communications’ Specialist for Kathryn Wayne-Spindler & Associates.
