Q: I inherited some vacant land out in the country from my uncle. A friend of one of the locals there made me an offer that is subject to a percolation test. I’m not familiar with that since I’ve always lived in the city.
A: A percolation test (AKA a perc test) by definition, in its simplest form, is a test to measure the drainage capability of the soil on vacant land for the installation of a septic system. Sandy soil will drain better than clay soil. It will determine if the septic drain field needs to be an engineered drain field (clay soil) or a nonengineered drain field (sandy soil). It will also help to determine the size required. The cost difference between engineered and nonengineered fields can be substantial so that can be a deciding factor for a buyer. There are too many other things that factor into a septic system installation to mention here so I will leave it at that.
Q: We are going to be listing our home for sale and our real estate agent said that we should not be home for the showings and that they are going to put a lockbox on the door so the agents can get in for the showings with their buyers. Is this normal? I’d like to be there when someone is going through our home. I could also point things out that the agent might not know. We’re not sure about this. Is this normal?
A: It’s been many years since I answered this question, but it is always a good question when it comes up. Yes, this is the normal practice. It’s a fact that buyers will spend more time looking at a property and ask their buyer’s agent questions when the sellers are not there. Buyers are more comfortable when the sellers are not home. You can remove the lockbox when you’re at home or at night if that makes you more comfortable, but always remember to make sure it is on the door for showings when you leave. It also provides more access to the property when you’re not home. For example; you’re spending the day at the zoo with your grandkids and someone wants to see your home. Instead of missing a showing, an agent can show it without inconveniencing you. Maybe you’ll have an offer by the time you get home. As far as being there to point things out, let the professional agents do their job. They know what features are most important to their buyers and there’s no chance of you saying something you shouldn’t. Many lawsuits have started by a buyer saying, “but the seller said … .”
Market update
March’s market update for Macomb County and Oakland County’s housing market (house and condo sales) is as follows: In Macomb County, the average sales price was up by more than 7% and Oakland County’s average sales price was up by more than 2%. Macomb County’s on-market inventory was up by more than 13% and Oakland County’s on-market inventory was up by 14%. Macomb County average days on market was 40 days and Oakland County average days on market was 35 days. Closed sales in Macomb County were down by more than 3% and closed sales in Oakland County were down by more than 14%. (All comparisons are month to month, year to year.)
By the long-standing historical definition from the National Association of Realtors, which has been in existence since 1908, a buyer’s market is when there is a seven-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a six-month supply of inventory. A seller’s market is when there is a five-month or less supply of inventory. Inventory has continued to stay low. In March, the state of Michigan’s inventory was at 1.9 months of supply. Both Macomb and Oakland county’s inventory was at 1.7 months of supply. By definition, it’s still not close to a buyer’s market.
Steve Meyers is a real estate agent/Realtor at Realty Executives Home Towne in Shelby Twp. He can be contacted with questions at 586-997-5480 or email him at Steve@MeyersRealtor.com You also can visit his website at AnswersToRealEstateQuestions.com.