Where Did The Market Go?
Where did the market go? Labor Day is usually a slow time of year and the time leading up to "back to school" but come mid-September we usually see a jump back into the market and a boost. We haven't really seen that this year. At home and abroad the threat of raising interest rates and has really stemmed the market a bit and scared people off. I will say, that it is slowly rebounding now and there's probably another solid two months of good selling before January and February come, which are historically the two slowest months in the real estate calendar here in Michigan.
Buyers looking to get great deals are in the wrong market. In many areas housing prices have increased greatly over the last number of years and what people expect to pay for houses is way less than what reality is showing us. Still though they're all time low interest-rates so it makes for a good combination for buyers and sellers. Thus, the market has seemingly been on fire this past year or so. For Oakland County there has been almost exactly the same number of homes sold in August this year as there were last year. Yet, there were around 10,000 homes listed last year and only around 6,000 this year. Those numbers are staggering. Sellers are happy because they're getting prices back to where we saw them before the great recession and it is really helping those looking to sell.
Serious buyers and sellers are the ones who are going to be out now and the next two months are going to prove interesting.
Sellers must try to sell the next couple months and most buyers should be looking to buy towards the end of the year and early next year.
Buyers looking to get great deals are in the wrong market. In many areas housing prices have increased greatly over the last number of years and what people expect to pay for houses is way less than what reality is showing us. Still though they're all time low interest-rates so it makes for a good combination for buyers and sellers. Thus, the market has seemingly been on fire this past year or so. For Oakland County there has been almost exactly the same number of homes sold in August this year as there were last year. Yet, there were around 10,000 homes listed last year and only around 6,000 this year. Those numbers are staggering. Sellers are happy because they're getting prices back to where we saw them before the great recession and it is really helping those looking to sell.
Serious buyers and sellers are the ones who are going to be out now and the next two months are going to prove interesting.
Sellers must try to sell the next couple months and most buyers should be looking to buy towards the end of the year and early next year.
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