Our Buyer's Market is still with us, BUT, we now have a new twist, the huge number of listings is being reduced to a more normal range, and that is helping to firm up prices. There is still a huge shadow inventory of bank owned homes that the banks have foreclosed on, but have not put on the market for sale. When, and if, the banks dump these houses on the market we could see a sawtooth market of ups and downs, depending on how many they list at any one time. This could affect the prices of our homes over a longer period of time, before they stabilize and start going back up.
The best thing that can be said for this market is that the prices of homes are so low historically, that you have to be crazy not to buy! With this economy in such turmoil, the interest rates have stayed quite low, which is helping. As of this writing, the 30 year fixed was UNDER 4.5% for new purchases.
The recent bounce in sales shows that when the market smells a good deal, the Buyers come out of the woodwork. An interesting note is that we have been having multiple offers on many of the houses on the first few days they are on the market.
If you know anyone that is in the market to buy a home, PLEASE have them call The Drake Team NOW!!!
SELLERS THAT NEED TO DO A SHORT SALE
If you are a homewoner that owes more than your home is worth, please call me to discuss your options.
YES, we can help you!
We handle more Short Sales than anyone else in our area. I just earned the CSSPE designation, which stands for Certified Short Sale Property Expert. After having been doing short sales for 4 years, I think that you will feel very comfortable talking to us about your situation. We are here to help you, You are Number One!
SELLERS
If you are a Seller, please contact me NOW, so that I can keep you abreast of the market, so that you will be able to know when the right time will be to get your home listed.
We have a great program that we can enroll you in that will email you daily, ever house that is on the market and every house that has sold that is similar to yours.
If you are interested, please call or email us, so that we can enroll you NOW.
The other alternative that you may have, is to lease or rent your house. This a good way to have someone else make the payments on your house for you, and you are then able to go out and buy your dream house!
We can assist you with the leasing of your current home.
ZIP Codes: 48111, 48197 Approximate Location Boundaries: Our major markets are Ypsilanti and Belleville
