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Fall Real Estate Market

Published in 2024 Novi Today Third Quarter


Big Demand, Multiple Offers

big house novi michigan real estate
Real estate clients know Mike Lubin best, and according to his reviews, he’s doing a lot of things right despite a volatile market.

The Novi Century 21 realtor “is very dedicated to his job,” said a recent client. “We have a beautiful new home now, and we are in the process of selling our old home with Michael as well.”


Always available

Another client said, “Mike was an absolute pleasure to work with in the sale and purchase of our homes. He was there and totally accessible on a 24/7 basis and spent a great deal of time with us. Mike's efforts were in no small part responsible for the sale of our home in less than three days.”

Lubin said he has learned to wear a lot of hats, including negotiator, designer and counselor, because oftentimes there’s a lot of emotions involved.

“Sometimes you have to be a shoulder to cry on and I don’t mind that at all,” Lubin said. “I really try to get to know what my client is trying to do. I need to understand they don’t just want a house. Why are they selling and why are they buying? My focus is 100 percent on what the client is looking for.”

A realtor for five years, Lubin keeps his clients informed on market conditions which can change quickly. Currently, the supply of homes remains low and that has a big effect on the market.

“You will make offers and you might pay a little more but you will be happy,” Lubin said. “I tell sellers you need to make it look as perfect as you can.”


Get it done

Sometimes that means easy fixes, like painting or fixing up floors. Other times bigger ticket items may need to be addressed.

“I go into a house that I’m listing and I look at it like a buyer,” he said. “Then I try to help the seller understand how important it is to look at their home as objectively as possible.”

As for the fall real estate market, Lubin predicts it will be a lot like it was last fall, with a big demand for property and multiple offers on attractive houses.

“There are still more buyers than sellers,” he added. “Nice homes in areas that are high in demand will go quickly and go over list price.”

The list price is a crucial selling point. If it’s priced below market value it will draw a lot of people into the home for viewings and that could result in a bidding war that ultimately gets a higher price.

“If you list a house high people are adjusting in their minds and saying, ‘If it’s listed at a high price, it might go higher and I won’t go to look at that.’”

Keep in mind, too, that the house has to appraise at the selling price, Lubin said. If the property is $100,000 over the appraisal, for instance, the buyer needs to come up with the additional cost that the bank won’t cover or the seller has to lower the price.
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