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What Are Buyers Doing To Get Their Offers Accepted

Aug 12, 2013 by

Here’s an interesting Infographic from our friends at KCMblog.com and Trulia that shows

just how much Buyers are willing to overbid in order to get their Purchase Offer accepted:

8-12-2013 11-40-05 AM

You can get a complete copy of the survey here.

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Metro Detroit Home Prices Still On The Rise

Jul 31, 2013 by

7-31-2013 12-59-40 PMAccording to the Detroit Free Press and Case-Shiller, home prices in Metro Detroit are up 19.1% over last year.

Nationally, home prices are up 12.2% but we need to remember that Metro Detroit’s home prices are digging out of a much larger home.

According to the Free Press:

“Home values are rising as more people are bidding on a scarce supply of houses for sale. Steady price increases, along with stable job gains
and historically low mortgage rates, have in turn encouraged more Americans to buy homes.”

In an earlier Free Press article, Realcomp states that June median sales prices rose to “…$124,000, 53% higher the the $81,000 median price of last year.”

The important Metro Detroit stats are:

  • Number of sales fell 3% over last year to 4,949
  • Houses were on the market for an average of 61 days before selling
  • Macomb and Livingston counties sales prices were back to 2008 levels
  • Wayne and Oakland counties sales prices were back to 2007 levels

Mortgage rates have been felling pressure from the uncertainty of the Federal Reserves. Ben Bernacke’s term as Fed Chairman is coming to a close and a new leader hasn’t been chosen.

The result has been higher mortgage rates over the past two months and that is forcing some of the potential buyers to the sidelines.

What that is causing is the market to find some equilibrium between supply and demand. This may dampen the home price appreciation gains we have been witnessing the past year.

It may also increase the supply of homes in the market to the relief of buyers.

 

Thinking about buying a home? Make sure you’re “Mortgage Ready”

 

 

 

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