Farmington Hills Housing Inventory: The Lack Of

Farmington Hills Housing Inventory: The Lack Of

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 thereFarmington Hills Housing Inventory: The Lack Of 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

Farmington Hills Existing Home Sales Dip-Inventory to Blame?

Farmington Hills Existing Home Sales Dip-Inventory to Blame?

Home sales seems to have been in the negative lately and its not from the lack of Realtors like myself trying to get sellers homes on the market here in Farmington Hills. As one would Farmington Hills Existing Home Sales Dip-Inventory to Blame?drive around, like myself there are less and less home sales in the area, could this be due to high prices or lack of home buyers in the market to purchase? As of writing this there are 228 homes currently for sale on the market in Farmington Hills and with a population of 80,000 plus that doesn’t leave much to choose from for potential home buyers currently on the market in Farmington hills. Home prices are still rising 17% higher then the National average at this point and incomes are not keeping pace, this can be cause for concern for any potential home buyer in our area.

Home Sales in a Blink of an Eye

In Farmington Hills the average home goes under contract within the first month of listing, this shows the frustration of buyers struggling to find a home that fits their budget, needs and wants. With the prices rising and the inventory scarce it seems as if home buyers are looking for some relief in either more homes to pick from or searching for the perfect deal and giving up some of their “must haves”. Now that fall is upon us, I expect to see more aggressive buyers in the market and hopefully more homes on the market in Farmington Hills making home sales click up a notch or two. The closer we get to the winter season either homes sellers will be more flexible in pricing to avoid having a “winter listing” or will remove their listing from the market all together and start fresh in the spring, but both are risk they must be willing to take.

 

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