June Market Recap

The state of Michigan has been weathering the real estate storm for quite some time now. For those of us who are watching it all play out, you may enjoy the positive news coming from the June 2009 statistics. For the under $100,000 market, Livingston County has exploded with activity showing a 176% increase in homes sold over the same period of 2008. The number of available homes is up by 5.3% in that same area for the same time period and price range while the median sale price has slipped by just under 5%. While not all areas have numbers as impressive as this, the tables below illustrate the activity and changes in the surrounding areas. Click the table to enlarge.
Will the rally continue? Will the upper-end price ranges see an increase? Only time will tell. Check back for July numbers in a few weeks…



->Data Sources: MiRealSource, Realcomp, Ann Arbor Area Board of REALTORS MLS, Paragon and Broker Metrics.
*Includes Grand Traverse, Kalkaska, Antrim, Leelanau and Benzie Counties, waterfront and vacant land.

Good News in Pending Sales; Concerns for Appraisals

For the 4th month in a row, May pending home sales were up. This continued rally is attributed to the combination of the first time home buyer's tax credit and the availability of affordable homes. The Midwest in particular experienced an increase of 11.4% over May 2008. This news is compliments of a Press Release by the National Association of REALTORS published July 1, 2009.

While this is a step in the right direction; there is concern over the number of pending homes that will result in a closing. The new appraisal rules could complicate or prohibit some of these sales from going to closing. As a home seller, it is recommended for you to obtain a current appraisal at the time of listing your home. While this appraisal is for your information only, it will give you a concrete answer to how your home will be evaluated by a professional, unbiased appraiser. As the issue of Short Sales and Foreclosed properties being used for comparison purposes continues to be a problem for traditional sellers, be sure the appraiser used is familiar with your area and uses the best comps available. Choosing an educated and resourceful lender may assist in facilitating a successful sale as well.

Overall, the number of homes for sale continues to be less than in the recent past with the market as a whole continuing to follow buyer's market trends. These along with low interest rates makes now a great time to buy or sell a home.