How Will The 2020 Presidential Election Affect The Housing Market?

How Will The 2020 Presidential Election Affect The Housing Market?

How will the 2020 presidential election affect the housing market?

Most people will agree that 2020 will be remembered as one of the most challenging years of our lives. A coronavirus pandemic, a recession with historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we currently live – and what has been coined “the new normal.”

As the upcoming election approaches, we can also expect to see home sales scale back, based on expert analyses of previous election years. Research and industry experts agree that the closer the election gets, the more likely its effects on the housing market, regardless of who the candidates are. In general, presidential races breed uncertainty, which alters attitudes among residential home buyers, sellers, and investors. 

How predictable the outcome of a presidential election appears to be can also influence real estate sentiments 

“When an incumbent arises as a likely winner, cementing the continuation of familiar policies, the housing market may experience fewer jitters,” says Arlene Reed, a real estate agent with Warburg Realty in New York City. When the election result evades easy forecasts, “people get a little tentative,” Reed says. “There’s some uncertainty how the new president’s policies will affect the economy, the stock market, taxes.”  

Analysis of the past 13 presidential election cycles and their effect on new home sales 

In a recent Meyers Research Group analysis, it was found that over the past 13 Presidential election cycles, the median change in new home sales activity from October to November fell 15%, whereas in the year after an election, the median change in sales was 8%.

According to the Meyers report, in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter. 

In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty. Rather, it gets pushed out to the following year.

“This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates, and consumer confidence all have far more meaningful roles in the home purchase decision than a presidential election result in the months that follow,” said Ali Wolf, director of economic research for Meyers Research.

“In December [following an election], and in the following year, the sales that are lost during November are recovered. It isn’t that consumers say, ‘I’m nervous, and I never want to buy.’ They say, ‘I’m nervous. Let’s just wait to see how things play out.’” says Wolf. 

The takeaway

It’s a good idea to keep an eye on elections if you are in the housing market to buy or sell, but elections typically don’t affect the housing market in the long run.

Partner with top-rated Farmington Hills MI REALTOR® – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamWith over 20 years of real estate experience, Tom Gilliam provides the kind of knowledge, skills, dedication, and personalized service you need and deserve when buying or selling a home. As your personal agent, Tom will protect your interests,  advocate for you, and go the extra mile to ensure a smooth and successful transaction. 

Search Farmington Hill MI homes for sale

If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give Tom Gilliam a call today at (248) 790-5594. 

Tom Gilliam, REALTOR®
RE/MAX Classic 
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Article Sources:

 

What Historically Low Mortgage Rates Mean for Farmington Hills MI Homeowners & Buyers

What Historically Low Mortgage Rates Mean for Farmington Hills MI Homeowners & Buyers

What Historically Low Mortgage Rates Mean for Farmington Hills MI Homeowners & Buyers

Mortgage rates fell below 3% for the first time ever in July, as the economy continues to struggle from the effects of the coronavirus pandemic. Many Americans have rushed to take advantage of this unprecedented opportunity, while others have questioned if these rates are truly a bargain?  

While average mortgage rates have hovered between 4% and 5% in recent years, they haven’t always been so low. In 1971, Freddie Mac began tracking 30-year mortgage rates, and at that time, the national average was 7.31%. As the rate of inflation started to rise in the mid-1970s, mortgage rates surged.

In 1981, the average mortgage rate reached a high of 18.63%. By October 1982, inflation normalized, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012. Since then, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.

According to the National Association of Realtors’ Chief Economist – Lawrence Yun, “the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities.” According to Yun, “we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed’s stance.” 

How Low Mortgage Rates Benefit Current Farmington Hills MI Homeowners 

Low mortgage rates increase buyer demand, which is good news for sellers. However, if you are not planning to sell your home in Farmington Hills MI anytime soon, you can still benefit from falling mortgage rates. Many homeowners are capitalizing on today’s historically low rates by refinancing their existing mortgages.  

Refinance applications have surged over the past few months. Reduced interest rates can save homeowners money on both monthly payments and total payments over the lifetime of a mortgage. The chart below shows the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.

Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage 

Loan Amount 4.0% 3.0% Monthly Savings

Savings Over 30

Years

$100,000 $477 $422 $55 $20,093
$200,000 $955 $843 $112 $40,184
$300,000 $1,432 $1,265 $167 $60,277
$400,000 $1,910 $1,686 $224 $80,368
$500,000 $2,387 $2,108 $279 $100,461

If you are looking to refinance, expect to pay between 2% to 5% of your loan amount. Divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use one of the handy online refinance calculators. 

How Low Mortgage Rates Benefit Farmington Hills MI Homebuyers 

For homebuyers, low mortgage rates can save you money on your mortgage payment and also increase your purchasing power. For example, let’s say you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000. If the mortgage rate falls to 4.0%, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment – a budget increase of $35,000.

If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month –  a budget increase of $76,000!  If you’ve been priced out of the market before, today’s rock bottom mortgage rates may put you in a better position to afford the home you’ve always dreamed of.  

How Low Could Mortgage Rates Go?

No one can say for sure how low mortgage rates will fall or when they will rise again. A lot depends on the trajectory of the COVID-19 pandemic and the resulting economic impact. Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels. However, Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.  

While mortgage rate forecasts may differ slightly, many experts agree on one thing: Those who wait to take advantage of the lowest rates ever in history could miss out on the deal of a lifetime. 

Partner with Top-Rated Farmington Hills MI REALTOR® – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamAre you currently in the market to buy a home in Farmington Hills, MI? Tom Gilliam is an award-winning Farmington Hills MI REALTOR® with over two decades of local experience. Tom keeps his finger on the pulse of the market at all times and is the first to know when new inventory becomes available, ensuring that his buyers have access to the most valuable homes and securing an offer.

Search Homes for Sale in Farmington Hills MI  

With extensive local market knowledge and access to the most up-to-date Farmington Hills MI listings, Tom can help you explore your options and make the best home purchase decision. Streamline your home search by having Tom put together a list of homes for sale in Farmington Hills that are the best fit for your lifestyle and needs.

Tom works extremely hard for his clients and provides the kind of personalized service you need a deserve when buying a home. If you or someone you know is interested in Farmington Hills MI real estate, please give Tom Gilliam a call today at (248) 790-5594

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Sources: CNN Business, Bankrate, Mortgage Bankers Association Mortgage Market Forecast July 15, 2020, Fannie Mae July 2020 Housing Forecast, Freddie Mac June 2020 Quarterly Forecast

Urban Dwellers Are Choosing To Move To The Suburbs

Urban Dwellers Are Choosing To Move To The Suburbs

Urban Dwellers are Choosing To Move To The Suburbs – Urban trends of the last 50 years are showing signs of being reversed. A combination of the coronavirus pandemic, economic uncertainty, and social unrest is prompting folks to move from large cities and permanently relocate to more sparsely populated areas.

Metropolitan areas across the U.S. are experiencing residents of all ages and incomes moving in record numbers to suburban areas and small towns – places where social distancing is more of a built-in part of everyday life. The trend has been accelerated by shifting attitudes and technology that makes it easier than ever to work remotely.  

According to data from a recent Harris Poll survey, nearly a third of Americans are considering moving to less densely populated areas as a result of the pandemic. “Space now means something more than square feet,” Harris Poll CEO John Gerzema said. “Already beset by high rents and clogged streets, the virus is now forcing urbanites to consider social distancing as a lifestyle.”

Urbanites (43%) were twice as likely than suburban (26%) and rural (21%) dwellers to have recently browsed a real estate website for homes and apartments to rent or buy, the survey showed.  

The shifts happening during this pandemic are not only challenging and far-reaching, but they could continue long after a vaccine or treatment is found. “People will be much more cautious about living in high-density areas with so many people nearby,” predicts Lawrence Yun, chief economist at the National Association of Realtors.  

More than half of the nation’s 100 largest metropolitan areas are seeing increased interest in the suburbs.  Recent data from Realtor.com suggests people are interested in moving and there seems to be an increasing appeal in properties outside of cities. 

Realtor.com figures, which compared this June to June of 2019, found that homes in rural and suburban zip codes saw the biggest jump in average views per property. Homes in urban zip codes had a 19% increase in views compared to last year. But homes in suburban zip codes had a much larger 30%  jump. Homes in rural zip codes saw a 34% increase in views.

Although property views are not sales, these numbers do reflect at least an interest in getting out of the most densely packed areas and into communities that are more spread out. The demand for homes is fuelled not only by fears that coronavirus infections in densely populated urban areas could rise again next winter but also by fundamental shifts in demand from in-office to remote workers. 

Many experts say that It’s not yet clear how the pandemic will reshape cities in the long run, but it has definitely accelerated trends that were already underway before the coronavirus outbreak. If the allure of cities declines further due to the risk of disease, an uncertain economy, and a future of telework, the flight to suburbia and rural safety will continue well after a coronavirus vaccine or treatment becomes available.

Partner with Top-rated Farmington Hills MI REALTOR® – Tom Gilliam 

2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Farmington Hills and Oakland County MI properties, Tom is able to match his clients’ lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the marketing and sale of your home. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers.   

Search the MLS for Properties in Farmington Hills MI

With over 25 years of local real estate experience, Tom will protect your interests and work hard for you in order to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give top-rated Farmington Hills MI REALTOR® Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Article sources:

The Residential Real Estate Market is Bouncing Back – July 2020

The Residential Real Estate Market is Bouncing Back – July 2020

The Residential Real Estate Market is Bouncing Back – July 2020 – Even with the coronavirus pandemic, a recession, protests, and record unemployment, the residential real estate market is staging a rebound. So, what is the big reason for a bounce-back in real estate sales?  “The number of buyers in the market far outstrips the number of homes available,” says Realtor.com Economist George Ratiu.  After months on hold, Americans are beginning to feel more confident about the idea of buying or selling a home.

Buyer demand has been incredibly strong since mid-May after the coronavirus shut down most housing activity in April. The only thing standing in the way of more sales is the record-low supply of homes for sale. According to realtor.com data, median home prices went up 6.2% year over year in the week ending June 27, and homes are selling faster than they did in 2019 before anyone had ever heard of COVID-19. 

Redfin reported that more than half of its offers faced competition in June. Specifically, 54% of home offers placed by the real estate agency’s representatives faced bidding wars. Redfin Economist Taylor Marr commented on this almost surreal state that the housing industry now finds itself in:

“Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades. It’s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small number of single-family homes on the market as they realize they need more space for their families,” stated Marr.

Ali Wolf, the chief economist of Meyers Research (a national real estate consulting firm) stated that “The housing recovery has been nothing short of remarkable. The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”  Nearly two-thirds of consumers (61%) said it was a good time to buy a home in June, based on a Fannie Mae housing survey of 1,000 participants – a 9 percentage point increase from May. Roughly 41% of respondents said it was a good time to sell, also an increase of 9 percentage points from the previous month.  

“The second month of improvement in June allowed the HPSI (Fannie Mae Home Purchase Sentiment Index®) to regain some of the sharp losses in optimism observed in March and April,” said Doug Duncan, Senior Vice, and Chief Economist. “The share of renters who say it’s a good time to buy a home is now at its highest level in five years, suggesting favorable conditions for first-time homebuying, consistent with the recent rebound in home purchase activity.” 

Buyers shouldn’t expect deep discounts, at least not yet. Unlike the Great Recession, a flood of foreclosures isn’t expected to hit the market, bringing prices down.

Another major reason for the housing market’s rebound is the record-low mortgage interest rates which have created a surge of mortgage applications for home purchases. After a short pullback at the end of June, homebuyers lunged back into the mortgage market to take advantage of record-low mortgage rates. Mortgage applications to purchase a home rose 5% for the week and were a remarkable 33% higher than a year ago, according to the Mortgage Bankers Association’s index, which was seasonally adjusted, including for the Fourth of July holiday.

Information released by the Mortgage Bankers Association showed that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 dropped to 3.26% from 3.29%. Points, including the origination fee, for loans with a 20% down payment decreased to 0.35 from 0.36.

More optimism that came earlier this month was when Black Knight announced that active forbearance plans fell an additional 435,000 weekly, which is the largest drop since the onset of the pandemic. As of July 7, 4.14 million homeowners were in forbearance plans, which represents 7.8% of all active mortgages—down from the prior week’s 8.6%. This represents around $900 billion in unpaid principal. 

Partner with Top-rated Farmington Hills MI REALTOR® – Tom Gilliam 

2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Farmington Hills and Oakland County MI properties, Tom is able to match his clients’ lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the marketing and sale of your home. He employs the latest technology to deliver massive exposure that will drive responses from qualified buyers. Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities.

Search the MLS for Properties in Farmington Hills MI

With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go the extra mile to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling real estate in Farmington Hills, MI, or in the Oakland County area, please give top-rated Farmington Hills MI REALTOR® – Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Article Sources:

https://www.fanniemae.com/portal/research-insights/surveys/national-housing-survey.html
https://www.realtor.com/news/trends/housing-market-rebounds/
https://www.floridarealtors.org/news-media/news-articles/2020/07/pandemic-recession-and-protests-havent-hurt-housing
https://www.redfin.com/blog/june-2020-real-estate-bidding-wars-increase/
https://www.blackknightinc.com/blog-posts/forbearances-see-largest-weekly-drop-yet/

NAR’s 5-Point Plan To Help Increase African-American Homeownership

NAR’s 5-Point Plan To Help Increase African-American Homeownership

NAR’s 5-Point Plan To Help Increase African-American Homeownership – Even with the COVID-19 pandemic, interest in home buying is strong as reflected in the surge in mortgage applications to buy a home. According to the Mortgage Bankers Association, mortgage applications to buy a home spiked 4% last week to an 11-year high. 

The jump in demand was likely fueled by falling mortgage rates. The fixed 30-year rate fell to 3.3%, the lowest in the MBA survey’s history. That being said, however, there isn’t enough supply to meet demand and significant growth in new home construction is needed.

Before the pandemic hit, the U.S. faced a housing shortage due to multiple years of underproduction of new homes. The housing shortage has intensified as we enter into the second half of 2020.

As a result, home prices are likely to rise, making ownership opportunities for first-time buyers, including minorities, that much more challenging. More homes need to built to offset demand and keep home prices from escalating.   

The homeownership rate for African-American households is now at 44% – compared with an overall U.S. rate of 65.3%. A year ago, it fell to 40.6%, which was the smallest share recorded for Black households since the 1950 decennial Census when it was at 34.5%.

With much of the nation’s attention currently focused on fighting for racial equality, particularly as it relates to African-Americans, the following five-point plan outlined by the National Association of REALTORs® would increase the number of Black homeowners. 

NAR Chief Economist Lawrence Yun stated that “given the events of the recent weeks, it highlighted the progress, or lack of progress, among the African-American community,” adding that the access to homeownership is a critical source for building financial wealth. 

NAR’s five-point plan to help increase minority homeownership, especially for African Americans, includes: 

1). Build more homes to increase supply: The lack of housing supply makes converting from renting to owning very difficult. The lack of viable purchase options and resulting competition rapidly push up home prices, precluding some potential first-time buyers from entering the market. 

Yun stated that since the pool of potential first-time buyers is higher in the minority population if the industry can increase supply, it could help minority households lock in a home. 

2). Build more homes in Opportunity Zones:  NAR strongly supports Opportunity Zones as a means by which to invest in the revitalization of economically-distressed areas. Yun posed the question: “Since the industry needs to build so many homes, why not build or sell homes in the Opportunity Zones to help revive some of those areas?”

He added that there is even a tax break in certain geographically defined opportunity zones for developers to go in and build homes, helping the revitalization of economically-distressed areas. 

3). Increase access to down payment assistance: Saving for a down payment can be the biggest hurdle for renters wanting to become homeowners. In recent years, a growing number of first-time buyers received help from family members with their down payments. 

However, due to historical gaps in accessing and accumulating wealth, it’s much more difficult for African-Americans to obtain substantial financial assistance from family members. Therefore, increased access to federal down payment assistance based on a certain income threshold is vital, particularly for African-Americans. 

4). Strengthen FHA’s loan program: FHA loans have been an important source of financing for first-time buyers and minority households. Shifting federal dollars to strengthen the FHA program could lower mortgage insurance premiums and monthly mortgage payments. 

Yun explained that many minority households are able to become first-time buyers primarily due to FHA mortgages, making the product an important source of financing. 

5). Expand alternative credit scoring models: NAR outlined that expanding credit scoring models to include rent and utility payments would help Black Americans boost their credit score. Yun also shared an estimate from the National Association of Real Estate Brokers that alternative credit scoring would open up buying to around 115,000 Black Americans per year.

Yun added that the industry needs to make sure that it doesn’t make the same mistakes it did in the past, especially 10 years ago with the subprime lending debacle.

The homeownership rate for African-American households fell more than seven percentage points from 47.8% at the start of the financial crisis to last summer’s record low after some predatory lenders focused on minority communities.

“We need to ensure successful homeownership, not just temporary homeownership,” said Yun.

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

A top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro. From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers. Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to best showcase its features and amenities.

With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Latest Update On The Current Housing Market – May 21, 2020

Latest Update On The Current Housing Market – May 21, 2020

Latest Update On The Current Housing Market – May 21, 2020Since the onset of COVID-19, forecasts on the housing market run the gamut from optimistic to pessimistic as things continue to change from week-to-week.  

In the early stages of the outbreak in February of this year, the market was cruising along at a steady pace with sellers continuing to gain leverage, and buyers benefiting from lower mortgage rates. The month of February showed some early signs of coronavirus outbreak, especially in those markets that were hit early and hard. 

 

Days on The Market – 15 Days Longer

Now, with states just beginning to open up, days on market is a half a month longer than this time last year, according to REALTOR.com’s current weekly housing trends report. This is the biggest increase in time on the market since 2013.

“Days on the market” is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract. It can also be referred to as “time on market” or “market time.”

New listings were also down 28% with declines continuing nationwide. This trend is visible in local data as well as the national figures, with 69 of the largest 100 metros showing similar double-digit percent increases in time on market from one year ago.

“Mid-May is normally the time of year when homes sell the fastest,” as it’s in the thick of the busy spring home-buying season, says realtor.com Chief Economist Danielle Hale. 

Median listing prices are still growing at a slower pace than before the COVID-19 situation, but according to REALTOR.com, it’s expected that time on market figures will improve in late summer, especially as buyers try to make up for the missed spring season.

 

Home Prices Still Remain Strong

Although home sales have declined due to social distancing & economic unpredictability, home prices are still strong across the nation.

According to the National Association of Realtors® the median existing-home price for all housing types in March was $280,600 – up 8.0% from March 2019 ($259,700), as prices increased in every region.

The median home price gains mark 97 straight months of year-over-year gains (nationally). In March, the unsold inventory was equal to a 3.4-month supply at the current sales pace, up from three months in February and down from the 3.8-month figure (from a year ago).

According to Realtor.com, in April 2020, the median national listing price grew by only 0.6 percent year-over-year, to $320,000. 

Of the largest 50 metros, now only 30 still saw year-over-year gains in median listing prices, down from 45 last month. Forty-seven of the 50 largest metros saw their year-over-year listing price growth decrease compared to last month.

 

Market Data Summary 

Week ending

May 16

Week ending May 9 Week ending May 2 First Two Weeks March
Time on Market 15 days slower YOY 13 days slower YOY 11 days slower YOY 4 days faster

YOY

New Listings  -28% YOY -29% YOY -39% YOY +5% YOY
Total Listings  -20% YOY -19% YOY -19% YOY -16% YOY
Median Listing Prices 1.5% YOY 1.4% YOY 1.6% YOY 4% YOY

 

Partner with Top-rated Farmington Hills and Oakland County MI REALTOR® -Tom Gilliam

 2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hill and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands when you buy a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the best possible results. Tom employs the latest technology to deliver massive exposure for your home to drive responses from buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to showcase its features and amenities in the best possible light.

With over 25 years of local real estate experience, Tom will always protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills or Oakland County real estate, please give Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

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