Housing Market Activity

There seems to be a lot of activity in the housing market right now.  As well it should.  We are seeing ridiculously low mortgage interest rates (floating just over and under 4% for 30 yr loans), housing prices are (finally) starting to creep upwards after years of decline, and the buyers that are ready to move out of rentals recognize this is a great time to purchase.

We are seeing low inventory levels, lower than what I consider 'desirable', which makes buyers do a lot of shopping.  And a lot of the inventory is in a condition that doesn't suit itself to quick decisions on writing a purchase agreement. But buyers that miss a few opportunities figure out the winning game plan.

1. Get new listings reviewed quickly, first on screen, then as a drive-by.
2. Get into the ones you want to see as fast as possible.
3. Write a fair offer.

The last one is very subjective, but understanding that any home priced at 'market' value and in decent or good condition will receive multiple offers is important, too.  In most cases, you will get a chance to come back with your 'highest and best' offer.  Highest, as in price, and best, as in terms.

If you're mainly looking at short sales, you need patience as a Number 4 on the above list.  Foreclosure homes sell quicker as a rule, but you may need to consider a rehab loan or doing a lot of work before moving in to the house, so it's not for everyone.

If you're thinking about buying a house in Brighton or selling a house in Howell, call me.  I also work other areas, and I can always refer you to a good agent in other markets if necessary.

Brighton Michigan – 35 Homes For $100 Thousand or Less



Affordable Homes Available

 Right now, there are twenty three detached single family homes and twelve condos for sale in this price range. This search is for the Brighton School District, so while some properties fall within city limits, many are in the surrounding townships. Ten of the thirty five units are bank-owned (foreclosures) and another eleven are short sales (selling for less than what is owed and the bank will need to approve the sale).


Five of the units are in a senior (55+ years old) co-op. The co-op units are small (950-1005 sq ft) two bedroom, one and a half bath each and three of the four are priced at $23,900-$42,900.

Four of the thirty five are price reductions and two are expired listings just returned to the market. There are seven new listings in this group, and three of them are condo units in the 1400-1600 sq ft size range, built in 2004. It appears they were purchased by an investor in 2007 and are now offered under short sale terms. These are at the high end of the list at $99,900. When built, these units were going for $160,000 to $190,000.

If you know somebody that is looking for a home on a budget, have them contact me. Brighton is only one of the market areas in which I have experience and expertise. There are still affordable housing programs available and interest rates remain very attractive. There may never be a better time to buy in any price range.

(data source-Realcomp II, Ltd. MLS)