Waaay back in 2008 (sure seems like a long time ago!) many, if not most real estate professionals
agreed that some of the signs that the bottom of the real estate market had hit was when we saw
the following:
- Interest rates rising.
- Multiple offers on homes - privately owned as well as foreclosures.
- The average days on the market steadily lowering.
- Short sale homes actually selling.
Well folks, I'm personally seeing all 4 signs now.
In the last 2 months my buyer clients and I have been a part of multiple offers on homes (yes, even the
privately owned homes), the interest rates on their mortgages have been higher, homes selling quicker
than we can get in to view them, and last but not least: Homes on the market as short sales are actually
closing more often than not.
Is the worst over? I can't predict that. The economy (especially here in Metro Detroit) is still rough
around the edges, but people are feeling a bit more confident about the future.
The government stimulus programs are working in our area (the $8000 first time home buyers tax credit
amongst them) and consumers are realizing that purchasing a home is something that will always be a part
of the American way of life.
I'm now looking forward to the next sign that I'm sure we'll all be watching out for: Home prices
stabilizing and then increasing in value again.
~Kris Wales~ A partner for your real estate needs in Macomb County MI
Want to search for homes in Macomb County MI with MLS provided data?
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