After several years of rapidly rising prices and mild inflation (until this past year) homebuyers and sellers need to be aware of the potential for a significant jump between existing taxes and future taxes after the sale. Michigan’s Headlee Amendment was passed in 1994. Its…
While our markets tend to move in the same direction, generally homes in the entry and middle price ranges tend to sell faster than upper-end properties due to the larger pool of buyers who can afford them. However, in recent years, prices have risen,…
With its bidding wars, rising prices and big sales numbers, 2021 was a tough act to follow. The first half of 2022 met that challenge before inflation, high interest rates and depleted inventory combined to cause sales and prices to fade in the second half…
Halfway through December, the 2022 YTD average sale price of a single family home in our 5-County Southeast Michigan Region is $307k. That’s up 31% from 2019 and 5% compared to last year. Today’s buyers want and will pay more for move-in-ready homes. Because the…
Passing through the fourth quarter, both market times and the frequency of price reductions are rising but the best listings continue to sell quickly—frequently for full or over-asking price. Market Times:DOM went from a 32 day average in September and October to 37 days in November—…
Sales and prices have been sliding since June—the same way they did last year. Both years featured high activity and prices in the first half of the year, followed by declines in the second half. Buyers want and are willing to pay premium prices for…
Most Michigan markets peaked in June and have been slowing with prices fading since. But it did that last year too. Much of the slowdown is due to the limited inventory quality that we typically see later in the year. While the pandemic-era sales and…
Although slowly fading, demand remains strong in proportion to available listings in our Southeast Michigan and Washtenaw County markets. With so many external factors like rising interest rates and inflation, everyone is wondering what to expect as the market continues to move through the second…
The past few years have seen dramatic market shifts with extraordinarily low supplies combined with high demand, which became extreme when the pandemic instantly changed our housing needs by having us working and schooling from home. Over the past few months, we’ve been experiencing our…
We continue to see shortages of affordable move-in-ready listings in most markets. Within all price ranges, the best new listings are selling fast with over-asking competing offers. When working with a buyer to write a competing offer, counseling our client as to the offer amount…