Across all of our markets Closed Sales were down just a bit from last year. As the percentage of short sales grow, pending sales will outpace actual closings since there is a higher fall-through rate for short sales. The more significant number from this point forward is the average/median sale price, since much of the market gain will be in rising values. If available home inventories remain tight, in ensuing months we may even see a slight decline in the number of homes sold as we simply run out of homes to sell. That trend, however, should not last long because it will cause values to rise and more homes will be released to the market.
For those looking to move, a common question is should I buy/sell now or wait for the market to improve a bit? By waiting, a buyer faces both a higher interest rate as well as a more expensive home to buy. Each year buyers wait costs them more and reduces their future appreciation gain. For many homeowners, their mortgage gap is too wide to sell; however, that gap is closing every month, so it is more important than ever for sellers to ask their Realtors to track values.
Thank you,
Linda Parker Your Neighborhood Realtor P: 248-767-6954 lindaparker@realestateone.com http://www.lindaparker.realestateone.com
ZIP Codes: 48150, 48151, 48152, 48153, 48154 Approximate Location Boundaries: Livonia, located in the northwest corner of Wayne County, is halfway between Detroit and Ann Arbor. east to west on I-96 and from I-275 just 20 to 25 minutes from Detroit Metropolitan Airport.
About Linda Parker:
My personal ethics and integrity are the most important elements in how I conduct my business. I do not just want to make the sale. I want to make sure that both the buyer and the seller are pleased once the transaction is completed. I recognize that it is only in this way that their friends and families & you will choose me when it is time to buy or sell a home. No matter what your needs are, "large or small" I will meet them.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
