Howell Weekly Update November 30 2015

I've been doing weekly updates for the Howell Michigan real estate market for the last month. Here's this last week's activity recap.

Inventory is at 309 homes and condos, down slightly from last week.  We've had 6 new listings in the last 7 days and those listings average out to $198,966 each, or $95/sq ft.  That's a lower number than I usually see.  Most resale properties in Howell average between $100-$122/sq ft.

New construction would be a bit more expensive, of course.

There are currently 21 rental properties on the market, too.  The majority fall into the $1000-$1600/mo range and you can expect at least a 6 month lease requirement, with some wanting a 12 month commitment.  Please note that this does not include apartments, which typically do their own marketing and management, and it does not include some landlords that wish to market on their own.  You may find their properties in Craigslist or some rental property websites.

If you have questions about the Howell real estate market, feel free to contact me at your convenience.  If you're a first-time buyer (or just haven't purchased a property for a while), I have a great manual that I can share with you when you meet with me or we can go through it online.

image courtesy Robert Smith

October 2015 Realtors Confidence Index

Each month the National Association of Realtors (NAR) surveys real estate professionals nationwide to get their impression of the housing market.  This report had 2,969 Realtors reply.  As a survey participant, I get a ‘sneak peek’ at the results which will be released soon.

Overall, real estate professionals reported that the market was improved compared to a year ago and that they are “broadly optimistic” for the next six months.   There is stronger buyer and seller traffic compared to a year ago and it is expected that prices will increase “modestly” in the next 12 months.

Nationally, first-time buyers accounted for 31 percent of all sales, sales for investment purposes were 13 percent, distressed sales were 6 percent and cash sales were 24 percent of all sales.

Buyers 34 and under accounted for 28 percent of home sales and nearly half of the buyers were 35-55 years old.  No surprise here, but buyers 56 and older were more likely to purchase a condo while the younger buyers preferred a single-family detached home.

Financing and appraisals are still issues. Only 64 percent of sales were settled on time as reported by survey respondents, 29 percent experienced delays, and 7 percent were terminated.  We should have a better idea of how the new financing guidelines will affect the market over the next two months or so.

Biggest issues to getting closed (delayed but eventually closed)?  18 percent financing, 13 percent inspection issues, 11 percent appraisal issues.  For the 7 percent of sales that did not complete, 32 percent were due to inspection issues and 46 percent due to financing.

Remembering that all real estate is essentially local, this information gives a great general outlook, but you need to be educated in your local market, too.  I just posted a report for the Howell Michigan area, you can watch it here.  If you have questions about the local housing market, feel free to give me a call or send me an email. My contact info is on the right bar of this blog post.

Image courtesy of keerati/freedigitalphotos.net

831 Meadowlark Ln Now Listed - $79,000

If you've been following my blog, you know this home has been close to listing. Well, it came through at an affordable $79,000.  This house is in move in condition, with fresh paint and carpet, and new kitchen appliances. Located in the City of Howell, it's in a neighborhood with public sidewalks and city water and sanitary sewer.  It has a great fenced backyard and a large deck with its own privacy fence.  You can see the entire listing on my websit at:  http://www.realestatemich.com/10/listing/22031