As real estate and its prices are always changing, it’s always a good idea to keep up to date. So today, we’ll bring you the fall market update for the Michigan area.
There are more single-family homes coming on the market, up 8.9% from 358 to 390 year to year. The number of year-to-year sales is down 18.1% from 315 to 258. However, the average sales price is up to $308,080 from last year’s $299,788—an increase of 2.8%. The average days on market has improved from 32 days last year to 25 days this year.
Things can change so gradually that many people do not notice. To see if shifts are occurring in the market, it’s important to watch for accurate data in your price range.
“
Things can change so gradually that
many people do not notice.
”
Sellers could be chasing prices down, so the question for many is if they should wait until spring to sell a house. It depends on what you think is going to happen in regard to elections, the economy, and interest rates.
What happens to prices when rates go up? There may be a relationship. According to the National Association of Realtors’ national media manager, if you have rising interest rates over a longer period, then you’ll see a weaker demand. In this case, you may see price appreciation slow down. Keep in mind, today’s interest rate for an adjustable mortgage is 4.25% and 5.15% for an annual percentage rate.
If you have any questions or would like some more information, feel free to give us a call at (866) 696-8447. We look forward to hearing from you.
As real estate and its prices are always changing, it’s always a good idea to keep up to date. So today, we’ll bring you the fall market update for the Michigan area.
There are more single-family homes coming on the market, up 8.9% from 358 to 390 year to year. The number of year-to-year sales is down 18.1% from 315 to 258. However, the average sales price is up to $308,080 from last year’s $299,788—an increase of 2.8%. The average days on market has improved from 32 days last year to 25 days this year.
Things can change so gradually that many people do not notice. To see if shifts are occurring in the market, it’s important to watch for accurate data in your price range.
“
Things can change so gradually that
many people do not notice.
”
Sellers could be chasing prices down, so the question for many is if they should wait until spring to sell a house. It depends on what you think is going to happen in regard to elections, the economy, and interest rates.
What happens to prices when rates go up? There may be a relationship. According to the National Association of Realtors’ national media manager, if you have rising interest rates over a longer period, then you’ll see a weaker demand. In this case, you may see price appreciation slow down. Keep in mind, today’s interest rate for an adjustable mortgage is 4.25% and 5.15% for an annual percentage rate.
If you have any questions or would like some more information, feel free to give us a call at (866) 696-8447. We look forward to hearing from you.