April sales continue the same tale of two cities, growing strength in the under $100,000 market and continued slowing in the above $100,000 market, although the rate of decline has begun to decrease in the $100,000 to $250,000 segments. Download the attached summary for April's activity.
That is good news since recovery in the lower priced markets is the first required stage in a recovery. So far we have seen little effect from the GM and Chrysler news. There could certainly be another negative wave from further auto related changes however I think our market reacted to those changes a year or more ago. The negative impact on the market will be more like a slow leak in a balloon rather than a bursting, not so much dropping our market further as it will extent and slow our recovery.
NAR (National Association of Realtors) stats are also showing the beginning signs of a housing recovery across the country with the number of sales rising and housing inventories falling.
If you are waiting for that perfect time to buy in Florida, Nevada, Arizona, etc, now is the time. More importantly, the same goes for Northwest Michigan as well. Our recovery will be different from the rest of the country, longer and slower, but the national housing recovery will also have a positive effect on Michigan as well.
Important to keep in mind - more real estate fortunes will be made over the next 5-10 years in Michigan, Florida, Arizona and Nevada than anywhere else in the country!
Please contact me if you are in need of a Realtor for these areas.
Our informal survey of the number of vacant homes remains about the same, on average 6-7 out of 10, with more agents indicating that the number is falling as opposed to rising. It still means we are not ready for appreciation to begin, but we are moving in the right direction.
If you know of anyone that is a "FIRST TIME HOME-BUYER" - NOW is the time to take advantage of the new MSHDA down payment assistance combined with first time buyer tax credit can give a buyer as much as $15,000 towards their home purchase!!
Please pass this on and should anyone need assistance, please email or contact me at: (248) 318-7342.