In this housing market today and Oakland Counties low inventory in places such as Farmington Hills, Novi, Northville, South Lyon to name a few home buyers are having a difficult time finding the perfect home.Usually the housing market corrects itself with supply and demand, but the prediction for 2018 is more of the same-Low Housing Inventory. Home Buyers in Oakland County Michigan shouldn’t wait or ponder on a decision once they find the perfect home with Oakland Counties low inventory and the prediction to continue for 2018. One of the biggest challenges facing buyers in today’s market is finding a home. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing its most severe worst inventory shortage in twenty years. And that lack of inventory is driving up prices, making it an ideal market for sellers. In many markets across the country, homes are going for well above asking price because there simply isn’t enough supply to meet the demand.
On the Bright Side of Oakland Counties Low Inventory For Sellers
Thanks to millennials entering the home buying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018. Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing. Oakland Counties low inventory means getting top dollar for your home if your looking to sell. According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.
sales to increase by 50 percent in 2018 with inventory being so low.
New Listings: 1,066
• Pending Sales: 897
• Closed sales: 1,337
• Days on Market Until Sale: 40
• Median Sales Price: $220,750
• Average Sales Price: $271,079
• Percent of list price received: 97 percent
• Inventory of Homes for Sale: 4,372
• Months Supply of Inventory: 3
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Think about Selling?-According to the National Associations of Realtors Homeownership and Market Experience (HOME) Survey, most Americans believe that now is the perfect time to become a homeowner. According to the survey, 72% of people believe now is a good time to buy.
This could be because of the changing economic situation. 52% of Americans surveyed believe the US economy is improving, and according to a recent Neighborworks survey, 81% of Americans believe owning a home will make them more financially stable.
It could also be because homeownership is still such a deeply ingrained part of the American culture. According to that same Neighborworks survey, a whopping 93% of people believe owning a home is a part of the American dream, with 18% claiming it’s the most important part.
And with so many new buyers flooding the market, it creates the perfect opportunity for sellers. With more people believing now is the time to buy, the market is struggling to keep up with demand. Low inventory, particularly in the starter home sector, creates more competition between buyers and can be a lucrative opportunity for sellers to get the most for their homes.
The Takeaway For Think About Selling
If you think about selling, take advantage of all the new buyers in the market and use it to get the most for your home!
If you think of selling and taking advantage of the statistics in this article please keep me in mind. It would be a pleasure to assist you in all of your real estate needs in the Farmington Hills Michigan area. As your #1 Farmington Hills Michigan Realtor I have the knowledge it takes to find your the best deal or to sell your home for the most money possible. Together lets make the most out of this low inventory and beat the coming spring competition to the Farmington Hills housing market. You can reach me at 248-790-5594
According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst low inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.
According to Realtor.com’s research, the housing shortage can be attributed to the baby boomer generation being unwilling to sell in the current market. In fact:
- 72% of existing homeowners over the age of 55 feel their current home fits their needs
- 85% of those baby boomers don’t plan to sell their home in the next 12 months
Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing.
But this historically low inventory means that there couldn’t be a better time to sell. Low inventory means more competition, and more competition typically means higher offers and a better deal for sellers — especially if you’re selling a starter home.
Thanks to millennials entering the homebuying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018.
The Low Inventory Takeaway
Low inventory can be a problem for buyers. But if you’ve been thinking about selling your home, low inventory means there’s never been a better time to put your property on the market.
Call me today 248-790-5594 for a free consultation for getting your home on the market to sell, it may be the best time ever to get the most for your home in the Oakland County, Michigan area.
For a FREE no obligation Home Value Report, Simply click here on this button [x_button shape=”square” size=”mini” float=”none” href=”https://homes2moveyou.com/home-valuation/” target=”blank” info=”none” info_place=”top” info_trigger=”hover”]Free Home Valuation[/x_button]
My Weekly Housing Market Updates in Your Area (use any city or zip code)
I work hard to keep my clients informed about the market while they’re buying or selling their home. These weekly reports use real-time data so my clients can make decisions based on what’s happening in the market right now and how the market is changing week by week.
A few questions these reports can help you answer:
Is now a good time to buy or sell? Check the “Market Action Index” to see if the market is heating up or cooling down.
How’s the market in my price range? Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.
What can I get in my price range, and where should I look? Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.
Feel free to share this report with your friends and family, and please let me know if you have any questions about the market or if I can help you in any way.
As a Realtor for 17 years there I personally have never experienced a time like this for Farmington Hills housing inventory and the lack of it. The last time I checked the statistics there were less than 2 months’ worth of inventory currently in the Farmington Hills housing inventory which play into itself and effects more homes to become listings and available on the market for home buyers. It would seem that the very low Farmington Hills housing inventory prevents current home owners to get their homes on the market as they may find themselves in a situation as most home buyers are now.
The Farmington Hills Housing Inventory and the Domino Effects
Although this is a “sellers market” in Farmington hills, the prices of the few homes that are available are priced high, some out of reach for an average buyers income and growing. In a blog post “Farmington Hills Existing Home Sales Dip-Inventory to Blame?” explains how this effects the ability for buyers to purchase a new Farmington Hills home. As a professional realtor I have to put myself in a sellers position in order to clearly see the whole picture to try and determine the reasons for the low Farmington Hills housing inventory in order to service and understand both my home buyers and home sellers position in this market. It is clear that one thing is true, how can one sell if they cannot find another home to move to or find something affordable in the nearby market?
Recovering From The Farmington Hills Housing Inventory
I’m a Realtor not a “fortune teller” but being in this business for quite some time I do know as everything in Real Estate, what goes up must come down and we are starting to see this in our Farmington Hills neighborhoods. As of today there are 221 properties for sale in Farmington hills of those, 92 have had price reductions, which could be a good sign for home buyers currently looking to purchase. It is my belief and my many years of experience is that the sellers market will begin to cool off somewhat this fall in Farmington Hills and more inventory will become available for home buyers as home sellers will head in the winter season needing to sell their homes.
I’m here to help you in all of your Farmington Hills and Oakland County home buying and selling needs, I’m realistic, dependable and know the market that I work in. If you need any help, advise or guidance please give me a call 248-790-5594
Read the Original Article Here: Case Shiller: Home prices continue to reach new highs