Broker Peggy Finnigan talks about recent trends in real estate - New York News

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.

  • Local NewsLocal NewsMore>>

  • Weather conditions ripe for brush fires in NJ

    Weather conditions ripe for brush fires in NJ

    Wednesday, April 23 2014 9:08 AM EDT2014-04-23 13:08:34 GMT
    Forecasters have issued a red flag warning and fire weather watch for most of New Jersey.
    Forecasters have issued a red flag warning and fire weather watch for most of New Jersey.
  • NYPD Twitter hashtag backfires

    NYPD Twitter hashtag backfires

    Wednesday, April 23 2014 6:23 AM EDT2014-04-23 10:23:11 GMT
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
  • Caesars enters New York casino competition

    Caesars enters New York casino competition

    Tuesday, April 22 2014 10:52 PM EDT2014-04-23 02:52:22 GMT
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
Powered by WorldNow
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