Communities such as Grosse Pointe, Dearborn, Dearborn Heights, and Harper Woods are in the throes of a buyer's market, say local Realtors.
Grosse Pointe
"We are experiencing a Buyer's Market," advises Realtor Alice W. Baetz, "If you are a Buyer this is good because there is a wide assortment of houses from which to select. If you are a Seller it is especially important to have your house priced appropriately. Interest rates are still at an extremely attractive level. This is an excellent time for first-time home buyers to get started."
Says Realtor George Smale, "Interesting statistics for the first three quarters of 2002 - SOLD properties in Grosse Pointe have an average market time of 71 days and an average selling price of approximately $400,000.
"Listings still on the market have an average market time of 84 days but an average list price of $626,273.
Total SOLDS: 618
Current LISTINGS: 442
"For buyers," advises Smale, "there is still a very large inventory to choose from. For sellers, it is still a good time to sell, however homes need to be priced properly and have a comprehensive marketing plan and strategy to reach all potential buyers."
Dearborn, Dearborn Heights
"It is definitely a buyer's market in Dearborn and Dearborn Heights Michigan right now," says Realtor Steve Hatfield, "Interest rates are still at record 30-year lows with most of the major mortgage lenders in the metro Detroit area offering zero point 30-year fixed rate mortgages at 6.125 percent to 6.375 percent and 15-year mortgages at 5.375 percent to 5.5 percent.
"According to data obtained on December 6, 2002 from RealComp ll LTD (Detroit area Multiple Listing Service) there were approximately 988 residential properties For Sale in Dearborn and Dearborn Heights," explains Hatfield. "The good news for Dearborn and Dearborn Heights area homebuyers is the fact that we are seeing price reduction on many of the homes that have been sitting on the market for the past three to six months. Home sellers as well as local real estate agents are starting to realize that the market has changed from a seller's market to a buyer's market and are starting to adjust home listing prices accordingly."
Harper Woods
Says Smale, "In the first 3 quarters of 2002 average market time for SOLD properties is 57 days with an average selling price of $121,250. For active listings, average market time is 59 days with an average list price of $122,800. Total SOLDS: 286, Current LISTINGS: 154."
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Published: December 24, 2002
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