Real estate prices move up and down based on supply and demand. It continually adjusts from year to year and even from season to season. If you are thinking about buying or listing homes this fall, the following is information on the Michigan fall home market.
What to Expect this Fall
Fall traditionally is an active buying season. Home buyers look to complete their home purchase prior to the winter months, the busy holidays, and end of year (for tax benefits). Interest rates are also at historic lows, making home purchases more affordable. This fall, some communities are seeing a shortage of inventory. This might be caused by a reduction in foreclosed homes, owners holding on to their real estate waiting for values to rise, or sellers incorrectly believing that the market is stagnant. Whatever the cause may be, it is causing less inventory during a time of high demand. The result is an influx of activity on new listings, multiple offers on desirable properties, and properties going under agreement more quickly.
Beyond the Michigan Fall Home Market
If you are thinking of selling, it is a great time to sell. With a seller agent who knows the area, your property can be positioned to sell within a reasonable time frame and for maximum market value. If you are thinking of buying, get pre-approved and be ready to make an offer. Homes in good condition and properly priced will not last long in this market. This Michigan fall home market article is only an overview. For specific Michigan market stats or help with listing or buying, call John Doorn at JH Realty Partners at 616-292-7951.