Real Estate Update for Southeastern Michigan - March 2014

During the March 2014 Market Update, Dan explains how the harsh winter has impacted the real estate market. He expects that activity will pick up at the end of March and throughout April and May. We may be facing some issues with inventory, however the advantage is that low inventory will cause values to rise faster than anticipated. Dan also shows how days on the market can affect the list price to sale price ratio. 

Oakland County Home Sales Still on the Rise

This Chart reveals Strength...Note that there are less homes being sold below $99,000
Note the number of sales of those homes above $300,000.....the strongest they have been in years. 

The current deep freeze is expected to slow our Januray Sales......we certainly expect a slowdown over 2013.  Cold weather or not, most have been predicting that 2014 is not expected to be as strong as 2013 in terms of homes sold, but we should not be fooled by the year over year comparison stats that might show sales declining.  Remember that's compared to a peak year, so the activity will still be very good, just not crazy good.  Also, values are expected to continue to rise (most predict 3-6%).

September activity was above expectation. We anticipated a slow down as the pent-up demand released along with the increased cost of housing (from rising interest rates and home prices). Instead, buyer interest remained strong with the pace of sales actually increasing with a portion being from buyers jumping in as the rates climb.

Government Shutdown could affect Real Estate

We the people will be affected by a shutdown for sure.  The important factor is those buyers who are seeking FHA,  VA Loans, and other government subsidized mortgages.  Our first concern personally, will be to determine every transaction that involves a government backed mortgage.

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