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

Broker Peggy Finnigan talks about recent trends in real estate

Posted: Updated:
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.

  • Murray FeldmanMurray FeldmanMore>>

  • Money Monday: Social media safety

    Money Monday: Social media safety

    Monday, July 7 2014 9:31 AM EDT2014-07-07 13:31:18 GMT
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
    The internet is like an elephant -- it never forgets. While spoken words leave little trace and are quickly forgotten, written words endure in the online environment. Whatever you post, tweet, update, share -- even if it's deleted immediately afterwards -- has the potential to be captured by someone, somewhere, without your knowledge.
  • Money Monday: No one has a crystal ball on the market

    Money Monday: No one has a crystal ball on the market

    Monday, June 30 2014 10:44 AM EDT2014-06-30 14:44:05 GMT
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
    Jonathan Citrin of Citrin Group talks about how make investments after so-called experts were flat wrong about predicting how the market will perform.Play the video in the player to see his interview with Murray Feldman.Click here to learn more about the Citrin Group.
  • A CEO's exit interview: Alan Mulally on his 8-years at Ford

    A CEO's exit interview: Alan Mulally on his 8-years at Ford

    Wednesday, June 25 2014 4:17 PM EDT2014-06-25 20:17:56 GMT
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
    Five short videos in what could be described as an exit interview to the media.  For business people of all kinds, there is some real insight to be had here as Murray Feldman poses questions that go beyond the auto industry.  Alan Mulally is candid with his answers.
Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices