Here are 12 potential Michigan home re-sale problems:
1. Lack of Yard
If a home has much less yard area than others in the neighborhood, buyers tend to eliminate this choice. A steep slope may make the grounds difficult to use and maintain. Yards that have been terraced or landscaped may be exceptions. Compare your property to the yards offered by competing homes. We have a subdivision in Canton Michigan called Cherry Hill Village there are very small yards which I feel is a detriment for many home buyers.
2. High Tension Wires & cell towers
The general reaction by buyers to high tension wires crossing near the lot is to simply eliminate the choice. Not many people like buying homes looking out to towers. It reduces the number of home buyers and your home will sit on the market longer.
3. Steep Driveway
In Michigan people think about how they are going to get up and down them in the snow. People are worried about backing off the side or sliding down the hill. I had one buyer that loved the house but just thought she would be sliding off the hill when it snowed. There are a few homes in a Brighton subdivision that I have no clue on how they they drive up the hill to their home.
4. Busy Street
The noise related to a busy street is a turn-off to many buyers. It doesn't matter whether the busy street is in front of the house or in the back. Any body with small children are afraid that the children will run out in the street.
5. Declining Values
If you perceive the neighborhood, the area, or the city to be declining, this is a might be an area to avoid. Choose areas that show pride in ownership. However, if you see old homes being torn down and new construction, then the neighborhood may be going through a renewal period, and may be a good risk. But if there are burnt out homes, boarded up homes I would avoid the area.
6. Safety or Security Problems
If you sense that there are security problems - burglaries, drug trafficking, or safety problems for your children, take a step back and look at the facts and data on these issues before buying. These kind of problems will turn away future home buyers fast.
7. Country or Remote Location
In most cities, areas that are closer to downtown tend to have a larger buyer pool than homes located in remote areas. However, you may choose to trade the privacy and setting of a country home with the resale potential. If gas continues to go up the house out of the city have a lower resale value. Or will traffic congestion make your commute to work too long?
8. Dirt Road A house on a dirt road eliminates people that have nice cars that they want to keep clean. With Michigan's snows you need a four wheel drive to get down dirt roads in the winters.
9. No Comparable Sales
This indicates a possible re-sale problem. The home may be very unusual compared to homes around it, or the market may be slow. Understand the underlying reason for few or no comparable sales. You don't want to be the largest home in the neighborhood, or the only log home, or the only contemporary home.
10. Lacks a Typical Feature or Amenity
In an area where nearly all homes are on the golf course, or have a basement, or include a garage, buyers will tend to avoid homes that lack these features. In an area of mostly older buyers, a home with the main bedroom upstairs may have trouble selling. Those older buyers want first floor laundries and first floor bedrooms. Look carefully at what is generally offered in a given area. Usually you want to buy a home with a basement.
11. Unusual Architecture
Homes that do not fit in to the neighborhood may have trouble selling. For example, the contemporary style home may not be a good fit in older wood frame areas. It would be hard to sell a uniform suburban neighborhood. In areas like downtown Northville MI many of the homes are Victorian style you would not want to put up a ranch in between two Victorians.
12. Non Functional Floor Plan
Floor plans that make living in the home difficult will turn away buyers. Excessive stairs between rooms, rooms that are out of proportion, poor access to the backyard, low ceilings, few windows, and other layout issues will result in a re-sale problem. This may be an opportunity to take down walls, add windows and doors, and make creative changes to improve the functionality and value of a house. Design skill and a fairly high budget will be necessary. Some examples are: Having to get to one bedroom through another bedroom, having only one bathroom for the whole house and having to go into the bedroom.
Here are another 2 pages of what adds value to your home and what subtracts value from your home.
If you are thinking about selling your Metro Detroit home give me a call or email me at YesMyrealtor@gmail.com
Russ Ravary your Metro Detroit real estate specialist
