Continued Low Inventory Means Sellers Are Getting More For Their Home

The real estate market has pretty much remained the same since the last quarter of 2017.  In most areas it is still a seller's market.  

The number of homes for sale continued to drop and prices

climbed back to pre-recession levels. 2018 looks to be another strong seller’s market as prices continue to increase as they have, month-over-month, since early 2012.

In December, the number of new listings in the county fell by nearly 600 homes compared to November, according to Realcomp. There were 1,510 new listings in November while December dropped to 941 homes.

Median prices and inventory decreased compared to November. Homes sold during December averaged $248,950, up from $238,450. Inventory dropped 400 homes from November.

2017 was an extremely good year for all metro Detroit residential property values. As we continue to have a low supply of homes on the market, values continue to rise. Many areas are now back to their pre great recession levels.

2018 could very well remain a strong seller’s market as inventory drops, selling prices increase and interest rates remain low.

The story in 2017 continued to be sale prices and inventory. Sale prices were up 9.4 percent over 2016 and 38.9 percent over the last four years. The one downfall with home values increasing rapidly with inventory so low, it’s been harder to appraise homes.

This challenge is due to the fact that because of the lack of inventory, buyers are willing to pay more in competitive situations.

The problem comes when a buyer is willing to pay more for your home but you can’t sell it for more because there are no other homes to compare it to.

December 2017

• New Listings: 941 (- 11.7 percent from 2016)

• Pending Sales: 881 (- 1.8 percent from 2016)

• Closed sales: 1,252 (- 6.4 percent from 2016)

• Days on Market Until Sale: 38 (- 5 percent from 2016)

• Median Sales Price: $248,950 (+ 12.8 percent from 2016)

• Average Sales Price: $288,937 (+ 6.6 percent from 2016)

• Percent of list price received: 97.9 percent (+ 0.9 percent from 2016)

• Inventory of Homes for Sale: 3,103 (- 29 percent from 2016)

• Months Supply of Inventory: 2.1 (-30 percent from 2016)


December 2016

• New Listings: 1,066

• Pending Sales: 897

• Closed sales: 1,337

• Days on Market Until Sale: 40

• Median Sales Price: $220,750

• Average Sales Price: $271,079

• Percent of list price received: 97 percent

• Inventory of Homes for Sale: 4,372

• Months Supply of Inventory: 3

OAKLAND COUNTY DECEMBER HOUSING MARKET: http://gmaronline.com/documents/stats/17.12_Oakland.pdf

OAKLAND COUNTY NOVEMBER HOUSING MARKET: http://gmaronline.com/documents/stats/17.11_Oakland.pdf

SOUTHEAST MICHIGAN HOUSING MARKET 2017 SUMMARY: http://gmaronline.com/documents/stats/18_YearEnd.pdf

Ronald Dwyer is a licensed Realtor serving: Troy, Rochester, Rochester Hills, Birmingham, Bloomfield Hills, Bloomfield Township, Sterling Heights, Shelby Township, Livonia, Novi, Livonia, Canton, Plymouth, Dearborn, Dearborn Heights, Redford and all Southeastern Michigan 

Staging Tips For A Quick Home Sale

Stage Your Home to Sell

Home staging techniques can transform a ho-hum house into a buyer's dream, getting your property the attention and purchase price it deserves. Dress your home for real estate success with easy, low-cost projects you can accomplish in a few pre-sale weekends.

 See What They See

Grab a pad and pen--along with your digital camera or smartphone--and get outside for a buyer’s perspective of your home. The view from the curb often determines whether or not a shopper will even consider giving your home a closer look and any signs of neglect or clutter can instantly turn them away. Start your to-do list here, noting what needs to be cleaned up, repaired and repainted.

 Take the 10-Cent Tour

Next, head inside for a preview of what buyers will see during an agent’s open house. As you travel from room to room, try to step out of your usual traffic patterns and take note of the dominant features in each room. Plan touch-ups that will showcase your home in the best light.

Declutter Your Home

A truly lived-in look is not a plus when it comes to selling a home, so clear away everyday clutter including paperwork, collections and personal photos. The buyer needs to be able to visualize themselves in the space, and they won’t be able to do that with constant reminders that you’re still very much in residence.

'Edit' Furnishings

Rearrange furnishing schemes in every room by getting rid of worn pieces and items that make a space seem overstuffed. There should be enough furniture in place to suggest proper scale and capacity, but not so much that traffic flow is hindered and architectural features are obscured.

The Deep Clean

Every inch of your home should sparkle with the kind of clean that tells buyers the property is cared for and in tip-top shape. Remove corner cobwebs, keep windows squeaky clean and banish any odors resulting from pets, cooking, smoking and the like.

With Accessories, Less Is More

After you’ve cleaned, painted and repositioned furniture, carefully select the art and accessories you choose to replace in every room of the home. Remember the rule of threes to create pleasing, uncluttered groupings of items, and add welcoming vitality with a few thoughtfully placed plants. Stow away all personal items and limit wall decorations to fewer and larger pieces, including strategically placed mirrors that expand spaces and reflect your best assets.

 Choose a Neutral Color Scheme

A bright-red living room may fire up your imagination, but soft, neutral paint colors will better serve the buyer. Replace patterned and boldly colored wall coverings with off-white paint, and install low-grade tan wall-to-wall carpet.

Spend Time in the Garage

Home shoppers consider the garage to be a major bonus space, so help yours live up to their expectations with a thorough cleaning and uncluttered view of work and storage areas.

Touch up and repair

Give your home’s interior and exterior details some TLC. Touch up trim, polish cabinetry, repair or replace inoperable hardware and secure handrails. Also add shine to light fixtures with a thorough cleaning and installation of brand new bulbs.

Create Curb Appeal

Get potential buyers in the door by creating a grand entry. A front door that’s energy efficient as well as beautiful makes a great impression, and polished hardware, a tidy new doormat and planters overflowing with colorful blooms complete the look. And don’t forget to trim the lawn and tend to landscape plantings, because these chores can bring you a different kind of green: according to the Professional Landcare Network, lush landscaping adds as much as 15 percent to the property value of a home.

Ronald Dwyer is a Real Estate Agent working with buyers and sellers.  He is also  an independent insurance agent licensed in Michigan for Home - Auto – Motorcycle - Watercraft - Business Insurance. He can be reached at rondwyer@roninsureme.com or 248-390-6345. His real estate website is http://www.dwyerproperties.com His Insurance Website is http://www.roninsureme.com or Twitter @ronalddwyerin sFacebook: http://www.facebook.com/dwyerinsurance / Linkedin:http://www.linkedin.com/in/ronalddwyer