Coldwell Banker Hubbell Briarwood released the 3rd Quarter 2009 Market Report today that showed some positive statistics and comparisons that will aid sellers in the greater Lansing real estate market with sound pricing decisions when it comes to marketing their home. This report also breaks down areas by school district to assist buyers and sellers. Here are some highlights of the 14-page report.

Units Sold increased 8% compared to 2009 3rd Quarter

• This has been the 6th consecutive quarter that Units Sold have increased since April 1, 2008

Sold Values

• The 4.16% decrease has been the slowest paced decrease since October 1 2005 when values decreased 2.9%

• Values began to fall in July 2005 with the market decrease was first reported in October 2005 at a minus 4.5% and the highest decrease reported in October 2006 at a minus 23.47%

Available Listings

• Listings have continuously decreased in availability since April 2008
Market Surplus

• The Market Surplus of 7 months has not been this low since October 2005 when there was a 6 month surplus. The highest peak since October 2005 was a 16 months surplus in April 2008

If the market shift continues, particularly with the increase of units sold and the decrease of available listings the Buyer’s Market may soon be over. You can get the complete report at here by selecting the 3rd Quarter Market Report Navigation Button on MikeBowler.com

More Good News for Michigan

The Michigan Association of Realtors reported today: In Michigan, the home buyer tax credit has brought in an additional 20,000 buyers into the market and 75,400 first-time buyers will be able to take advantage of the tax credit. Detailed, state-by-state information is not available on first-time buyers, but using national information from the 2009 Home Buyer and Seller Survey available in preliminary format, we can estimate the impact in a state.

According to NAR, Michigan existing home sales in the second half of 2008 were 151,200 at a seasonally adjusted annual rate. In the first half of 2009 they were 163,200. If sales continue this trajectory, as they are expected to do nationally, they could reach 173,600 for the year in Michigan in 2009. If the share of first time home buyers in the market is similar to the national share, first time buyers will have purchased 60,480 homes at a seasonally adjusted annual rate in the second half of 2008 and will purchase 76,704 for the year 2009. Because the tax credit is only in effect for 11 months out of the year, the estimated impact of the credit is an increase of 20,000 first-time buyers. 75,400 first-time buyers in the state of Michigan are expected to be able to take advantage of the credit.

Real estate transactions are complex, involve large assets and demand competent representation.  Marketing properties, home selection and financing are just a few of the skills today's consumer looks for when they select a real estate professional. I am prepared to offer my clients the knowledge and expertise to counsel them in relocating, buying, investing or selling the family home.

“Expect the Best” Mike

Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email: Mike@MikeBowler.com 
Website for Clients: MikeBowler.com
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