Good news is around the corner!
The latest look at the Real Estate market in Livingston County is all positive for home Sellers. Market supply has dropped from 2010 level of 8.5 months of inventory to 6.7 months of inventory at the end August 2011. Median sale price rose 1.7%, and the average sale price is up 1%. Traditional home sales made up 51% of the market, with bank owned at 32%, and short sales falling to 15% of the market for the first ? of the year. At the end of September, homes on market dropped to their lowest level in years, just over 5 months of supply.
What this means for Sellers!
Prices have begun to rise. Don?t expect huge gains back to the levels experienced in 2004-2005, but look for modest gains over the next year. Look for bank inventories to drop below 30% of home sales, and traditional homes sales setting the pace, rising above 55% of the sold homes. Short Sales will most likely continue to drop, unless congress starts new incentives for the banks.
What this means for Buyers!
It is time for those of you sitting on the fence waiting for the bottom, to purchase a home. Many of the home purchases we see today are purchased with cash, (Investors are buying). Interest rates are at historic lows. (You can purchase more home). Property values appear to have hit bottom and are moving up. (Home values are rising). FHA mortgages (3.5% down), and Rural Home Development loans (0% down), are not only available, but are the norm.
Shared by Paul Pipoly
Associate Broker RE/MAX Platinum