https://www.fox2detroit.com/video/1044769Some Data Provide by Realcomp MLS:· 2022 February average Sales Price 270,049 Up +12.3% from 2021 (IS THIS
Current home values pricing some buyers out of the market
Dated: March 12 2022
Some Data Provide by Realcomp MLS:
· 2022 February average Sales Price 270,049 Up +12.3% from 2021 (IS THIS FOR METRO DETROIT?)
· 1.4 Months of homes supply to sell -36.4% from 2021
· Price per sf. $162 Up from 2021 +14.1%
Bank Rate: As of this week Michigan average rates are 4.14% for a 30-year fixed, 3.48% for a 15-year fixed, and 2.81% for a 5/1 adjustable-rate mortgage (ARM)
· The price of homes has gone up dramatically in the last 2+ years and it doesn’t look like that trend is going to change.
· With historically low rates now creeping up, and still very low inventory this year, this could create even more challenges for home buyers.
Buyers should prepare for a competitive spring buying season.
REO or foreclosures listings are going to trickle into the market this will help a little.
Thing’s buyers can do that will help:
· Save cash you will need it to be competitive with your offers. (Appraisal Guarantees, Escalation Clauses, Buyers paid transfer tax, Extra occupancy, Quick Response Offer Bonuses) All of these industry tricks could help get you the home but will cost you in additional cash above and beyond your down payment.
· Meet with lender early and provide all documentation upfront to have a solid pre-approval.
· Give your best offer upfront, you may not have an opportunity to negotiate.
· Be prepared to do work or repairs. Look for hidden gems (Fixer Uppers) might be your opportunity to buy if you can do some work and updates.
· Set your expectations with the current conditions most buyers need to decide with are the most important features because they may have to make sacrifices in their home purchases this time around.
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