Portland, Michigan Homes For Sale By Owner: Whether You Want To Buy A Home Or Sell One
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 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 sellers 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 because although there are many potential home buyers in Michigan right now, many cannot buy your home because they do not qualify for traditional bank financing: they don’t have a large enough down payment, they often have bruised credit issues, etc. However, many of them can afford the monthly mortgage payments because they have a good, steady job.
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.
Portland, Michigan homes for sale by owner range in price from the low $100’s to the high $200’s.
About 25 miles northwest of Lansing, the city of Portland is bordered by Portland Township, but is politically independent, meaning property owners in the city do not pay taxes to the township.
The downtown historic district has been well preserved. So, too, have the famous “Portland bridges”, a total of four metal truss bridges preserved either in their original locations or relocated for foot traffic on walking trails crossing the Flat, Looking Glass and Grand Rivers. It is a beautiful city with a historic “small-town” feel.
Property values in many areas have suffered from the economic problems throughout the state. Buyers, again, have the advantage, since values should recover and increase in the years to come. It’s a great time to sell your home on terms to ensure a faster sale, and a great time to stop wasting money on rent, buy a home on lease option, and repair your credit with the assistance of experienced Michigan real estate investors.
The terms of a lease option agreement vary and can be specially designed to meet the needs of both the buyer and the seller. In all cases, a portion of the rent will go towards the eventual purchase of the home, allowing the buyer the chance to build equity.
Lease option agreements can attract more buyers to the Portland, Michigan homes for sale by owner listings. People who are unable or unwilling to make an outright purchase at this time, due to bruised credit and the stumbling block of bank financing, are often interested in a lease option or “rent-to-own” arrangement.