I know this might come as a surprise to many home owners, but right now we are experiencing a market that not has been in this scenario in over 10 years. Today, the market has a shortage of homes for sale in the Novi Real Estate, Northville Real Estate, South Lyon Real Estate and other select real estate markets in the metro Detroit Real Estate Market and have a huge favor to ask. If anybody who you know that comes to mind such as a friend, neighbor, work associate, church member, Mom’s/Dad’s play group parent, etc., that lives in Novi, Northville or South Lyon and thinking of selling their home, please let them know that it is an unbelievable time to sell. I literally have buyers and other agents ready to buy today. There is a lot of reasons why we may be experiencing such an interesting market right now and I believe these are the top four reasons why we have shortage of homes for sale.
- Mortgage rates continue to be at an all time low. With 30 year fix rates still being at an all time low, more consumers are being able to purchase real estate.
- Banks are working on more modifications and are not foreclosing at such a fast pace. Banks are not releasing these banks owned homes as quickly. With the ratio of homes being put up for sale to homes being purchased, this is another reason why the market is being depleted in inventory.
- The economy is getting better in Metro Detroit. Perception is everything and I think most people in Metro Detroit would agree that the economy appears to be more stable locally today then what it was 2-5 years ago. With there being more consumer confidence, this is having more home buyers out in the market buying.
- Many home owners are still underwater or owe more than what their home is worth and simply cannot afford to sell so they are staying put.
So I will end this post with the old saying, “Timing is Everything” and if you’re a home seller in the Novi Real Estate, Northville Real Estate, South Lyon Real Estate and other select cities in the metro Detroit Real Estate Market, you are in an opportunity that has not been seen by home sellers in over a decade. Feel free to contact me with any specific questions you have at 248.939.9393. I am here to help.