Wednesday, April 20, 2016

Howell Real Estate News Apr 20 2016

Here’s the latest.  Inventory is just starting to improve, but so are the sales, so we’re not seeing much of a net increase – yet.  There are still a lot of expired listings, too.  Hopefully they will be back on the market in the next month or so.

Year to date we’ve seen 268 units sold at an average price of $208,060, or $117 per square foot.  This is a pretty typical number for Howell, but remember that new construction, lakefront homes and homes on large acreage will fall well outside this value.

Homes are still selling reasonably fast, 73 days on average since the 1st of the year.

What’s it all mean?

Buyers still have to move quickly when they find a property they like.  I had multiple offers on a really low end property last week and the purchaser that prevailed moved quickly compared to the other interested parties.

Sellers, you still have a strategic advantage to list now instead of waiting for a month or two.  Take advantage of the lower competition and the buyer demand that is there now.  Interested about your home’s value? https://youtu.be/QFNTOL-qtps


Watch this week’s video here for a few more nuggets of info.  Feel free to call me at 810-220-1478 with questions.  Download the presentation in pdf format here.  

Saturday, April 09, 2016

South Lyon Real Estate News April 7 2016

I'm starting to feel somewhat like a time loop.  Over and over and over again.  South Lyon inventory is flat.  No significant difference since the first of the year with 211 units currently available.
New listings have also been flat since the middle of March with 25 new listings in the last 7 days.  Time on the market for the 14 solds last week has slightly lengthened, now at an average of 98 days, although the median time on market is a more reasonable 70 days.
The average sales price last week was $304,547 or $134/square foot, pretty typical for this market area.
Market insights?  Sellers, don't wait for the warmer weather to list unless you have exterior work to do on the house.  Buyer demand is healthy with lower inventory, especially in the $350,000 and under price points.
Buyers, please work with a full-time local agent that knows your market inside out and backwards.  Any licensee can complete a purchase agreement, but how many of them can help you with getting all the info you need to make the best decision possible?  

Bob Smith has 17 years experience working the South Lyon real estate market.  Call for a home valuation.

Thursday, March 31, 2016

Howell Update on March 31 2016

The inventory of available Howell homes is at a low for the year at 198 units.  Even though we had 18 new listings in the last 7 days, 20 were sold in the same period, and when you count in expired listings and those pended (taken off market pending the sale), we're at a net loss.

For the 20 sold properties, the average days on market was 45 - a quick time period.  But the median time on market was a blistering 18 days!  Buyers - don't hesitate when you find something you like,  I want to throw in a pitch for LOCAL, full-time agents, too.  We know the little nuances of our market in ways that you can't decipher from looking at multilist statistics.  Plus, we can react faster and get you into a home quicker than an out of area agent.  

The average and median sales prices were very close, right around $200,000, and the price per square foot is within what we normally see for the Howell market, $100-$125/sq ft.

Sellers - if you've been waiting for warmth and sunshine but are able to list now you'll be doing yourselves a favor.  There is high demand and low inventory.  That will likely change by the beginning of May.  More competition usually gets you top price and the quickest sales.

If you're interested in the 18 new listings you can download a copy of them here, along with this week's analysis.  You can also watch my video report here.

Wednesday, March 23, 2016

South Lyon Home Prices 23 MAR 2016

There were only 5 sales in the last 7 days for the South Lyon area, so that makes a weekly report senseless.  Instead, I'll talk about the year to date prices.

First, there's a lot of price variability in the market.  Older, smaller homes selling for under $100,000 right up to million dollar properties.  That often makes averages unrepresentative of true values. I'll give you those figures, but I think median values are a better way to go.

Watch my 3 minute market report video here.

Since 01 JAN 2016, 112 units have sold. This does not include a few for sale by owner properties and also some of the new construction that was never entered into the multilist system (MLS).  For the sold properties, the median price was $299,500 and the average sales price was $290,834.

The median time on market (time from listing to sale) is 42 days, the average is 66 days.  Both are pretty quick time frames.

The median price per square foot is $138 and the average is $133.  The median home was 2176 sq ft, and the average was 2181.  

A lot of different factors go into pricing a home.  Age, architecture, updated or not, lot size - and of course, location.  But you can expect to spend about $135/square foot if you want to buy an existing home in this area.  That means a 2000 sq ft home will be in the ballpark of $270,000.  

If you have questions about the South Lyon market, feel free to give me a call at 810-220-1478. Ask me about my Marketing Edge program if you're thinking about selling, and about my one-on-one Home Buyer Workshop if you're thinking about buying.

Keep up to date on general real estate info by visiting and liking my facebook page at http://www.facebook.com/MichiganRE.

Thursday, March 17, 2016

South Lyon Real Estate News 3-17-16

Our active inventory is 203 units.  We are still waiting for the Spring flood of listings to happen, but that can be a mistake if you're a seller.  There is less competition and a lot of pent up buyer demand out there right now. Homes are selling quickly.
In the last week there were 28 new listings, but that's not enough.  With solds, expired, and pending sales, we're at a deficit.
10 homes sold in the last 7 days with an average sales price of $289,289 and the price per square foot was $131.  These 10 homes sold in an average of 55 days.  Existing resale homes in the $250,000 and lower price points are going quite fast.
You can watch my weekly video report here, get a copy of the weekly breakdown AND new listings here.  If you're interested in this market area, please consider following and liking my facebook page at http://www.facebook.com/MichiganRE, where I post local reports, news, and general real estate items of interest. 
Buyers – work with a LOCAL, full-time agent to have your best chance of success.

Sellers – agents can look at stats all day long, but it helps to know the market history and local influences on the market that are not contained in the multilist system (MLS).  Your best opportunity at success is also a LOCAL agent.  Don’t waste 6 months of time because you chose an out of area agent that advertises himself instead of YOUR HOME.

Tuesday, March 15, 2016

Howell Michigan Real Estate Update

Our active inventory is just 214 units.  We are still waiting for the nice weather listing mindset to happen, but that can be a mistake if you're a seller.  There is less competition and a lot of pent up buyer demand out there right now. Homes are selling quickly.
In the last week there were 25 new listings, but that's not enough.  With solds, expired, and pending sales, we're at a deficit.
11 homes sold in the last 7 days and because 3 were in the higher price ranges, our stats this week are skewed upwards.  The average sales price was $283,055 and the price per square foot shot up to $142 (typically in the $100-$125/square foot range).  These 11 home sold in an average of 55 days.  Homes in the $250,000 and lower price points are going quite fast.
You can watch my weekly video report here, get a copy of the weekly breakdown AND new listings here.  If you're interested in this market area, please consider following and liking my facebook page at http://www.facebook.com/MichiganRE, where I post local reports, news, and general real estate items of interest. 
Buyers – work with a LOCAL, full-time agent to have your best chance of success.

Sellers – agents can look at stats all day long, but it helps to know the market history and local influences on the market that are not contained in the multilist system (MLS).  Your best opportunity at success is also a LOCAL agent.  Don’t waste 6 months of time because you chose an out of area agent that advertises himself instead of YOUR HOME.

There was a delay in this report publishing. Stats accurate as of 3/14/16.

Monday, March 07, 2016

How's The Market in Howell? Glad You Asked

Inventory continues to decline, but that should change soon.  Right now we're at a 2016 low with 210 units available.

Last week, 19 new listings hit the market.  We also had 19 sold listings.  But with expireds, pendings and withdrawn properties, we actually lost inventory.

For the 19 sold, the average price was $211,250 or $116/square foot.  Average time on the market was 84 days, but one listing had been on the market for over 800 days (!) and if that one is excluded, the average time on the market was only 42 days. Folks, that is very, very fast.

At the risk of sounding like a broken record, here's my analysis for consumers.  

Sellers - if you're waiting for 'Spring' (look outside today, by the way), DON'T.  There are motivated buyers looking for homes and your competition is at an extreme low right now. Need or want to sell fast?  List it now.

Buyers - I know many of you are committed to other agents, and that's fine.  But please work with a LOCAL, experienced, preferably full-time agent.  Why?  Because they know the area, they don't have to drive 45 minutes to get here and they'll add real value to your home purchase.

Last year I worked with two buyers that found me after working with what could be called 'mega agents'.  The buyer agents on those 'teams' couldn't get them into homes quick enough and they had trouble reaching them by phone.  They didn't feel as if they were being taken seriously while they were ready to make the biggest purchase of their life.

If interested, you can get a list of last week's 19 new listings here, or check out my video report here.