Currently, there are several hundred Portland, Michigan homes for sale by owner or FSBO.
FSBO’s have become increasingly popular for property owners who are willing to do a little more work themselves, in order to avoid paying high commissions to real estate agents. However, at least in the current Michigan market, finding buyers is not easy at all.
Many property owners think that they can put a sign in the front yard, sit back and wait for the phone or the doorbell to start ringing. In some areas, that sort of thing does happen. It really depends on whether the property is in a “sellers’ market” or a “buyers’ market” — and more importantly, what the sign says.
We all know that in a “sellers’ market” a lucky homeowner may end up with a contract at the first open house. In fact, sometimes they end up taking bids on their property. Real estate agents use the term “sellers’ market” to describe the situation that occurs when there are more qualified and interested buyers than there are properties for sale.
Portland, Michigan homes for sale by owner
The opposite situation is what you will find in most of the Michigan. There are numerous properties for sale and many potential buyers.
In this situation, the buyer has a bit of an advantage of course; more homes to choose from, better terms, etc. The seller’s ultimate goal is to get the property off of the market, usually as quickly as possible.
Here’s where unique strategies come into play in the current Michigan market. Offering your home on a lease option basis (also called a rent to own) will help you find buyers more quickly because you will open your home to a much larger pool of buyers.
This is on account of in spite of the fact that there are numerous potential home purchasers in Michigan at this moment, numerous can’t purchase your home since they don’t fit the bill for customary bank financing: they don’t have a sufficiently vast up front installment; they regularly have wounded credit issues, and so on. In any case, a large number of them can bear the cost of the month to month contract installments since they have a decent, stable employment.
As real estate investors in Michigan, it doesn’t matter if you want to buy a home on a lease option or are motivated to sell your home, we can help you. Our experienced team has done hundreds of lease options in Michigan in the past few years. Click the link we buy houses portland for more information