Chelsea, MI real estate listings have much to offer potential homeowners. Located east of Battle Creek and west of Ann Arbor and Detroit, there are a number of homes in the area for less than $150,000. “Affordable” is a word that you will often see in advertisements.
Until recently, Chelsea was not a city, but a village under the jurisdiction of Lima and Sylvan townships. In March of 2004, residents voted to change their municipal status from “village” to “city. It is a small city, when compared to most other Michigan cities. With a population at the last census approaching only 4400. Nearby Ann Arbor's population is more than three times that of Chelsea.
Chelsea Community Hospital is a major employer, but most residents are commuting to work in a nearby city. Choosing to live where the population is less dense, but work where there are more opportunities.
Just one example of the Chelsea, MI real estate listings is a home on Clear Lake Shores, 20 minutes from Ann Arbor and priced at $1.2 million. On the other hand, one can also find new condos and older farm and ranch style homes in the $125,000 range.
The struggling Michigan economy is causing some frustration for people trying to sell their homes. Average closing prices are stable throughout much of the country, but homeowners in Ann Arbor, Chelsea, Detroit and many Michigan cities have been forced to reduce the prices on their homes by as much as 6%, in order to sell them quickly.
Most homes stay in the Chelsea, MI real estate listings for months on end before a sale is finalized. As such, many people are moving away from real estate agents and selling their homes themselves. They are also doing this to save on the large 6% commission that is eaten up by the real estate agent.
Some strategies to consider that are working well in Michigan right now:
Frustrated sellers who are getting creative are having a great deal of success selling their home on a rent to own basis.
Rent to own is also called a lease option. These agreements appeal to many people who have the money to make the mortgage payments, but for various reasons are unable or not interested in an “outright buy”. Typical reasons include the buyer has bruised credit, or doesn't have a large enough down payment saved, and, because of such factors, doesn't qualify for traditional bank financing.
For buyers, this is the right time to invest in Michigan's future. The cities are consistently working to attract new industry and financial experts expect to see the economy recover and grow over the next several years. This could mean that the property you buy today for less than $150K will be worth quite a bit more in three or four years time, maybe less.
In other areas of the country, people have seen their property values double and triple in only a few years. Real estate is always a good investment in the long run.
Why choose a lease option agreement? For the seller, it means that they can get their property out of the Chelsea, MI real estate listings and move on, if that is what they need to do.
People who might not be able to qualify for a good mortgage rate and are willing to work to improve their credit over the term of the lease can still take advantage of today's low prices, by locking in the price in the lease option agreement.
People who are saving for a down payment like the idea that a portion of their rent will go towards the eventual purchase of the home. People who are not sure if they are ready to buy like the idea of having the “option”.
All of this means to the seller that more people are looking at the property, more people looking means better chances of selling.
When both parties are in agreement, the final purchase can be conducted without a real estate agent, meaning no commission and more money in the sellers pocket. Potential buyers can take the time to find their own financing, meaning no commission to a mortgage broker. There are many ways to save money on real estate and to make more money selling real estate. A lease option agreement can help.
Right now there are 21 homes in foreclosure or pre-foreclosure status in Chelsea. Losing a home to foreclosure means that the owner loses every penny he or she has invested, not to mention the time spent, the damage to the credit rating and the difficulty finding another home. Sellers need to consider all of their options to avoid foreclosure.
It is almost a surety that there is a buyer out there for every piece of Chelsea, MI real estate, sometimes it is just a matter of finding them. Offering a lease option agreement can make the difference.
Experienced real estate investors in Michigan who do a lot of lease option deals can assist putting the deals together. Such investors can help you whether you need to sell your home, or you want to buy one.
Dan Ho is a real estate investor in Michigan. Visit chelsea MI real estate for more great free information on the advantages of selling your home on lease option or buying a rent to own home.
http://www.buy-sell-michigan-real-estate.com is the definitive resource online for motivated sellers and buyers of Michigan homes.
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