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so you know what buyers will pay for your home in today's market. You
may also call us at (734) 446-5744 for a FREE home buying or selling
consultation to answer any of your real estate questions.
Do you ever wonder what's going on in the market, but aren't sure
where to find accurate information? We're here to help. We're dedicated
to keeping you informed with up-to-date information so you can make
smart real estate decisions. Today, we take a look at the conditions
we're seeing in Southeastern Michigan.
We think
we'll see a gradual increase in median sales prices in 2015. Despite
that increase, we're also expecting an increase in interest rates -
while the average for 2014 was 4.7%, the forecast for 2015 is 5.5%. In
2014, we saw existing home sales reach 4.9 million - in 2015, we expect
home sales to reach 5.2 million, which means our market will continue
its growth in the coming year.
With the sales
number going up in the coming year, we're expecting there to be a larger amount of inventory. Because of this, we're also expecting the average
number of days on market to rise in 2015, as there will be more
competition when selling. These conditions are more favorable for
buyers, as there will be a large inventory and fewer multiple offer
situations.
The big thing to keep your eye on
is interest rates. A rising rate affects buyers and sellers alike, so
we're hoping it doesn't climb much higher than the predicted 5.5%. If
you have any questions about real estate conditions in Southeastern
Michigan, don't hesitate to give us a call or shoot us an email. It's
our duty to ensure you make informed real estate decisions!
