Steve Meyers
Answers To Real Estate Questions.com
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| Steve Meyers Agent/REALTOR®, ABR View Profile |
49433 Hayes Rd., Suite A
Shelby Twp, MI 48315
Phone: 586-997-5480
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Answers To Real Estate Questions.com
The Place To Buy & Sell Real Estate
Being the Best for my Clients...
Home Buyers and Sellers have their money on the line and I don't take that lightly. I make sure my clients have all the pertinent facts; that they understand the legalese contained in their contracts and disclosures and that they know their options. I won't sugar-coat the truth and always point out both the positive and negative in a potential decision. No one likes surprises in a real estate transaction; so I ensure that my clients know what to expect each step of the way from initial consult to closing.
I personally assist my clients from start to finish, and never hand them off to an assistant. I will be with you every step of the way.
Steve Meyers
| Steve's Real Estate Market Update | |
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Market Update: December’s market update for Macomb County and Oakland County’s housing market (House and Condo Sales) is as follows. In Macomb County Average Sales price was up by 5% and Oakland County Average Sales price was up by more than 11%. Macomb County’s on market inventory was down by 3% and Oakland County’s on market inventory was up by almost 2%. Macomb County average days on market was 35 days and Oakland County average days on market was 35 days. Closed sales in Macomb County were down by 3% and closed sales in Oakland County were down by more than 4%. (All comparisons are month to month, year to year.) By the long-standing historical definition from the National Association of Realtors (NAR) which has been in existence since 1908; a buyer’s market is when there is a 7-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a 6-month supply of inventory. A seller’s market is when there is a 5-month or less supply of inventory. Inventory has continued to stay low. In December the State of Michigan inventory was at 2.2 months of supply. Macomb County's inventory was at 2.0 months of supply and Oakland County's inventory was at 1.8 months of supply. By definition it’s still not close to a buyer’s market. Steve Meyers
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Answers To Real Estate Questions
Question: I saw online a ranch house for sale in our neighborhood and have a question about square footage. The ranches by us are typically a little over 1,400 square feet. The one I saw would be in that range however the square footage online is listed at a little over 2,000 square feet. At first, I thought they included the basement but that would put it over 2,800 square feet and I didn’t think they can include the basement. The listing doesn’t show that the basement is finished but some of the photos show an older finished basement. How can they list this house with over 2,000 square feet?
Answer: In the last few years square footage has become more complex to decipher for the general public. The MLS’s (Multiple Listing Services) nationally have adopted standards to conform to the large online platforms. It used to be just the square footage for the above grade living area. Now on listings the agents must list the Above Grade square footage, Below Grade square footage, Below Grade square footage Finished and Total square footage Finished. So, as an example, if the house is 1,410 sq ft with a 1,400 sq ft basement in which 600 sq ft of the basement is finished, then the Total square footage Finished would be 2,010 sq ft (1,410 + 600 = 2,010). Unfortunately, what constitutes a finished basement has gotten abstract over the last decade. Beware, the large public real estate websites are making the Total square footage Finished number the main emphasized number which is misleading. Look for the Above Grade square footage for a more accurate number for the living area.
Now for more confusion. The government got involved with Fannie Mae and Freddie Mac regarding appraisals and square footage. If you have a bi-level, tri-level or quad-level home; Any space that is partially or completely below-grade is required to be reported as below-grade area. However, most agents still use the old method of square footage for these types of homes not to confuse the general public.
©Steve Meyers
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Buying a Home? Not every home for sale in the area can be found on the Internet. Let my direct access to all the listings help you locate your dream home in the most efficient way possible. |
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Selling a Home? There are lot's of do's and don'ts when selling a home. Let me use my years of experience to guide you along a successful path of preparation, promotion and closing the deal. |
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Relocating to the Area? If you are moving to this area, I can provide you with helpful information so that your move is as worry free as possible. Feel free to contact me for local information like the best schools and communities. |
Isn't it nice to know you have a friend in the real estate business that you are comfortable referring the people you care about to?
Steve Meyers featured on WXYZ Action News 7
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