We've been hearing a lot about the horrible housing market for sometime now. In fact, it's hard to get away from it. Television, radio, magazines, newspapers, candidate speeches - it's all over the place.
Livingston County finished 2007 with November and December reporting more sales than the same two months in 2006. As of today, (January 21, 2008), it looks like January could do the same. At this time in 2007, there were 59 sales, today we had 74. That's a pretty good increase.
It's also interesting to note that the Days on Market (DOM) went down from 169 in 2007 to 130 for the same period this year (1/1 - 1/21). Another great indicator is that about 25% of these sales were at list price or above as opposed to 17% in 2007.
We also had more homes sell within 90 days for this time period, 43 sales or 58% vs. 18 sales or 30% in 2007.
It looks like buyers have finally figured out that they can't just lowball their way to a great home. That works some of the time with some properties, but it's important to determine any property's TRUE VALUE. There are some deals in the market, but there are precious few steals.
TRUE VALUE takes into account the declining prices. It's not unusual to have buyers getting homes cheaper than the price the seller paid for it two, three or four years ago. When you find that house that you really want, have your Realtor(R) assist you in determining its market value, then go for it!
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