Home Buying in Troy>Question Details

Michigander1…, Home Buyer in Troy, MI

In spring/summer, does number of new house listings increase significantly and also does house prices go up?

Asked by Michigander1008, Troy, MI Tue Mar 22, 2011

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Larry Hermann’s answer
Historically there are more listings in the Spring. If prices go up it takes a while to realize it and by that time it is usually to late to get in at the bottom. Maybe a better question to ask is whether they are going down or holding their own. Your need or wants for home ownership remains, so buckle up and go for it.
0 votes Thank Flag Link Wed Mar 23, 2011
The home price will not go up in spring/summer. There are more listings during this time. There are many exceptional deals available. I would start looking now for a great deal. For some examples please take a look at these deals in Troy under 130k. Please copy and paste the link.

http://pub.realcomponline.com/publist.aspx?a=4506D7778603634…



Colandra Moore
Vision Realty Centers
313-346-2626
cmoore@visionrealtycenters.com
0 votes Thank Flag Link Tue Mar 22, 2011
Michigander1

If you are you asking because you are afraid the prices will rise soon. I wouldn't worry about that. If you are starting to look it might be Summer before you actually close on one, you have to find it first. Don't wait, speak to a lender, find out how much house you can afford, work with a reputable Buyers agent who can help you with the buying process and prices then put in an offer.
Homes are worth what someone is willing to pay for them.

Good luck

Pam Bava, Realtor
pambava@realteellc.com
586-675-4653
0 votes Thank Flag Link Tue Mar 22, 2011
Hello Michigander1,

I was just out looking at homes in the troy & rochester hills area this past weekend & all of the homes had multiple showings. We could use more listings right now in those areas.Prices go up when there is more demand so if there was a lot of homes listed, the prices would come down & not up. The prices go up when there is less inventory creating more demand. If you are looking to buy, I wouldn't wait. Find a good realtor you can work with & will listen to you.. These area seem to be stable & going up a little right now. Outlook varies depending on areas.
0 votes Thank Flag Link Tue Mar 22, 2011
Michagander,
In my market spring brings out the most listings and April or May tend to be the peak. Summer months are good, but tend to drop off a bit before a September rush. As a buyer, you'll have more choices as the inventory picks up, but you'll also have more competition.
My general recommendation is to start looking as soon as you are qualified. When you find the right house, make a sincere offer on it. Ask your agent what homes are actually selling for in relation to their list price. You may be surprised to see sellers are pricing their homes to sell more now than a few months ago and discounts are not double digits in most cases.
0 votes Thank Flag Link Tue Mar 22, 2011
Hello Michigander....

I wrote a blog in regards to days on market. Might be some helpful info for you. I don't think home prices are going up anywhere soon to answer part of your question.

http://2000shortsales.blogspot.com/2011/03/why-average-days-…

best of luck,
Web Reference: http://house-guy.com
0 votes Thank Flag Link Tue Mar 22, 2011
In different times that answer might have been yes. However in today's market, while the number of listings may increase as people open their homes back up from a long winter sleep, the prices are unlikely to be higher. The market dictates pricing and with values continuing to decline in most areas of the country, it still should be a good time to buy. Hopefully that trend will slow this year. There are signs that the foreclosure activity may be slowing and as that inventory sells out, prices should stabilize. We can only hope.
0 votes Thank Flag Link Tue Mar 22, 2011
Hello Michigander:

It depends on what type of home you're looking for. Foreclosures come on the market all year long. On privately owned homes some sellers wait for better weather to put there home on the market. Supply and demand will determine if prices go up and there does tend to be more people looking in the warmer months.
If you need any assistance finding a home I'd be glad to help.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Mar 22, 2011
In a time long ago and a time far away this was true. Welcome to the new normal. Today's answer (IMHO) is no.
0 votes Thank Flag Link Tue Mar 22, 2011
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