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Today I'm going to be speaking briefly about what's happening in the southeast Michigan real estate market. We hope that you use this information to your advantage when you're buying or selling in this market. We have a plethora of other resources available to help you, just ask us if you need help.
Here are some things to consider about our market:
- Interest rates have fallen below 4% for 30-year fixed rate mortgages, but they may not stay at such low rates for long. This means that if you're going to buy this spring, then you better act quickly before you lose buying power. Just a 1% increase in interest rates means a 10% decrease in your buying power.
- Median sale price has increased by 15% in our market since last year.
- Sales were down 6.1%, and this could be attributed to decreased affordability because of appreciation in our market.
- The average days on market is sitting at the same amount of time as last year, from 57 to 58 days.
- Inventory levels have also increased by 5% since this time last year.
Hopefully this provides you with a clearer picture of our local market. I think the main thing to remember is that affordability is high right now, and this actually helps both buyers and sellers. If you're serious about buying or selling real estate this year, please get into contact with us and we can get you on the right track!
