Home Selling in Michigan>Question Details

Sophie, Home Seller in 48306

Is the market improving?

Asked by Sophie, 48306 Sun Aug 10, 2008

Hi,
I am thinking of selling my house but won't try in this crazy market. The question to the realtors is if the market seems to get better or not, I don't want to miss the start...I am currently looking at the houses in my area and it seems there are a lot less for sale. Thanks for the input!
S.

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Answers

6
you should proceed to sell no matter what the market is doing. If it is in the decline, every day you wait for a change your property may be worth less. if it has stablized or is appreciating in value it is also good timing.
All the best
James Joseph
0 votes Thank Flag Link Wed Aug 13, 2008
S,

Too Late, you've already missed the start. Now do you feel better? In your area and in some price ranges homes are selling. There are some price ranges where homes sit stagnant.

Question: Do you qualify to purchase your next home? Right now we are in a Lenders Market and many homeowners do not qualify to purchase a next home even if they are able to sell their property without a loss. I suggest taking a first step and contacting your lender to verify you qualify for a next home. Then, if you are purchasing a more expensive home, consider "Buying Up in a Down Market". Trying to time the bottom of the market usually is a no-win situation.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Aug 13, 2008
I work primarily in Oakland County. I don't think you can talk about the Michigan real estate market on the state-wide level. Well, maybe you can, but a buyer or seller will be more impacted by what is happening locally, not on the other side of the state. West Michigan, for example, is less impacted by the changes in the auto industry than South East Michigan.

I work in Oakland County and I would agree with you that there are less for sale. My husband and I were fortunate to sell most of our listings this summer. We've seen multiple offers on many of our properties. We hope this trend will continue.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Mon Aug 11, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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We service mostly Macomb County but do work Oakland yet do not feel the market is leveling off yet. As long as the bank owned homes are still coming on the market and selling for much less,we will see less and less private owners able to compete.

If you are moving up it is best to cut your losses now and buy.
0 votes Thank Flag Link Sun Aug 10, 2008
s,
The answer to your question is both Yes and No.......

The real estate market is regional. This results in some areas experiencing real estate values that are appreciating while other locations may still be dropping a bit. The bottom line is it depends on your location.
0 votes Thank Flag Link Sun Aug 10, 2008
S,
Right now is a good time to be a buyer but a bad time to be a seller. You can only hope that if you are taking a step up in your housing that you will make up any shortfall on the sale of your current home by getting a good deal on your new home. As far as the timing of things, I'm afraid no one has that crystal ball to tell you if we've hit rock bottom yet. Hindsight is 20/20 right?

My advice to you is that if you are looking to upsize, and financially your ducks are in a row, then now is a great time to be buying. Homes are available for a fraction of what they were a couple years ago, interest rates are still attractive, and there are a lot of homes to choose from.

good luck!
0 votes Thank Flag Link Sun Aug 10, 2008
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