I've posted the second to last set of real estate sales statistics for the year at my Move To Milford web site. The next post will wrap up the year and I'll try to look back and see what the trends have been. The market is general has been improving, with s0me stats like average home sale values being dramatically impacted by the lack of inventory right now.
There are so few good homes on the market that it is a sellers' market right now and buyers have to be prepared to make offers immediately and may face multiple offer scenarios in many cases. In a more balanced market sellers are advised to be prepared for a 4-6 month wait to sell. Right now 4-6 weeks is more like it, with really nice, move-in-ready homes going even faster.
The market is so "tight" that interest in building has picked up and I'm getting more and more inquiries about vacant land, suitable for building. Almost all of the local developments that had stalled out during the recession are building again. Most builders have adapted to a shift in buying patterns towards the lower end by building less expansive and less expensive new homes.
This is normally a slow time of the year for real estate sales and this year is no different, but for different reasons. There are actually lots of buyers out looking; but, with little to see right now they are just stacking up and getting frustrated. That is especially true of buyers who aren't the types to make quick decisions. Taking the time to ponder a decision right now means that the house probably won't be there by the time you decide.
So, if you're a buyer, you need to be ready to make a decision; be pre-qualified, so that you can make a serious offer; and be persistent in your efforts. If you are a would-be seller, now is the time to at least find out if the market has come back enough for you to sell. People who haven't had a Comparative Market Analysis (CMA) by a real estate professional within the last 2-3 months are seriously out of date with the market. CMA's cost you nothing and can give you a good idea about whether now is the time for you to act. It's certainly a good time to have a house on the market.
Merry Christmas everyone! Stay tuned for the end-of-year report on all of the real estate sales data in Milford, Highland, Commerce, White Lake, West Bloomfield, South Lyon, Green Oak, Brighton and Hartland. I look forward to kicking off the New Year - The Year of the Seller!