Michigan Home Prices Are On The Rise

Are you wondering if it is a good time to sell your house in Michigan?

Would you like to get the same price for your home that you paid for it?

Could it really be time to put your house on the market? You may have been waiting and watching anxiously for your home value to return to at least as much as you owe on it. According to new data, that time could be here.

Today, we are going to give you 3 reasons why right now is the perfect time to sell your home.

  1. Home Values Are Making a Comeback

    While home prices are still below what they were at the peak in 2006, home prices in Michigan are on the rise. The Detroit Free Press reported,

    “Previous data from Standard & Poor’s/Case-Shiller Home Price Index indicates that home prices in metro Detroit are generally back to where they were in summer 2008.”

    Median Home Sale Prices Up 42% From Last Year

    What is so interesting is that this time of year is usually considered a low time in real estate. Last month, however, Realcomp reported that median sales prices rose 42% higher than October 2012 in the four county regions of Wayne, Oakland, Macomb, and Livingston counties.

    Top 10 States With Year-Over-Year Price Gains

    In addition, Michigan made the top 5 list for states that had year-over-year price gains. According to The Detroit Free Press, here are the top ten states with year-over-year price gains as reported by CoreLogic,
     
    1. Nevada: Increase of 25.3%
    2. California: Increase of 22.5%
    3. Arizona: Increase of 14.5%
    4. Georgia: Increase of 14.4%
    5. Michigan: a 13.9% increase
    6. Oregon: Increase of 13.6%
    7. Idaho: Increase of 12.4%.
    8. Florida: Increase of 12.1%
    9. Washington: Increase of 12%
    10. Utah: Increase of 11.9%
       
  2. Michigan’s Home Sales Prices Gain While Mortgage Rates Increase

    We all remember the low interest rates of 3.4%. We heard about them on the radio, on the TV and all over social media. They almost seemed to mock us since many of us still owed more than our house was worth. It didn’t matter how low the interest rates dropped.

    Thankfully, those days are coming to an end.

    Interest rates have risen to approximately 4.16%. The difference now is that the home values are rising as well. The 4.16% interest rates look a lot better when your home is worth what you owe or even what you once paid for it. The 4.16% interest rate doesn’t mock us. Instead, it inspires us. It motivates us because we know that interest rate could be ours on our next home.
     
  3. Selling Takes 56 Days From Start to Finish

    Karen Kage, the CEO of Realcomp, reported that it is only taking sellers about 56 days to sell their homes. That is fifty-six days from start to finish. She explained that houses are selling so fast that they are not counted in the inventory numbers. The Detroit Free Press quotes Kage as stating,

    “The thing that’s really interesting is it looks like the inventory is at an all-time low, but we’re actually getting more listings in than we did at this time last year,

To answer the question, could it really be time to put your house on the market? There has never been a better time to sell your home in Michigan.

If you are interested in putting your house on the market and taking advantage of this optimal time to sell, the Jamey Kramer Group would be honored to help. Please call our office at:

248-348-7200