Broker Peggy Finnigan talks about recent trends in real estate - Chicago News and Weather | FOX 32 News

Broker Peggy Finnigan talks about recent trends in real estate

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Real estate broker Peggy Finnigan Real estate broker Peggy Finnigan
SOUTHFIELD, Mich. (WJBK) -

There was big news this week that homes sales are up. Peggy Finnigan from Salem Diversified Services joined us on the "Mix at Six" to talk about the story behind the numbers.

In this seller's market, Finnigan said there is a situation where buyers would have to bring money to closing.

"What they're doing is they're having them sign an addendum with their contract to purchase that says the sale price is what the seller's going to be getting. So they have to come up with the difference between the appraised price and the sales price," she explained.

Finnigan also confirmed that inventories are low in some areas.

"It's happening a lot because the houses that are coming on the market, they're gone in less than 24 hours. We have a lot of buyers out there that are putting in multiple offers on houses and then they're not getting a house because there are so few houses. The inventory is very low, and the buyers are tremendously high," she said.

What about the foreclosures and bank owned homes, are we seeing those still entering the market?

"We are, but it's not as high as it used to be," Finnigan said. "The banks are now taking and they're using them as rentals, and they're keeping it so that there's not such a flux on the market."

"They're putting them on randomly ... slower, letting people rent them where they didn't do that before to make it so that the prices continue to stay where they're at."

So you put your house up for sale and sell it within 24 hours. You need a place to stay. What are some options?

"What you should be doing is figuring out a plan with your realtor. If you have equity in your house, if you could take the equity out of the house and purchase before you put it on the market. You could also write a contingency so that if you do get an offer on your house that it is contingent on you finding the home of your choice, and that way you have that option to still be able to go find something. Other things that you could do is put in after closing how many days occupancy you would want, but you really need to talk to your realtor to set a plan in action."

Salem Diversified Services is giving away a free house to a nonprofit organization. For more information, contact Finnigan through her website at peggythebroker.com.

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