Market conditions are changing and prices in the higher price range are under pressure – down about 3% from the highs in June. The market for 150-350K price range is still very strong. I don’t foresee double digit growth, but I see steady growth from that market. New construction is slowing. If you are thinking of buying a new construction home have us help, as builders are negotiating and many big builders have incentives with lenders where you can get a lower interest rate and breaks from PMI etc.
The housing market is now flat and inventories are raising in higher price ranges. For the first time in 4 years the housing market has flattened ss prices in some areas have seen values at their highs 10 years ago. The market in Novi for example – Island Lake usually sees about 12-15 homes sell per year ranging from 330-900K. This year started off the same way, however, there hasn’t been a sale in nearly 2 months and there are now 15 homes and 4 condos for sale. About 1 year of inventory is on the market. There are reasons for this such as new construction, outdated homes, the growth of South Lyon and time of year. But this is a much different market than it has been for a long time. The market north of 350 is much different than the market from 200-350, where there are still many buyers and fewer sellers. Across the nation the strong surge of sales in some areas and housing starts ( meaning new construction is down ).
If you have worked with us in the past we would appreciate you giving us a review on Google and Zillow. If you do, we will send you a gift card to the restaurant of your choice. How this would help is that many people will see our name or hear about our team. What gives us added credibility is hearing how your experience was working with us.