Wow – another Michigan summer slips towards fall and the leaves are obviously in transition. Typically our real estate market quiets a bit the week before and week after Labor Day. Back to school and last chance summer vacations always create this quiet time, but we will pick up again mid September we normally finish strong in October, November and early December. It is already shaping up to do just that again in 2019. Interest rates are fantastic for buyers but available homes for sale are still low and homes priced appropriately are selling fast. Rural areas still lag behind the busier communities, but fall should also bring some last quarter interest to them as well. It has been a very strong year again and we’ll see if 2020 continues. The election year of 2016 was excellent and it is looking like 2020 may just follow suit. All indicators are very positive but the gloom and doom media continues to warn of a market adjustment. We will see…. have a great holiday weekend!
WOW – what a COLD week we just experienced in southeast Michigan! We are about to experience a 65 to 70 degree swing by Sunday and it will feel like spring. I fully expect our real estate market to continue strong through 2019, but an adjustment is inevitable as we are now in our 7th year of strong recovery and growth. I don’t think we will see a lot of the crazy overbidding we’ve seen in recent years. Interest rates are ticking back and forth and Buyer interest is still very strong. But I think we will see a slight increase in available homes for sale once spring hits. All indicators I see every day is for a very good market here in this area. If you know anyone looking to sell or buy a home, let us know so we can give them the “wow experience” that we strive to give. We helped dozens of families sell and buy homes in 2018 and we love our real estate family. Let us make you or your friends part of ours. Make it a great weekend!
As our real estate practice continues to grow we are proud to announce our official name change. The scope of our team goes far beyond Jennifer, Michelle and myself as we continue to add trusted sources to confidently refer to our clients. Mortgage lenders, title company, contractors, movers and more. We don’t refer a source unless we have 100% confidence in their abilities so our clients can trust that they will be serviced properly, ethically and honestly. Real estate is a profession and not a hobby, so we continually strive to better our services and systems for our clients. In a thriving real estate market thousands of people get their real estate license to try and quickly sell some homes but at the first sign of a market downturn, they are off doing something else. The same goes for contractors and many market related services. I grew and thrived from 2008 to 2010 when we experienced the worst real estate market in our lifetime. So when the market adjusts, we will be here giving our clients the same great service we do now.
Another year has rocketed past and we find ourselves in reflection of 2017 and great anticipation of 2018. From a real estate perspective it was another fantastic year of continued home value increases, driven by another 12 months of listing shortages which equates to a frustrating market for home buyers. Interest rates remain very good and all indicators tell me that we will experience another year of low listing inventory. Even though new construction is up, the price per square foot is sky high given the fact that those homes do not include window treatments, landscaping, patios/decks, finished basements and in many cases even sprinklers or sod/grass seed in the entire yard. Adding up those additional costs can tack a large sum on your home purchase. Ranch home sales are being driven by Baby Boomers who want to eliminate stairs and have everything on the ground level. Those Boomers are paying cash in many instances or a conventional mortgage with a huge down payment, so young buyers/families trying to buy that type of home is challenging especially if they are purchasing with an FHA loan (small down payment). Those are just a few examples of the things driving this market and in a nut shell, it is likely to continue through 2018. They keys for Sellers: make that home “show ready” in as many ways as possible getting a real estate professional’s opinion early. For Buyers: get a STRONG pre-approval or full approval letter from a reputable mortgage lender and be ready to act FAST. Many of our homes have sold in a day or two and for multiple offers which will likely continue in 2018.
Another Christmas season is upon us and millions of us are asking where another year went! We love this truly magical time of year and oddly enough, homes continue to sell at a great pace even in December. There continues to be a listing shortage which has driven this Seller’s market for a few years now. All indicators tell us that 2018 will be another strong year for our local real estate market and it should be another Seller’s market with strong buyer competition. If you are a home Seller that is considering selling, there are lots of qualified Buyers out there looking for homes. Some of my peers will disagree, but we love Christmas decor to make a home feel warm and festive. If you’re a Buyer looking for homes, you can often get the jump on other Buyers who are busy with holiday events or travel. December and January have been our 2 strongest months for a few years now oddly enough. Make it a fantastic December weekend!
Everyone is asking this question! In the geographic areas I work in (Oakland and Macomb counties especially) we have seen three consecutive “seller’s markets” over the past 3 years and I believe we will see one more. Interest rates are edging up but they will likely remain very palatable for 2017. However as they inch up, that will continue to motivate Buyers to find that perfect home before rates climb higher. Available homes for sale remain low and has for the past 3 years, which continues to push values up and I don’t see that changing. Many potential Sellers have been apprehensive about putting their home on the market with fears of not finding their next home, which has created a double edged sword. It has been tough for Buyers because of this listing shortage but if we move quickly, we can find you that dream home. For the “snowbirds” moving to their already existing southern home it has been fantastic since we can usually sell their homes very quickly and they don’t have to worry about finding another. In a nutshell, we should see another great year of increasing values which is great news for everyone.
Happy New Year and make it your best year ever!
We are witnessing what always happens in a recovering real estate market. New Realtors, new real estate offices, contractors, etc. pop up everywhere to try and make some fast money. Then when the market cools they will disappear, close and go out of business just as quickly, moving on to make fast money somewhere else. When choosing a real estate or construction professional, do your research! No matter who you choose, trust your assets to those that represent the industry through good times and bad. Those of us that work even harder in bad times to maintain as much of our values as possible, then to help them recover. These are the professionals that work for our local values, not to make some fast cash and move on. It baffles me how someone will trust their most valuable asset to a nephew that “does real estate on the side.” Would you trust a surgeon who dabbles in his trade to do your major surgery?