Thursday, August 03, 2017

Brighton's 150th Birthday Party - August 13, 2017

Brighton, Michigan will be celebrating its 150th birthday on Sunday, August 13, 2017.  A full day of activities will keep you coming back throughout the day.  

Activities include a community picnic from noon to 4pm, an 'old town' setup on Main Street, and photographs from Brighton's past in the COBACH Center, home of the Brighton Historical Society. There are many other activities, too.  

Also, the Brighton Kiwanis Sunday Concert at the Gazebo starts at 7pm, with the the band 50 Amp Fuse.  There is also a classic car show on Main street beginning at 5pm.  For the big birthday bash you'll be treated to a laser light show immediately after the concert ends, around 9:15 pm.

You can read a longer article about this event at:
http://marketeer.ws/Events/Aug13_Brighton150Years8-Web.pdf


Check out the facebook event page at:
https://www.facebook.com/events/392239171155178/



Tuesday, August 01, 2017

Sellers Market? Buyers Market?

If you're selling you definitely want it to be a sellers market.  But what does that really mean?  It's all supply and demand.

If the demand is greater than the supply it is a sellers market. The reverse, it's a buyers market.  Some times we experience a 'balanced' market.  So here's how to figure it out. In real estate, if the supply of homes in a given price range is under 6 months, it is a sellers market. If the supply is around 6 months it's a balanced market.  Supplies over six months is a buyers market.

Real estate practitioners talk about 'absorption'.  That means that if you divide the current inventory by the number of average monthly sales for the last 12 months,  you get the months supply.

Right now (8/1/2017)  in Livingston County we are overall in a sellers market with a total absorption of 3 months, across ALL price ranges.  But in the $151,000-$200,000 range (popular with first time home buyers), the months supply is only 1.5 months. You got it - Sellers Market!!

$401,000-$500,000 is a 5.7 month supply, or a balanced market.  Go to $501,000 - $750,000 and we have 15.6 months of supply - a very strong buyers market.  So you need to have a better reference point than just your whole county, or township, or city.

We can take this a step further and break down by school districts or even neighborhoods if the neighborhood is big enough.  It doesn't work well in a community of 60-70 homes.

image courtesy of renjith krishnan/freedigitalphotos.net

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.