An interesting combination of low inventory and steady price increases have made today's market a seller's one.
Take this stat for instance: in a year's time, buyer activity has increased approximately 40% while seller activity has remained fairly steady. Housing inventory is also at an all time low since April 2005.
Experts have predicted that buyers will see an increase in homes for sale come spring time; real estate is often slower in the colder months. But, don't expect a huge jump. In addition, mortgage rates are also seeing a slight increase.
So, what does this information mean for buyers?
If you're in the market for a new home soon, you might want to start your search. It may take some time to find your dream home as 31% of recent sales have been on the market for a month or less. In almost all regions of the country, sales are on the rise.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Royal Oak, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.