Let’s face it, this market is a home buyer’s paradise. High levels of inventory and near historic lows on mortgage rates are causing buyers to “fall off the fence.” Maybe not in record numbers, but buyers do exist in this market. Big House Data’s recent monthly release points out there are roughly 16% active buyers in this market than last year. This loss of buyers in the market and the inflated amount of inventory only exacerbates the perception that nothing is selling in this market. The flip side to that 16% loss of buyers is that there are still 84% of the numbers of buyers in this market compared to last year. So, yes, Virginia, homes are still selling!
This article from MSNBC.com points out that across the country, new home construction is in decline, yet the Midwest is up about 15.5%. I would be shocked to learn that Michigan registered in the positive for new home construction, but it is encouraging to see that our region of the country is putting more “sticks in the air.”
With that mixed news, here are a few pointers on buying and selling in today’s market. Of course, we’re a little biased on whom you should work with, especially in the Ann Arbor market.
Buyers steps to purchasing a home in this market:
- Call Team366 for a quick assessment of your housing needs;
- Get pre-approved;
- Review list of properties provided by Team366;
- Schedule showings;
- Buy that special home for you!
Seller’s steps to selling a home in this market:
- Call Team366 for a Highest Price Analysis of your property;
- Review our Direct Path Professional Marketing System;
- Sit back and let our Market System cause your home to be sold;
- Close on your home!