The housing market has taken a lot of people by storm recently. Homeowners, Realtors, home buyers, and mortgage brokers in Oakland County can probably attest to that. Residential real estate sales in cites such as Farmington Hills, Novi, Northville, and West Bloomfield have been booming. Home prices have been on the rise as has sales transactions.
Looking at the high number of homes for sale in Oakland County, MI, there may be some indicators that a homes for sale in oakland county market may be on the horizon. If you are a home seller or buyer who has been trying to time the market, there are some housing sales trends that will be of interest to you. However, like all trends, even the experts find it challenging to determine the exact timing of upswings and downturns.
What are Some of the Indicators of a Cooling Housing Market?
In a red hot real estate market, home prices tend to go sky high, and the number days that homes for sale in Oakland County, Michigan remain on the market is impressively low. Houses sell fast at their asking price and frequently above the listed price.
Never underestimate the wisdom of the rule of supply and demand. When the supply of homes for sale in Oakland County, MI exceed the demand, this is a signal that something is changing. This may or may not mean that there are many homes just listed on the market. What you could be witnessing is that homes are on the market for longer than they used to be, and the demand is not keeping up with the supply.
There appears to be some subtle undertones in the Oakland County, Michigan housing market according to some people who are watching it closely. When one piece of the puzzle waivers even slightly, it could be the beginning of a domino effect that is about to happen. If their home is not selling as quickly as expected, a homeowner reacts by lowering their asking price. If this happens enough, other sellers are forced to lower their price to be competitive in the Oakland County, Michigan housing market.
This has a negative impact on home sellers who, of course, want to get top dollar for their real estate. It does, however, open up an opportunity for the buyers. A first-time buyer may now find themselves able to purchase a home in a market that was previously price prohibitive for them as long as they can qualify for a mortgage.
The Economic Unknowns in 2021
There are many economic unknowns at this time, and more seem to come into play all the time. While many people are talking about Washington DC’s inclination to raise interest rates, it’s a bit of a mystery so far. A rise in the prime interest rate will be reflected in the rate at which a consumer can obtain a home mortgage. Uncertainty slows down many sectors, and the residential real estate market is no exception. Potential buyers in the Oakland County, Michigan housing market may be forced to take a “wait and see” attitude before they buy a house.
Many people are concerned about the uncertainty of the stock market and what this could mean to their personal erage American home buyers in Oakland County, Michigan have IRAs and 401ks they need to protect, and that will negatively impacted whether they believe they are ready to buy a new home.
Another economic uncertainty is also likely to bring on a cooling housing market in Oakland County and across the country for that matter. There is an ongoing threat that higher taxes will be imposed on businesses, corporations, and individual taxpayers. If this new tax policy was to get passed, the impact would affect people in every income level. Businesses have historically reacted to higher tax rates by laying employees off and decreasing hiring. Fear of losing their job is another reason why people put off buying a house and taking on any new financial obligations.
Another current issue that could cause a cooling housing market in Oakland County, Michigan is the rising rate of inflation that people are already feeling in 2021. People are paying more for practically everything, and their money is not going as far as it used to just a year ago. This, combined with the other aforementioned new developments, is not going unnoticed by consumers in Michigan. When consumers get “hit in the pocketbook” or wallet, they understandably change their buying habits. With so much negative economic news, however, it doesn’t necessarily mean that the real estate market in Oakland County will come to a standstill. Even if home sales slow down, home sellers should remember that it has been in quite a boom.
A boom in real estate is a trend that comes and goes from time to time. People will always want or need to move for one reason or another. Homes that are priced right will continue to sell, and buyers will continue to buy them. The days of bidding wars may be fewer and further between, but it’s always exciting when it happens! Now that school is open again after summer vacation, the families of Oakland County are hopefully all settled in their lovely new homes. Farmington Hills, Novi, Northville, West Bloomfield, and all of the other wonderful communities in Oakland County are great places to live, work, raise a family, or just live life to the fullest as an empty nester.
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Novi gardening enthusiasts already know this—but for those whose thumbs are anything but green, right now is a special time of year where landscaping is concerned. It’s Novi’s high season for planting and transplanting!
You don’t have to intend on listing your Novi home anytime soon to have a vested interest in maximizing your home’s curb appeal. After all, year in and year out the plantings in front and back yards can make all the difference in the kind of impact your property makes—it’s a pride of ownership fundamental. Neighbors and casual passers-by may not realize how much of a difference a pleasingly planted yard makes, but it’s one area that’s readily within every Novi homeowner’s control. And experienced gardening hands know that right now it’s the key season for making the most difference for the least expense.
Autumn is Novi’s Landscaping Window of Opportunity
Autumn’s cooler temperatures are what creates the opportunity. The soil is still holding much of the summertime warmth while cooler air temperatures make for less stress on plants’ roots (and on the gardener doing the planting, too). Like bears, perennials need to hibernate. Their dormancy period constitutes a nice restorative siesta. It’s also a low-stress way for roots to settle into their new digs.
Most non-gardeners only start thinking about boosting the color and variety of their gardens with the arrival of springtime…but for many spring-blossoming bulbs, shrubs, perennials, and trees, that’s not the optimal time to get out the digging forks and shovels. Right now is when experts say it’s best to divide clumps of any perennials that have been doing well. It’s how to spread the color to other parts of the garden—at a total cost of nada. It’s also prime time to watch for sales at Novi garden centers.
Novi house flippers approach their projects on a much-compressed schedule—but for homeowners who aren’t thinking about selling anytime soon, taking the long view of property enhancement begins with their home’s setting: its landscaping. October is the perfect season for turning any long-range creative ideas into next spring and summer’s lush garden reality. Then when the time does come to buy or sell Novi real estate, I hope you’ll think of giving me a call. I’m always here to share some no-obligation counseling and advice!
Is Your Novi Real Estate Agent Getting You Maximum
What can your Novi real estate agent offer you? That is the question you ought to be asking yourself these days. With the huge shift in traditional marketing methods to the internet, and now social media/networking platforms online, it pays to do your homework before signing any contracts.
Although nearly 90% of Novi home buyers and sellers are turning to the internet for their real estate related needs, a depressingly lower amount of Novi Realtors are actually taking the time to learn about online marketing strategies. This can be detrimental to your exposure and/or finding the best deals possible.
Unfortunately, many agents and brokers are still stuck in the stone age of marketing, and refuse to accept change within their own industry. Although traditional methods still hold some weight when advertising a home, you could be missing an enormous piece of the pie if you do not work with an agent that is also innovative and tech savvy.
Here is a List of Questions You Should Be Asking During an Interview:
1. “What types of social marketing do you employ?” Let’s face it. If your Novi agent is not investing the time into building a Facebook, Twitter, LinkedIn, Google+ following (or the host of other media available today), then there are literally hundreds of home buyers and other professional contacts that are slipping right into the hands of their local Novi competitors.
We are in the day and age of networking, and word travels at the speed of light. Therefore, your agent should be promoting your home on all of the following platforms by building specific pages and listings for your property where buyers can instantly find you. This will give you maximum exposure.
2. “How do you capture leads?” On the other hand, not only is it important for your agent to network and promote your property online, but they also need to collect the necessary contact information from website visitors in order to do business with each prospect.
Therefore, your Realtor should have their own website with an active blog, in order to keep in constant contact with their audience. By marketing on Craigslist, Google, Youtube, article directories, and any other medium available, your agent should be able to drive traffic back to their own sites.
Next, each person should be directed to some form of lead capture where they can enter their contact information for further updates on your Novi listing. This could also include using mobile marketing, which will allow people to offer their cell phone number in exchange for property details. QR and/or text codes can be included on websites or even signage and postcards.
3. ”How do you follow up with your leads?” Finally, can you be certain that your agent will go to work for you? Regardless of how many leads they may generate, if they do not have an effective follow up plan in place to build relationships and get buyers taking action, then your efforts could be wasted.
It is important that your Novi agent spends the time to build effective email campaigns, submit updated blog posts and social media updates, and make direct phone calls to incubate each lead and ensure that action is taken while leads are still hot.
Also, can they provide strong evidence of quantifiable results with their real estate marketing campaigns, and are you confident in their ability to sell your Novi home? Do you see the potential of getting a head above the rest and truly taking advantage of all the resources that are available at your fingertips?
By carefully reviewing all of the above criteria before choosing an agent, you will be able to ensure that you are receiving the best attention and service possible. If you are interested in setting up a time to review our in depth presentation on how we will put our comprehensive marketing strategies to work for you, please contact us today. We guarantee you will not be disappointed!
The city of Novi, Michigan is located in Oakland County and spans 31.28 square miles, with 1.02 square miles of the span being water covered. The city is 25 miles from both Detroit and Ann Arbor making it centrally located among employment, entertainment and educational opportunities. Novi is a sister city with Owani, Japan and is home to many notable people such as six Swedish players from the Detroit Red Wings hockey team. The city is governed by a council-manager system which includes an appointed city manager and an elected council. The city respects the rich history of the area and is home to four historic sites; Historic Township Hall, Novi Depot, Tollgate Farm, and the Colonel Samuel White Homestead.
Throughout most of its early history the area was predominantly rural farmland. A settlement or town was not officially recognized until the early 1800s. Subsequently, the township of Novi was organized and named in 1832. Construction of roads and railways helped spur growth in the early history of the township. The Grand River toll road was constructed in 1850. The Holly, Wayne&Monroe Railway, which is now known as CSX Transportation, was constructed through the area in 1870-71. The city was officially incorporated in February of 1969.
According to the United States Census of 2010, the city of Novi was home to approximately 55,224 people, giving the city a population density of about 1,825.0 people per square mile According to the United States Census of 2000 the median household income in Novi was $71,918 and the median family income was $91,369. Annually, Novi holds the largest Japanese Festival in the entire state. With this festival and the sister cityship with Owani, Japan, Novi is thriving affluent community that embraces diversity and encourages a more global outlook on life.
Novi has acres of beautiful park land and wildlife areas and maintains a warm small town atmosphere, despite its size. Ella Mae Power Park features a Civic Center and many activities connected with the Civic Center as well as hosting baseball and softball tournaments on its beautiful ball fields. Homes for sale in Novi range from starter homes and fixer-uppers up through luxury homes with sprawling yards. Apartments, duplexes and houses are available for rent and lease properties include condominiums and townhouses. Contact local real estate agents for assistance in finding your dream home in bustling and beautiful Novi, Michigan.
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An Award-Winning Script For Your Oakland County Home Sale
Here’s a secret. Every moment of every day before and while your Oakland County home is up for sale, we will write the script together for your ideal home-sale movie.
That’s right. Selling your Oakland County home now is about focusing on everything that will produce your ideal home sale for you—the script, the cast of characters, the virtual trailer, curb appeal, admission price, the launch—everything. Together we’re the writer and the director, and your Oakland County home is the star of the wonderful production called YOUR OAKLAND COUNTY HOME SALE. Want a bigger, better blockbuster sale? No problem. Write a bigger, better script. As you change your script, you change your box-office results for all Oakland County home buyers.
Start with timing. It’s always hard to time a smash home sale in which you sell high and simply walk away with high profits. Yet there are many signs in Oakland County that now is a good time to produce a year-end home sale.
One sign? Buyers in Oakland County whom are out home shopping right now are serious. Nothing will stop some of them, especially the ones who lost out on some Oakland County homes earlier due to waiting. They are keenly aware that the improving signs in the economy could mean higher prices and higher interest rates next year in Oakland County MI. When prices and interest rates increase and the number of spring buyers grows, today’s buyers know their money won’t go as far as it once did.
Want to know more about why now is a great time to sell? Keep reading. Then call me for a story conference with any home-selling—or homebuying—questions.
Oakland County Supply Is Smaller
During the winter, fewer homes are up for sale in Oakland County. This means more buyers have fewer homes to choose from and yours will likely get more attention than at other times of the year.
Demand Is Higher In Oakland County
In areas where the supply of available homes has shrunk, prices have risen as buyers compete for a suitable home in Oakland County. If your home is move-in ready and priced right, you’ll attract qualified buyers quickly.
Serious Buyers are In Oakland County
Today’s home shoppers are serious buyers, undeterred by cooling temperatures and impending holiday events. Keep in mind some buyers may prefer to contract now, yet plan a move-in date for after the holidays.
Low Interest Rates
Historically-low interest rates make buying a home an affordable proposition. As rates start to creep upward, buyers’ purchasing power declines, meaning they can’t pay as much for homes like yours. Motivated local buyers want to secure a home now to stretch their dollars.
New Construction Is Back
In the recent past, many sellers haven’t had to contend with their homes competing against many brand new homes in Oakland County. With the improving economy, new home construction is starting up again, meaning your resale home may have more shiny new homes to compete against if you wait to sell, especially next springs market in Oakland County.
Quicker Sales In Oakland County
If your Oakland County home is in move-in condition and priced right, your home will sell faster. This means less hassle for you—especially as we enter the busy holiday season—as your home will not only be ‘holiday ready’ but its model-home shape will make it look like an award-winner in the eyes of local year-end home buyers in Oakland County.
If you need to move—or know someone who does—there is no time to lose. That new job won’t wait, that plan to be near family is important, the divorce is final, children have moved out or are moving back in. Life events often mean that the home needs to be sold now—and I can help write your ideal home sale movie right now.
If you are looking for a home in Oakland County, Michigan, you need to find a Realtor who knows the community. Tom Gilliam currently lives in the Greater Oakland County Area and is very familiar with the market, neighborhoods, schools and community issues. Located into the heart of Farmington Hills, Tom is ready to help families find homes in the Oakland County area including: Farmington Hills, Birmingham, Troy, Rochester Hills, West Bloomfield, Bloomfield Hills, Ferndale, Royal Oak, Northville and the Metro-Detroit area (specifically Canton and Novi)