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