This is some great information from Brent Link, Associate Broker Coldwell Banker Woodland Schmidt, on what he is seeing in the Muskegon County Market. From what I have seen this trend is similar throughout Michigan.
We are beginning to see a Seller's Market so Buyers: when you find a house you love, that you can afford that is accurately priced don't hesitate and try to low ball an offer because you most likely are not the only one trying to snatch up the property. Sellers: listen to your Real Estate Agent and price your home correctly! It seems today if you are priced right and your home is move in ready you may not have long to wait.
Is the Market Really Headed In the Wrong Direction? I don't think so, and I can back it up!
Last week the national news naysayers told us that February sales were down 5.5%! Doom and Gloom! My question is, "Down From What?
- Down from last week?
- Down from last month?
- Down from last year?
- Down from 5 years ago?
I know that national statistics are interesting, but are they really important? Real estate is local. The local economy effects real estate. Local employment effect real estate. Believe it or not, local weather effect real estate.
Here is some relevant data to support my position.
As you can see from this chart, this just isn't the case in West Michigan.
- February sales in Muskegon County were up 28% over the previous month
- February sales in Muskegon County were up 15.5% over February 2011
- February pending sales in Muskegon County were up 28% over the previous month
- February pending sales in Muskegon County were up 16.8% over February 2011
- Inventory of homes for sale in Muskegon County were up 1.2% over the previous month
- Inventory of homes for sale in Muskegon County were down by 10%, over February 2011
- Inventory of homes for sale in Muskegon County were down by 32% from January 2011 to April 2012
With sales on the upswing and inventory on the decline it is no longer a Buyer's Market. Reasonably priced homes for sale in Move-in Condition sell quickly. In January 2011 we had 11.3 months inventory of homes for sale in Muskegon County. That has been reduced to 6.9 moths inventory.
The Whitehall and Montague area as well as the North Muskegon areas are even stronger.
- Now is probably the best time to buy.
- Now may be the best time to sell as well.
- Buyers can afford a higher price with the interest rates as low as they are.
- They can not get much lower so don't delay.
Give me call or send me a note if you have any questions.-- Brent Link - Associate Broker Coldwell Banker Woodland Schmidt Office 231-737-4004 Cell 231-206-2772 Fax 866-334-2775 LinkRealtor.com