Looking over recent data we have noticed our overall housing inventory for Livonia, Novi, Farmington Hills, Northville and Plymouth Michigan has been declining. This is very good news for our local Michigan home sellers as sales have been on the rise. We had approx. a 5 1/2 month supply of available housing for sale in the month of June 2010. So basically what it is saying is if nothing else went up for sale we would be out of available homes for sale within approx. 5 1/2 months. That is great news for our area!!!
Just about a year and a half ago our supply of housing inventory was somewhere around 17 months. I am constantly asked why things seem to be getting better but there has not been job growth in our area? We can't always explain everyone' s motivation and here is what we have been experiencing personally.
1) Interest rates are low actually very very very low.
2) Low inventory helping home buyers realize if they like a home so will someone else.
3) Housing demand has increased as many are sick of waiting and need somewhere to live.
4) Low housing prices are attractive to many Michigan Home Buyers right now.
5) Can own home for about the same price as rent and have some nice tax deductions.
If you or anyone you know is looking to buy or sell real estate in our area please feel free to pass our name on to them. For more information please visit www.BobandTeena.com or www.RealEstateBusyBees.com anytime.
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