5 Essential Tips for Selling an Inherited Property in Michigan

Inheriting a property can be both a blessing and a challenge, especially when it comes to deciding what to do with the inherited real estate. If you're considering selling an inherited property in Michigan, there are several important factors to consider to ensure a smooth and successful transaction. In this blog, we'll explore five essential tips to help you navigate the process, from understanding the probate real estate market to managing the emotional aspects of selling a loved one's home. 1. Understand the Probate Process in Michigan The first step in selling an inherited property in Michigan is to understand the probate process. Probate is a legal procedure that involves proving or validating a deceased person's Will, identifying and inventorying the deceased's property, determining the marketing value of the property and paying debts and taxes, including the mortgage. The last step will be distributing the remaining property according to the Will or Michigan state law if there was not a will left. In Michigan, if the deceased did not leave a will, the property will be distributed according to the state's intestate succession laws. It's crucial to understand whether the property you inherited needs to go through probate, as this will affect the timeline and procedures for selling the home. Consulting with a probate attorney can provide clarity and help you navigate the legal complexities involved. 2. Determine the Value of the Inherited Property Before listing the inherited property for sale, it's essential to determine its market value. This can be done through a professional real estate appraisal or by consulting a real estate agent who specializes in probate real estate in Michigan. An accurate valuation will help you set a competitive asking price, attract potential buyers, and ensure that you fulfill your fiduciary responsibilities as a personal representative or executor. Keep in mind that the value of the property at the time of the deceased's passing will also have tax implications. The "step-up" in basis, which adjusts the property's value to the date of death value, can affect capital gains taxes if the property appreciates significantly before being sold. Please consult your CPA or a tax professional for assistance. 3. Prepare the Property for Sale Inherited properties often require some preparation before they are ready to be listed on the market. This can include decluttering, cleaning, making necessary repairs, and possibly staging the home to make it more appealing to buyers. If the property has been vacant for an extended period, you may also need to address maintenance issues such as landscaping, lawn care, repairs or cosmetic improvements, and updating outdated features. Investing time and resources into preparing the inherited property for sale can significantly impact its marketability and selling price. Consider hiring professionals for tasks like deep cleaning, landscaping, or even minor renovations if the budget allows. A well-presented home is more likely to attract serious buyers and sell quickly for top dollar. 4. Navigate the Emotional Aspects of Selling an Inherited Home Selling an inherited property can be an emotional experience, especially if it was once a family home or holds sentimental value. It's important to acknowledge and address these emotions as you go through the selling process. If multiple heirs are involved, open communication and collaboration are key to making decisions that honor the wishes of all parties. Consider setting up a family meeting or using a neutral third-party mediator if there are disagreements or sensitive issues related to the sale. Keeping everyone informed and involved can help prevent conflicts and ensure a smoother transaction. Remember, it's okay to seek support from friends, family, or professionals if the process becomes overwhelming. 5. Work with a Probate Real Estate Specialist Navigating the sale of an inherited property requires expertise in both real estate and probate law. Working with a real estate agent who specializes in probate real estate in Michigan can provide invaluable assistance. A probate specialist will have the knowledge and experience to handle the unique challenges of selling probate properties, from marketing the home to negotiating with buyers. Additionally, a probate real estate specialist can help you understand the local market, provide pricing strategies, and connect you with other professionals, such as probate attorneys or estate sale companies. Their guidance can help streamline the process and ensure that you achieve the best possible outcome for the sale of the inherited property. Seeking Professional Guidance The probate process in Michigan can be complex and challenging. It’s advisable to consult a qualified probate attorney to ensure all legal requirements are met. A professional can provide valuable guidance and help you navigate the intricacies of probate, ensuring that the process is handled efficiently and legally. Join Our Live Online Event Every week we host a Live Online Event: You’re a Personal Representative. Now What? Register today at ProbateEvent.com to join the next event. This event will provide you with valuable information on how to manage your duties as a Personal Representative in a stress-free, effective way. For Assistance with Probate Real Estate For assistance with probate real estate, visit HigginsPartners.com. Jeff Higgins and his team specialize in serving the five-county Metropolitan Detroit area of Oakland, Macomb, Livingston, Washtenaw, and Wayne. Through their extensive partner network, they service the entire state of Michigan, providing expert guidance and support during this challenging time. Contact Us For personalized advice and professional assistance, contact Jeff Higgins and his team today. Let us help you navigate the complexities of probate real estate with compassion and expertise. We are committed to making this process as smooth and stress-free as possible for you and your family. Disclaimer Jeff Higgins is a professional licensed real estate agent in the state of Michigan. The purpose of this blog is to share information from the perspective of a real estate professional in the State of Michigan. This blog should not be construed as legal advice or used as legal advice in any way. Please consult a qualified probate attorney for legal questions surrounding the probate process. If you do not have a probate attorney, Jeff Higgins and his team are happy to connect you with one of their preferred probate attorneys. Please email Jeff Higgins at jeff@higginspartners.com for more information.

Declutter and Downsize in 3 Days

Are you contemplating downsizing within the next year? If so, decluttering is a crucial first step. Not only does it improve your home's aesthetics, but it also enhances mental clarity and overall well-being. This blog will guide you through a weekend of efficient decluttering, aimed at making your home more manageable and preparing you for the next big step—downshifting to a simpler, more streamlined life. As a real estate expert specializing in senior downsizing, I’m here to offer you a positive, encouraging, and even a bit lighthearted approach to tackling this not-so-fun task. Why Declutter? Decluttering your home can be transformative. For seniors considering downsizing, it's a vital step towards making your new, smaller living space more comfortable and less chaotic. Here are a few benefits: - Enhanced Well-Being: A clutter-free environment can significantly reduce stress and increase your mental clarity.- Safety: Reducing clutter decreases the risk of falls and injuries, making your home safer.- Simplification: Downsizing your belongings makes moving to a smaller home more manageable and less overwhelming. Step 1: Plan and Prepare Friday Evening – Setup and Strategy Start your decluttering journey by setting the stage on Friday evening. Here’s how: - Create a Checklist: List all the rooms and specific areas you plan to tackle. Prioritize them based on how cluttered they are or how frequently they are used.- Gather Supplies: Collect boxes, garbage bags, and cleaning supplies. Label the boxes for different purposes: Donate, Sell, Recycle, and Trash.- Set Goals: Be realistic about what you want to achieve. Decide if you're going for a light declutter or a deep clean. This will help you manage your time and expectations. Step 2: Execute the Declutter Saturday – The Major Push Saturday is your main decluttering day. Focus on the larger or more cluttered areas: - Start with the Hardest Part: Tackle the most cluttered room first. This is often the kitchen or living room where items tend to accumulate.- Sort Ruthlessly: Go through every item and decide if it should be kept, donated, sold, recycled, or thrown away. Be honest about what you really need and use.- Organize as You Go: Once you’ve cleared out the unnecessary items, organize what remains. This might involve rearranging items for better accessibility or adding organizational solutions like shelves or bins. Step 3: Finalize and Follow Through Sunday – Wrap Up and Wind Down Use Sunday to handle smaller tasks and finish off the weekend’s efforts: - Address Remaining Areas: Tackle any smaller areas or rooms you didn’t get to on Saturday, like bathrooms and closets.- Take Care of Disposal: Drop off donation boxes at your local charity. List items for sale on online marketplaces if you haven't already. Ensure that recyclables and trash are properly sorted and ready for pickup.- Deep Clean: Once the clutter is out, do a thorough cleaning of the now-organized spaces. Vacuum, dust, and wipe down surfaces to complement your decluttering efforts. Tips for Maintaining a Clutter-Free Home Maintaining the serenity of your newly decluttered home is key to enjoying the benefits long-term: - One In, One Out: For every new item that comes in, ensure an old one goes out. This will prevent clutter from building up again.- Regular Mini-Cleans: Set aside a few minutes each day for a quick tidy-up, which can prevent small messes from becoming larger problems.- Seasonal Reassessments: Plan to reassess your space each season. A quick declutter session three to four times a year can keep your home in check without needing another major weekend overhaul. Ready to Downsize? If you're preparing for a significant change like downsizing, it's essential to approach it methodically. Here are some tailored tips for seniors looking to downsize: - Start Early: Give yourself plenty of time to sort through your belongings. Starting early reduces stress and allows you to make thoughtful decisions.- Prioritize Sentimental Items: Keep the items that mean the most to you. Create a “memory box” for keepsakes that you can't part with but don't need on display.- Measure Your New Space: Know the dimensions of your new home. This helps you decide what furniture and items will fit and what needs to go.- Seek Help: Don’t be afraid to ask for help from family members, friends, or a professional organizer. Downsizing is a big task, and support can make it easier and more enjoyable. Decluttering Tips for Specific Areas Living Room: Focus on decluttering surfaces first. Remove any items that don’t belong, like old magazines or unused electronics. Organize remaining items to create a welcoming, clutter-free space. Kitchen: Start with countertops and drawers. Discard expired food and donate any kitchen gadgets you no longer use. Arrange your kitchen tools efficiently to make meal prep easier. Bedroom: Sort through your closet and drawers. Donate clothes you haven’t worn in the past year and organize the rest by season. Create a peaceful, clutter-free bedroom to enhance your sleep quality. Bathroom: Clear out expired medications and toiletries. Organize remaining items in cabinets or baskets to keep your bathroom neat and functional. The Emotional Aspect of Decluttering Downsizing and decluttering can be emotionally challenging, especially if you've lived in your home for many years. Here are some ways to handle the emotional side: - Acknowledge Your Feelings: It's normal to feel a sense of loss when parting with belongings. Allow yourself to feel these emotions but stay focused on the benefits of a clutter-free home.- Take Breaks: Decluttering can be exhausting. Take regular breaks to rest and recharge.- Celebrate Progress: Recognize and celebrate your wins, no matter how small. Each step brings you closer to your goal of a simplified, stress-free home. Moving Forward Once you've decluttered and downsized, you'll likely find that your new space feels more manageable and comfortable. This not only makes your day-to-day life easier but also prepares you for any future transitions, such as moving to a senior living community or relocating to be closer to family. If you’re planning a more significant change, like downsizing your home, we have just the guide for you. Get your free copy of Downsizing Do's & Don'ts — an essential guide to making the process smoother and more efficient. Contact Jeff Higgins today to receive your guide and start your journey to a simpler, more streamlined life. Reach out via email at jeff@higginspartners.com. Final Thoughts Decluttering and downsizing can be a rewarding process that paves the way for a simpler, more organized life. By taking it step-by-step and maintaining a positive attitude, you can transform your living space and prepare for the next exciting chapter in your life. Remember, this journey is about creating a home that serves you and enhances your well-being. Embrace the process with a light heart and look forward to the benefits of a clutter-free, downsized home. Ready, set, declutter!

5 PItfalls of Hasty Downsizing: Why Slowing Down is Essential for a Successful Transition

In the world of home transitions, particularly when it comes to downsizing, timing is everything. The decision to move to a smaller space often comes with the promise of a simpler, more streamlined lifestyle. However, this very promise can lead to the single biggest regret many face: rushing the process. Let’s delve deeper into the five key pitfalls of hasty downsizing and why taking your time is essential for a successful transition 1. The Emotional Quicksand: Downsizing isn't merely a physical act of moving from a larger to a smaller space; it's an emotional journey. Each item you decide to keep or let go of can stir a sea of memories and emotions. Rushing through these decisions can feel like running on emotional quicksand, where the faster you go, the deeper you sink into stress and regret. Allowing yourself the time to thoughtfully consider what truly matters ensures that you bring along not just items, but cherished memories and a sense of home. 2. The Overlooked Details: A hasty downsizing process often means missed details. In the rush, it's easy to overlook the practical aspects of your new home—like storage solutions, accessibility features, and even the local community and amenities. These overlooked details can transform what was supposed to be a freeing experience into one of frustration and limitation. Taking the time to consider these aspects ensures that your new home not only fits your belongings but also your lifestyle and future needs. 3. The Financial Fumbles: Rushing to downsize can lead to financial missteps. From hastily accepted offers on your current home to overlooked costs in the new place, the financial repercussions can be significant. A thoughtful, measured approach allows you to explore all your options, ensuring you make the most financially sound decisions at every turn. 4. The Strain on Relationships: The strain of a rushed move doesn't just affect you; it impacts everyone involved. Family and friends, often integral to the moving process, can feel the pressure of unrealistic timelines. This strain can dampen what should be a supportive, collective journey. By allowing more time, you foster a supportive environment where decisions are made together, ensuring everyone's needs and concerns are addressed. 5. The Missed Opportunities: In the whirlwind of a rushed downsizing, opportunities for new beginnings can be lost in the chaos. Slowing down opens up the space to truly consider your next chapter. Whether it's pursuing hobbies, volunteering, or simply enjoying a more manageable living situation, each step taken with consideration brings you closer to the lifestyle you aspire to. What Is The Solution? Our solution is a process we have developed called The Rightsizing Roadmap. We have designed our solution to help you make the best downsizing decisions. Your Next Chapter with The Rightsizing Roadmap At the heart of a successful downsizing is the realization that good things take time. Our proprietary process, The Rightsizing Roadmap, is designed to ensure your journey to a new home is thoughtful, deliberate, and tailored to you. From the emotional to the practical, every aspect is considered, ensuring your transition is not just a move, but a step towards a richer, more fulfilling life. If you're contemplating downsizing but are wary of the pitfalls of rushing the process, let's talk. With The Rightsizing Roadmap, your journey to a simpler, more meaningful lifestyle can be as fulfilling as the destination itself. For more info or to just connect, call or text Jeff Higgins at (248) 233-6165, or email jeff@higginspartners.com.

Beverly Hills 48025: The Gem of Metro Detroit

Welcome to Beverly Hills! Nestled in Oakland County, Beverly Hills, Michigan 48025, is a thriving community known for its picturesque landscapes, excellent schools, and vibrant local culture. As a highly sought-after area, Beverly Hills offers an ideal environment for families, professionals, and retirees alike. In this blog, we'll delve into the real estate market of Beverly Hills, providing valuable insights for both buyers and sellers. Community Overview Beverly Hills boasts a population of approximately 10,000 residents. The village is home to around 4,200 housing units, ranging from charming mid-century homes to luxurious new constructions. This mix of housing options attracts a diverse group of residents who appreciate the community's suburban feel and proximity to the amenities of nearby Birmingham and Detroit. Real Estate Market Insights On average, Beverly Hills sees approximately 200 housing units sold annually. Here is a breakdown by year: 2023: 199 2022: 190 2021: 242 2020: 231 2019: 225 2018: 196 This steady turnover indicates a healthy real estate market with a consistent demand for homes. The current real estate market conditions are favorable for both buyers and sellers, with several key metrics pointing towards a robust market. While the market is dynamic, low inventory of available homes for sale continues to push home prices up. What does this mean for home buyers? For buyers of real estate in Beverly Hills, MI, home buyers need to move quickly and be decisive. As a buyer you may need to buy your new home in Beverly Hills first before you sell your current home; homes sell too quickly in Beverly Hills for you to wait. We look to months supply of inventory to determine if the housing market is a seller’s market or a buyer’s market. If the months of supply is greater than 3 months, we term it a buyer’s market and under 3 months of supply, we label it as a seller’s market. (Note: many real estate experts have traditionally used 6 months of supply instead of 3 months. We haven’t seen anything close to six (6) months supply in decades so we feel the above definition is more fitting for today’s world.) After looking at the data, the current housing market in Beverly Hills 48025 is a seller’s market with approximately 10 days of supply for condos and 30 days for houses. Said differently, ten days from now we will have a shortage of condos and we will see that shortage of houses for sale in Beverly Hills in about 10 days. The ten (10) days months supply is nearly the lowest recorded figure since 2014 and the same came be said of the 1 month supply of houses in Beverly Hills. If you are a home buyer active in the market in Beverly Hills, you need to move quickly and be decisive. This is not a market you can put in a contingent offer, meaning the offer you make on the new home in Beverly Hills is contingent on the sale of your current home. You need dry powder so to speak to move quickly in this market. What does this low inventory market mean for sellers? The obvious is it is a good time to sell. I always say you can’t time the market – and you really can’t. And selling is typically a personal decision and often triggered by a life event, such as your family getting smaller or larger or maybe you are downsizing or maybe you retired. Regardless, the decision to sell your home is a personal decision. However, the market dynamics in Beverly Hills are pointing that it is a good time to sell. You have a great window of opportunity today to sell but we do see some headwinds that prices are starting to soften a bit. Now make no mistake – we do not see the inventory situation meaning the number of houses or condos for sale in Beverly Hills changing any time soon and expect the seller’s market in Beverly Hills 48025 to continue into next year and perhaps into 2026. But what about the softening I mentioned? The average home price in Beverly Hills, Michigan is $550,991, which is up 6.4% versus May 2023. The peak of the market was in December 2022 and the average home price was $583,357. The average home price is down slightly since December 2022. High interest rates and the low inventory situation may lead to home buyer fatigue and we may see home buyers drop out of the market which would create downward pressure on home price in Beverly Hills. With any of our private clients that own homes in Beverly Hills that are thinking about selling in the next 24 months, we are encouraging them to reconsider and sell in the next 6 months if their situation allows it. Prices are near their all-time high and we don’t want any Beverly Hills homeowner to miss this window of opportunity to maximize the sales price of their home and unlock their home equity. Monthly Market Report: What’s Happening Now? - Days on Market (DOM): The average days on market (DOM) for homes in Beverly Hills is currently 18 days. This is a decrease from last year's average of 28 days, indicating that homes are selling faster. This is an overall average for Beverly Hills with higher price points taking longer and homes that are move-in ready at lower price points are selling in days. Overall, it depends on the price point, location within Beverly Hills, the condition of the home and other factors to determine days on market (DOM) and overall we are saying approximately 30 days is a good general number. - Average Sales Price: The average sales price for a home in Beverly Hills is now $555,991. This represents a 6.4% increase from the previous year. As stated earlier, this is down from the peak of $583,557 in December 2022. These statistics suggest that Beverly Hills remains a desirable location with a competitive housing market. Homes are selling quickly, and prices are on the rise, benefiting sellers while still presenting opportunities for buyers. Market Data Analysis To provide a detailed market analysis, we have studied the data on properties that are Coming Soon, Active, and Sold in Beverly Hills over the past 180 days. Below are some key insights derived from this data: For Beverly Hills Home Buyers 1. Affordable Luxury: Beverly Hills offers a range of housing options, including affordable luxury homes. With an average sales price in the mid $500's, buyers can find high-quality homes at competitive prices compared to nearby affluent areas including Birmingham where the average sale price is over $825,000. 2. Quick Turnover: With an average DOM of 30 days, homes in Beverly Hills sell quickly. Buyers need to act fast and be prepared to make competitive offers. 3. Rising Home Values: The 6.4% increase in average sales price over the past year highlights the potential for strong return on investment for buyers, making Beverly Hills a wise choice for those looking to build equity. 4. Prime Location: Beverly Hills' proximity to major highways and thoroughfares makes commuting easy, whether you're heading to downtown Detroit or exploring other parts of Michigan. Beverly Hills is perfectly situated whether you want to head to downtown Birmingham or need to be close to Corewell Beaumont. (Author's note: Still getting used to saying Corewell. It will be forever Beaumont to me.) For Beverly Hills Home Sellers 1. Seller's Market: The current market conditions, characterized by rising prices and decreased DOM, create a favorable environment for sellers. Homes are likely to attract multiple offers, driving up final sale prices. 2. High Demand: The consistent demand for homes in Beverly Hills means that sellers can expect their properties to garner significant interest, especially if priced and marketed effectively. 3. Community Appeal: Highlighting the village’s excellent schools, green spaces, and community spirit can be powerful selling points. Emphasizing these aspects in marketing materials can help attract motivated buyers. 4. Exclusive Offerings: Due to high buyer demand, some homes sell even before hitting the market. Working with an experienced real estate agent can ensure your home reaches potential buyers through exclusive networks. Property Data Insights Based on the latest data from the past 180 days, here are some additional insights: - Coming Soon Listings: There are several properties poised to enter the market soon, ranging from $350,000 to $600,000. These upcoming listings indicate a healthy pipeline of new inventory despite being in a low inventory of available homes market. - Active Listings: Current active listings show a diverse range of homes available, with prices spanning from $300,000 to over $1 million. This variety caters to different buyer segments, from first-time homebuyers to those seeking luxury residences. In my opinion, the diverse range of home price and offerings drives this dynamic market leading to an overall increase in home prices in Beverly Hills. Variety is the spice of life and the secret sauce of why the Beverly Hills Michigan real estate market is so strong. - Sold Listings: Recent sales data reveals that homes in Beverly Hills have been selling close to their asking prices, further emphasizing the competitive nature of the market. Summary Beverly Hills, Michigan, continues to be a desirable community with a strong real estate market. Whether you're looking to buy or sell, understanding the current market trends and leveraging the unique attributes of Beverly Hills can help you make informed decisions. As an experienced real estate professional specializing in Beverly Hills, I am here to assist you with all your real estate needs. From navigating the buying process as your buyer's agent in Beverly Hills to effectively marketing your home for sale as a listing agent in Beverly Hills, my goal is to provide you with expert guidance and support and unparalleled personal service. Feel free to reach out if you have any questions or need personalized advice. Interested in finding out what your Beverly Hills home is worth? Don’t rely on an internet estimate. Get our Equity Review Report and I will tell you what your home is worth in today’s market and in turn how much equity you have in your home. Contact Information Jeff Higgins  Real Estate Expert  Higgins Partners powered by Real  Phone: (248) 233-6165 Email: jeff@higginspartners.com  Website: HigginsPartners.com