Our Southeastern Michigan real estate market is what I would call "stable". The question came up during a phone call. An out of state investor asked me on the phone call what our market was like.
Our local housing inventory has been relatively staying the same. Our local MLS has been averaging between 44 -46,000 home listings. Here is what that means. If the housing inventory was growing, it means homes are not selling as fast. That homes prices may drop because there is less demand. If housing inventory was going down it means the real estate market is ''hotter". That homes are selling faster than they are coming on the market. It may mean that home prices may be rising.
But the southeastern Michigan real estate inventory and market prices are relatively stable. Neither going up in price dramatically or going down quickly. Which is good for both buyers and sellers. The investment firm was trying to gauge what the end of the first time home buyers was having on the market.
So as of right now there has been no drastic change in our market because of the end of the first time home buyer credit.
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Russ, I think there's a misperception by a lot of people regarding a market slow down due to end of the tax credit. Phones are not ringing as much, but many of those calls weren't going to be buyers anyways.
Can't tell you how many people I spoke with about the tax credit that weren't qualified, but were hoping to get the $8k somehow.